Lowe Enterprises Investors has acquired a 138,000-square-foot office building in the Inverness Business Park in southeast Denver, Colo.
The value of the transaction was $19.2 million.
US Property Fund GmbH & Co. KG sold the four-story building, located at 10333 E. Dry Creek Road, to Lowe’s value-added investment fund, Lowe Enterprises Real Estate Income and Growth Partners.
“We are actively expanding our portfolio of office properties in Denver. The southeast region is a primary focus, as it is enjoying the early stages of what we believe will be a solid market recovery,” said Brad Howe, managing director, Lowe Enterprises Investors. “Businesses continue to favor the southeast market, as it provides a good work environment with many amenities and will soon be connected to the rest of the metropolitan area by the new light-rail line.”
At the time of sale, the property was 86 percent leased to firms including Computer Associates, Centex Homes and New Horizons.
Earlier this year Los Angeles-based Lowe Enterprises acquired a 160,000-square-foot, eight-story office tower located at 198 Inverness Drive West.