Southeast Denver Office Building Sells for $63M
United Properties’ Inova II is part of the 700,000-square-foot Inova Dry Creek development in Centennial, Colo.
United Properties has sold Inova II in Centennial, Colo., to Libitzky Property Cos. Public records show the 220,396-square-foot trophy office building traded for $63.2 million. Additionally, the new owner received $41 million in acquisition financing from Wells Fargo Bank, a loan that is set to mature in 2028.
The property is part of Inova Dry Creek, an almost 700,000-square-foot mixed-use development in Southeast Denver which includes office, residential and industrial space. Located at 10825 E. Geddes Ave., Inova II is less than 3 miles from Interstate 25 and roughly 17 miles from downtown Denver. The Southeast Denver office area contains a large concentration of employers and its population is expected to grow by 8.1 percent by 2024, according to JLL.
The Class A Inova II was completed in 2018 and features sought-after amenities and finishes such as an HVAC system with dual filters, spacious window lines and generous ceiling heights. Other amenities include a parking garage, fitness center and a shuttle to the light rail. The building was 82 percent leased at the time of the deal, with Travelers Cos. anchoring the four-story structure.
JLL Capital Markets Senior Managing Director Mark Katz and Senior Director Peter Merrion acted on behalf of the seller and procured the buyer.
You must be logged in to post a comment.