OVIEDO, Fla., May 2, 2022 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Ganesh Business Park, 198k square foot single-story industrial park located in Oviedo, FL in the Orlando Metropolitan Statistical Area.
Ganesh Business Park is comprised of three buildings and is located at 5700, 5707, 5712 Dot Com Court, just off Alafaya Trail. The property’s location provides access to the greater Orlando MSA via SR 50 and SR 417, both of which connect to I-4 and US-27. The property is less than two miles from The University of Central Florida and four miles from Orlando’s Research Park.
Albert Livingston, TerraCap Partner and National Director of Asset Management said, "Throughout our portfolio, we have observed significant rent growth and tightening occupancy during COVID for single-story product resulting from increased need for distribution space and users migrating to non-traditional office space. The University/East Orlando office market has a large cluster of R&D/technology users which often require manufacturing/testing/assembly space integrated into their office needs, and we plan to target these users."
TerraCap is acquiring Ganesh Business Park at 100% occupancy. The property features a strong, credit tenant roster. TerraCap plans to invest capital into the property to improve the property’s curb appeal and enhance the tenants’ experiences. TerraCap plans to rebrand the property as Central Florida Resource Center.
Steve Good, National Director of Acquisitions for TerraCap said, "We are strong believers in small bay light industrial infill product in in the Central Florida region. We have recently completed the reposition of two similar projects in Orlando and are excited to add Ganesh to our portfolio. As value-add operators, we plan to freshen up the site and buildings, rebrand the property, and explore opportunities to capitalize on the additional entitlements which are included with the asset."
The seller was represented by Luis Castillo and Cody Brais of JLL. Harvard Pacific was hired as property manager. Foundry Commercial was hired for the leasing assignment.
About TerraCap Management LLC
TerraCap Management LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand.
The Investment Manager has been in operation since 2008 with its headquarters located in Naples, FL, the firm also has offices in Tampa, FL, Atlanta, GA, and Denver, CO. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. The firm has over 9 million square feet of commercial assets within its portfolio, with over 1.6 billion dollars of assets under management.
More information can be found at terracapmgmt.com.
For More Information, Contact:
Matthew Hart
239.494.8922
TerraCap Management LLC
335367@email4pr.com
SOURCE TerraCap Management
