X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Great Lakes, a REIT based in Oak Brook, IL, is selling a 184,454-sf building in the Inverness Business Park for about $27 million. The sale of the building at 183 Inverness Dr. is scheduled to close in the fourth quarter.

Inverness is a mature business park south of the Denver Technological Center in Denver’s Southeast submarket.

Great Lakes had purchased the property in May 1998, with a lease of 173,000 sf that is due to expire in February, says Dick May, Great Lakes chairman and CEO. The lease is about half of the market-rate rents, he adds. Arapahoe County assesses the building at $20 million, show records examined by GlobeSt.com.

“We were happy to find a user to purchase the building at this time, thus eliminating a potential negative cash-flow situation,” May says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.