Two-Building Office Portfolio in DTC Sells for $28.7M
TerraCap Management, a privately held investment firm with its headquarters in Estero, Florida, has purchased the DTC Collection, a two-building, 181,763-square-foot office portfolio located at 5575 DTC Parkway and 4949 South Syracuse Street in Denver, for $28.7 million.
Terrace at Orchard Station, located at 5575 DTC Parkway, is a three-story building totaling 115,050 square feet on 6.11 acres. Built in 1982, and renovated in 2008 and 2015, the property includes a state-of-the-art conference center.
4949 South Syracuse Street is a six-story building totaling 66,713 square feet on 1.15 acres. Also built in 1982, the property includes a two-story atrium and an attached parking structure.
Tenants across the portfolio represent a diverse mix of industries, including engineering, legal, financial services, software and automotive.
Tim Richey, Charley Will, Jenny Knowlton and Chad Flynn with CBRE Capital Markets, Institutional Properties, in Denver represented CapRidge Partners in the sale.
“The DTC Collection’s exceptional urban-suburban infill location in Southeast Denver provides significant advantages with direct access to the Belleview and Orchard light rail stations, walkability to dozens of restaurants and new multifamily communities, and a short drive from some of Denver’s best executive housing neighborhoods,” said Tim Richey, vice chairman,
The north Denver Tech Center, classified as north of Belleview, saw historic office investment sales volume in 2019. Seven properties traded that year, all brokered by CBRE, reaching $364 million in total sales volume, up 36 percent from 2018 and the highest level on recent record.
“This sale proves that office investment appetite persists for well-located opportunities in growing markets like suburban Denver. Investors do not make their decisions based on the short-term, and the north DTC holds a lot of promise for long-term resiliency and value,” said Charley Will, vice president, CBRE
Kevin Black, chief operating officer at CapRidge, said, “We were able to add value to these buildings by giving them the type of hands-on management they deserved, which included delivering enhanced customer service and modernizing the commons areas. The construction of spec suites – coupled with upgrades to the lobbies, entryways, restrooms, corridors, and elevators – improved the marketability of the properties and allowed us to capitalize on the assets’ strong demographics.”