CHARLOTTE, N.C., March 8, 2022 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the sale of Forest Park II & III, two single-story office buildings located in Charlotte, NC totaling 89,717 square feet.
Matt Stewart, Director of Asset Management for TerraCap, said, "The demand for office space at Forest Park was strong during our ownership, especially during 2021 when we executed three lease transactions totaling 30,000 square feet to improve occupancy from 61% to 92%. Since acquisition, we were able to increase rental rates by 25% and increased NOI by over 50%. We are grateful to Bob Boykin and the Stream Realty leasing team for their work to secure these leases at Forest Park."
TerraCap acquired the two buildings in December 2016 at 67% occupancy. The buildings are located immediately off of I-77 and I-485 in Charlotte’s Airport submarket. The property features an above average parking ratio of 6.33 spaces per 1,000 square feet. During its ownership, TerraCap replaced the roofs, invested in tenant buildouts, and pushed the property to 92% leased at the time of disposition.
"While physical occupancy from office users has been down throughout COVID, TerraCap has tracked higher physical occupancies and positive net absorption of vacant space within our suburban single-story office/flex buildings. Forest Park has certainly benefited from the trend of users gravitating to this product type," commented Albert Livingston, TerraCap Partner and National Director of Asset Management.
Patrick Gildea of CBRE represented TerraCap in the sale transaction. Stream Realty represented TerraCap on leasing during their ownership, and Foundry Commercial represented TerraCap on property management.
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.
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TerraCap Management LLC
SOURCE TerraCap Management