TerraCap Management Acquires Two Phoenix Office Buildings for $ 24,600,000 | National news

PHOENIX, August 16, 2021 / PRNewswire / – TerraCap Management LLC, a private investment firm based in Naples, Florida, announced today the takeover of the Airport Technology Center in. famous Phoenix, AZ Per $ 24.6 million.

The Airport Technology Center consists of two 2-storey class A office buildings with a total area of ​​approx. 198,000 square meters. The property is located on the 44th Street Corridor submarket and is less than 2 miles from the Phoenix Sky Harbor International Airport. The accommodation is also easily accessible and is only a few minutes’ walk from a METRO light rail station.

Albert Livingston, TerraCap Partner and National Director of Asset Management: “We are experiencing and benefiting from the flexible office demand near high-growth international airports, and this is the next strategic acquisition in the Phoenix Market to add a value-adding component to our portfolio of well-positioned, industry-leading products. ”

Following the acquisition, TerraCap plans to invest in several capital projects to reposition the asset and capitalize on its value creation potential. “We look forward to our Phoenix Portfolio. Our base in the Airport Technology Center provides a great opportunity to invest capital where it is needed to maximize property value, including white-boxing vacant suites, painting the buildings and adding outdoor space for tenants, “said Matt Hart, TerraCap Partner and Director of Investment Analytics.

The seller, Lone Star Funds, was represented by Chad Klein and Chris Toci by Cushman & Wakefield. Cushman & Wakefield was taken over for the leasing contract and CBRE as property manager.

About TerraCap Management LLC

TerraCap Management LLC takes into account thematic factors such as business formation, employment growth and population growth from market to market, as most metropolitan areas and sub-markets have different economy-based industries and therefore move differently in their economic cycles. TerraCap positions the markets with a moderate strategic over- or underweighting depending on the specific economic factors influencing supply and demand.

The Investment Manager has been operating since 2008 and is based at Naples, FL, the company also has offices in Tampa, FL, Atlanta, GA, and Denver, CO. As an operator, TerraCap believes that it can make decisions more efficiently and at the same time use its expertise from property to property. The company has more than 9 million square feet of commercial real estate in its portfolio, with over $ 1.6 billion of managed assets.

Please visit terracapmgmt.com for more information.

For more information contact:

Steve Good

239.898.4454

TerraCap Management LLC

View original content to download multimedia: https://www.prnewswire.com/news-releases/terracap-management-acquires-two-phoenix-office-buildings-for-24-600-000–301355349.html

SOURCE TerraCap Management

Comments are closed.