CHARLOTTE, N.C., Aug. 23, 2019 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of Resource Square I, II & V in Charlotte, NC for $59,300,000. The acquisition consists of two three-story office buildings and one five-story office building and totals approximately 337,611 rentable square feet.
"We are excited about growing our portfolio footprint in Charlotte," said Steve Hagenbuckle, Managing Partner for TerraCap. "These Class A office buildings present great value-add potential and are an exciting expansion opportunity in one of the best demand markets in the Atlantic southeast."
The properties are ideally located in the University submarket of Charlotte, which is one of the fastest growing areas in the city. The location of the properties allows for convenient transportation due to the proximity of I-85, I-77, I-485 and the recently expanded Lynx Light Rail Blue Line. The numerous transportation options have had a positive effect on the area's growth and allows the properties to access a large portion of Charlotte's employment base.
Steve Good, Director of Acquisitions for TerraCap added, "Resource Square meets our value-add strategy of acquiring best in class assets below replacement cost in strong performing submarkets. We're pleased to add these properties to our growing portfolio in the Carolina's."
The properties boast an impressive 4.5 per 100 square foot parking ratio and a well-diversified, credit rent roll. The properties are also located near numerous amenities and quality housing. Additionally, two outparcels on the sites of Resource Square I and II are being sold to a retail developer, adding walkable amenities to an already robust amenity base.
The seller, The Dilweg Companies, was represented by Patrick Gildea of CBRE. IberiaBank provided debt financing for TerraCap.
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.
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TerraCap Management LLC
SOURCE TerraCap Management