Florida-based private equity TerraCap Management LLC has acquired The Addison, a Dallas-based office building. No financial terms were disclosed.
DALLAS, Sept. 5, 2018 /PRNewswire/ — TerraCap Management LLC has acquired The Addison Office building. The property, located in northern Dallas, is an eleven story, 202,000 square-foot office building with structured parking. The property is located off the Dallas North Tollway north of LBJ Freeway and offers tenants convenient access to a wide range of different dining and shopping options. In addition, the property offers walkability to nearby eateries and access to Northern, Southern, Eastern and Western locations within the Dallas Metro Plex.
Steve Hagenbuckle, TerraCap’s cofounder and Managing Partner, commented, “Dallas has long been a strong growth market. Consistent with our thematic approach to investing in markets with outpaced employment and population growth, the Addison acquisition fits the profile for our investors and our asset management team. We plan on expanding our presence in Dallas and we feel fortunate to have been able to work closely with both CBRE and Lincoln Property Company on this excellent addition to our Fund portfolio.”
Reflective of its modern layout, ample garage, sustainable landscaping, and amenity rich location, the Addison was chosen as the 2017 BOMA International Toby Award “Building of the Year” winner and received first place internationally for buildings between 100,000 – 249,000 square feet. Addison will be 81% leased at sale, which offers TerraCap the ability to increase value through new leasing and contractual rent increases.
“We really like the urban infill location, plus the walkability for tenants, which we feel is becoming more important in today’s market,” added Steve Good, TerraCap’s National Director of Acquisitions. “We feel it’s a great addition to our portfolio and we’re excited about the opportunity.”
TerraCap is a Florida-based private equity firm having roughly 5.5 million square feet under management. CBRE Dallas represented the seller in transaction, Chicago based lender NXT provided financing for the buyer.
TerraCap Management LLC
TerraCap Management, LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand.
The Investment Manager has been in operation since 2008 with offices located in Estero, FL, Tampa, FL, and the Atlanta, GA metro area. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. www.TerraCapMgmt.com