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Demand for Single-Story Office Nudges TerraCap Management’s Sale in Norcross
Naples, FL-based TerraCap Management, LLC, has sold Northwoods Commons, a 101,000-square-foot, three-building single-story office/flex park in Norcross, GA.
Tom Shafer and John Hinson of Capital Real Estate Group represented TerraCap, in the transaction.
TerraCap acquired Northwoods in July 2020 then invested in improvements that led to several new leases and raised the property’s occupancy from 53% to 84% in 12 months.
“While physical occupancy from office users has been down throughout the COVID-19 pandemic, TerraCap has tracked higher occupancies and positive net absorption within the suburban single-story office/flex buildings in our portfolio,” said Albert Livingston, TerraCap national director of asset management and partner.
“Single-story product has performed well by our metrics and in our target region in the past few years, and Northwoods Commons was no exception,” added Robert Witt, Asset manager at TerraCap Management. “This property built upon the thesis of buying single-story assets in strategic locations with lots of potential.”
- ◦Sale/Acquisition
