San Fransisco Firm Acquires Two Office Buildings in Englewood

DENVER — San Francisco-based commercial real estate firm Graham Street Realty (GSR) has acquired two multi-tenant office buildings in the metro Denver market of Englewood, Colorado.

The combined 171,976-square-foot portfolio includes two properties: 384 Inverness, located at 384 Inverness Parkway within Inverness Business Park, and Pyramid Pointe, located at 9777 Pyramid Court within Meridian Business Park.

The properties are located in the Southeast Suburban (SES) submarket of the Denver-Aurora-Lakewood MSA, which currently has more than 43.3 million square feet of office space. Both properties offer nearby retail, access to light rail stations, and recreational amenities to their broad spectrum of tenants.

The purchase marks the company’s third and fourth commercial properties in Colorado. The two-property portfolio was purchased from an affiliate of San Diego-based Westcore Properties.

“We are excited about these new acquisitions, which are well-located relative to the new locus of executive and workforce housing in the southeast corridor, and we look forward to the opportunity to lease near-term rollover in a strong market,” said David Messing, co-managing principal of Graham Street Realty.

384 Inverness was built in 1985 and had a 96.4 percent occupancy rate at the time of closing. The property offers  suites ranging from 1,000 to 6,800 square feet in size. GSR plans to improve the property’s landscaping and lobby finishes, and perform needed maintenance on the building’s parking lot.

Pyramid Pointe was built in 1995 and had an occupancy rate of 98 percent at the time of closing. It offers 1,000 to 40,000-square-foot office suites, and GSR plans to perform incremental upgrades to the building and release impending vacancies in 2018.

Image courtesy of Graham Street Realty

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