Inverness Business Park has sold for $20.2 million to BKM Capital Partners, a Newport Beach-based fund manager.
The 215,000-square-foot multi-tenant business park is located at 14 Inverness Drive East, northeast of Interstate 25 and East County Line Road. It has eight industrial buildings.
BKM is planning $2 million in upgrades, including a rebranding to reintroduce the business park to the market, cosmetic upgrades and improved parking surfaces.
This is BKM's first acquisition in Denver.
"Denver is a dynamic market with strong fundamentals and tremendous growth potential," said Brian Malliet, CEO. "The property is situated in 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."
The park, 91 percent occupied, is anchored by Boeing and Comcast. It has 86 tenants.
"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," said Malliet.
The property has the same name as an office park in Greenwood Village, which is also called Inverness Business Park.