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| Steve Good |
ATLANTA, GA (Feb. 3, 2016) – Private equity
fund manager, TerraCap Management, LLC, has purchased Bailey Park, a five-building 198,475-square-foot industrial/flex
park located in Kennesaw, Georgia, for $18.3 million.
The acquisition marks the
company’s first transaction outside the state of Florida where it has amassed
an impressive portfolio of office properties and commercial assets valued at
over $300 million.
“We are excited to expand
outside of the state of Florida and diversify our footprint with the acquisition
of Bailey Park,” said Steve Good,
partner of TerraCap.
“We view Atlanta as a favorable market with a lot to offer
tenants. The growing employment rate, number of people relocating to the area
and access to one of the country’s top airports make Atlanta attractive for
industrial/flex users.”
The property, located on
Cobb Place Boulevard amongst high-end residential neighborhoods and
sought-after amenities, features 12’, 14’ and 18’ clear heights; grade level
and dock high loading; easy ingress and egress to major roadways; surface
parking with 4.5 spaces per 1,000 RSF; and an attractive, heavily maintained
landscape.
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| Tony Bartlett |
Lincoln Property Company
(Lincoln) has been hired to provide leasing and management services to the
park, which is currently 80 percent leased.
“We seek to align
ourselves with strong third party service companies, and we are pleased to
expand the relationship with Lincoln as they currently manage and lease a
sizeable portfolio for us in Orlando,” Good said.
“We look forward to working with TerraCap as
the company continues to seek well-located, value-add opportunities throughout
the state,” said Tony Bartlett of
Lincoln.
“We are impressed with the entire TerraCap team and they have a
well-defined strategy for property-level execution and further, penetrating the
Atlanta market with complementary acquisitions.”
Tom Shafer
of CBRE represented J.W. Richardson Enterprises Inc., the seller, in the
transaction.
For a
complete copy of the company’s news release, please contact:
Savannah Durban
The Wilbert Group
404-343-0870
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