A Denver townhome/condo developer is stepping into the commercial real estate market with plans to condominiumize a building he purchased in Inverness Business Park.
A limited liability company managed by David Burcham of Sanctuary Properties bought a 54,770-square-foot flex building at 67 Inverness Drive East in Englewood for $6.3 million. The property is divided into four units, two of which are vacant.
“Our plan is to condominiumize those units and sell them as quickly as possible,” Burcham said. Golftec and Trane Inc. occupy two of the units, which he said he will hold for the time being.
“There is really a shortage of smaller flex/office spaces that are available for ownership all throughout the Denver metro area but for sure in the south metro area,” said David Foley of Buell & Co., who represented Burcham in the acquisition.
With access to Interstate 25, “This seemed to be a really great project,” added Burcham.
“It’s a very nice property. It sits up on the hill. It has great Western views, a good parking ratio (3.87:1,000),” said T.J. Smith of Colliers International, who represented seller Westcore Properties with Colliers brokers Brad Calbert, David Hazlett and Nick Rice.
The high-image building sits on 4.62 acres at the northeast entrance to Inverness. Built in 1996, it has 14-foot ceilings and five drive-in doors. About 75 percent of the space is built out as offices.
“It was kind of a unique deal because of the occupancy,” said Smith. “It had to either be acquired by somebody who was going to condo it or a user that might be able to occupy that vacancy because there wasn’t really an in-place yield.”
Burcham, whose background is in high-end duplexes, townhomes and condos, said he is “an opportunity seeker” and will consider other commercial deals, “if the opportunity presents itself.”