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TerraCap Has Cap Projects in Mind After Koll Cotton Buy

Naples, FL-based TerraCap Management LLC recently acquired Koll Cotton Center for $30.9 million. Koll Cotton Center is a seven-building single-story office/flex park totaling 225,000 square feet. Built in 2000, the property is located in Cotton Center Business Park, a 286-acre mixed-use development that totals more than 3 million square feet in Phoenix.

TerraCap plans to implement several capital projects during its hold period, including replacing the roofs, upgrading the exteriors and repositioning the vacant suites.

Koll Cotton Center is less than 5 miles from Sky Harbor International Airport in the Airport submarket. With minimal new construction in the past decade, this submarket had a positive net absorption in 2020 despite the effects of the pandemic.

The JLL team representing the seller was led by Mark Detmer and Ryan Sitov, along with local market experts Steve Sayre, Mark Gustin and Dave Seeger. Additionally, working on behalf of the new owner, JLL placed a five-year floating-rate acquisition loan with a life insurance company. The debt placement team included Kevin MacKenzie and Jason Carlos.


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Learn More About TerraCap Management LLC

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition