Private equity fund manager, TerraCap Management, LLC, has purchased Bailey Park, a five-building 198,475-square-foot industrial/flex park located in Kennesaw, Georgia, for $18.3 million. The acquisition marks the company’s first transaction outside the state of Florida where it has amassed an impressive portfolio of office properties and commercial assets valued at over $300 million.
“We are excited to expand outside of the state of Florida and diversify our footprint with the acquisition of Bailey Park,” said Steve Good, partner of TerraCap. “We view Atlanta as a favorable market with a lot to offer tenants. The growing employment rate, number of people relocating to the area and access to one of the country’s top airports make Atlanta attractive for industrial/flex users.”
The property, located on Cobb Place Boulevard amongst high-end residential neighborhoods and sought-after amenities, features 12’, 14’ and 18’ clear heights; grade level and dock high loading; easy ingress and egress to major roadways; surface parking with 4.5 spaces per 1,000 RSF; and an attractive, heavily maintained landscape. Lincoln Property Company (Lincoln) has been hired to provide leasing and management services to the park, which is currently 80 percent leased.
“We seek to align ourselves with strong third party service companies, and we are pleased to expand the relationship with Lincoln as they currently manage and lease a sizeable portfolio for us in Orlando,” Good said.
“We look forward to working with TerraCap as the company continues to seek well-located, value-add opportunities throughout the state,” said Tony Bartlett of Lincoln. “We are impressed with the entire TerraCap team and they have a well-defined strategy for property-level execution and further, penetrating the Atlanta market with complementary acquisitions.”
Tom Shafer of CBRE represented J.W. Richardson Enterprises Inc., the seller, in the transaction.