TerraCap Purchases Charlotte Office Portfolio for $59M

The three buildings contain nearly 340,000 square feet of Class A space in the city's University submarket.
Resource Square V. Image courtesy of TerraCap Management

The Dilweg Cos. has sold a three-building, 337,611-square-foot Class A office portfolio in Charlotte, N.C., to TerraCap Management for $59.3 million. The buyer secured $45.2 million in acquisition financing through IberiaBank, according to Mecklinberg County records. The loan matures in 2024, with the buyer having the option to extend the term for an additional two years.

The buildings, known as Resource Square I, II and V, are located at 10925, 10926 and 10715 David Taylor Drive in Charlotte’s growing University submarket, less than 10 miles north of downtown. The location is linked to the rest of the market via public transportation links, as well as interstates 85 and 485.

The assets are part of a five-building campus—the third structure is owned by CREMAC Asset Management and a Rockford Capital Partners-led joint venture owns the fourth, according to Yardi Matrix. The area within a mile of the park contains nearly 1.4 million square feet of Class A office space.

Completed in 1997 and 2000, the assets were last renovated in 2014. The buildings’ tenants include IBM, Office Evolution, Wells Fargo and the IRS. All three properties are equipped with fitness centers, and parking is available on-site at a ratio of 4.5 spaces per 1,000 square feet. The new owner has named Foundry Commercial to oversee management per data from Yardi Matrix, taking over from Cushman & Wakefield.