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TerraCap Sells 75L-SF Office in Duluth Following $7M Improvement
Naples, FL-based TerraCap Management, LLC, has completed the sale of the 1200 Building at 3100 Breckinridge Boulevard, a three-story office building located in Duluth, GA. The property was built in 1986 and consists of 75,000 square feet.
TerraCap acquired the property in May 2017 as part of a seven-building office park acquisition and invested over $7 million in capital to improve and lease up the property. TerraCap invested in exterior painting, roof replacements, updated landscaping, spec suites, parking lot improvements, and added amenities to the common areas.
In December 2021, TerraCap sold the six single-story office buildings in the portfolio. In February 2022, TerraCap leased up the remaining 50,000 square foot vacancy in the three-story building, reaching 100% occupancy at the time of disposition.
“This asset benefited from steady leasing demand during the pandemic and validated our investment thesis around the value of investing in creative suburban office properties,” said TerraCap’s Matt Stewart.
- ◦Sale/Acquisition
