Schnitzer West Acquires Two Properties in Southeast Denver Area
DENVER--(BUSINESS WIRE)--Mar 6, 2019--Seattle-based Schnitzer West, one of the West Coast’s fastest-growing real estate investment, development and property management companies, has announced the purchase of two properties in the Denver area; Peakview Place in Centennial, Colorado and 115 Inverness in Englewood, Colorado. Both properties are ideally positioned in transit-oriented locations within Denver’s southeast suburban (SES) submarket, Denver’s largest office market.
Peakview Place is a 475,675-square foot (10.9 acre), Class-A mixed use commercial development site. The first phase of construction is scheduled to begin in January 2020. The project is entitled for office, multi-family, hospitality and retail uses in the highly sought-after Southeast Denver area. Peakview Place is in close proximity to a wide variety of amenities including the Fiddler’s Green Amphitheater, nearby restaurants and retail, as well as the light rail at Village Center Station.
Located a couple of miles southwest of Peakview Place, 115 Inverness is a three-story, 55,706 rentable square feet (RSF) existing office. As part of its investment in the property, Schnitzer West will manage, renovate, address deferred maintenance and improve amenities such as creating an on-site conference facility and locker rooms. 115 Inverness is within walking distance of the Dry Creek Light Rail Station in Englewood.
“The acquisition of these two properties in Denver’s Greenwood Village and Centennial submarkets demonstrates Schnitzer West’s continued commitment to the Denver market by making strategic investments in transit-oriented micro-markets,” said Doug Zabel, investment partner, Schnitzer West. “We remain positive on the growth in the region given its convenient public transportation hubs, highly educated workforce and ample supply of residential housing. We are excited to add these properties to our existing portfolio and to increase the availability of first-class office space in the area to meet tenant demand.”
With the acquisition of Peakview Place and 115 Inverness, Schnitzer West now owns and/or manages approximately 1.5 million square feet of office space and adds to Schnitzer West’s regional development pipeline of more than 1.2 million square feet in the Denver metro area.
About Schnitzer West, LLC
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Corp.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management. To date, it has developed in excess of 10.5 million square feet of Class A office and suburban office, flex, industrial and bio-tech space and luxury multi-family residential in Seattle and Denver. Additionally, it has acquired and repositioned approximately 2.8 million square feet of commercial product. Currently, its Asset Operations group actively manages 5.4 million square feet of office and industrial property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States. Learn more at www.schnitzerwest.com.
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SOURCE: Schnitzer West
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PUB: 03/06/2019 09:00 AM/DISC: 03/06/2019 09:01 AM