WESTMINSTER, CO-The Denver-based Etkin Johnson Group, one of the most biggest and most aggressive commercial real estate investment groups in the area for more than 20 years, recently purchased 32.2 acres of land at the Westmoor Technology Park in Westminster for the equivalent of $1.78 per sf. That is about a third of the $5 to $6 per sf asking price when the Class-A park was developed in 1998.

“We pride ourselves on identifying solid opportunities regardless of market conditions, and acting on our instincts,” says Bruce Etkin, chairman of his namesake company. “Whether it’s a turnaround project, a new development or something entirely different, we try to hit the real estate trends as we see them and strengthen our position in the market,” he says.

The Westmoor Technology Park is located at West 108th Avenue and Simms Street in Westminster, along the northwest corridor between Boulder and Denver.The land was sold by Metropolitan Life.Jim Bolt of CB Commercial handled the transaction.

Etkin Johnson has development plans in the works for the three parcels of land. Etkin says there is a market today for build-to-suits on the property. When completed, it could handle 600,000 sf with a value of $90 million.

The high-tech “plug n’ play” park was developed by Denver-based Westfield Development. It was developed to provide an alternative to fast-growing high-tech and telecommunications companies, such as Sun Microsystems and Level 3, which were growing rapidly along the corridor in the late ’90s.

Westfield’s original partner in the park was General American Life Insurance, which was acquired by MetLife. The property went into foreclosure, but only to assure MetLife it had clear title to the land, says Rich McClintock, president of Westfield.

Westfield kept 57 acres in the building and 10 buildings with 1.2 million sf. The buildings are 80% leased, he tells GlobeSt.com.

The Etkin Johnson Group has operated in Denver since 1981 and currently holds ownership of more than 5 million sf of commercial properties in the Denver metropolitan area. The company also currently has 10 hotels in its portfolio.

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