CO 16-Building Industrial Portfolio Sets Record at $392M
A 16-building portfolio located between Denver and Boulder in one of the most supply-constrained markets represents Colorado’s best-in-class industrial real estate, according to brokers involved with its recent sale. Colorado-based Etkin Johnson Real Estate Partners recently sold the 1.67 million-square-foot industrial portfolio in Louisville, CO to an institutional investor for $392.9 million.
All of the buildings are located within the Colorado Technology Center (CTC), a 580-acre master-planned business park near US 36 and the Northwest Parkway in Boulder County. The sale ranks as the largest industrial sale in Colorado’s history by dollar volume, topping Etkin Johnson’s 2019 record-breaking sale of its Colorado industrial portfolio for $247.5 million.
“One of the core contributors to Etkin Johnson’s success has always been our ability to stay ahead of the curve when it comes to industry trends,” said Bruce Etkin, chairman of Etkin Johnson. “Our investments in industrial/flex space in prime locations over the last decade have proven prescient. Our CTC portfolio was in high demand, allowing us to select buyers who understand the value they bring and achieve strong returns for our investors.”
Etkin Johnson sold its CTC holdings following a rigorous search for entities that would continue operating the properties according to its standards. CBRE brokers Jeremy Ballenger, Tyler Carner, Jim Bolt, Tim Richey and Jessica Ostermick represented Etkin Johnson in the transaction.
“In addition to the quality of the assets, the portfolio drew interest for its strong credit tenancy, representing a mix of high-growth industries including aerospace, life sciences, manufacturing, e-commerce and third-party logistics,” says Ballenger.
These factors, combined with the historic run-up that metro Denver’s industrial market has experienced in recent years, made the properties an attractive asset for buyers.