TerraCap Management LLC, a privately held investment firm headquartered in Estero, Florida, announced that it has acquired two eleven-story office buildings, Denver Corporate Center II & III, in Denver, CO for $71,7 million.
The 381,466 rentable square feet office buildings are located in the Denver Tech Center, which has become one of the strongest areas in Denver.
“Watching Denver, specifically the Denver Tech Center, grow over the last 20 years has been exciting. Having officed there in the late 1990’s through 2002, we felt it was only a matter of time until consistent corporate relocations and employment growth confirmed our need to expand there. In-migration from the west and the population growth of Colorado ranks high, consistent with our investment thesis and focus on high demand markets. These assets will continue to be professionally managed by DPC Companies, and JLL will continue to handle the leasing,” said Steve Hagenbuckle, Founder and Managing Partner.
“We feel there are some great opportunities in Denver, particularly with these assets. We like both the short and long-term growth aspects of the market and feel these buildings are in a prime location within a thriving submarket of the Tech Center. We’re excited for the opportunity that Denver Corporate presents and are hopeful that we can grow our presence within the market,” said Steve Good, Partner and Director of Acquisitions for TerraCap.
The seller, a joint venture between Bridge Investment Group Partners and DPC Companies, was represented by Tim Richey and Charley Will of CBRE. Citizens Bank provided debt financing for TerraCap.