Colorado Real Estate Journal - December 7, 2016
A single-user office building in Inverness Business Park sold quickly to a locally based religious organization. The Conservative Baptist Foreign Mission Society, which operates as WorldVenture, purchased the 31,352-square-foot building at 20 Inverness Place East in Englewood for its headquarters. InterCapital Group LLC sold the two-story building for $3.25 million. WorldVenture is a Christian mission-based organization that operates around the world. It currently has more office space than it needs, and the Inverness building’s footprint worked well for its use, according to Wade Fletcher of Newmark Grubb Knight Frank, who represented the buyer with NGKF’s Steve Roesinger. “They were looking for a facility that worked better for their current needs,” said Fletcher. WorldVenture will do some minor retrofits and will relocate into the building next year. The building sold within three weeks of being placed on the market, according to Rick Egitto of Avison Young, who represented the seller. “It moved very quickly,” Egitto said. “Buildings in Inverness that are user buildings are very hard to come by.” The building features a two-story lobby and is situated in a park like setting. Fletcher and Roesinger have WorldVenture’s existing, 41,030-sf facility at 1501 W. Mineral Ave. in Littleton listed for sale at $5.74 million, or $140 per sf. The two-story building will be available no later than March 1. The Littleton facility works well for office and medical office uses, or as an educational/training facility, said Fletcher. An adjacent 4.5-acre development site that WorldVenture also owns is under contract for sale. Other News Cache Bank and Trust sold a 38,793-square-foot office building at 2755 S. Locust St. in Denver to 2755 S. Locust LLC for $1.76 million. Eric Gold of Sheldon-Gold Realty Inc. represented the seller. David Blackwood of Your Castle Real Estate represented the buyer. ABS Inverness LLC purchased a 15,004-sf office condo on the 11th hole of the Inverness Golf Club for $1.7 million, or $113.30 per sf. The seller of the property at 2 Inverness, Suite 200, in Englewood was 2 Inverness Suite 200 LLC. The condo has views from the golf course and is close to the County Line light-rail station. “We were pleased to represent the buyer in the sale of 2 Inverness Drive, Suite 200. The buyer will renovate the property and move to the location, where he will continue to operate and grow his business,” said Cody Stambaugh, adviser at Pinnacle Real Estate Advisors. Stambaugh is with the Johnson Ritter Team at Pinnacle. Lathrop & Gage LLP, a law firm, subleased 29,165 sf of office space from Polsinelli PC at 1515 Wynkoop St. in Denver. Keith Krombach and David Hart of Newmark Grubb Knight Frank represented the landlord. Savills Studley represented the tenant. Clinica Campesina Family Health Services leased 20,578 sf of medical office space at 8510 Bryant St. in Westminster. John Gustafson of Newmark Grubb Knight Frank represented the landlord, GA HC REIT St. Anthony North Denver MOB II LLC. Elevation Cos.and Transwestern represented the tenant. Rubin & Raine of Colorado Inc. renewed its lease for approximately 11,500 sf of office space at Pavilion Towers, 2821 S. Parker Road, in Denver. Property leasing agent Sara Hauck negotiated the lease on behalf of the landlord, Boxer Property. Natasha Felten, president of Colorado Commercial Cos., represented the tenant. Pavilion Towers consists of twin 14-story buildings of 291,568 sf each. Rubin & Raine specializes in health care accounts receivables management. It has been a tenant at Pavilion Towers since 2009. Greenspoon Marder PA signed a lease for 10,000 sf at 1401 Lawrence St. in Denver. Jeff Castleton and Jamie Gard of Newmark Grubb Knight Frank represented the landlord, Renshan LP, in care of First Gulf Corp. Savills Studley represented the tenant. Lokal Homes LLC leased 7,215 sf of office space at 8310 S. Valley Highway, No. 115, in Englewood. Matt Call and Matt Kulbe of NavPoint Real Estate Group represented the tenant.