Southeast Denver Office Building Sells for $63M
- Jan 28, 2021
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 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.