The Denver office of Hines announces that Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired two Class-A office/flex complexes, 345 Inverness Drive South and Arapahoe Business Park, from SVN Equities, LLC. The projects contain a total of 10 buildings representing 484,737 ft². Hines is the sponsor of Hines REIT, and is responsible for the acquisition, management and leasing of the majority of its assets. Hines REIT has engaged Frederick Ross Company, a local real estate company, to manage these properties.
Arapahoe Business Park contains seven single-story buildings.
345 Inverness Drive South is situated on 16 acres in the southern portion of Inverness Business Park, east of Interstate Highway 25. The property contains three single-story buildings totaling 175,287 ft². It was developed in 2001, and is currently 90% leased to tenants including Honeywell International, Zykronix, Nestlé-USA and Luzenac America, Inc.
Arapahoe Business Park is situated on 25 acres at the entrance to Centennial Airport Center, fronting the south side of East Arapahoe Road, approximately 2.5 miles east of Highway 25. The park contains seven, single-story buildings comprising 309,450 ft², ranging in size from 44,050 to 48,677 ft². The business park was developed from 1998-2001, and is 100% leased to tenants including American Honda Motor Co., ViaWest Internet Service, Vistar Corporation and Pulte Mortgage, LLC.
"We are pleased with the acquisition of this high-quality portfolio of office/flex assets, as it is emblematic of Hines' commitment to continue to develop and acquire properties across the full spectrum of real estate assets in the metro Denver market," said Charles Elder, Hines senior vice president of development.
"These assets were extremely attractive to the Hines REIT due to their desirable locations and stable, quality tenant rosters," said Charles Hazen, president and CEO of Hines REIT. "We believe this acquisition suits our objective of investing in fundamentally sound real estate while expanding our industrial property base."