Centerpoint Office Centers in Denver, CO. Photo by Schnitzer West.
DENVER, CO – TerraCap Management LLC has acquired Centerpoint Office Center I and II in a $77.5 million transaction.
The acquisition consists of a 14-story office building and a 16 story office building in Denver, CO. The two adjacent, class-A buildings total 373,724 in rentable square feet.
The properties, located less than six miles from downtown Denver, are situated near the intersection of I-25 and Colorado Boulevard. The acquisitions are also a half a mile away from the Colorado Station light rail.
The properties recently underwent renovations, implementing a new lobby, deli and common areas.
The transaction serves as TerraCap Management's second acquisition in the Denver market, following its recent purchase of Denver Corporate Center I and II for $71.7 million in September.
CBRE's Tim Richey and Jenny Knowlton represented the seller, Investcorp International Inc. and Schnitzer West. Bank of America provided debt financing for TerraCap.
TerraCap Management LLC, based in Estero, FL, is a privately held investment firm. The company handles a portfolio with more than six million square feet of commercial assets, with more than $1 billion in assets under management.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
