Etkin Johnson sells Axis 25 industrial property for $42.5M

LOVELAND and DENVER — Etkin Johnson Real Estate Partners LLC in Denver continued winding down its 32-year history in Colorado real estate with the sale of its Axis 25 property in Loveland.

Stag Industrial Holdings LLC bought the layout from Axis 25 Building LLC on Sept. 24 for $42.5 million, according to Larimer County property records. Axis 25 includes two buildings totaling 195,000 square feet. It’s west across Interstate 25 from the Ranch Event Center and the Embassy Suites in Loveland.

Stag Industrial Holdings shares a Boston address with Stag Industrial Inc. (NYSE: STAG), a real estate investment trust with annual revenue of $520 million and a $6.8 billion market cap.

According to regulatory filings and investor presentations, its portfolio includes more than 500 buildings with more than 100 million rentable square feet. This year to date, it’s bought or put under contract some $725 million in real estate and has $3.6 billion in its acquisition pipeline. Stag is active in 39 states.

California-based life-sciences company Beckman Coulter Inc. in August said it will lease one Axis building. Its commitment to 95,000 square feet will boost its Loveland worker count to 215 from a current 130.

Also in August, Boulder-based Simply Delicious Inc., which does business as Bobo’s Oat Bars, said it will more than double its Loveland operations to 120,000 square feet. The second Axis 25 building is among the sites that the food-maker has considered, according to information submitted to the Loveland City Council.

Bruce Etkin and David Johnson founded Etkin Johnson in 1989. Since then it has sold some $1 billion in real estate, most of it in the last few years. The Axis 25 transaction follows several similar sales.

Recap

It sold the 292,000-square-foot Lafayette Corporate Campus in September to Lafayette Boulder LLC for $74.5 million. The buyer was an affiliate of Chicago developer and investor Sterling Bay Cos. LLC.

In May, the company sold its Edge 470 commercial park and additional land in Parker for $37.9 million. In June it sold the Church Ranch Business Center in Westminster for $25 million; remaining land is expected to sell 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, the two-building Crocs (Nasdaq: CROX) headquarters in Broomfield, went for $56.25 million in April and Enterprise Park Business Center in Denver 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 retains only its FalconView apartments in Colorado Springs, which it plans to keep

The duo plan to move the needle from business to retirement, spend time with family and pursue their philanthropic endeavors, including support of the Denver Rescue Mission.

Correction: this article has been updated to reflect the sale of properties in Parker and Westminster, and the business partners’ support of the Denver Rescue Mission.

© BizWest Media LLC

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