TerraCap Management acquires Cobb Corporate Center and Northwoods Commons in Georgia
TerraCap Management, a Florida-based investment firm, has acquired Cobb Corporate Center in Marietta, Georgia and Northwoods Commons in Norcross, Georgia for a total sum of $27.6 million.
The two properties put together have eight single-story office/flex buildings totaling 297,000 leasable square feet, and are located strategically in two fastest-growing submarkets in northern Atlanta.
Currently, with 80% occupancy, the Cobb Corporate Center was built along I-75 and Franklin Gateway, while Northwoods Commons, which has a current occupancy of 53%.
Originally, TerraCap Management expected the acquisition to be wrapped up earlier this year, however due to the COVID-19 pandemic, the process was delayed.
Steve Good – Partner and TerraCap Management National Director of Acquisitions said: “The pandemic started picking up momentum while discussing terms with the seller.
“Then the capital markets practically ceased to exist for most of March and April. TerraCap and Seller quickly recognized we were in a difficult environment and decided working closely together while being flexible was necessary for the transaction to occur.”
In March 2020, TerraCap Management acquired the Cherry Creek Plaza in Glendale, Colorado for $54 million. Cherry Creek Plaza houses a couple of thirteen-story office buildings totaling 335,000 square feet of Class A office along with structured parking.