DENVER, Aug. 2, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Denver Corporate Center I, formerly known as The Office at DTC, for $31,100,000.
Denver Corporate Center I (DCC I) is located in Denver, CO within the Denver Tech Center submarket. The eleven-story, Class A office property was built in 1980 and totals 193,000 rentable square feet. TerraCap acquired two sister buildings at this location in August 2019 for roughly $71,000,000. With this most recent acquisition, it will be the first time in many years that all three buildings are under one ownership. TerraCap also acquired two other office properties in the immediate area in a separate acquisition in November 2020.
“For us, this is the final piece of a Tech Center portfolio assemblage,” said Steve Good, Partner and National Director of Acquisitions for TerraCap. “Through three separate acquisitions, we’ll have five buildings and roughly 750,000 square feet of properties that are ideally located within this dynamic submarket. There is also development opportunity on a land parcel within the property, and we intend to pursue future options with it that could add value to the property.”
DCC I’s location in the Denver Tech Center provides access to the major freeways I-25 and I-225, both executive and employee housing, and numerous restaurants and amenities. The property is also only ½ mile from the Belleview light rail station. The Tech Center itself has historically experienced positive rent growth and positive net absorption.
Chris Thompson, TerraCap Partner and Director of Asset Management, said, “With this acquisition, we will be able to rebrand DCC I to match its two adjacent sister buildings, DCC II and III, which we acquired in September 2019. DCC I, II, and III will now have consistent ownership, leasing, and property management, which has not happened since the early 2000s.”
The sellers, Origin Investments and Hamilton-Titan Partners, were represented by Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey from CBRE’s debt team. JLL was hired for the leasing assignment, and DPC Companies was hired as property manager.