Florida-based privately held investment firm TerraCap Management LLC has acquired Centerpoint Office Center I & II, two multi-story Class A office buildings totaling 373,724 rentable square feet in Denver for $77.5 million.
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 Class A office buildings are located in the heart of Denver on the intersection of I-25 and Colorado Boulevard, less than six miles from downtown Denver.
“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 in a statement.
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.”