Investcorp and Schnitzer West announced that TerraCap Management, a privately held investment firm with its headquarters in Estero, Florida, has purchased Centerpoint I & II in Denver for $77.5 million.
Centerpoint I & II occupy a combined 3.6 acres at the intersection of Colorado Boulevard and Interstate 25, midway between downtown Denver and the Denver Tech Center. Tenants have access to walkable amenities and light-rail. Centerpoint I is a 168,486-square-foot, 14-story office tower and Centerpoint II is a 205,534-sf, 16-story tower. Schnitzer West and Investcorp purchased the adjacent Class-A towers in 2016.
Since purchasing Centerpoint I & II, Schnitzer West and Investcorp have made several improvements, including lobby renovations to both buildings, the creation of a “great room” offering tenants flexible common space, as well as modernization of the elevators and beautification of the campus landscaping.
“In partnership with Investcorp, we revitalized the amenities and created modern, functional and flexible office space that aligns with the needs of employers and the talented workforce they want to attract and retain,” said Doug Zabel, managing partner at Schnitzer West. “The Denver market is thriving; the acquisition of Centerpoint I & II demonstrates the strong economic trends present in the region and reinforces Schnitzer West’s commitment to the area. We are excited to be moving forward with The Current River North and other projects in the area.”
“We’re bullish on the in-migration and economic growth aspects for Denver, both in the short and long term,” said Steve Good, partner with TerraCap. “We feel this asset is in a great location and will benefit from that growth for years to come. Investcorp and Schnitzer West did a great job improving the property and we enjoyed working with them on the transaction, we wish them the best.”
The transaction was brokered by Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE, with market leasing support from Jones Lang Lasalle.