ATLANTA, April 15, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the sale of Bailey Park for $21,150,000.
Bailey Park is a five-building office park located in the northwestern Atlanta suburb of Kennesaw, GA. The office park is located in the 1,000-acre Barrett Park and consists of four single-story office buildings and one two-story office building. The property was developed in 1988 and totals 197,549 square feet. TerraCap acquired the property in January 2016 and, over a 5-year hold period, executed its value-add business plan to increase the property’s occupancy, rental rates, and net operating income.
Albert Livingston, TerraCap Partner and National Director of Asset Management said, “Bailey Park was acquired in transition with below market occupancy rates. The property was rebranded with new signage, landscape and site upgrades, and a new paint scheme. This allowed our leasing team with Lincoln Property Company to push occupancy, rental rate, lease term, and tenant quality. We are confident this will provide the buyer with a solid asset for years to come.”
Bailey Park is located within the Kennesaw submarket, which has consistently seen vacancies below the metro average. “The demand for single-story office and flex space in Kennesaw has been strong over the past few years. Our value-add investment strategy transformed Bailey Park into a creative office environment. We were fortunate to execute twelve new leases totaling over 85,000 square feet during our hold period while increasing in-place rents over 15%. We are very grateful to Lincoln and CBRE for their help executing our second full-circle office investment in Kennesaw,” said Matt Stewart, TerraCap Partner and Director of Asset Management.
Tom Shafer and John Hinson of CBRE in Atlanta represented TerraCap on the sale. Lincoln Property Company represented TerraCap on both leasing and 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 seven million square feet of commercial assets within its portfolio, with over one billion dollars of assets under management.
More information can be found at terracapmgmt.com.
For More Information, Contact:
TerraCap Management LLC
SOURCE TerraCap Management