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| W. Stephen Hagenbuckle |
ATLANTA, GA (Aug. 12,
2016) – Real estate fund manager TerraCap Management, LLC, has acquired Sugarloaf VI and VII, two Class A
office buildings totaling 161,183 square feet in Duluth, Georgia, for $25.37
million.
“This acquisition
highlights again our commitment to the Southeast with our holdings of high
quality assets in the Atlanta area alone now exceeding 1.2 million square
feet,” said W. Stephen Hagenbuckle,
founder and managing partner of TerraCap.
The buildings mark
TerraCap’s fourth acquisition in Georgia this year. Most recently, TerraCap
purchased Huntcrest, a four-building, 394,247-square-foot office park in
Lawrenceville, Georgia.
The company also owns several portfolios of office
properties and commercial assets totaling nearly 2 million square feet in the
state of Florida.
“The greater Atlanta area has qualities that attract
top-notch companies and employees,” said Steve Good, a partner at TerraCap.
“Sugarloaf VI and VII presented another fantastic opportunity to add to our
rapidly growing investment portfolio.”
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| Steve Good |
Hunter Henritze and Matt Davis of Lincoln Property Company Southeast (Lincoln) have
been selected to lease and manage the property, which is currently more than 94
percent leased.
“TerraCap’s growth this
year has been impressive and we’re excited to continue our relationship as they
expand in the Southeast,” said Tony
Bartlett of Lincoln. “Well-located Class A space remains in high demand,
especially in the Sugarloaf submarket of
Gwinnett County. These buildings are ‘best in class’ and are an
excellent long-term investment.”
Sugarloaf VI and VII are
located within the Business Park at Sugarloaf , a master-planned office park
featuring nearly 500,000 square feet of Class A office space in Gwinnett
County.
The office park offers access from Sugarloaf Parkway and immediate
proximity to Interstate 85, Gwinnett Civic Center, multiple hotels,
restaurants, Sugarloaf Mills and Sugarloaf Country Club.
Ralph Smalley, Ryan Clutter and a Kelly Kuykendall with HFF represented 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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