As Seen In The Boulder Daily Camera – May 9, 2016

The former Qualcomm facility at 6150 Lookout Rd in Gunbarrel, pictured here, has been sold back to previous owner Etkin Johnson, along with three surrounding land parcels, for $5.4 million.

Chip maker Qualcomm has sold its Gunbarrel facility to Etkin Johnson Real Estate Partners after downsizing.

The Denver based development, investment, ownership and management company, announced the acquisition of property at 6150 Lookout Road on Monday. Etkin previously owned and managed the space for 16 years before selling to Qualcomm in 2014.

Etkin plans to completely renovate and reposition the asset, which includes a 51,082-square-foot office/flex building, an adjacent parking lot at 5150 Lookout, a vacant 3.7 acre parcel at 6100 Spine Road and a vacant 2.3 acre parcel at 6201 Spine Road.

Etkin paid $5.4 million in the transaction.

“This is the rare instance in which a prime, value add property comes available in or around the Boulder core,” said Derek Conn, director of acquisitions at Etkin, in a statement. “The property was acquired at a significant discount to replacement costs in an environment with rising construction prices. We see this as a great opportunity to institute an extensive renovation and repositioning plan for the well-located asset.

Etkin sold the 3.7 acre parcel to Boulder firm W.W. Reynolds Cos. for an undisclosed amount. There are no immediate plans for the remaining land in Etkin’s portfolio, but the firm “sees the 6201 parcel as a strategic opportunity for additional tenant amenities,” according to a statement.

Demolition work is currently underway at the 6150 Lookout Road building, also known as Lookout Business Center. Etkin’s plans for the property include the removal of offices to provide an open, flexible floor plan, new interior and exterior paint, installation of glass overhead doors, and more.

“With its superior access to the Diagonal Highway and proximity to Greater Boulder, Lookout Business Center is an ideal location for a wide range of users,” said Conn. “Boulder continually proves itself to be one of the most desired markets in the area and our team has the opportunity to realize significant value creation in a market it knows intimately.”

San Diego-based Qualcomm announced in July that it would cut 15 percent of its global workforce. Around 158 workers in Gunbarrel were terminated in November as part of the cuts.