An eight-building business park under the same ownership for a dozen years sold to a Honolulu-based buyer for $18.1 million.
Denver-based Etkin Johnson Real Estate Partners sold Clear Creek Business Center to Watumull Properties Corp. The park consists of 187,865 square feet of office/flex space.
“Clear Creek Business Center has been part of the Etkin Johnson portfolio for 12 years and we are working closely with Watumull Properties to create a smooth transition for all of our tenants there,” said Derek Conn, Etkin Johnson executive vice president and partner. “This sale will allow us to better focus on existing properties in the area as well as new developments and potential acquisitions,” he said.
Clear Creek Business Center, located at 6800-6880 N. Broadway in Denver, was built from 1984 to 1987. It houses 47 tenants from 526 to 19,415 sf, the largest of which are ZS Pharma, Red Hawk Fire & Security LLC and Dish Network Service LLC. Occupancy was 95 percent at the time of sale.
Situated at the confluence of Interstate 25, U.S. Highway 36 and I-76, the park provides good visibility and access. The single-story buildings are fully sprinklered and have 10-foot windows, individual HVAC units, 10-by-10-foot drive-in doors and 14- to 16-foot ceiling clearance.
“Thanks to our best-in-class leasing and property management teams, we were able to achieve dramatic rent growth over the last several years while maintaining near full occupancy,” said Conn. “This made for an exceptional investment opportunity for a qualified buyer.”
Brad Calbert and T.J. Smith of Colliers International handled the transaction.
Etkin Johnson owns nearly 5 million sf of industrial, commercial, hospitality and multifamily properties in Colorado, including approximately 1.2 million sf in the Colorado Technology Center in Louisville.
Watumull Properties’ holdings include more than 2 million sf of flex/industrial properties in the Denver market.