Renovations and Tax Credits Help Dramatically Boost Occupancy

Lincoln Property Company Southeast (Lincoln) has completed sweeping improvements to 3100 Breckinridge, a seven-building office park with 253,000 square feet of space located in Duluth, GA and within the Gwinnett County Opportunity Zone, which offers tax credits for creating new jobs.

3100 Breckinridge was originally designed as the corporate headquarters for Primerica Inc. between 1986 and 2012. The new improvements include a fresh new look with exterior painting of all seven buildings, landscape enhancements, outdoor amenity area, interior upgrades including upgraded lobby finishes and the delivery of white box spaces along with move-in ready “spec” suites.

As a result of these improvements and the office park’s prime location, Lincoln secured several new leases taking the park up to 83 percent leased from 57 percent in December 2017, according to Lincoln’s Jeff Henson and Matt Davis, who handle leasing and marketing for owner TerraCap Management.

“The combination of improvements made by the owners, Terra Cap Management, and the office park’s location in the Opportunity Zone has made 3100 Breckinridge a huge draw for companies looking to locate their offices in Gwinnett County,” said Lincoln’s Henson.

Within the Opportunity Zone, companies adding eligible new jobs receive a $3,500 yearly tax credit for up to five years. The office park also benefits from being located two miles from Gwinnett Place Mall, and a short drive to popular dining and shopping options off Sugarloaf Parkway.

The progress Lincoln and TerraCap have made attracting businesses to the park has been helped by the Economic Development executives at Partnership Gwinnett. Andrew Carnes, Senior Director of Economic Development at Partnership Gwinnett says, “We are excited about the progress that has been made at 3100 Breckinridge. The investments made by TerraCap combined with the existing incentives have improved this already desirable location and we look forward to continuing our work with Lincoln Property Company to grow business in Gwinnett.”

Since December 2017, Lincoln secured 68,013 square feet of new leases at 3100 Breckinridge with the following tenants:

• Neptune Technology Group, Inc. signed a new lease for 25,000 square feet at the building. Eric Ramer of ICON Commercial represented Neptune. Neptune is relocating staff from their headquarters in Alabama to Gwinnett County.
• TTEC Healthcare Solutions, Inc. (Nasdaq: TTEC) signed a new lease for 30,987 square feet at 200 Building. Ryan Hudson and Kevin Carroll of CBRE represented the tenant. This Gwinnett location is the first for TTEC Healthcare Solutions in Georgia.
• Actavo Engineering Services, LLC signed a new lease for 10,429 square feet for the entire 300 Building. Jeff Kelley and Bryce Metcalf of Colliers represented the tenant.
• Power Telematics, Inc. signed a new lease for 1,597 square feet at the 100 Building in a direct deal.

“We saw a great opportunity to showcase the tremendous value-add potential that exists within the Gwinnet Place Opportunity Zone. In less than a year from acquisition, the 3100 Breckinridge office park has been transformed into a desirable place to work with a compelling economic value for tenants, many relocating to Georgia for the incredible tax benefits,” said Matt Stewart, Director of Asset Management for TerraCap Management, LLC. “The property is 83 percent leased today and will soon become a stable and thriving business park with over 350 new employees scheduled to move in before the end of August.”

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 250 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.

About TerraCap Management LLC

TerraCap Management, LLC is a Commercial Real Estate Private Equity Fund 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 employment and population growth, migratory trends, international home buying, and intrastate population movement. To learn more, please visit their website at http://terracapmgmt.com.