DENVER (March 11, 2013) – United Properties announced today that it has acquired 61 Inverness, an office building in Inverness Business Park in southeast suburban Denver. Located at 61 Inverness Drive, the 87,000-sq.-ft., three-story class B office building was 60 percent leased at the time of the March 1 closing.
A Minneapolis-based commercial real estate developer with operations in Denver, United Properties has been investing in the Denver market since 1995. In the last eight years, the Denver office of United Properties has acquired and redeveloped more than 650,000 sq. ft. of commercial properties. 61 Inverness represents the company’s first office acquisition in the Denver market.
“61 Inverness presents a value-add opportunity and gives us a foothold in Denver’s suburban office market,” said Frank Dutke, president. “This acquisition—along with the Enterprise Business Center industrial development project in Denver—demonstrates our commitment to the market.”
“We purchased the property at a price well below replacement costs, allowing us to carry out significant upgrades to the property and compete for tenants,” said Kevin Kelley, vice president/regional director-Colorado. “Class A availability is tightening up, putting pressure on class B rents and availability. We are able to lease up to 30,000 sq. ft. of contiguous space and take advantage of the improving market conditions.”
Located in Inverness Business Park and adjacent to the Jeppesen world headquarters, 61 Inverness’ largest tenant is Jeppesen, a subsidiary of The Boeing Company.
United Properties plans to upgrade the lobbies, common areas and restrooms, as well as the building signage and property exterior. Inverness Properties, LLC represented United Properties in the transaction and will continue to manage and lease the property on behalf of United Properties.
About United Properties
United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin and Colorado. For more information, visit www.uproperties.com.