Colorado Real Estate Journal - November 4, 2015
A California investor bought 116 Inverness in Englewood in a $35.98 million transaction. Cordia Capital Management, an El Segundo-based investment adviser, paid $168 per square foot for the 214,183-sf office building alongside Inverness Hotel & Golf Club. SteelWave (formerly Legacy Partners Commercial) was the seller. The Class A building was 94 percent occupied, with credit tenants occupying nearly 70 percent of the space. Great-West Life, Wells Fargo, Chevron, Kellogg and Trimble Navigation are among tenants at 116 Inverness. Ultra Resources Corp. has its headquarters in the building. Buyers that seek multitenant properties were drawn to the asset by the credit tenancy, Inverness Business Park setting and proximity to the Dry Creek light-rail station pedestrian bridge, which is within a five minute walk, said CBRE Vice Chairman Mike Winn. “With these tenants, you have some stability and cash flow,” he added, noting the property also offered potential to increase income. “You’ve got upside because, in a rising market, when these leases expire, you have the opportunity to roll the leases to market,” said Winn, who handled the deal with CBRE’s Tim Richey and Chad Flynn. “It’s a great asset for a long-term hold,” said Nick Nikoghosyan, acquisitions associate with Cordia Capital Management. A glass façade distinguishes the four-story building, providing views in every direction, including outlooks of the golf course and mountains. An atrium lobby with seating areas and a fireplace also allows natural light into the building, which was built in 1982 and renovated in 2006-2007. On-site amenities include a fitness center with a locker room and showers, a deli, conference room and barbecue areas. The building is close to Interstate 25, and restaurants, Centennial Airport and Park Meadows Shopping Center also are located nearby. Floor plates range from 36,000 to 60,000 sf. The parking ratio is 3.7:1,000, and 59 percent of the spaces are covered. Cordia Capital Management is an investment adviser with office, retail, industrial and multifamily properties in California, Colorado and Arizona.