Estero, Fla.-based TerraCap Management recently closed on the purchase of two Denver Tech Center office buildings. The seller was a joint venture between DPC Cos. and Bridge Investment Group Partners. Encompassing 375,314 square feet of Denver office space, the portfolio sold for $71.7 million. The deal works out to about $191 per square foot.
Denver Corporate Center II is located on a 5.6-acre site at 7800 East Union Avenue. Originally completed in 1980, the property underwent cosmetic renovations in 1997 and 2018. The construction is steel frame with masonry exterior and the structure rises 11 stories. Floor plates expand roughly 19,700 square feet. Common area amenities include controlled access, a fitness center, and covered parking. Building II shares parking with building III and offers a ratio of nearly four spaces per 1,000 square feet.
Denver Corporate Center II, 7800 East Union Avenue, Denver, CO
Denver Corporate Center III was built on a 6.6-acre lot at 7900 East Union Avenue. This building is also 11 stories tall and a steel-frame construction with a masonry exterior. Floor plates range from 17,000 to 17,500 square feet. Built in 1981, the property underwent cosmetic renovations in 1999 and in 2018. It is currently LEED Silver-certified.
Denver Corporate Center III, 7900 East Union Avenue, Denver, CO
The two-building property has high-quality finishes due to extensive upgrades. TerraCap intends to continue these, as well as enhance the package of amenities. Conveniently located within close proximity to the Belleview Light Rail Station as well as the I-25 and I-225, both buildings offer high accessibility.
Denver Corporate Center II and III, 7800 and 7900 East Union Avenue, Denver, CO
Steve Good, director of acquisitions with TerraCap, said, “We feel there are some great opportunities in Denver, particularly with these assets. We like both the short- and long-term growth aspects of the market, and feel these buildings are in a prime location within a thriving submarket of the Tech Center. We’re excited for the opportunity that Denver Corporate presents, and are hopeful that we can grow our presence within the market.”
TerraCap Founder, Steve Hagenbuckle, added, “Watching Denver—specifically the Denver Tech Center—grow over the last 20 years has been exciting. Having officed there in the late 1990s through 2002, we felt it was only a matter of time until consistent corporate relocations and employment growth confirmed our need to expand there. In-migration from the west and the population growth of Colorado ranks high, consistent with our investment thesis and focus on high-demand markets. These assets will continue to be professionally managed by DPC Companies, and JLL will continue to handle the leasing.”
Property images courtesy of Yardi Matrix.
