A Lakewood-based real estate firm recently bought a business center near Interstates 25 and 270 for more than 335 times the median income in Denver.
Watumull Properties Corp. dropped $18.1 million for Clear Creek Business Center along the 6800 block of Broadway in Adams County. The center is home to the global education organization Up With People, Booth Dancesport Ballroom and 45 other tenants, according to Etkin Johnson.
The Denver-based real estate company announced the sale of the eight-building business park Thursday as a possible precursor to property purchases of its own.
“Clear Creek Business Center has been part of the Etkin Johnson portfolio for 12 years, and we are working closely with Watumull Properties to create a smooth transition for all of our tenants there,” said Derek , executive vice president and partner at Etkin Johnson.
“This sale will allow us to better focus on existing properties in the area as well as new developments and potential acquisitions,” Conn said in a statement.
Etkin Johnson currently owns nearly 5 million square feet of industrial, commercial, hospitality and multifamily properties in Colorado, including 1.2 million square feet in the Colorado Technology Center in Louisville.
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Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or@adriandgarcia on Twitter.
