TerraCap Management LLC, a privately held investment firm with its headquarters in Naples/Estero, Florida, announced today the acquisition of 200 Ashford Center in Atlanta, GA for $24.62 million.
200 Ashford is a multistory Class A office building with 159,000 rentable square feet and structured parking. The property offers many tenant amenities including a café, fully renovated fitness center and state-of-the-art conference center in a lush, park-like setting. 200 Ashford was 85% occupied at acquisition with approximately 30 tenants who office at the property.
“It’s a great property in a great location, in our opinion,” said Steve Good, Partner and Acquisitions Director for TerraCap. “We see it as a value-add investment with a quality and diversified roster of tenants already in place. We’re excited about the opportunity.”
The property is ideally located within Central Perimeter, which is Atlanta’s largest and most sought-after location for suburban office. Recent corporate relocations to the immediate area include Mercedes Benz and State Farm Insurance, with Cox Communications also recently expanding their corporate campus in the area.
Founder and Managing Partner Steve Hagenbuckle said, “We remain demand-market focused at TerraCap. Our research shows the drivers for growth in the South/Southeast are strongest in sub markets like the Atlanta central perimeter. With long term historic and projected demand, we can continue to create value for our investors. We believe Ashford is an excellent add to our holdings.”
The seller was represented by Samir Idris and David Meline of Cushman Wakefield. Chicago based NXT provided financing for TerraCap, who was represented by CJ Kelly of CBRE in Atlanta.