TerraCap Management Sells Four-Story Office Building in Maitland, Florida
By: TerraCap Management
Albert Livingston, National Director of Asset Management for TerraCap commented, "Lake Destiny is another successful value-add reposition in a submarket we invested in early on in the recovery cycle. After completing major upgrades to the property, we were able to restore this distressed asset to a solid option for smaller professional users looking for covered parking, lake views, and I-4 signage."
TerraCap purchased the building along with the adjacent building in December 2015 on the heels of another large value add acquisition in the Maitland submarket. Acquisition at occupancy was 56% to tenants with expiring leases. Terracap initiated an aggressive repositioning project and within a year the adjacent building was sold to an end user and Lake Destiny occupancy was on the rise, increasing to over 80% today.
Joe Rossi, CCIM, and T.J. Campton, CCIM, of Colliers International Central Florida represented TerraCap Management on this sale along with the multiple sale transactions that occurred during their hold period, including their initial acquisition of the two buildings.
"We appreciate the efforts of Joe's team and the initial off-market introduction to the building at acquisition,"
"TerraCap's Lake Destiny portfolio serves as an excellent case study on exactly how to properly execute a true value-added strategy from start to finish," said Joe Rossi, CCIM, executive managing director. "It was a pleasure working with TerraCap through the entirety of their strategy."
About 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 its headquarters located in Estero, FL (Naples area), the firm also has offices in Tampa, FL, and Atlanta, GA. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. The firm has over six million square feet of commercial assets within its portfolio, with over one billion dollars of assets under management.
More information can be found at terracapmgmt.com.