By Timea Papp
TerraCap Management LLC acquired a three-building, Class A office portfolio in Alpharetta, Ga., totaling 336,000 rentable square feet. Deerfield Point and Windward Pointe commanded $47 million.
Located at 12725 and 12735 Morris Road, Deerfield Point consists of a pair of four-story buildings totaling more than 208,000 square feet. Built between 1998 and 2001, the property features a fitness center, a parking ratio of four spaces per 1,000 square feet and walkable nearby amenities.
Windward Pointe is located at 5900 Parkway and boasts 131,732 square feet of space in five floors, offering ample parking. Completed in 1997, the asset underwent extensive renovations to common areas in 2014. Deerfield Point and Windward Pointe are both situated in Atlanta’s North Fulton submarket.
Managing Director Samir Idris of Cushman & Wakefield represented the seller, while Florida Community Bank provided acquisition financing to facilitate the transaction. According to Yardi Matrix, Crocker Partners LLC owned the properties since 2013, when the portfolio traded in a $18 million deal.
Hands-On Leasing And Management Team
TerraCap selected Lincoln Property Co. Southeast to lease the properties, while Crocker Partners will remain in charge of property management. Lincoln’s Matt Davis and George Gwaltney will lead marketing efforts on behalf of the new owner.
“This was an opportunity to invest in top-quality office space in one of the most high-growth areas in Metro Atlanta,” said Steve Good, partner and director of acquisitions for TerraCap. “Tenants will find not only great offices, but also walkable amenities, quick access to Ga. Highway 400 and much more. We’re very excited about the opportunity,” he added.
Images courtesy of Yardi Matrix