ATLANTA (June 14, 2017) – TerraCap Management LLC has acquired 3100 Breckinridge Office Center for $19,020,000 ($75 psf). 3100 Breckinridge is a seven-building, 253,000-square-foot office park located on Breckinridge Blvd. in the Duluth/Lawrenceville submarket of Metro Atlanta. The transaction closed on May 25.
“This property represents a great investment in an area that offers proximity to amenities, great neighborhoods and is located in the Gwinnett County Opportunity Zone, which offers tenants tax incentives for job creation,” said Steve Hagenbuckle, Managing Partner for Terra Cap Management.
The office park is located less than a mile from Gwinnett Place Mall, and a short drive to popular dining and shopping options off Sugarloaf Parkway. Originally built in a phased development from 1986 to 1990, Breckinridge Office Center has been well maintained and features attractive landscaping across the campus. There is also a small park area for tenant use, as well as customized monument signage throughout the property.
“We’re excited about the opportunity” said Steve Good, Director of Acquisitions for TerraCap. “We feel this acquisition fits well with our overall strategy but also complements other holdings we have in the area.”
Lincoln Property Company Southeast (Lincoln) was awarded the leasing and management assignments for the property. Matt Tritschler of Avison Young represented the seller and C.J. Kelly of CBRE led the debt origination.
TerraCap Management, LLC is a Commercial Real Estate Private Equity Fund management company focused on value-add real estate acquisitions in the southeastern United States. TerraCap develops investment strategies based on market research and fact-based analysis on employment and population growth, migratory trends, international home buying, and intrastate population movement. To learn more, please visit their website at http://terracapmgmt.com.