TerraCap Management Acquires Charlotte Office Portfolio
The $59.3 million acquisition consists of three Class-A office buildings.
CHARLOTTE, NC–TerraCap Management LLC has acquired Resource Square I, II & V here in a $59.3 million transaction from the Dilweg Cos.
The portfolio consists of one five-story office building and two three-story office buildings, totaling 337,611 rentable square feet. The Class-A office buildings, located in Charlotte’s growing University submarket, feature a 4.5 per 100-square-foot parking ratio.
The properties are close to several transportation options, including I-85, I-77, I-485 and the Lynx Light Rail Blue Line. Additionally, two outparcels on the Resource Square I and II sites are being sold to a retail developer and will provide walkable amenities and housing.
The acquisition reflects TerraCap Management’s value-add strategy in the Atlantic southeast markets.
Patrick Gildea of CBRE represented the Dilweg Cos. IberiaBank provided debt financing to TerraCap.
TerraCap Management LLC, founded in 2008, is a privately-held investment firm, headquartered in Estero, FL, with additional offices in Tampa FL and Atlanta GA.