RealOp Investments and Terra Capital Acquire South Carolina Office Portfolio
June 5, 2015
GREENVILLE, SC – RealOp Investments and Terra Capital Partners have formed a strategic partnership to acquire and manage the Park East and Park Central office complexes in Greenville, SC. The 570,000 square foot portfolio includes two office parks and twelve buildings situated along the I-385 corridor, three miles from downtown Greenville, South Carolina (Park Central) and less than a mile from I-85 (Park East).
RealOp, along with leasing and management partner NAI Earle Furman, will update, rebrand and relaunch the office complexes to increase market awareness and drive portfolio profitability.
“We are excited to be involved with these properties and believe there is a tremendous opportunity,” explained Chip Hunt, Director of Investment Management at RealOp. “A number of physical and brand improvements are already in progress. We look forward to sharing these initiatives with existing tenants and the market in the coming year.”
Park East is home to nine multi-tenant office buildings – three 3-story buildings and six 2-story buildings, developed between 1974 and 1998. Park Central contains a total of three multi-tenant office buildings – two 3-story and one 2-story, developed between 1982 and 1986.
RealOp’s partner, Terra Capital Partners, is a New York-based lender that specializes in mezzanine and bridge loans in high-quality commercial real estate. Terra lends on multifamily, hotel, office, retail and industrial properties throughout the United States. Since 2002, it has financed over 300 properties nationwide comprising more than 45 million square feet of space.
“We take great pride in partnering with a dynamic and well respected leader like Terra,” explained Kyle Putnam, RealOp’s Chief Investment Officer. “Our experience, market knowledge, relationships and focus on maximizing asset value throughout the hold period, was instrumental in establishing this partnership.”
RealOp Investments is a vertically integrated commercial real estate investment and asset management firm specializing in value-add and opportunistic acquisitions across the Southeast. The management team, with over 100 years of collective experience, has led real estate investment transactions of more than $7 billion. RealOp is recognized in the marketplace as an active and reliable buyer and manager, providing clients and sellers a high level of responsiveness and surety of performance.
