By Robert Demeter
Atlanta–Real estate fund manager TerraCap Management LLC recently paid $61.2 million to acquire Huntcrest, a four-building, 394,247-square-foot office park in the metro’s Duluth submarket. Blackstone, the seller, was represented in the transaction by Cushman & Wakefield’s Samir Idris.
Located at 1725, 1735, 1745 and 1755 North Brown Road in Lawrenceville, Ga, the office park consists of mid-rise five- and four-story buildings with controlled access and approximately 1500 parking spaces, each building featuring above standard ceiling height and 2 elevators. Huntcrest I boasts 103,650 rentable square feet with 25,912-square-foot floor plates, Huntcrest II features 105,015 rentable square feet with 26,250-square-foot floor plates, and Huntcrest III offers 134,524 rentable square feet with 26,900-square-foot floor plates, according to Yardi Matrix. Huntcrest IV’s tenants include Atlanta Ace Limousine Service, F2 Med, while the other properties house Manpower, Auto Owners Insurance Co., Curriculum Advantage and BioLab. Hunter Henritze and Matt Davis of Lincoln Property Co. have been selected to lease and manage the property.
The purchase marks TerraCap’s third acquisition in Georgia this year. The company also owns several office portfolios and commercial assets totaling nearly 2 million square feet in Florida.
“Huntcrest fits our investment profile as we feel this property offers upside with strong yields locked in place with numerous credit tenants,” Steve Good, a partner at TerraCap, said in prepared remarks. “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.”
“TerraCap has made a significant splash in the market since acquiring their first property here earlier this year,” added Tony Bartlett of Lincoln. “We’re excited to continue our relationship as they grow their portfolio.”
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.
Photo courtesy of Yardi Matrix