ATLANTA (June 14, 2017) – TerraCap Management LLC closed on the Deerfield and Windward Pointe portfolio acquisition on June 2, 2017 with a purchase price of $47 million ($140 psf). The three building, Class A office portfolio consisting of 336,000 rentable square feet is ideally located in the bustling North Fulton submarket of Alpharetta.
“This was an opportunity to invest in top-quality office space in one of the most high-growth areas in Metro Atlanta,” said Steve Good, Partner and Director of Acquisitions for TerraCap. “Tenants will find not only great offices, but also walkable amenities, quick access to Ga. Highway 400 and much more. We’re very excited about the opportunity.”
Deerfield Pointe is located at 12725 and 12735 Morris Road and consists of a pair of four-story office buildings totaling more than 208,000 square feet of space. It offers four parking spaces per 1,000 square feet of space, a fitness center and walkable nearby amenities.
Windward Point is located at 5900 Windward Parkway and offers 131,732 square feet of space in five floors, along with ample parking. The building opened in 1997 and was extensively renovated in 2014 to upgrade common areas.
Lincoln Property Company Southeast (Lincoln) has been awarded leasing for Deerfield Pointe and Windward Pointe, while Crocker Partners LLC will remain in place for the property management of the portfolio. “We’re very excited about the team we’ve assembled at the property level.” said Matt Hart, Asset Manager for TerraCap. “We also feel this acquisition fits our strategy but also complements other holdings we have in Northern Atlanta.”
Florida Community Bank provided financing and Samir Idris of Cushman and Wakefield represented the seller.
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.