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6/29/23
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NexGen Properties purchased a 51.5k sf boutique office building in Englewood, CO. The two-story, multi-tenant asset is located at 384 Inverness Pkwy, within Inverness Business Park.
Constructed in 1985 and extensively renovated by the seller in 2019, 384 Inverness caters to small tenants with efficient and flexible floor plates. The building presented the buyer with an opportunity to follow-through with the seller’s spec suite program to offer tenants space in lease-ready condition. At tiem of sale, it was 58% leased.
384 Inverness is a small-tenant office building that is exceptionally located within Denver’s premier southeast suburban submarket in the front of the established Inverness Business Park. The property’s location provides quick connection to the extensive executive and employee housing base on Denver Metro’s south side. Additionally, the Country Line Road Light Rail Station is also located near the property.
Inverness Business Park is one of southeast suburban’s leading business parks rich with amenities including an adjacent athletic club, hotel and conference center, golf course, along with continued multi-family development and abundant restaurant, retail and hotel options. Park Meadow’s Mall and Centennial Airport are also close proximity.
Cushman & Wakefield’s Aaron Johnson and Jon Hendrickson represented the seller in the transaction.
“384 Inverness presented NexGen with an opportunity to pickup an exceptionally well-located property at a significant discount to replacement cost,” said Matt Bernstein, vice president of NexGen Properties. “Despite the office sector’s macroeconomic headwinds, we are confident in our ability to perform on our value-add business strategy and manage the risk profile associated with small suite sizes.”
With recent leasing momentum at the property, NexGen has elected to continue with Cushman & Wakefield’s team of Ryan Stout, Nate Bradley, Zach Williams, and Kiley Crews for the leasing brokerage assignment. NexGen engaged Hospitality at Work to be the new property manager.
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