Photo provided by AZ Big Media
Phoenix, AZ (February 21, 2024) – TerraCap Management, LLC, a privately held investment firm with its headquarters in Naples, FL, announced today the sale of Koll Cotton Center, a 225,403 square foot, seven-building light industrial business park located in Phoenix, AZ.
“Koll Cotton Center is a high-quality asset that is located in a very strong submarket of Phoenix, AZ. Demand for this product type and location exceeded our expectations, which enabled our team to execute on our business plan well ahead of the projected schedule. We wish the new ownership luck with this property and thank CBRE for their efforts on the leasing and management,” said Chris Thompson, Director of Asset Management at TerraCap Management.
TerraCap acquired Koll Cotton Center in March 2021 and began working on transforming the property. TerraCap invested in new roofs, updated landscaping, modernized canopies, and refurbished the parking lot. These upgrades allowed the team to complete roughly 160,000 square feet of leasing during TerraCap’s ownership.
“We are pleased with the positive outcome of this investment,” said Steve Good, National Director of Acquisitions for TerraCap. “Despite the volatility in the current market, Koll Cotton Center performed well throughout our hold period. We will continue investing in growth markets like Phoenix, as we have since our inception. We are grateful to our team members and industry partners for their support and hard work during our ownership period,” said Good.