Denver, CO – Etkin Johnson Group, a Denver-based development, investment, ownership and management company, announced today it has purchased Executive Center One, an 85,935 square-foot, single-tenant office property in Centennial. The property, located at 11551 East Arapahoe Road, was acquired for $7.5 million or $87 per square foot and represents the company’s second all-cash transaction in less than one month.R.C. Myles and Jim Brady of Cassidy Turley represented the seller in the transaction.
This acquisition closely follows Etkin Johnson Group’s recent purchase of Southpark Business Center just three weeks prior. On July 10, the company acquired 8000 Southpark Way in Littleton, a two-building, 145,517-square-foot office/flex property for $4,550,000 with an additional $2 million reserved for building improvements and project costs.
“With two acquisitions closing in less than 30 days, while still completing our comprehensive due diligence process, we have proven ourability to identify assets we believe will be strong long-term investments and close on them quickly,” said Aaron Johnson, Vice President Investments of Etkin Johnson Group.
Further demonstrating Etkin Johnson Group’s ability to move on deals rapidly, the closing of Executive Center One occurred just 10 days after the contract execution. Johnson attributed this to the company’s extensive market knowledge and substantial equity commitment.
“We have found our daily activity in local submarkets gives us an advantage in sourcing viable acquisition opportunities,” Johnson said. “In today’s competitive environment, that market knowledge, coupled with our ability to close all-cash, allows us to act quickly and compete as a trusted local investor.”
Executive Center One is 100% leased to Sierra Nevada Corporation, a high-tech electronics, engineering, and manufacturing company, and is an existing tenant within Etkin Johnson Group’s portfolio in two adjacent properties.
“This acquisition was an attractive opportunity for our team given our existing relationship with Sierra Nevada combined with the quality of the real estate,” said Johnson.
Executive Center One is ideally located on East Arapahoe Road with excellent visibility due to its hilltop location. The property’s modern architecture with an attractive glass line, nine to ten-foot ceilings and ample parking round out its appeal.
Etkin Johnson Group will continue to seek properties that will add to and diversify its growing portfolio. The target transaction size ranges from $5 million to $50 million for quality real estate investments as well as new development and infill redevelopment sites.
“We’ve got great momentum and are looking forward to expanding and diversifying our portfolio along Colorado’s Front Range,” said Johnson.
About Etkin Johnson Group
Etkin Johnson Group is a Denver-based development, investment, ownership and management company with a portfolio of more than 6 million square feet of office, retail, hotel and industrial holdings nationwide worth in excess of $500 million.
Etkin Johnson Group is Colorado’s largest private owner of commercial real estate and has been increasingly active in 2013 with the sale of a 314,078-square-foot industrial business center along with the back-to-back purchases of Southpark Business Center and Executive Center One. In addition, the company is the owner and developer of Broomfield Business Center located off of the Northwest Parkway in Broomfield which is seeing construction of the 374-unit Retreat At The Flatirons luxury apartment community, as well as the full-service Marriott under construction off of Church Ranch Boulevard in Westminster. Etkin Johnson Group has also seen great success in leasing its existing portfolio, at 93 percent occupancy excluding new acquisitions.
For more information about Etkin Johnson Group, please visit www.etkinjohnson.com.