Naples, Fla.,-based investment firm TerraCap Management recently announced the sale of a multi-building office asset in suburban Atlanta. Specifically, the privately held firm sold six single-story buildings located at 3100 Breckinridge Boulevard in Duluth, Ga. Tom Shafer and John Hinson of Capital Real Estate Group represented the seller. No details on price were disclosed in the announcement.
TerraCap previously acquired the property in 2017 as part of a seven-building portfolio and subsequently enlisted Lincoln Property Company Southeast (LPC) to handle leasing and management assignments. During its ownership, TerraCap completed an extensive improvements program, which included upgrades to building exteriors and curb appeal, as well as building several move-in ready speculative office suites. Consequently, LPC increased occupancy from 58% at the time of acquisition to 85% at the time of the most recent sale.
#LPCATL is awarded leasing & management of 3100 Breckinridge, a 253,000 sf #office park in #Duluth @CPExecutive #CRE https://t.co/G1YwZfCOxZ pic.twitter.com/KYCK0lXtvM
— Lincoln Property Company Atlanta (@LPCAtlanta) June 19, 2017
Completed in two phases — phase 1 in 1986 and phase 2 in 1991 — the property encompasses 179,824 square feet of well-positioned Atlanta office space. Located on 30 acres with highly attractive landscaping, 3100 Breckinridge Office Park offers a generous parking ratio of four spaces per 1,000 square feet. Moreover, tenants benefit from convenient access on and off Interstate 85, as well as close proximity (less than one mile) to Gwinnett Place Mall and popular dining and shopping options off Sugarloaf Parkway.
“Our investment in 3100 Breckinridge performed in line with our business plan over the past four years,” said Matt Stewart, director of asset management at TerraCap. “We bought the property at 58% occupancy and invested $1.2 million into exterior painting, new landscaping, roof replacements and creating spec suites. We succeeded in raising occupancy to 85% after completing over 70,000 square feet of new leasing in the first two years of ownership.”
#LPCATL has completed sweeping improvements to 3100 Breckinridge, a seven-building #office park with 253,000 sq ft of space located in #Duluth, GA and within the #Gwinnett County Opportunity Zone, which offers tax credits for creating new #jobs – #CRE: https://t.co/BuEkWjRBRE pic.twitter.com/rcLRWHcJAK
— Lincoln Property Company Atlanta (@LPCAtlanta) July 23, 2018
“As part of the sale, we retained the three-story, 75,000-square-foot building that was formerly occupied by IBM,” said Steve Good, national director of acquisitions for TerraCap, in a prepared statement. “Our team is currently in advanced lease discussions with a prospective tenant which, if successful, would fully occupy our last remaining asset there. It’s been a great collaborative effort with our team, Lincoln Property Company and Capital Real Estate Group.”
