Etkin Johnson Real Estate Partners LLC in Denver continued its 32 year history in Colorado real estate with the sale of its Axis 25 property to Loveland.
Stag Industrial Holdings LLC purchased the layout from Axis 25 Building LLC on September 24 for $ 42.5 million, according to Larimer County real estate records. Axis 25 includes two buildings totaling 195,000 square feet. It is located on the west side of Interstate 25, across from the Ranch Event Center and Embassy Suites in Loveland.
Stag Industrial Holdings shares a Boston address with Stag Industrial Inc., a real estate investment trust with annual sales of $ 520 million and a market capitalization of $ 6.8 billion.
According to regulatory documents and investor presentations, its portfolio includes over 500 buildings with over 100 million rentable square feet. This year to date, it has purchased or contracted some $ 725 million in real estate and has $ 3.6 billion in its pipeline of acquisitions. Stag is active in 39 states.
California-based life sciences company Beckman Coulter Inc. announced in August that it would lease an Axis building. Its commitment to 95,000 square feet will increase its Loveland workforce to 215, from the current 130.
Also in August, Boulder-based Simply Delicious Inc., which operates as Bobo’s Oat Bars, announced it would more than double its operations in Loveland to 120,000 square feet. The second Axis 25 building is among the sites being considered by the food maker, according to information submitted to Loveland City Council.
Bruce Etkin and David Johnson founded Etkin Johnson in 1989. Since then, the company has sold some $ 1 billion in real estate, most of it in recent years. The Axis 25 transaction follows several similar sales.
He sold the 292,000 square foot Lafayette Corporate Campus in September to Lafayette Boulder LLC for $ 74.5 million. The buyer was a subsidiary of Chicago developer and investor Sterling Bay Cos. LLC.
In May, the company sold its Edge 470 business park and additional land to Parker for $ 37.9 million. In June, it sold the Church Ranch Business Center in Westminster for $ 25 million; the remaining land is expected to be sold next month, a spokesperson said.
In April, it sold a 16-building, 1.67-million-square-foot Colorado Tech Center portfolio for $ 393 million to Miami-based REIT Starwood Capital Group. Starwood has $ 75 billion in assets under management.
Atria, Crocs’ two-building headquarters in Broomfield, sold for $ 56.25 million in April and Enterprise Park Business Center in Denver was sold in December for $ 77 million.
In January 2019, Etkin Johnson sold a 1.95 million square foot industrial portfolio for $ 247.5 million.
With the Axis 25 deal, Etkin Johnson in Colorado will only keep its FalconView apartments in Colorado Springs, the Edge 470 business park in Parker, and the Church Ranch Business Center in Westminster.
The duo plan to transition from the business into retirement, spend time with their family and continue their philanthropic efforts.
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