CapRocq Core 2 closes with $33.25 million South Carolina investment
Arkansas-based real estate partnership CapRocq Core 2 announced Wednesday (Dec. 7) its final investment: the 200,652-square-foot Wells Fargo Center in Greenville, S.C. Purchase price for the building was $33.25 million.
The mixed-use building was built in 1973 and features office space and street-level retail space, as well as 22 luxury apartments. In addition to Wells Fargo, other office tenants include Jackson Lewis P.C., the Federal Bureau of Investigation (FBI) and Charles Schwab.
Combined with other CapRocq funds including CapRocq Automotive and CapRocq Core, total assets under management now total $404 million.
Other CapRocq Core 2 investments include the Brewery Tower and 1400 Goodale office buildings in Columbus, Ohio; Mission Tower and Mission Corporate Center in Mission, Kan.; the Titan office building in Greensboro, N.C.; North Park in Omaha, Neb.; Webster University in Columbia, S.C.; Regency Executive Center in Charlotte, N.C.; the Mulberry office building in Savannah, Ga.; and Village on the Creeks in Rogers, Ark.
“We’re extremely proud of the investments made on behalf of our CapRocq Core 2 partners,” Kevin Huchingson, co-founder of CapRocq, said in a news release. “We have fortunately been able to implement our strategy of acquiring key assets in secondary markets that are sometimes overlooked by large investment firms. This final investment in Greenville keeps with that theme, and we have engaged our local Colliers International offices to market and lease the property.”
CapRocq Core 2 was established in July 2014 and founded by Huchingson, Dewitt Smith, Franklin McLarty, Ted Dickey, Isaac Smith and Mark Saviers. Together, they have more than 130 years of commercial real estate experience and a history of more than $1 billion in combined real estate transactions.
Colliers International Arkansas is the group’s exclusive real estate broker and advisor. Mr. Huchingson is the President and CEO of Colliers.
In addition to its final acquisition, CapRocq Core 2 also announced that its Omaha investment, North Park buildings 3 and 6, is now fully occupied. The investment, acquired by CapRocq Core 2 in October 2015, was 36 percent leased at purchase. The three leases that brought the buildings to full occupancy include Centene Management Co., Wisconsin Physicians Service Insurance Corp. and Avantas.
“This high level of leasing activity is what we expect from our investments,” McLarty said. “Our CapRocq Core strategy has always been to make improvements to our properties and implement an aggressive marketing strategy. North Park is one of our biggest success stories -completing over 144,000 square feet of leases in a 12-month period.”