Real estate fund manager TerraCap Management, LLC, has acquired Huntcrest, a four-building, 394,247-square-foot office park in Lawrenceville, Georgia, for $61.2 million. The purchase marks TerraCap’s third acquisition in Georgia this year. The company also owns several portfolios of office properties and commercial assets totaling nearly 2 million square feet in the state of Florida.
“Huntcrest fits our investment profile as we feel this property offers upside with strong yields locked in place with numerous credit tenants,” said Steve Good, a partner at TerraCap. “We see a lot of investment opportunity in the greater Atlanta area and will continue to seek out properties that are a natural fit for our portfolio.”
Hunter Henritze and Matt Davis of Lincoln Property Company (Lincoln) have been selected to lease and manage the property.
“TerraCap has made a significant splash in the market since acquiring their first property here earlier this year,” said Tony Bartlett of Lincoln. “We’re excited to continue our relationship as they grow their portfolio.”
Located on North Brown Road, Huntcrest is consistently among the top-performing office parks in the Sugarloaf micro-market. Samir Idris with Cushman & Wakefield represented the seller, Blackstone, in the transaction.
About TerraCap
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. Please visit their website at http://terracapmgmt.com.
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.
For more information on the Southeast Region of Lincoln Property Company, please visit lpcsoutheast.com. To check out the blog, go towww.lpcsoutheast.com/blog.
