A local investment group picked up a value-add office building in Inverness Business Park for $6.5 million.
I 23 LLC bought the 56,465-square-foot building at 23 Inverness Way East in Englewood for $115.12 per sf. It was just over 65% occupied at the time of the sale.
“This investment group is going to reposition the property, redo the lobby, upgrade the bathrooms and common areas, fix the parking lots, do some landscaping and really bring the building up to new,” said Mike Haley of Fuller Real Estate, who represented the seller with Fuller broker Alex Scott.
Hammersmith Management, which manages community associations, occupies the entire second floor of the building. The first floor, which has multiple tenant suites, has 19,671 sf of vacancy.
The two-story building went under contract almost immediately after being listed for sale, according to Haley.
“Value-add properties are harder to find in this market. There are a lot of buyers out there that are looking for those types of investments, and this one fit the profile,” he commented.
The seller, 23 Inverness Way East LLC, is a Greeley partnership that had owned the building since 1999.
Built in 1981, 23 Inverness Way East sits on a 4.67-acre site.
John Becker of Fuller Real Estate represented the buyer in the transaction.
