CBRE has completed over 100,000 sq. ft. in leases at TerraCap’s two-building portfolio located within Orlando’s Central Florida Research Park. The buildings, Resource Square I and III, are two Class A properties totaling 244,772 square feet. The portfolio was acquired by TerraCap in June 2018. Since then, a total of nine (9) lease transaction have been completed totaling 103,703 sq. ft. CBRE’s Jay Dixon and Tom Rich represented the landlord, TerraCap, in each of the lease transactions.
Located at 13501 Ingenuity Drive, Resource Square I, which offers 91,890 square feet across three floors, was constructed in 1999. Resource Square III, located at and 12001 Research Parkway, comprises 152,882 square feet across five stories, and was built in 2003. The two buildings are currently 97.3% leased to major tenants including SAIC, General Dynamics, AVNET, Boeing and Raytheon. The assets are adjacent to the University of Central Florida and offer convenient access to downtown, Universal Orlando Park, Orlando International Airport and Waterford Lakes Town Center, which features more than 1.9 million square feet of retail and restaurants.
“Terra Cap has a strong track record of acquiring institutional-quality office properties in well-established markets and CBRE looks forward to a long-lasting partnership with them on this and other future projects,” said Jay Dixon, Senior Vice President at CBRE.
“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.”
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