Via Yahoo Finance | Original Source
ATLANTA, June 6, 2019 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm based out of Estero, Florida, announced today the sale of Royal 400 Office Center for $16,850,000. The three-building, 137,000 square foot single-story office portfolio is well located near Avalon and Northpoint Mall within the North Fulton submarket in the City of Alpharetta. The North Fulton submarket has the highest concentration of office space in Atlanta coupled with the highest employment rate, average incomes, and average home prices in the metro area.
“The sale of Royal 400 Office Center represents the first “round-trip” investment for TerraCap in Georgia. We’re very pleased with how the asset performed and believe this validates our thematic approach of investing in quality single-story office product in well-located suburban Atlanta properties with strong demographic trends. We are grateful to both Lincoln Property Company and CBRE for their efforts to help make this investment successful,” said Matt Stewart, Partner and Director of Asset Management.
Royal 400 Office Center was 84% occupied at acquisition to nine quality tenants from a diversified range of industries. Matt Davis and George Gwaltney from Lincoln Property Company represented TerraCap as leasing brokers and together executed over 60,000 square feet of lease transactions raising occupancy to 92% at the time of sale.
“We remain very bullish on the property and Alpharetta market in general,” said Steve Good, Partner and Director of Acquisitions for TerraCap. “The submarket and property metrics have only improved since the time of our acquisition; we expect that to continue and wish new ownership the best.”
Tom Shafer and John Hinson of CBRE in Atlanta represented TerraCap on the sale. Lincoln Property Company represented TerraCap on both leasing and management.