TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, recently announced the sale of the 1200 Building at 3100 Breckinridge Boulevard, a three-story office building located in Duluth, GA. The property was built in 1986 and consists of 75,000 square feet.
TerraCap acquired the property in May 2017 as part of a seven-building office park acquisition and invested over $7 million in capital to improve and lease up the property. TerraCap invested in exterior painting, roof replacements, updated landscaping, spec suites, parking lot improvements, and added amenities to the common areas. In December 2021, TerraCap sold the six single-story office buildings in the portfolio. In February 2022, TerraCap leased up the remaining 50,000 square foot vacancy in the three-story building, reaching 100% occupancy at the time of disposition.
“The sale of the 1200 Building at 3100 Breckinridge completes our investment objectives for the asset. This asset benefited from steady leasing demand during the pandemic and validated our investment thesis around the value of investing in creative suburban office properties. We are grateful to the Lincoln Property Company team in Atlanta for their hard work to lease, manage, and execute on all capital improvements over our hold period,” said Matt Stewart, Director of Asset Management for TerraCap Management LLC.
Steve Good, Director of Acquisitions at TerraCap Management commented, “The pandemic posed some challenges, however, leasing remained steady, and our team did a great job repositioning this asset. Tom Shafer and John Hinson with Capital Real Estate Group also did a great job finding the right buyer and running a smooth sale process. We feel the asset has been set up for future success and we wish all parties the very best.”