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Lowe Fund Buys 2nd Inverness Business Park Asset

DENVER-The Los Angeles based real estate investment firm pays $13.8 million for an 85,000-sf office building next to a larger office property it acquired in September.

By Brian K. Miller | Updated on December 01, 2006

DENVER-A $201-million value-add fund of Lowe Enterprises Investors has acquired its second asset within the Inverness Business Park here, bringing the two adjacent office buildings back under a single ownership. Lowe Enterprises Real Estate Income and Growth Partners paid $13.8 million for 10303 E. Dry Creek Rd., a four-story 85,073-sf office building that sits next to 10333 E. Dry Creek Rd., a 138,000-sf four-story office building it acquired in September for $19.2 million.

Kathy Briscoe, the fund’s executive vice president and portfolio manager says the two four-story buildings were designed and built together in 1997 with similar architecture and landscaping, creating a campus environment. “We can manage the two together more efficiently…,” she says.

The latest acquisition has 22,000-sf floor plates and is 100% leased. Tenants include Smith Barney, Comverse Technology, and Newmont USA. The building is set at an angle to the September acquisition, which was 86% leased at that time.

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