TerraCap Expands Again in Charlotte
The nearly $25 million purchase of the Class A asset marks the firm’s fourth acquisition in the area this year.
Resource Square IV
Following the August purchase of the first, second and fifth buildings, TerraCap Management has acquired the 151,849-square-foot Resource Square IV in Charlotte, N.C., from Rockford Capital Partners and Blue Vista Capital Management for $24.8 million. The deal brings the buyer’s office holdings in the metro to nearly 570,000 square feet, according to Yardi Matrix.
Located at 10735 David Taylor Drive in the University submarket, the five-story structure is some 10 miles northeast of downtown Charlotte. The Resource Square campus has five buildings, all but one of which are part of TerraCap’s portfolio. CREMAC Asset Management owns the third property following an $18.4 million acquisition in October 2018.
Resource Square IV is home to a mix of tenants, including Allscripts, Fuzzy Logix and A. Morton Thomas & Associates. Completed in 2000, the building has 30,500-square-foot floor plates, a fitness center and a parking ratio of 4.5 spaces per 1,000 square feet.
CBRE represented Rockford and Blue Vista in the transaction. TerraCap has selected Foundry Commercial to oversee property management and leasing efforts for the asset.
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