Triple Crown Realty Trust has acquired interest in Terra Cotta Tower, a 50,000 square foot low rise office building in the popular north Rock Road area of Wichita, Kan. Owners of the Terra Cotta Tower office low-rise office building in Northeast Wichita exchanged equity in the property for partnership units in Triple Crown Realty Trust LP.
"Triple Crown has been looking to invest outside of the Crossgate District," says Rachel Lange, director of real estate at Lange Real Estate and a managing partner in Triple Crown. "We needed to diversify outside of that."
Owners Pat and Henry Do saw the transaction as an opportunity to hand over management and also to gain better diversity for their own portfolio. "This is a win-win for us," said Pat Do. "We're thrilled to have both excellent management and increased asset diversification."
Terra Cotta Tower was developed by George Ablah and opened in 1985 at the intersection of Rock Road and 29th Street North. The area remains popular and the building is currently 91% leased.
"The Terra Cotta Tower is a strong asset with positive cash flow, exactly the type of property we're looking to add to our growing portfolio," said Rachel Lange.
About Triple Crown Realty Trust
Triple Crown Realty Trust, LP is a real estate investment vehicle that acquires and develops a diverse array of properties and facilities in Middle America, including industrial, distribution, warehouse, retail, office, healthcare, retirement and multi-family.