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.