TerraCap Management LLC, a privately held investment firm headquartered in Estero, Florida, has acquired Centerpoint Office Center I & II in Denver, for $77,517,500. The acquisition consists of two multi-story office buildings totaling 373,724 rentable square feet.
The seller, Investcorp International Inc. and Schnitzer West, was represented by Tim Richey and Jenny Knowlton of CBRE. Bank of America provided debt financing for TerraCap.
The property is located at the intersection of I-25 and Colorado Boulevard, less than six miles from downtown Denver. The property is surrounded by numerous walkable amenities and is also half a mile from the Colorado Station light rail.
“Centerpoint has many of the characteristics we look for in acquisitions and is very similar to an earlier acquisition: Denver Corporate Center II & III – a history of occupancy and rate increases, opportunity to add value, a vibrant environment of new development and walkability to light rail and amenities,” said Albert Livingston, partner and national director of Asset Management at TerraCap.
The property was recently renovated with room for additional upgrades in the future. Recent renovations include a new lobby, new deli and new common areas. The rent roll is well-diversified and balanced, as no tenant occupies more than 8 percent of the rentable square footage.
Steve Hagenbuckle, founder and managing partner at TerraCap said, “Centerpoint is our second acquisition in the Denver market, moving us toward the goal of creating critical mass in a market which has many of the characteristics we see in our target markets.”
