Local group takes over value-added building in Inverness

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A local investment group bought a value-added office building in Inverness Business Park for $ 6.5 million.

I 23 LLC purchased the 56,465 square foot building at 23 Inverness Way East in Englewood for $ 115.12 per square foot. It was just over 65% occupied at the time of the sale.

“This investment group will reposition the property, redo the lobby, modernize the bathrooms and common areas, fix the parking lots, do some landscaping and really refurbish the building,” said Mike Haley of More complete real estate, who represented the seller along with Fuller broker Alex Scott.

Hammersmith Management, which manages the community associations, occupies the entire second floor of the building. The ground floor, which has several rental units, has 19,671 pc of vacancy.

The two-story building was contracted almost immediately after it went on sale, according to Haley.

“Value-added properties are harder to find in this market. There are a lot of buyers looking for this type of investment, and this one fits the profile, ”he commented.

The vendor, 23 Inverness Way East LLC, is a Greeley Partnership who had owned the building since 1999.

Built in 1981, 23 Inverness Way East sits on a 4.67 acre site.

John Becker of Fuller Real Estate represented the buyer in the transaction.


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