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DENVER-Lowe Enterprises Investors of Los Angeles has acquired a 138,000-sf office building in the Inverness Business Park for $19.2 million on behalf of Lowe Enterprises Real Estate Income and Growth Partners. The $201-million, value-added investment fund targets commercial and multifamily investments nationwide.

The four-story office building is located immediately west of I-25 at 10333 E. Dry Creek Rd. The building is 86% leased to national tenants including Computer Associates, Centex Homes and New Horizons. The building was acquired from US Property Fund GmbH & Co. KG., which was represented by Brad Cohen, Kevin McKinnon and David Shapiro of Transwestern Commercial Services.

Lowe Enterprises Investors managing director Brad Howe says he is well acquainted with the market and the building and plans to acquire additional assets. Lowe’s hotel management subsidiary, Destination Hotels & Resorts, is among the tenants in the building just acquired and, earlier this year, Lowe acquired a 160,000-sf, eight-story office tower located at 198 Inverness Dr. West, immediately adjacent to the Inverness Hotel and Conference Center that the company purchased in 1995 and continues to manage through its affiliate, Destination Hotels & Resorts.

“The southeast region is a primary focus, as it is enjoying the early stages of what we believe will be a solid market recovery,” Howe says. “Businesses continue to favor the southeast market as it provides a good work environment with many amenities and will soon be connected to the rest of the metropolitan area by the new light-rail line.”

The building has 34,500-sf floor plates and lots of windows. Its lobby is clad in polished granite and wood. “Leasing activity has accelerated in southeast Denver with many companies looking to expand or relocate,” adds Steve Nesterak, senior vice president with Lowe Enterprises Real Estate Group, which has assumed management of the building.

Lowe Enterprises has maintained a regional office in Denver since 1985 and is an active buyer and seller of institutional real estate. Other investments in Colorado include the Tuscany Plaza in Greenwood Village and the Vail Cascade Hotel. The company also is currently developing Eastpark 70, a 110-acre warehouse and distribution center at Tower Road and I-70; Centerpark, a 540,000-sf distribution center at I-70 and Pecos; and will soon break ground on Macanta, its new 2,000-acre residential and golf community in Douglas County.

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