Investor buys suburban Denver trophy office building
JLL Capital Markets led sales efforts for INOVA II in Centennial
DENVER – Jan. 27, 2021 – JLL Capital Markets announced today that it has closed the sale of INOVA II, a recently completed, trophy office building totaling 220,396 square feet in Centennial, Colorado.
JLL represented the seller, United Properties & Principal Real Estate Investors, and procured the buyer, Libitzky Property Companies.
Completed in 2018, INOVA II features Class AA finishes, 55,000-square-foot average floorplates, state-of-the-art HVAC with dual filters, and expansive window lines and generous ceiling heights that maximize the light and the Rocky Mountain views from the building. The property offers tenants on-site amenities, including an attached executive parking garage, fitness center with showers and lockers and a shuttle to the light rail. INOVA II is 82% leased and anchored by the Travelers Companies, an investment grade tenant.
INOVA II is located at 10825 E Geddes Ave. within Southeast Denver, which contains the Metro area’s greatest concentration of large corporate users and internationally renowned companies. Because of this, the area boasts an expansive pool of employees, high connectivity to infrastructure, including I-25 and E-470, and an ever-increasing base of retail, dining and hospitality amenities. The population within Southeast Denver is anticipated to grow by 8.1% by 2024.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion.
“INOVA II offered the rare opportunity for Libitzky to acquire an ideal blend of an investment grade anchor tenancy with long term WALT and additional value creation through the leasing of available space in a growing Southeast market,” Katz added. “The United & Principal team built the perfect building for this location and the quality of the tenancy is a result of that. We are very excited to watch Libitzky’s continued success with this project.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas. For more information, visit uproperties.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $88.1 billion in commercial real estate assets (as of December 31, 2020). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Libitzky Property Companies
Libitzky Property Companies purchase and develop industrial and office projects. The firm currently operates a portfolio of 40 properties located in nine states: California, Texas, Nevada, Arizona, Colorado, Oregon, Tennessee, Mississippi and Georgia. Acquisitions include both stabilized and value-add properties. To learn more, please visit: libitzky.com.