DENVER-Minneapolis-based United Properties has acquired 61 Inverness, an office building in Inverness Business Park in southeast suburban Denver. Located at 61 Inverness Dr., the 87,000-square-foot, three-story class-B office building was 60% leased at the time of closing.
Although the firm could not provide pricing information to GlobeSt.com at this time, 61 Inverness represents the company's first office acquisition in the Denver market. And according to Frank Dutke, president of the firm, the property presents a “value add opportunity” and gives them “a foothold in Denver's suburban office market.
United Properties has been investing in the Denver market since 1995. In the last eight years, the Denver office of United Properties has acquired and redeveloped more than 650,000 square feet of commercial properties.
“This acquisition—along with the Enterprise Business Center industrial development project in Denver—demonstrates our commitment to the market,” Dutke adds.
According to Kevin Kelley, vice president and regional director of the Colorado office of United Properties, the property was purchased “well below replacement costs,” allowing the firm to carry out “significant upgrades to the property and compete for tenants.” He adds that “Class A availability is tightening up, putting pressure on class B rents and availability. We are able to lease up to 30,000 square feet of contiguous space and take advantage of the improving market conditions.”
Located in Inverness Business Park and adjacent to the Jeppesen world headquarters, 61 Inverness' largest tenant is Jeppesen, a subsidiary of The Boeing Company. United Properties plans to upgrade the lobbies, common areas and restrooms, as well as the building signage and property exterior. Inverness Properties LLC represented United Properties in the transaction and will continue to manage and lease the property on behalf of United Properties.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
