Florida-based commercial real estate investment firm TerraCap Management LLC has acquired Cherry Creek Plaza, a Class A office property in Glendale, CO for $54,050,000.
Cherry Creek Plaza is comprised of two thirteen-story office buildings totaling 335,000 square feet of Class A office with structured parking.
Cherry Creek Plaza office property is situated on the south side of Cherry Creek, one of the strongest performing submarkets in Denver, and is adjacent to the Cherry Creek Trail, the city’s most popular cycling path.
“This acquisition takes TerraCap’s investments in the Denver Metro area to approximately 1,100,000 square feet in just under 12 months. We continue to be strong believers in Denver and the Glendale/Cherry Creek submarket, as in-migration, employment growth and corporate relocations from the west will lead to strong leasing and a greater variety of tenants. We are grateful to all of our Denver business partners and the sellers who helped make this transaction happen,” said Steve Hagenbuckle, Founder and Managing Partner of TerraCap in a statement.
The seller was represented by Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver. Chicago based NXT Capital provided debt financing for TerraCap, with assistance from both the CBRE Denver and Atlanta debt teams. Lincoln Property Company was hired for the leasing assignment, and Corum Real Estate Group was retained as property manager.