ATLANTA (Aug. 12, 2016) – Real estate fund manager TerraCap Management, LLC, has acquired Sugarloaf VI and VII, two Class A office buildings totaling 161,183 square feet in Duluth, Georgia, for $25.37 million.
This acquisition highlights again our commitment to the Southeast with our holdings of high quality assets in the Atlanta area alone now exceeding 1.2 million square feet
“This acquisition highlights again our commitment to the Southeast with our holdings of high quality assets in the Atlanta area alone now exceeding 1.2 million square feet,” said W. Stephen Hagenbuckle, founder and managing partner of TerraCap.
The buildings mark TerraCap’s fourth acquisition in Georgia this year. Most recently, TerraCap purchased Huntcrest, a four -building, 394,247-square-foot office park in Lawrenceville, Georgia. The company also owns several portfolios of office properties and commercial assets totaling nearly 2 million square feet in the state of Florida.
“The greater Atlanta area has qualities that attract top-notch companies and employees,” said Steve Good, a partner at TerraCap. “Sugarloaf VI and VII presented another fantastic opportunity to add to our rapidly growing investment portfolio.”
Hunter Henritze and Matt Davis of Lincoln Property Company Southeast (Lincoln) have been selected to lease and manage the property, which is currently more than 94 percent leased.
TerraCap’s growth this year has been impressive and we’re excited to continue our relationship as they expand in the Southeast
“TerraCap’s growth this year has been impressive and we’re excited to continue our relationship as they expand in the Southeast,” said Tony Bartlett of Lincoln. “Well-located Class A space remains in high demand, especially in the Sugarloaf submarket of Gwinnett County. These buildings are ‘best in class’ and are an excellent long-term investment.”
Sugarloaf VI and VII are located within the Business Park at Sugarloaf , a master-planned office park featuring nearly 500,000 square feet of Class A office space in Gwinnett County. The office park offers access from Sugarloaf Parkway and immediate proximity to Interstate 85, Gwinnett Civic Center, multiple hotels, restaurants, Sugarloaf Mills and Sugarloaf Country Club.
Ralph Smalley, Ryan Clutter and a Kelly Kuykendall with HFF represented the seller in the transaction.
TerraCap Management, LLC is an alternative investment 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 population growth, migratory trends, international home buying, and intrastate population movement.
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 128 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 measurable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets.