Naples, Fla.-based investment firm TerraCap Management, LLC, recently announced that it had completed the sale of Cobb Corporate Center. The property includes nearly 196,000 square feet of Marietta, Ga., office space across five single-story buildings.

The firm had purchased the metropolitan Atlanta office park as part of a value-add real estate acquisitions strategy in 2020. That transaction also included the Northwoods Commons in Norcross, Ga., and reportedly totaled $27,600,000.

“We are pleased with the positive outcome of this office investment,” said Steve Hagenbuckle, TerraCap founder and managing partner. “Investing only in growth markets since our inception has helped during volatile times. We are grateful to our team members and industry partners for their support and hard work during our ownership period.”

Located along I-75 and Franklin Gateway, Cobb Corporate Center provides easy access and high visibility. The office park was 80% occupied at the time of acquisition in 2020. Subsequently, TerraCap embarked on an improvement program that included investing in new roofs, updated landscaping, and new signage. These upgrades resulted in roughly 70,000 square feet of leasing closed during TerraCap’s ownership.

Situated on a 16.41-acre lot, the property features floor plates ranging from 25,000 to 45,000 square feet; above-standard ceiling heights; and redundant power. Common area amenities include controlled access, a fitness center, and grade-level parking that offers 784 spaces.

“Properties like Cobb Corporate show that office properties, especially single-story products, continue to perform well even in the turbulent times that we see in the office sector,” said Robert Witt, asset manager at TerraCap Management. “It also shows that investing in the right physical improvements can lay the groundwork to attract tenants to buildings like this. We are grateful to partners Matt Fergus, Seabie Hickson, and Hunter Henritze at Lincoln Property Company to help lease the property, and Tom Shafer and John Hinson at OnPace Partners to help complete the sales transaction.”

Neither the identity of the buyer nor the transaction price was made available with the announcement of the sale.