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Terracore Capital Acquires a Strategically Located Light Industrial Facility in Central Denver as part of a Joint Venture with BKM Capital Partners

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Denver, Colorado

February 5th, 2024

 

Terracore Capital, an institutional fund manager focused on dynamic growth markets in the United States, has acquired West 6th Center in Denver as part of their Joint Venture with BKM Capital Partners. The 122,783-square-foot small-bay industrial building is fully occupied by three companies.

 

“Terracore has been underwriting light industrial assets in Denver for some time, so when the opportunity to acquire a highly functional and centrally located asset at a discount to replacement cost materialized, we moved quickly to secure it,” said Daniel Grunberg, Managing Partner at Terracore Capital.

 

Built in 1955, the facility offers 16- to 20-foot clear ceiling heights, a small office component, and 50,000 square feet of secured yard space, a highly coveted feature in infill Denver. It is located at 1780 W. 6th Ave and features two oversized grade-level loading doors, 26 dock-high doors, and five mobile metal ramps to convert select dock-high doors to drive-in.

 

Terracore Capital and BKM plan to execute a value-add repositioning plan to modernize the asset over its holding period. Plans include upgrades to the property’s roofs, parking lots, HVAC systems, paint scheme, landscaping, signage, and storefronts, as well as capital for speculative tenant improvements. Additionally, the repositioning plan includes demising and rehabilitating a 69,575 unit in the first six months of ownership.

 

“We believe that the improved West 6th Center will be attractively positioned to attract Central Denver’s leading industrial users,” commented Brian Malliet, BKM’s Chief Executive Officer. “Vacancy remains well below the national average and there are no industrial projects currently planned or underway in the submarket, which has already seen its industrial inventory shrink by 3% in recent years due to conversions. We expect these conditions will provide maximum leverage to the team during our lease-up efforts.”

 

Situated at the southeast corner of the I- 25 and Highway 6 interchange, West 6th Center is within proximity of Metro Denver’s key economic drivers, including the central business district, Broncos’ Mile High Stadium, Nuggets’ Ball Arena, and Rockies’ Coors Field.

 

About Terracore Capital

Terracore Capital (previously TC US Partners) is a real estate investment manager specializing in enterprise and programmatic ventures with a primary focus on dynamic growth markets in the United States.

Terracore Capital focuses on platform-level investing, whereby it establishes formal agreements to act as a programmatic capital partner to best-in-class operators, to build an institutional-quality real estate portfolio able to perform across market cycles. Additional information is available at terracorecap.com.

 

About BKM Capital Partners

BKM Capital Partners is a proven real estate fund manager and operator focused exclusively on investing in light industrial and multi-use logistics properties in the Western United States. Headquartered in Newport Beach, CA, with over 90 employees in 13 offices, BKM Capital Partners implements a value-add strategy targeting under-managed and under-capitalized assets. The team has invested in over $2.9 billion of small and mid-bay properties with over 3,000 tenants in 70+ properties since 2013. Its approach includes the acquisition, refurbishment, repositioning, and active management of these industrial properties to drive NOI growth and generate a strong IRR and multiple on invested equity. BKM’s foundation is built upon: Focus; Operational Excellence; Technology; and Client Service. Additional information is available at bkmcp.com

 

Disclaimer

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY AN INTEREST IN ANY INVESTMENT FUND. SUCH AN OFFER OR SOLICITATION MAY BE MADE ONLY TO ELIGIBLE PURCHASERS PURSUANT TO A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM. THERE CAN BE NO ASSURANCE THAT ANY INVESTMENT PROGRAM WILL ACHIEVE ITS INVESTMENT OBJECTIVES OR THAT LOSSES WILL NOT OCCUR. SOME OF THE STATEMENTS CONTAINED HEREIN CONSTITUTE FORWARD-LOOKING STATEMENTS, WHICH RELATE TO FUTURE EVENTS OR THE FUTURE PERFORMANCE OR FINANCIAL CONDITION OF THIS INVESTMENT. FORWARD-LOOKING STATEMENTS INVOLVE RISKS INCLUDING STATEMENTS AS TO FUTURE OPERATING RESULTS, BUSINESS PROSPECTS, THE FUTURE SUCCESS OF THE GENERAL ECONOMY, AND ITS IMPACT ON ANY INVESTMENT. THE INFORMATION HEREIN IS PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, MAY NOT BE FULLY INDICATIVE OF ANY PRESENT OR FUTURE INVESTMENTS, AND MAY BE CHANGED AT THE DISCRETION OF TC WITHOUT NOTICE. REGISTRATION AS AN INVESTMENT ADVISER DOES NOT IMPLY A CERTAIN LEVEL OF SKILL OR TRAINING.

 

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