TerraCap Acquires Denver Office Portfolio for $29M
- Nov 06, 2020
TerraCap Management has finalized the $28.7 million acquisition of a two-property office portfolio encompassing 181,763 square feet in Denver. Colony Credit Real Estate provided a $22.8 million acquisition loan, according to public records.
CapRidge Partners sold the two buildings after six years of ownership. In December 2014, the company purchased the assets for $24.1 million from CalSTRS, Yardi Matrix data shows.
The larger of the two properties is a 115,050-square-foot, three-story building located on 6 acres at 5575 DTC Parkway. Completed in 1982 and most recently renovated in 2015, the property has a modern conference center, locker rooms and showers, two elevators and a parking structure.
The second building occupies a 1-acre parcel at 4949 S. Syracuse St. The six-story, 66,713-square-foot property was built in 1982 and features a two-story atrium, fitness center and attached parking deck. Situated along Interstate 25 and within one mile of each other, the buildings are 13 miles southeast of downtown Denver.
The CBRE Capital Markets team that secured the acquisition financing included Vice Chairman Brady O’Donnell and Senior Vice Presidents C.J. Kelly and Jeff Halsey. Vice Chairman Tim Richey and Vice Presidents Charley Will, Jenny Knowlton and Chad Flynn assisted the seller. The second brokerage team has been active in the Denver area. In March, Will, Knowlton and Flynn represented Corum Real Estate in the $54.1 million disposition of Cherry Creek Plaza, a 335,000-square-foot office property in Glendale, Colo.