DECATUR, Ga., April 17, 2019 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of 160 Clairemont in Decatur, GA.
160 Clairemont is a multistory Class A office building with +/- 122,700 rentable square feet. The property offers many tenant amenities, including a fitness center, on-site café, and conference center. The property is ideally located in an amenity-rich area with top-quality housing, schools, and transportation.
"We feel fortunate to own this asset and transact off market again, leveraging our long-standing record as a highly reliable buyer that closes on time and without incident," said Steve Hagenbuckle, Founder and Managing Partner of TerraCap.
The property is located in the Decatur submarket, which poised for continued growth. The submarket boasts one of the lowest vacancy rates in Atlanta and is anchored by Emory University and the CDC.
"Our investment in 160 Clairemont is central to our theme of owning best in class properties in rapidly urbanizing areas at values well below replacement cost," said Matt Stewart, Partner and Director of Asset Management for TerraCap. "Downtown Decatur is undergoing a physical transformation with several new multi-family developments, transportation enhancements, and new hotel rooms now being delivered that is driving demand for space. We believe Decatur offers residents and office users a unique small-town street level retail experience, diverse housing options, excellent schools, proximity to large employers, and direct connectivity to MARTA and the PATH. We are excited to own the top Class A office building in this dynamic urban environment."
The seller was represented by Samir Idris and David Meline of Cushman & Wakefield. Delta Community Credit Union provided debt financing for TerraCap, who represented by the capital markets team of Brian Linnehan and Richard Henry of Cushman Wakefield's Atlanta office.
About TerraCap Management LLC
TerraCap Management, LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand.
The Investment Manager has been in operation since 2008 with offices located in Estero, FL, Tampa, FL, and the Atlanta, GA metro area. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property.
More information can be found at terracapmgmt.com.
For More Information, Contact:
TerraCap Management LLC
SOURCE TerraCap Management