July 31, 2020 Comments (0) Views: 456 Atlanta Metro, Atlanta News, Top Atlanta

TerraCap Acquires Metro Atlanta Flex Portfolio for $28M

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Privately-held investment firm TerraCap Management has acquired Cobb Corporate Center in Marietta and Northwoods Commons in Norcross. The sales price was $27.6 million. The two properties combine for a total of eight single-story office/flex buildings totaling 297,000 square feet.

Cobb Corporate Center is currently 80% occupied and is located along I-75 and Franklin Gateway. Northwoods Commons is currently 53% occupied and is located on Peachtree Industrial Boulevard, which provides direct access to I-285 and I-85.

Tom Shafer and John Hinson of CBRE represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager provided debt financing for TerraCap, with assistance from the CBRE Atlanta debt team. Lincoln Property Co. has been tapped to lease the properties.

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