Longtime Denver-based commercial real estate company Etkin Johnson announced Wednesday what it dubbed the “largest industrial sale in Colorado” with its $392.9 million portfolio sale at Louisville’s Colorado Technology Center.

The 1.67 million -square-foot, 16-building, industrial portfolio was sold to an undisclosed institutional investor. Boulder County assessor records do not yet reflect the sale, as it still shows the properties owned by Colorado Technology Center Portfolio LLC of Denver with Etkin’s longtime 1512 Larimer St. address.

“In addition to the quality of the assets, the portfolio drew interest for its strong credit tenancy, representing a mix of high-growth industries including aerospace, life sciences, manufacturing, e-commerce and third-party logistics,” CBRE Executive Vice President Jeremy Ballenger, part of the team who represented Etkin Johnson, said in a statement.

In a surprising move for the 32-year-old investment and development company, partners Bruce Etkin and David Johnson announced they will “begin winding down business operations.”

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“One of the core contributors to Etkin Johnson’s success has always been our ability to stay ahead of the curve when it comes to industry trends,” said Chairman Etkin in a statement. “Our investments in industrial/flex space in prime locations over the last decade have proven prescient. Our CTC portfolio was in high demand, allowing us to select buyers who understand the value they bring and achieve strong returns for our investors.”

The CTC portfolio sale eclipses the state’s previous largest industrial sale, by dollar volume, of Etkin Johnson’s 1.95 million-square-foot Colorado Industrial Portfolio sale worth $247.5 million to Berkeley Partners in 2019.

CBRE’s Ballenger, Jim Bolt and Tyler Carner represented Etkin Johnson in both monster transactions, with Mike Winn, Tim Richey and Jessica Ostermick.

The company seems to have been unloading assets in recent years.

Also in 2019, Centura Health paid $30 million to Etkin Johnson for 57.8 acres southeast of InterQuest Parkway and Interstate 25 for its third Colorado Springs campus.

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The only property it will hold on to is in the same area, the FalconView Apartments at 10691 Cadence Point. The 288-unit apartment community has 16 three-story buildings on 19 acres and boasts the “lowest apartment density in the area” with 15.1 units per acre.

“Etkin and Johnson will become true investors in this project and will actively seek additional opportunities to invest in others’ projects in the market going forward,” the release states.

The company estimates that by the “close of operations,” it will have sold almost $900 million worth of real estate in Colorado.

Etkin Johnson principal Derek Conn said after the Berkley Properties sale in 2019: “This sale allows us to return a significant profit to our investors, and position Etkin Johnson for the next 30 years as we continue diversifying our portfolio.”

But it appears plans changed.

In an email response Wednesday, the partners said demand for flex/industrial space is extremely high so they wanted to “capitalize on the top value of this portfolio” and deliver the highest return possible to investors.

“The success of this portfolio is a testament to the vision of Bruce Etkin and David Johnson, who set out 30+ years ago to establish high-performing portfolios that would serve as the backbone for Colorado businesses,” the email said.