TerraCap Management Acquires Office Assets for Nearly $78M
The transaction serves at the firm’s second acquisition within the Denver market.
DENVER, CO – TerraCap Management LLC has acquired Centerpoint Office Center I and II in a $77.5 million transaction.
The acquisition consists of a 14-story office building and a 16 story office building in Denver, CO. The two adjacent, class-A buildings total 373,724 in rentable square feet.
The properties, located less than six miles from downtown Denver, are situated near the intersection of I-25 and Colorado Boulevard. The acquisitions are also a half a mile away from the Colorado Station light rail.
The properties recently underwent renovations, implementing a new lobby, deli and common areas.
The transaction serves as TerraCap Management’s second acquisition in the Denver market, following its recent purchase of Denver Corporate Center I and II for $71.7 million in September.
CBRE’s Tim Richey and Jenny Knowlton represented the seller, Investcorp International Inc. and Schnitzer West. Bank of America provided debt financing for TerraCap.
TerraCap Management LLC, based in Estero, FL, is a privately held investment firm. The company handles a portfolio with more than six million square feet of commercial assets, with more than $1 billion in assets under management.