A Dallas-based real estate investment manager plans to update a two-building office asset in Inverness Business Park after acquiring the Class A property for $15.13 million, or $125.86 per square foot.
The 120,171-sf Plaza at Inverness is TriGate Capital’s first office acquisition – but not its first real estate investment – in the Denver market. The buildings are located at 383 and 385 Inverness Parkway in Englewood.
A Colony Capital affiliate sold the approximately 60,000-sf buildings, which are connected via a landscaped courtyard and house 40-some tenants. Occupancy was in the high 80% range.
“We think the Plaza at Inverness is a great small-tenant building with covered parking, walkable amenities and convenient highway access,” said TriGate Senior Vice President Jason Obenhaus.
“We are planning to invest capital to upgrade the building lobbies and enhance outdoor amenities areas,” said Obenhaus. TriGate Capital, which focuses on acquiring and repositioning commercial real estate assets, also will build out existing suites for immediate occupancy.
Plaza at Inverness provides both covered executive and surface parking, has an on-site café, and is close to hotels and other amenities. The four-story buildings were built in 1999 and 2000.
Listing broker John Jugl, Newmark Knight Frank vice chairman of Western Region Capital Markets, said there was fair interest in the property given its small-tenant nature. “There was reasonable interest given the fact that it has to appeal to a group of buyers that can manage that many tenants,” he commented.
TriGate Capital owns a 305,858-sf retail center in Westminster, the Town Center at Brookhill, and previously owned a Denver area flex property. It is looking for additional acquisition opportunities in the market, said Obenhaus.
“We’re excited about the population and employment growth, and we think the Plaza at Inverness in particular is well-located to capture the growth headed south of Denver,” he commented.