Denver Mid-Rises Trade for $72M
- Sep 04, 2019
TerraCap Management has acquired Denver Corporate Center II & III, two mid-rise office buildings totaling 381,466 rentable square feet. A joint venture between Bridge Investment Group Partners and DPC Cos. sold the asset for $71.7 million. CBRE represented the seller in the deal. DPC Cos. will continue to manage the property and JLL will remain the leasing agent. TerraCap received debt financing from Citizens Bank.
Located at 7800 and 7900 E. Union Ave., the buildings are within the Denver Tech Center, close to the intersection of interstates 25 and 225, around 11 miles from the city’s downtown. Additionally, the office buildings offer convenient access to the Belleview Light Rail Station.
Constructed in 1980 and 1981, the two 11-story buildings occupy nearly 14 acres and feature more than 700 parking spaces, as well as fitness centers. Denver Corporate Center III is LEED Silver certified, according to Yardi Matrix. The assets underwent renovations in 2018 and the new buyer plans to continue upgrading the properties.
TerraCap Management has also recently acquired a three-building, 337,611-square-foot Class A office portfolio in Charlotte, N.C., for $59.3 million.