June 16, 2016
Houston-based Hines sold a 10-building flex office portfolio in the Denver metro market to a partnership consisting of New York-based Investcorp, and Houston-based Griffin Partners Inc. for $78.5 million. It is the largest deal of its type to trade hands in Colorado in the past decade.
The 95% occupied assets include 345 Inverness South, a three-building, 175,287-square-foot complex located in the Inverness Business Park that was completed in 2001. The second property is Arapahoe Business Park, a seven-building asset totaling 309,450 square feet that was completed between 1998 and 2001.
Newmark Grubb Knight Frank’s David Lee represented Hines in the transaction and will continue to manage the portfolio.