June 15-July 5, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 13
We are the guys you
cheated off of in math.
303.623.6300
There was a reason for that. And still is.
We are the best at what we do.
DENVER
•
DALLAS/ FORT WORTH
ENGINEERS
•
LAND SURVEYORS
Industrial/Flex
by Jill Jamieson-Nichols
Pennsylvania-based Power
Home Remodeling selected
Inova Dry Creek for its first loca-
tion in the Denver metro area.
The company preleased 23,658
square feet of flex space, kicking
off construction of the 70,632-sf
Inova Flex development. Inova
Flex is part of themaster-planned
Inova Dry Creek, a 650,000-sf
office, flex and residential cam-
pus at Interstate 25 and East Dry
Creek Road in Centennial.
Andrew Blaustein of New-
mark Grubb Knight Frank rep-
resented Power Home Remodel-
ing in the transaction. NGKF’s
Jason Addlesperger, Dave Lee
and Mike Wafer represented the
landlords, United Properties and
Principal Real Estate Investors.
Power Home Remodeling is
a home remodeling company
that is on Inc. 5000’s annual list
of fastest-growing private com-
panies. It has received Fortune
and Glassdoor awards for being
among the best places to work.
“Power polls its employees
every year to gauge interest in
new markets, and Denver was
nearly the unanimous choice,”
said Corey Schiller, co-chief exec-
utive officer. “We also keep a
watchful eye on where the gen-
eral population would most like
to live. Denver was at the top of
both lists, so it’s an easy decision
to relocate 20 individuals to help
open the Denver market.”
“Inova Flex provided options
for Power that were not available
anywhere else in this market,”
said Blaustein. “Inova Dry Creek
offers the most desirable loca-
tion with a large parking ratio,
an opportunity to design our
own space from core and shell
and a mature tenant base in the
immediate vicinity. Combine
these features with the strength
of the southeast market, a Class
A flex opportunity and proxim-
ity to area amenities, and you
have a natural win.”
Inova Dry Creek is near the
Dry Creek light-rail station, adja-
cent to Inverness Business Park
and Centennial Airport, and
about 20 minutes from down-
town Denver. United Properties
and Principal Real Estate Inves-
tors are seeking LEED certifi-
cation for all the buildings at
Inova Dry Creek, which will
offer facilities for bike commut-
ers, including showers, lockers,
repair areas and bike rentals; a
dedicated shuttle between the
park and light-rail station; and
pad sites for food trucks that
include areas for dining.
Murray and Stafford is the
general contractor for Inova
Flex, which will break ground
this month. Power Home
Remodeling will open in Janu-
ary and plans to grow its Denver
employee base to 100 people.
The company has 1,650 employ-
ees in 10 locations across the
United States.
s
Power Home Remodeling will occupy space as Inova Dry Creek Flex in
January.
AURORA AUTO ROW FOR LEASE
Andrew Dodgen
Broker Associate
(303) 534-4822
5300 DTC Pkwy, #100, Greenwood Village, CO 80111
Located at 2910 S. Havana St. and most recently leased to
BMW Motorcycles of Denver, this 11,702 sq. ft. showroom, of-
fice & warehouse facility is available for lease at $15,000/mo.
NNN. Class “A” building with high-ceiling showroom in front
and 2-story office/warehouse behind. Prime South Havana
Street location on “Auto Row”.
by Jill Jamieson-Nichols
Hines REIT has sold nearly half
a million square feet of office/flex
space in the southeast suburban
submarket for $78.5 million.
A partnership consisting of an
international investment adviser
and Houston-based Griffin Part-
ners Inc. purchased Arapahoe
Business Park, which contains
seven single-story buildings total-
ing 309,450 sf, and 345 Inverness
Drive South, which comprises
three single-story buildings with
175,287 sf.
Those involved wouldn’t com-
ment on the transaction, although
Hines did provide information
on the assets. Newmark Grubb
Knight Frank Capital Markets
Executive Managing Directors
Dave Lee, Jason Addlesperger
and Dave Tilton represented the
seller.
Arapahoe Business Park is a
Class A office/flex complex on
25 acres fronting East Arapahoe
Road at the entrance to Centen-
nial Airport Center. Developed
between 1998 and 2001, the build-
ings at 12250-12650 E. Arapahoe
Road range from 43,050 to 48,677
sf and house tenants including
American Honda Motor Co.,
ViaWest, Santander Consumer
USAInc., Vistar and others.
"Brokers who work this area tell
me the Arapahoe Road corridor
has the lowest vacancy rate since
the inception of the Arapahoe
Road corridor from 1984,” com-
mented JohnWinslowofWinslow
Property Consultants, who was
not involved in the sale. Properties
that front along Arapahoe Road
are getting the greatest traction,
he said, but in the last two years,
properties off the main Arapahoe
Road corridor also have been sell-
ing and leasing.
The property at 345 Inverness
Drive South in Englewood is
located within Inverness Business
Park,whichincludes the Inverness
golf course and has always been
a first-class business park, added
Winslow. “It is understandable the
desire to purchase quality invest-
ments in this business park.”
Major tenants at 345 Inverness
include Penford Corp., Comcast,
Gevo Inc. and Honeywell Inter-
national. The buildings were built
in 2001 and occupy a 16-acre site.
Hines REIT acquired Arapahoe
Business Park and 345 Inverness
Drive S. in 2008.
s
Arapahoe Business Park comprises 309,450 square feet of office/flex space.
The three-building property at 345 Inverness Drive South totals 175,287
square feet.
