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| Brian Malliet |
DENVER,CO – BKM
Capital Partners, an institutional fund manager with a
niche focus on value-add, multi-tenant light industrial investments, has
acquired Inverness Business Park, a Class A, 215,268 square-foot,
eight-building industrial asset for $20,200,000, reflecting a 57-percent
discount to replacement cost, according to Brian Malliet, CEO of BKM
Capital Partners. This is BKM’s first acquisition in the Denver, Colorado
market.
“Denver is a dynamic market with strong fundamentals and
tremendous growth potential,” states Malliet. “The property is situated in the
the affluent area of Englewood, within the Southeast submarket, which is the
largest in the Denver metro area. This provides access to a strong base of
potential tenants in various business sectors.”
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| Inverness Business Park, Englewood submarket, Denver, CO |
Inverness Business Park is situated within a 980-acre high image
master plan anchored by major companies such as Boeing and Comcast. The
property fronts Inverness Golf Course and is readily accessible from Interstate
25, the major north-south transportation corridor that runs through the heart
of Denver. The asset is 91-percent occupied by 86 tenants averaging
approximately 2,750 square feet, according to Malliet.
“This acquisition is well-aligned with our ongoing investment
strategy, which is to identify extremely well-located, institutional quality
industrial assets with a value-add opportunity,” says Malliet. “Drawing
upon our in-house management platform and niche expertise in multi-tenant
industrial, we will be able to quickly improve the asset and bringing rents to
market, generating strong yields for investors.”
BKM plans to invest nearly $2 million in upgrades to the asset,
including a complete rebrand to reintroduce the asset to the market, as well as
fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage,
and various structural improvements, such as improved roofing, parking
surfaces, and HVAC.
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| Brett Turner |
“There is an immediate opportunity to increase NOI in this asset
by leveraging current demand from image-conscious tenants seeking a location near
major regional anchors such as the Denver Tech Center,” says Brett Turner,
the Director of Acquisitions. “As we execute on our strategy, we will be able
to quickly improve operational efficiencies and maximize the value of this
multi-tenant industrial asset. Moving forward, we are seeking additional
assets in the Denver metro area in order to continue to build value and
increase economies of scale.”
BKM Capital Partners acquired Inverness Business Park from a private family
office. Newmark Knight Frank represented the seller in the transaction.
BKM was not represented.
The property is located at 14 Inverness Drive East in Englewood, Colorado.
For more information,
please contact:
Jordan Kruk /Lexi Astfalk
Brower Group
(949) 955-7940
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