Denver - Etkin Johnson Group, a Denver-based development, investment, ownership and management company, announced today the acquisition of a two-building, 144,113-square-foot office/flex property located at 8000 Southpark Way in Littleton, Colorado for $4,550,000 or $31.50 per square foot in an all-cash deal.
Formerly owned and occupied by Lockheed Martin Corporation since its construction in 1984, the property is 100% available for lease and represents the largest block of office/flex space available within Denver’s southwest submarket. The purchase also included an adjacent 7.67 acre parcel with a fenced-in parking lot, providing ample parking for high-density users such as data centers, calls centers or schools.
In addition to a high parking ratio of 5.5/1000, key features of the asset include a flexible, open floor plan to accommodate a wide spectrum of operations, a convenient location just off Mineral Avenue with easy access to Santa Fe Drive and State Highway 470, as well as multiple dock and grade-level loading doors.
“This acquisition demonstrates strong potential for value creation,” said Aaron Johnson, Etkin Johnson Group’s Vice President Investments. “We immediately recognized the opportunity to strengthen and expand our portfolio and were able to move on it quickly under our new acquisition program and significant equity commitment. We will continue to seek additional value-add and stabilized assets.”
Johnson worked with Jones Lang LaSalle brokers Tyler Reed and Peter Beugg who represented the seller in the transaction. The property, also known as Southpark Business Center, will soon boast fresh landscaping, new exterior paint and more. Etkin Johnson Group plans to invest nearly $1 million in additional improvements to enhance the building’s curb appeal and promote strong leasing activity.
“This property has the largest block of office/flex space available within the southwest submarket, providing a tremendous opportunity for a large user,” said Ryan Good, Etkin Johnson Group’s Vice President Leasing/Sales. “We also have the ability to deliver large qualified users with a tenant improvement allowance or will turn-key additional building improvements to fit their specific needs.”