Lincoln Property Company Southeast Arranges Sale of Park Central Office Building

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By CityBizList | Original Source

Lincoln Property Company Southeast (Lincoln) has arranged the sale of Park Central, a 215,000-square-foot Class A office building located in Atlanta’s Chamblee/Doraville/North Druid Hills submarket.

Acting in an advisory role, Lincoln assisted TerraCap Management LLC (TerraCap) in identifying and evaluating the asset for purchase. TerraCap is a Florida-based private equity firm having over $800 million in assets under management throughout the southeast. In Atlanta, TerraCap owns a portfolio of 2.3 million square feet of income-producing properties purchased since 2016.

“The acquisition of Park Central increases our commitment to the greater Atlanta marketplace,” said Steve Hagenbuckle, founder and managing partner of TerraCap. “Our thematic focus on investing in high quality assets in high employment and population growth markets is intended to create long-term value for our investors.”

The new owners plan to make significant upgrades to the building systems, common areas and amenities that will total approximately $3.4 million in new investment.

“These improvements will allow Park Central to remain as the best-in-class asset in this submarket and should result in a speedy lease-up of the remaining vacancy, insuring higher retention rates of existing tenants,” said Steve Good, director of acquisitions for TerraCap.

Lincoln currently manages and leases Park Central and will be retained by TerraCap in that capacity.

The property is strategically located near the intersection of Clairmont Road and I-85 with visibility from the interstate. Its proximity to emerging residential and commercial neighborhoods in Brookhaven, Chamblee and Decatur has created strong demand for this highly accessible address. In the 12 months prior to the sale, Lincoln closed 14 lease transactions totaling 60,000 square feet to bring the current occupancy to 83 percent.

Most recently, the leasing trio of Michael Howell, Hunter Henritze and Caroline Cole of Lincoln announced seven transactions completed at Park Central. These leases include:

  • First Landmark Bank signed a new lease for 10,884 square feet.
  • Everest Campus Services Companies, LLC renewed and expanded for a total of 15,711 square feet.
  • Mallernee, Branch & Daffner LLP signed a new lease for 2,343 square feet. Carl Mullis, CWM Real Estate Advisors, LLC, represented the tenant.
  • A. Jack Fishman, Attorney at Law, PC, renewed a lease for 1,743 square feet. Duke Doubleday of Charles W. Doubleday represented the tenant.
  • Codesigned, LLC renewed and expanded its lease to 4,410 square feet. Rob Coatsworth and Jeff Richardson at CTR Partners, Inc. represented the tenant.
  • J&A Leasehold GA, LLC, renewed its lease for 1,352 square feet. George West of West Real Estate Advisors, Inc. represented the tenant.
  • Delaplex Software, LLC renewed its lease for 2,073 square feet.

“With its proximity to public transit, major highways and exceptional neighborhoods, interest has been high at Park Central among potential tenants and buyers alike,” said Lincoln’s Howell. “This building’s superior amenities and desirable location enabled us to generate interest with new tenants and retain current tenants at the property.”

Park Central is located at 2970 Clairmont Road. The building features 24-hour security, a fully equipped fitness center, updated conference center, on-site management, free covered parking and immediate access to Georgia 400, Interstate 285 and public transit.

About Lincoln Property Company

Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 250 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln’s operating platform seamlessly integrates its various service lines, provides for consistent and measureable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets. For more information on the Southeast Region of Lincoln Property

Company, please visit

About TerraCap Management LLC

TerraCap Management, LLC is a commercial real estate investment management company focused on value-add real estate acquisitions in the southeastern United States. TerraCap 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. TerraCap intends to invest in assets so that no economic industry base will be allowed to dominate any property or the portfolio’s performance.

TerraCap has been in operation since 2008 with offices located in Estero, FL, Tampa, FL, and the Atlanta, GA metro area. TerraCap utilizes what it believes are “Institutional Best Practices” in underwriting, investment committee memorandums, quarterly business plans for each property, quarterly reports, and annual financial audits. With over 5,000,000 square feet of real estate acquired to date, TerraCap currently manages in excess of 4,000,000 square feet.

TerraCap’s value-oriented approach historically consists of purchasing properties below replacement cost with conservative leverage. This allows TerraCap to seek to capitalize on event oriented situations and other opportunities, as well as creating value and risk-adjusted returns that are positioned to outperform original targets, potentially creating both income and capital appreciation returns.