TerraCap acquires Charlotte Office Portfolio
TerraCap Management has bought a three building, 337,611 square foot Class A office portfolio in Charlotte North Carolina from The Dilweg Cos. The buyer secured $45.2 million in acquisition financing through IberiaBank.
The buildings is known as Resource Square I, II and V. The properties are located at 10925, 10926 and 10715 David Taylor Drive in Charlotte’s growing University submarket, less than 10 miles north of downtown. The location is linked to the rest of the market via public transportation links, as well as interstates 85 and 485.
The assets are part of a five building campus the third structure is owned by CREMAC Asset Management and a Rockford Capital Partners-led joint venture owns the fourth. The area within a mile of the park contains nearly 1.4 million square feet of Class A office space.
The assets were completed in 1997 and 2000. The assets were last renovated in 2014. The buildings’ tenants include IBM, Office Evolution, Wells Fargo and the IRS. All three properties are equipped with fitness centers, and parking is available on-site at a ratio of 4.5 spaces per 1,000 square feet. The new owner has named Foundry Commercial to oversee management per data from Yardi Matrix, taking over from Cushman & Wakefield.
Source: Trade Arabia
Fulya Altunyay/[email protected]