{"id":1004373824,"date":"2019-12-06T04:40:27","date_gmt":"2019-12-06T12:40:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004373824"},"modified":"2019-12-06T04:40:27","modified_gmt":"2019-12-06T12:40:27","slug":"terracaps-value-add-play-wins-big-in-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terracaps-value-add-play-wins-big-in-atlanta\/","title":{"rendered":"TerraCap\u2019s Value-Add Play Wins Big in Atlanta"},"content":{"rendered":"
\"\"<\/a>

Chastain Center. Image courtesy of TerraCap Management<\/em><\/p><\/div>\n

In a $46.1 million deal, TerraCap Management has sold Chastain Center, one of its first acquisitions in the Atlanta metro area, to Glenfield Capital.<\/p>\n

The 303,000-square-foot, six-building office park is in the suburb of Kennesaw, which has been one of the strongest markets in the Atlanta area in recent months.<\/p>\n

The sale comes on the heels of private equity firm TPG making moves in the nearby suburb of Norcross, Ga. After paying $71 million<\/a> for the 18-building Gwinnett Park office campus, TPG sold a separate 252,698-square-foot business park roughly 2 miles away, after just six months of ownership.<\/p>\n

\n

READ ALSO: <\/strong>Selig\u2019s $530M Mixed-Use Atlanta Tower Gets Funding<\/a><\/p>\n

\n

Managed and leased by Lincoln Property Co., Chastain Center is a single-story, Class B office campus that was 86 percent occupied at the time of the sale, with more than seven years of remaining lease terms in place. The first phase of the property was built in 1988, while the second was finished in 1996. The office center is just off Interstate 575 and is within walking distance from Kennesaw State University, a public college with more than 30,000 students.<\/p>\n

A successful value-add investment <\/h2>\n

TerraCap purchased the property in 2016 for $30.1 million from Parthenon Realty, according to data from Yardi Matrix. The sale was subject to a $22.3 million loan from IberiaBank that matures in January 2021. After purchasing the office campus, the firm made numerous upgrades and capital investments to the property during the course of its ownership.<\/p>\n

According to a recent Colliers International report on Atlanta\u2019s office market, the metro has experienced continued demand for space, pushing average office rents to a record high of $27.50 per square foot.<\/p>\n

In a prepared statement, Director of Asset Management Matt Stewart said that the firm\u2019s purchase of Chastain Center proved to a be a successful value-add investment and is in a desirable location. A CBRE team of Tom Shafer and John Hinson represented TerraCap in the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firm sold Chastain Center in Kennesaw, Ga., for $46.1 million, after spending more than three years renovating the property. <\/p>\n","protected":false},"author":745,"featured_media":1004373827,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21783,21742,21747],"tags":[32789,32763,36827,32838,35870],"class_list":["post-1004373824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-investment","category-latest","category-office","tag-cbre","tag-colliers-international","tag-iberia-bank","tag-lincoln-property-company","tag-terracap-management-llc"],"acf":[],"yoast_head":"\nTerraCap\u2019s Value-Add Play Wins Big in Atlanta - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/terracaps-value-add-play-wins-big-in-atlanta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TerraCap\u2019s Value-Add Play Wins Big in Atlanta\" \/>\n<meta property=\"og:description\" content=\"The firm sold Chastain Center in Kennesaw, Ga., for $46.1 million, after spending more than three years renovating the property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/terracaps-value-add-play-wins-big-in-atlanta\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-06T12:40:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Monument_0608-e1575578596986.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"TerraCap\u2019s Value-Add Play Wins Big in Atlanta\",\"datePublished\":\"2019-12-06T12:40:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/\"},\"wordCount\":338,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/12\\\/Monument_0608-e1575578596986.jpg\",\"keywords\":[\"CBRE\",\"Colliers International\",\"Iberia Bank\",\"Lincoln Property Company\",\"TerraCap Management LLC\"],\"articleSection\":[\"Atlanta\",\"Deals\",\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terracaps-value-add-play-wins-big-in-atlanta\\\/\",\"name\":\"TerraCap\u2019s Value-Add Play Wins Big in Atlanta - 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