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BKM Capital Partners has entered the Denver market with the $20.2M acquisition of Inverness Business Park, a Class-A, 215,268 SF industrial property.
The transaction represents a 57% discount-to-replacement cost, BKM CEO Brian Malliet said.
“Denver is a dynamic market with strong fundamentals and tremendous growth potential,” Malliet said. “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.”
Inverness Business Park is within a 980-acre master-planned development anchored by major companies such as Boeing and Comcast. The property fronts Inverness Golf Course and is easily accessible from Interstate 25. The industrial park is 91% occupied by 86 tenants averaging 2,750 SF.
Newport Beach, California-based BKM plans to invest nearly $2M in upgrades to the business park, including a complete rebrand to reintroduce the property to the market, as well as fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage and various structural improvements, including roofing, parking surfaces and HVAC.
“There is an immediate opportunity to increase [net operating income] in this asset by leveraging current demand from image-conscious tenants seeking a location near major regional anchors such as the Denver Tech Center,” BKM Director of Acquisitions Brett Turner said. “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.”
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