August 30, 2019
Privately held investment firm TerraCap Management LLC acquired Resource Square I, II and V in Charlotte for $59.3 million. The properties consist of two, three-story office buildings and one five-story office building totaling 337,611 square feet. Patrick Gildea of CBRE represented the seller, The Dilweg Cos., in the transaction. IberiaBank provided debt financing for TerraCap.
Located in the University submarket of Charlotte, the office complex is nearby I-85, I-77, I-485 and the recently-expanded Lynx Light Rail Blue Line. Additionally, two outparcels on the sites of Resource Square I and II are being sold to a retail developer, adding walkable amenities to an already robust amenity base.
“We are excited about growing our portfolio footprint in Charlotte,” said Steve Hagenbuckle, managing partner at TerraCap. “These Class A office buildings present great value-add potential and are an exciting expansion opportunity in one of the most in-demand markets in the Atlantic southeast.”
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