DENVER, Nov. 2, 2020 /PRNewswire via COMTEX/ — DENVER, Nov. 2, 2020 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of the Denver Tech Center Collection for $28,700,000.
The acquisition consists of two separate properties, 4949 South Syracuse and Terrace at Orchard Station. The Class A office portfolio offers roughly 180,000 rentable square feet with structured parking and is strategically located within Denver’s premier office park, Denver Technological Center (DTC, Denver Tech Center). Both buildings are also located within close proximity to Denver Corporate Center II and III, a $71mm acquisition that TerraCap completed in summer of 2019.
Steve Good, Partner and Director of Acquisitions for TerraCap, said, “We’re very pleased to expand our existing portfolio in the Tech Center. We feel these buildings will complement our holdings in the area and are excited for the opportunity.” Good added, “The seller and their reps did a great job with the transaction, and we wish them the very best.”
Together, 4949 South Syracuse and Terrace are currently 93% occupied. The properties are ideally located in a strong submarket with access to a rich amenity base. “Denver Tech Center continues to perform as one of the top office submarkets in our Denver portfolio. We are incredibly excited to grow our footprint in DTC,” said Chris Thompson, Partner and Director of Asset Management for TerraCap.
The seller was represented by Tim Richey and Charley Will of CBRE-Denver. Colony Capital provided debt financing for TerraCap, with assistance from CBRE’s debt team. JLL was hired for the leasing assignment, and DPC Companies was hired as property manager.