WESTMINSTER — More than a third of Westminster’s Church Ranch Corporate Center land now is owned jointly, the result of a Dec. 18 partnership between center owners and Denver’s Etkin Equities LLC.
Etkin and Church Ranch partners Charlie McKay and Gregg Bradbury signed a “contribution agreement” on 50 acres bounded by West 103rd Avenue, Church Ranch Boulevard and Wadsworth Boulevard.
The resulting entity will be named the Church Ranch Land Company LLC. The deal makes Etkin a “true financial partner,” McKay says.
The agreement includes land, debt service and cash, McKay adds. He estimates the value of the 50 acres at $15 million.
About 175,000 square feet of Church Ranch’s 145 acres already is developed with a mix of office, retail and apartment space. McKay believes signing up Etkin to co-develop another 50 acres adds strength and expertise to the Church Ranch team.
“It will help with our day-to-day operations,” he says. “I can’t run all things in all places.”
Etkin, which has been in business since 1981, currently holds ownership of more than 3 million square feet of commercial properties in the Denver metro area.
Etkin and McKay already have plans for 18 of the 50 acres — a 210,000-square-foot office/research and development building, which is an extension of the Church Ranch Corporate Center Project. Four tenants are slated for the building: Marshall Industries, Children’s Hospital, Itelco USA and MC Technologies.
McKay says groundbreaking is scheduled for late spring, with construction expected to be completed six months later.