RINCON, Ga., Nov. 21, 2022 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Savannah Gateway Building 1H, a 790k square foot single-story industrial building located in Rincon, GA.
Building 1H is part of a two-building acquisition. The first building, Building 1F, was delivered and acquired by TerraCap in August 2022.
"Continuing to expand our industrial holdings near growing seaports is integral to TerraCap's investment thesis and strategy. This acquisition marks over 1.35 million square feet of recent acquisitions for us in Savannah, GA. Working with our local partners on these well-located new facilities is a great example of teamwork," said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
Building 1H is located in the Savannah Gateway Industrial Hub, one of the largest industrial parks in Savannah, and is less than 13 miles from the Port of Savannah's Garden City terminal. The property is also located minutes from I-95 and I-16. TerraCap is acquiring Savannah Gateway 1H at 75% occupancy.
"We are pleased to announce the acquisition of this property at Savannah Gateway. This master-planned industrial park has been meticulously designed and developed, and we are excited to own this best-in-class property that is located only 13 miles from the Port of Savannah. Industrial users across the country recognize the efficiency and value that the Port of Savannah offers, and we believe these factors will continue to drive the strong fundamentals of this market, which is currently among the most highly-occupied markets in the country," said Nick Vician, TerraCap Director of Business Development and Strategic Initiatives. "We are grateful to Britton Burdette of JLL for leading a seamless sale process, and to Broe Real Estate Group for their partnership throughout the sale process."
The seller, Broe Real Estate Group, was represented by Britton Burdette of JLL. Colliers International was hired to manage the property.
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 Naples, FL, the firm also has offices in Tampa, FL, Atlanta, GA, and Denver, CO. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. The firm has over 10 million square feet of commercial assets within its portfolio, with over 2.1 billion dollars of assets under management.
More information can be found at terracapmgmt.com.
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TerraCap Management LLC
SOURCE TerraCap Management LLC
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