On May 25, 2016, Investcorp, an international asset manager and Griffin Partners, Inc. a real estate operator based in Houston, TX, acquired the Arapahoe Business Park in Centennial, CO and 345 Inverness Drive South in Englewood, CO. These Class A office/flex complexes are situated on a total of 41 acres at the north and south side entrances of the Centennial Airport Center, fronting East Arapahoe Road and Inverness Drive South, on east side of Highway 25. The assets were developed from 1998-2001, the two business parks contain a total of ten (10), single-story buildings comprising approximately 484,737 square feet. Buildings range in size from 43,000 to 58,000 square feet.
Today the properties have an occupancy rate of 94 percent and are leased to a diverse list of national and international credit tenants, in various industry sectors, including healthcare, finance, technology, energy, agriculture, and transportation, with an average lease term of approximately 6 years. The assets are considered the largest collection of best in class office/flex assets in metropolitan Denver.
This purchase further increases Investcorp’s overall portfolio of assets in Denver and it represents Griffin Partners’ first investment in Denver. This is Investcorp and Griffin Partners second joint venture funded by Investcorp and Griffin Partners Office Fund III, L.P (“Fund III”).
Griffin Partners’, Executive Vice President of Acquisitions, Andrew Montgomery, stated “...this was a strategic investment for Investcorp and Griffin Partners to acquire a high quality, welllocated, stabilized assets in the Denver market. This transaction represents to two plus years of diligence for our initial investment in Denver that fit our long term objectives for the marketplace.
This was the first of hopefully many investments in Denver, as well as our first investment in our recently announced and capitalized Fund III”.
Griffin Partners, Inc. is an owner and operator of commercial real estate properties throughout Arizona, Colorado, Texas and North Carolina. Griffin Partners has acquired or developed approximately 9.0 million square feet of office and light industrial property over the last 20 year totaling over $1.5 billion. Griffin Partners has various equity investment vehicles that have acquired over 3.6 million square feet of office and industrial totaling over $950,000,000 in the last decade. For more information on Griffin Partners, visit www.griffinpartners.com.
For more information: Griffin Partners, Inc.