APRIL 1-14, 2020 Amusement JLL arranges $124.6 million loan for the eventual redevelopment of Elitch Gardens INSIDE Letting go LBA Realty sells a DTC office building it owned for more than 20 years Northern lights A Loveland office building trades for $338 per square foot 22 4 30 FEATURED Takeout A pair of outparcels at a Cabela’s- anchored retail center in Thornton sell for $3.87M 16 CONTENTS Office 4 Multifamily 10 Industrial 12 Retail 16 Hotel 18 Boulder County 20 Larimer & Weld Counties 22 Colorado Springs 26 Law & Accounting 28 Finance 29 CDE News 34 Who’s News 44 by Jill Jamieson-Nichols TerraCap Management LLC continues to build its Denver portfolio, acquiring Cherry Creek Plaza I and II for $54.59 million, or $162.93 per square foot. The 335,059-sf office property is the Florida-based company’s third acquisition in just over six months. TerraCap bought Denver Corporate Center II and III for $71.71 million last August, following up with the $77.52million purchase of Cen- terpoint I and II late last year. Cherry Creek Plaza consists of two 13-story office towers at 600 and 650 Cherry St. in Glendale. "This acquisition takes TerraCap's investments in the Denver metro area to approximately 1.1 million 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 relo- cations from the West will lead to strong leasing and a greater variety of tenants,” said Steve Hagenbuckle, TerraCap founder and managing partner. “We are grateful to all of our Den- ver business partners and the sellers who helped make this transaction happen." The sellers, Origin Invest- ments and Corum Real Estate Group, invested heavily in the asset, renovat- ing the lobbies, restrooms and corridors. The campus, which has structured and surface parking, features a state-of-the-art fitness cen- ter, cafe and collaborative lounge area. “We are quite pleased with the result of the sale after undertaking extensive renova- tions to Cherry Creek Plaza, which included a new fitness center, renovated lobbies and spec suites, toname a few,” said Corum Executive Vice Presi- dent Eric Komppa. “TerraCap was a great buyer and we look forward to continuing to work with them as we continue to manage the assets going for- ward.” Cherry Creek Plaza’s prox- imity to Cherry Creek steered investors to the asset, according TerraCap buys Cherry Creek Plaza at $54.5M by Jennifer Hayes Crossbeam Capital doubled its Colorado Springs multi- family holdings with its pur- chase of the Aviator apart- ment community. The firm purchased the 147- unit community at 1670 N. Murray Blvd. from Vukota Capital Management. It paid $21.5 million, or $146,258 per unit, for the community built in 1971. The workforce housing community had been updat- ed within the last five years and was located in the cen- tral part of the city, which helped drive interest in the asset, noted Kevin McKenna of Newmark Knight Frank Multifamily. McKenna and Saul Levy of Newmark Knight Frank Mul- tifamily handled the transac- tion. Aviator features a mix of one-, two- and three-bedroom floor plans. Each apartment includes a new appliance package, refrigerator, dish- washer, granite countertops, new cabinetry, central air con- ditioning, Bluetooth-enabled thermostats, smart door locks, USB outlets, plank flooring and a balcony or patio. Community amenities include a swimming pool, playground, 24-hour fitness center, business center, clothes care center and 24-hour on- site maintenance. At the time of sale, Aviator was in the low 90% occupan- cy range. Crossbeam Capital also owns Pikes Peak, a 105-unit apartment property built in 1971 at 3717 E. San Miguel St. in Colorado Springs. s Crossbeam Capital pays $21.5M for Aviator The 147-unit community sold for $146,258 per unit. The newly renovated Cherry Creek Plaza is close to Cherry Creek, which drove interest in the property. Please see TerraCap, Page 4