Fresh from amassing a 2M SF portfolio of Florida office properties, TerraCap Management has picked up a 301k SF Kennesaw office park. The firm bought Chastain Center, a six-building campus that's currently 67% leased, for $29.1M.
This is the second Atlanta pick-up for the investor, following January's buy of Bailey Park, a flex/office campus also in Kennesaw. TerraCap partner Steve Good says the firm sees a lot of opportunity to acquire properties in secondary markets, especially as sophisticated companies relocate to outer areas due to space constraints within the city.
Avison Young's Matt Tritschler, Steve Morgan and Stephanie Marion brokered the sale for the seller, Parthenon Realty.
