An opportunistic investor picked up a pair of Englewood office buildings in an $18.2 million value-add deal.
Dry Creek Property LLC, owned by a fund managed by Westport Capital Partners LLC, purchased 10700 and 10800 E. Geddes Ave. from Colony Northstar Inc. affiliate Dry Creek II & III Holdings-2 LLC. The buildings total 185,957 square feet and were about 50 percent occupied at the time of the sale.
Formerly known as Dry Creek Corporate Center, 10700 and 10800 E. Geddes are just east of the Interstate 25-Dry Creek interchange in Inova Dry Creek Business Park. They will be rebranded as Inova Corporate Center.
“We are pleased to add to our Denver portfolio and look forward to transforming this great asset,” Russel Bernard, Westport managing principal, said in a statement.
“There is a lot of exciting growth happening in the southeast market in Denver, and much of this growth is moving toward projects featuring modern tenant amenities, which is what we intend to bring here,” added Sean Armstrong, principal and portfolio manager.
Westport plans a major renovation of the three-story buildings. “In partnership with Inova Dry Creek, we will be offering united tenant amenities such as a light-rail shuttle and rotating food trucks for tenants,” Armstrong added.
Ryan Stout, Nate Bradley and Zach Williams of Cushman & Wakefield will handle leasing.
Liberty Mutual is the largest tenant at the property with approximately 36,000 sf of space. Allstate vacated its space a couple of years ago, and McAfee left prior to the buildings’ sale.
There was “quite a bit” of investor interest in the buildings from value-add buyers nationally, according to David Tilton of Newmark Knight Frank, who represented the seller with NKF’s John Jugl and Paul Donahue.
Westport Capital Partners purchased its first Colorado asset, 7100 E. Belleview Ave. in Greenwood Village, in late 2015. It created a new lobby with modern artwork, soft seating and shuffle board; an outdoor tenant pavilion; a conference facility with updated technology; fitness center with showers and lockers; and an on-site deli. The company plans a similar renovation for the East Geddes buildings.
“We are looking forward to the opportunity to partner with Westport Capital Partners to reposition and stabilize a well-located asset in a newly reactivated and highly sought-after market,” commented Stout.
Westport Capital Partners is a real estate investment company that invests in opportunistic, value-add and core-plus real estate on behalf of institutional and private clients. It maintains offices in Wilton, Connecticut; Los Angeles; Bozeman, Montana; and London.