Atlanta, GA (November 12, 2018) – TerraCap Management LLC, a privately held investment firm based out of Naples, Florida, announced today the acquisition of Peachtree Technology Park for $27,919,000. The four building, 253,000 square foot creative flex/office portfolio is well positioned within the Peachtree Corners submarket in northern Atlanta. The Peachtree corridor connects downtown, Midtown, Buckhead and many other popular submarkets and provides access throughout the metro area. Peachtree Corners offers a well-established corporate presence with a diverse amenity base that includes numerous restaurants, retailers, and hotels with a country club community atmosphere.
“We found Peachtree Tech an attractive opportunity to add more creative/flex office to our portfolio” said Steve Good, Partner and Acquisitions Director for TerraCap. “From an investment standpoint, we also liked the longer in-place lease term which offers strong cash yields for the foreseeable future.”
Peachtree Technology Park was 79% occupied at acquisition to ten quality tenants from a diversified range of industries. Featuring over seven years of average lease term remaining, the portfolio offers stability of significant cash flow combined with the upside of increased returns through the lease-up of the remaining space.
“The Peachtree Tech acquisition continues our thematic approach of investing in quality single-story flex/office product in well-located, high demand suburban Atlanta properties that offer fresh new creative office environments as an attractive alternative to the surrounding multi-story product. We see strong demand for this type of office product all over Atlanta and believe that the flourishing City of Peachtree Corners will be an attractive place for businesses to locate for many years to come.” said Matt Stewart, Partner and Director of Asset Management.
TPA Group was the seller and was represented by Tom Shafer of CBRE in Atlanta. Chicago based NXT provided financing for TerraCap, who was represented by CJ Kelly of CBRE in Atlanta.