Etkin Johnson Real Estate Partners, a privately owned commercial real estate investment and development company based in Colorado, announced the firm sold a 57.813-acre parcel to Centura Health for $30 million.
“Located at the intersection of I-25 and InterQuest Parkway, the parcel is slated for a third hospital campus for Centura Health’s Penrose-St. Francis Health Services, a full-service, 522-bed acute care facility in Colorado Springs, which includes Penrose Hospital and St. Francis Medical Center,” according to a news release issued by Etkin Johnson Real Estate Partners.
“Northern Colorado Springs is quickly becoming a leading economic engine, paving a clear path of growth for the city,” said Etkin Johnson partner Ryan Good in the release. “This highly visible site will allow Centura Health to better serve Coloradoans, while also providing their doctors, nurses and staff with multiple options for housing nearby. We plan to reinvest the capital into future developments and acquisitions that are currently in the works.”
Etkin Johnson purchased the site as part of a 77-acre parcel in 2016. The site’s location, just east of the U.S. Air Force Academy, “offers unobstructed views of nearby Pikes Peak and easy access to several new multifamily, office, hotel and retail developments in the area,” according to the release. “In 2017, Colorado Springs’ economic growth hit a seven-year high, leading to a surge of new businesses and residents, particularly millennials. Colorado Springs currently ranks sixth in the country for highest share of millennials overall, at 26.4 percent.”
In 2018, Etkin Johnson broke ground on FalconView, a 288-unit luxury apartment community immediately adjacent to the site.
Etkin Johnson currently owns more than 3 million square feet of industrial and office property, along with hospitality and multifamily assets along the Front Range. For more information about Etkin Johnson and its holdings, visit etkinjohnson.com.