March 20, 2020
Estero, FL-based TerraCap Management LLC acquired Cherry Creek Plaza in Glendale, CO for more than $54 million. The asset is comprised of two, 13-story office buildings totaling 335,000 square feet of Class A office with structured parking.
TerraCap’s Steve Hagenbuckle said, “This acquisition takes TerraCap’s investments in the Denver Metro area to approximately 1,100,000 square feet in just under 12 months. We continue to be strong believers in Denver and the Glendale/Cherry Creek submarket, as in-migration, employment growth and corporate relocations from the west will lead to strong leasing and a greater variety of tenants.”
The unnamed seller was represented by CBRE’s Tim Richey, Mike Winn and Chad Flynn. Chicago based NXT Capital provided debt financing for TerraCap, with assistance from both the CBRE Denver and Atlanta debt teams. Lincoln Property Company will handle the leasing assignment.
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