Florida-based TerraCap Management LLC, a privately held investment firm, announced that it has acquired Class A office buildings, Resource Square I, II & V in Charlotte, NC for $59,3 million.
The acquisition consists of two three-story office buildings and one five-story office building and totals approximately 337,611 rentable square feet.
“We are excited about growing our portfolio footprint in Charlotte. These Class A office buildings present great value-add potential and are an exciting expansion opportunity in one of the best demand markets in the Atlantic southeast,” said Steve Hagenbuckle, Managing Partner for TerraCap.
“Resource Square meets our value-add strategy of acquiring best in class assets below replacement cost in strong performing submarkets. We’re pleased to add these properties to our growing portfolio in the Carolina’s,” he added.
The properties are ideally located in the University submarket of Charlotte, which is one of the fastest growing areas in the city.
The seller, The Dilweg Companies, was represented by Patrick Gildea of CBRE. IberiaBank provided debt financing for TerraCap.
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