Dealmaker: 1.95M-Square-Foot Industrial Portfolio Sells for $248M
Berkeley Partners, San Francisco, acquired a 1.95-million-square-foot Colorado industrial portfolio for $247.5 million.
CBRE, Los Angeles, represented seller Etkin Johnson Real Estate Partners, Denver, in Colorado’s largest industrial portfolio sale in years. CBRE Executive Vice President Jim Bolt, Senior Vice Presidents Jeremy Ballenger and Tyler Carner and Vice Chairman Mike Winn of the firm’s Denver office represented Etkin Johnson.
The sale marked Berkeley Partners’ first acquisition in the Colorado market.
Etkin Johnson acquired the 19 properties, which range in size from 26,078 square feet to 293,510 square feet, between 1990 and 1998. The portfolio was 93 percent leased at closing.
Properties in the portfolio are in multiple cities along Colorado’s Front Range including Denver, Boulder, Colorado Springs, Aurora, Westminster, Thornton, Wheat Ridge, Arvada, Golden, Lakewood, Englewood and Centennial.
Matt Novak, a Partner at Berkeley Partners, called the acquisition a well-constructed portfolio of infill industrial properties. “The Denver metro has been experiencing rapid growth, driving demand for industrial,” he said. “Our goal is to hold these assets for 10- to 20-plus years, benefiting from the favorable long-term industrial supply/demand fundamentals.”
Ballenger said the sale represented an opportunity for Berkeley Partners to own a critical mass of infill industrial in Colorado’s growing Front Range markets. “The attractive tenant mix and well-maintained properties affords Berkeley a great path forward as one of the largest industrial owners in Colorado,” he said.
