Foundation Capital Partners Closes on South Carolina Office Building

NEW YORK - Feb. 25, 2019 - PRLog -- Foundation Capital Partners (FCP), a private real estate investment management firm based in New York City, recently closed on the acquisition of Centennial Corporate Center in Aiken, South Carolina.  The asset is a 205,000 square foot office building that is 75% leased to the United Parcel Service (S&P: A+), AECOM (S&P: BB-), and Dominion Energy (S&P: BBB+).  AECOM has been at the Property since 1997, UPS since 2001 and Dominion since 1999.  FCP acquired the asset at a 14% capitalization rate based on in-place income at the time of acquisition.  "Given our deep experience in navigating distressed capital structures, we were able to offer the seller of this property an expedited and seamless execution and closing which resulted in this compelling opportunity," said David Steinberg, a Managing Partner of FCP.

Since its recent acquisition of the property, FCP has executed a lease with the State of South Carolina (S&P: AA+) for 11,800 square feet bringing total occupancy to 81%.  The building offers tenants the largest floor plates of contiguous office space in the submarket.  "We were attracted to the asset primarily due to the strong credit and longstanding occupancies of the existing tenants.  In addition, its proximity to the Savannah River Site (SRS) and the depth of the world-class contractors providing services to that project makes the building an attractive local office option to those service providers.  We consider the SRS a compelling economic driver in this market for the foreseeable future and are confident that it will continue to result in robust leasing interest at the building," stated David Greenberg, a Director at FCP.  The SRS is a 310 square mile nuclear remediation project owned by the US Department of Energy, having an annual budget of $2 billion, employing 12,000 people and estimated to run until 2065.  Prior operations at the SRS included the manufacturing of nuclear weapons for the United States military from 1950 until the end of the Cold War in 1990.

About Foundation Capital Partners

Foundation Capital Partners is a private investment management firm focusing on real estate opportunities across the United States.  To achieve attractive returns for its investors, the firm focuses exclusively on opportunistic and disruptive investment situations.  The firm has extensive experience investing in public and private credit and equity markets across the United States.  To learn more about the firm please visit http://www.foundationcapital.us