Page 14 —
COLORADO REAL ESTATE JOURNAL
— June 1-June 14, 2016
Industrial/Self-Storage
by Jill Jamieson-Nichols
Etkin Johnson Real Estate
Partners got creative in leasing
up a large office/flex property
in Littleton.
Southpark Business Center,
which was vacant when Etkin
Johnson purchased it in 2013,
now is fully occupied – by a
credit tenant, a self-storage
facility and an auto consulting
group.
Located at 8000 Southpark
Way, the property consists of
two single-story buildings of
112,279 and 33,238 square feet,
and a large, fenced lot. Etkin
Johnson bought the business
center from Lockheed Martin
Corp. for $31.50 per sf.
It transformed the larger
building into a state-of-the-art
self-storage facility managed by
Extra Space Storage. The prop-
erty consists of 772 climate-con-
trolled units that provide cus-
tomers with first-floor access.
There also is a loading dock for
easy loading and unloading.
“The self-storage conversion
at Southpark Business Center is
a great use for
the property,”
said
Etkin
Johnson Pres-
ident David
J o h n s o n .
“The location
is convenient
not only for
Littleton resi-
dents
and
b u s i n e s s e s
but also for the broader Denver
area, with quick access fromU.S.
85 and highway 470. We look
forward to meeting the storage
needs of the surrounding com-
munity with this state-of-the-art
facility.”
Lockheed Martin, which used
to occupy Southpark Business
Center, signed a lease for the
smaller building. Major tenant
improvements are underway,
and the company is scheduled
to move in in
July.
“We
are
thrilled
to
have Lock-
heed Martin
back at South-
park Business
Center,” said
Ryan Good,
Etkin John-
son executive
vice president and partner. “The
company’s familiarity with the
property gave all parties the
assurance that the building, in
terms of size, location and infra-
structure, would certainly be a
great fit for them.”
Lockheed Martin’s Autono-
mous Systems division will use
the building for research and
development.
Good negotiated the lease
with Duncan Heitman of JLL,
who represented Lockheed
Martin.
The final piece of the puzzle
was leasing a portion of South-
park Business Center’s large
upper parking lot to JFR &Asso-
ciates Inc., which helps people
buy new and used cars. The
company will have 350 parking
spaces in the fenced lot.
“We were excited to put the
deal together with JFR & Asso-
ciates,” said Good. “It was the
last piece of the puzzle that has
turned Southpark Business Cen-
ter into an income-producing
asset.”
Good said all three users will
capitalize on what attracted
Etkin Johnson to the asset in
the first place: convenient access
to major thoroughfares, flexible
floor plates suitable for a variety
of uses and ample parking.
“Those features proved to
create a tremendous amount of
value and ultimately led to a
successful repositioning of the
asset,” said Good.
Other News
n
Denver jetCenter Inc.
paid
$3 million for an industrial
property at 8551 S. Aviator Lane
in Englewood.
Centennial AP
LLC
was the seller.
Tyler Smith, Sam Slaton
and
Matt Trone
of
Cushman
& Wakefield
represented the
seller.
n
Cabletech Sling & Supply
purchased a 16,032-square-foot
warehouse along the Interstate
70 East corridor in Denver.
Located at 5085 Oakland St.,
the property sold for $1.75 mil-
lion. The seller was
5085 Oak-
land LLC.
Cabletech Sling & Supply is
a family owned and operated
business that provides wire rope
for construction and towing pur-
poses. The property will house
its front office, light-fabrication
and distribution operations,
allowing the company to remain
close to its customer base.
Jason White
of
JLL
repre-
sented the buyer.
Taylor Hazard
and
Aaron Valdez
of
Cushman
& Wakefield
represented the
seller.
The building was constructed
in 1978 and sits on 1.08 acres.
Previously home to MJ Systems,
it will undergo substantial reno-
vations, including removal of
walls and lab space to create an
open warehouse.
“Cabletech enlisted JLL to
help them find a property that
would allow them to purchase
and own their own real estate,”
said White. “This particular
property struck the right bal-
ance of quality, price and prox-
imity to the audiences Cabletech
services. Additionally, inventory
of user-owner buildings in the
Denver metro area is still low,
so identifying a building for sale
that fit their requirement was
very exciting.”
In a separate deal, Hazard,
along with Cushman & Wake-
field’s
Kirk Vanino,
sold a 4,960-
sf industrial/flex building at
5120 Havana St. in Denver to
5120 Havana LLC
for $725,000.
The property sold within 23
days of being listed.
“In our estimation, both of
these transactions are a sign
that the market for user sales
remains robust as both were
highly competitive listings
involving multiple offers,” said
Hazard.
n
BeavEx Inc.
signed a long-
term lease expansion and
extension at 12435 E. 42nd Ave.
in Denver. The company now
has 43,200 sf in the building.
Bill Thompson
and
Jim Bolt
of
CBRE Inc.
represented the
landlord,
Invesco Real Estate.
Tyler Smith
of
Cushman &
Wakefield
represented the ten-
ant.
n
Thompson also recently
handled several long-term
lease extensions:
•
McKesson Corp.,
110,400
sf at 3400 Fraser St. in Auro-
ra. Thompson represented the
tenant.
First Industrial Realty
Trust
is the landlord.
•
Insulfoam Inc.,
83,748 sf at
12601 E. 33rd Ave. in Aurora.
Thompson, along with
Mike
Camp
and
Jim Bolt
of
CBRE,
represented the landlord,
Lightning Propco I LLC.
•
Southern Wine & Spirits,
57,490 sf at 5330 Pecos St. in
Denver. Thompson represent-
ed the tenant.
Tyler Carner,
also of CBRE Inc., represented
the landlord,
DCT Industrial.
•
Worm’s Way Inc.,
45,400 sf
at 11605 E. 55th Ave. in Denver.
Thompson represented the ten-
ant, and Camp and Bolt rep-
resented the landlord,
Colony
Light Industrial.
n
Caliber Body Works
leased
16,604 sf of industrial space at
15558 E. Hinsdale Circle, Unit
A, in Centennial.
Matt Call, Matt Kulbe
and
Anthony Damico
of
NavPoint
Real Estate Group
represented
the landlord.
n
KD Service Group LLC
leased 14,022 sf of industrial
space at 3820 Revere St. in Den-
ver.
Tyler Smith, Alec Rhodes
and
Aaron Valdez
of
Cushman
& Wakefield
represented the
tenant.
Fall River Investments
is the landlord.
n
Nippon Express
subleased
8,517 sf of industrial space at
4250 Carson St. in Denver from
Iron Mountain.
Bill Thompson
and
Jim Bolt
of
CBRE
represented the sub-
tenant.
Carmon Hicks
and
Mitch Zatz
of
JLL
represented
the sublessor.
n
Awning Company of
America Inc.
bought a 7,680-sf
office/warehouse building in
Englewood with plans to up
the square footage.
The company paid $925,000
for the building, which is locat-
ed on 0.91 acres at 1860 W.
Hamilton Place. The property
has a large, fenced yard.
“We were under contrac-
tor before I was even able
to bring it to market,” said
Dawn McCombs
of
Avison
Young,
who represented the
seller,
MMD Properties LLC.
McCombs said she was aware
of the buyer’s requirement and
presented it with the oppor-
tunity.
Awning Company of Amer-
ica liked the property because
of its visibility to West Hamp-
den Avenue and proximity to
Interstate 25, she said.
“It’s a great little build-
ing with a nice yard,” said
McCombs. “I’m certain that
had it come to the market, we
would have had a ton of inter-
est and multiple offers because
there is just so little in that size
range with yard.”
s
by Jill Jamieson-Nichols
A national self-storage com-
pany is raising its profile in
the Denver area with develop-
ments at a busy intersection
near downtown and in the
heart of the Denver Tech Cen-
ter.
The William Warren Group,
which owns or manages a
dozen self-storage facilities in
Denver, is under construction
on an 815-unit StorQuest facil-
ity at West Sixth Avenue and
Kalamath Street that will open
by early September. Another
910 units are under construc-
tion at 5301 DTC Blvd. in
Greenwood Village. The DTC
StorQuest will open about a
month earlier.
Bothwill be high-end, secured
three-story facilities with par-
tial basement levels and inte-
rior access. They will feature
climate control, gated access,
modern leasing offices staffed
by two employees each and
conference areas with Wi-Fi for
customer use.
“We intentionally select
more desirable sites and put
more money into the design
and materials of the buildings
with the objective that we’ll be
able to achieve slightly high-
er rents,” said Jon Suddarth,
development project manager.
Etkin Johnson has completed its repositioning of Southpark Business Center in Littleton.
David Johnson
Ryan Good
The StorQuest at 549 Kalamath St. will open by early September.
