CHARLOTTE, N.C., Nov. 5, 2019 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of Resource Square IV in Charlotte, NC for $24,750,000.
Resource Square IV is a five-story office building, totaling 152,000 rentable square feet and is located in a five-building office park. TerraCap acquired three of the buildings in the park, Resource Square I, II & V, in August. Adding Resource Square IV to the portfolio gives TerraCap the opportunity to increase operating efficiencies and reduce costs between the buildings.
“Resource Square IV is the fourth building we’ve acquired in the vibrant University submarket, providing us with a critical mass of product, which allows for economies of scale operations and increased leasing efficiencies,” said Steve Good, Partner and Director of Acquisitions at TerraCap. “We’ve had good experiences with assemblages in the past, so we like the opportunity here.”
The property is located near the intersection of I-85 and I-485 and the McCullough Lynx Blue Line light rail station, providing many convenient transportation options. The property has an impressive parking ratio of 4.5 per 1,000 square feet and features several on-site amenities, including a fitness center, conference room and an outdoor patio.
“Over the years, we have acquired numerous buildings by this developer. In our opinion, they are not only well-located but very well-constructed,” added Albert Livingston, Partner and National Director of Asset Management at TerraCap. “We are very familiar with their operations and are excited to have another best in class asset under our control.”
The seller, Rockford Capital Partners, was represented by Patrick Gildea of CBRE.