Investcorp, Schnitzer West Sell Denver Office Portfolio for $78M

The two Class A office buildings previously traded in 2016 for a little over $60 million.
Centerpoint I
Centerpoint I. Image courtesy of Investcorp

Investcorp and Schnitzer West have sold Centerpoint I & II, two Class A office buildings totaling 374,020 square feet in Denver. TerraCap Management purchased the portfolio for $77.5 million. Denver County records show Bank of America originated a $56.8 acquisition loan for the buyer. The assets last traded in 2016, when Investcorp purchased them from Unico Properties for $61.7 million, per Yardi Matrix data. CBRE assisted the seller in the current deal.

Centerpoint I & II sit on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25 in Denver’s Glendale submarket, roughly 6 miles southeast of the city center. The surrounding area offers a plethora of shopping and dining options and the property is within walking distance of the Colorado light rail station.

Completed in 1982, Centerpoint I is a 168,500-square-foot, 14-story office tower featuring 12,184-square-foot floorplates. Dating from 1980, the 205,520-square-foot Centerpoint II is LEED Platinum certified. Both buildings include retail space and feature a parking ratio of 3 spaces per 1,000 square feet. Investcorp and Schnitzer West made several improvements at the property, such as lobby renovations, elevator modernization and landscaping works.

CBRE’s Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn assisted the seller in the disposition, while JLL offered leasing services. The CBRE team was also instrumental in the $71.3 million sale of an office asset within the Denver Tech Center submarket.