Office Building at Inverness Business Park Sells for $9.3M
115 Inverness, a 55,706-square-foot office building situated on 2.5 acres located within Englewood’s Inverness Business Park, has sold for $9,362,500. The building was 85 percent occupied at the time of sale and serves as headquarters of local healthcare software developer, patientNOW, along with publicly traded tenants Tetra Tech and Ricoh.
115 Inverness was purchased by Advanced Property Services who was represented by Sam Leger and Tim Finholm, of full-service commercial real estate brokerage firm Unique Properties, Inc., as its exclusive agents. James Brady, Patrick Devereaux, and Campbell Davis of CBRE represented the seller, Schnitzer West.
“The Denver office market continues to draw investor interest, despite the ongoing pandemic. Investors are beginning to see the light at the end of the tunnel,” said Mr. Brady, first vice president with CBRE Capital Markets in Denver.
The three-story office building was originally constructed in 1982 and was recently renovated in 2019. The property features 142 parking spaces and is also walking distance from the Dry Creek Station of the RTD light rail line.
According to CBRE research, investment sales volume in metro Denver’s office market reached $571 million in the third quarter of 2020, bringing the year-to-date total up to $1.4 billion.