Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired two Class A Colorado office/flex complexes, 345 Inverness Drive South and Arapahoe Business Park, from SVN Equities, LLC. Sperry Van Ness sold the properties for $66.5 million, or approximately $137 per square foot, according to a CoStar Group article.
The projects contain a total of 10 buildings representing 484,737 square feet, and lies approximately 9 miles south of downtown Denver in Arapahoe County. Hines REIT has engaged Frederick Ross Company, a local real estate company, to manage these properties. The business park was developed from 1998-2001, and is 100 percent leased to tenants including American Honda Motor Co., ViaWest Internet Service, Vistar Corporation and Pulte Mortgage, LLC. "These assets were extremely attractive to the Hines REIT due to their desirable locations and stable, quality tenant rosters," said Charles Hazen, president and CEO of Hines REIT.
For more news and information, visit Blumberg Capital Partners.
Comments