Somera Capital Adds Two Denver Assets

DENVER-Somera Capital recently entered the metro market, paying $26.7 million for two office properties in the city’s Southeast submarket. The private real estate investment firm from Santa Barbara, CA acquired the 123,796-sf Quorum office complex within Denver Tech Center and the 134,691-sf 304 Inverness Way South building within Inverness Business Park in separate transactions.

Somera Capital SVP Tim Mitchell tells GlobeSt.com that the Quorum property was built in the middle 1970s and is about 80% occupied. The Inverness property was built in 1985 and is 85% occupied, he says. Quorum was acquired from TA Realty of Boston; Inverness was acquired from a pension fund client of Morgan Stanley, he says.

Somera has identified the Denver area as a recovering market “where we can acquire properties and increase value through capital improvements and/or enhanced leasing and property management programs,” says Mitchell, adding that the firm plans to acquire additional value-add opportunities in the recovering market. Locally based Equity West Investment Partners will represent Somera locally and oversee management and leasing.