ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …
ATLANTA — Atlanta-based coworking startup Switchyards has announced plans to open 200 new members-only work clubs over the next five years. This announcement follows a $5 million investment led by Bullpen Capital, with existing investors including Cercano and Overline. Founded in 2019, Switchyards operates 24-hour coworking venues with internet and unlimited coffee and tea. Each location features quiet areas for focused work, as well as bookable conference rooms for meetings. The brand’s current portfolio includes 15 clubs in Atlanta, Nashville and Charlotte. Switchyards plans to open 10 of the new facilities by the end of the year.
MARIETTA, GA. — Major League Soccer (MLS) club Atlanta United has announced plans for a $23 million expansion to its Children’s Healthcare of Atlanta Training Ground headquarters facility in Marietta, roughly 20 miles northwest of Atlanta. The two-story, 20,000-square-foot addition will connect to the east wing of the existing facility and feature 4,000 square feed designated for its second team (ATL UTD 2) and the club’s five Academy teams. The space will also feature a dedicated gym, locker room and office space for Atlanta United’s six development teams and 20-plus staff members, as well as a dedicated classroom, two new digital content studios, a new podcast and esports studio and a press conference room. The expansion will bring the total footprint of the facilities to 50,000 square feet, with a total investment of $85 million. Completion of the project is scheduled for summer 2025.
ATLANTA — Dermody Properties has purchased two industrial facilities within Gillem Logistics Center, an industrial park in south Atlanta. The developer, locally based Robinson Weeks Partners, sold the assets for an undisclosed price. The properties include Building 700, a 169,520-square-foot facility, and Building 1200, a 378,520-square-foot building. Wes Hardy represented Dermody in the transaction on an internal basis, and Trey Barry of CBRE represented Robinson Weeks.
RINCON, GA. — Stonemont Financial Group has signed Armstrong Logistics Inc., a warehousing and logistics service provider based in California, to an industrial lease near Port of Savannah. The logistics firm will fully occupy Building 4A, a 733,200-square-foot cross-dock facility, at Georgia International Trade Center (GITC), a 1,150-acre industrial park in Effingham County that Stonemont Financial is co-developing with The Davis Cos. and Chesterfield. Located in Rincon, the facility features 40-foot clear heights, 175 dock-high doors, four drive-in doors and 208 trailer stalls. Scott Mertz of NAI Global brokered the transaction. Additional partners for the project include Omega Construction as the general contractor, Atlas Collaborative as the architect and Thomas & Hutton as the civil engineer. Stephen Ezelle of Cushman & Wakefield/Gilbert & Ezelle is handling all leasing at GITC. Building 4A is the 10th warehouse that Stonemont Financial has delivered at the park.
SANDY SPRINGS, GA. AND TAMARAC, FLA. — Atlanta-based Jamestown has purchased two grocery-anchored shopping centers in metro Atlanta and South Florida totaling approximately 284,000 square feet. The acquired properties include Fountain Oaks, a 160,000-square-foot, Kroger-anchored center in Sandy Springs, and Tamarac Town Square, a 124,000-square-foot, Publix-anchored center in Tamarac. The properties were 92 percent and 84 percent leased at the time of sale, respectively. JLL represented Edens in the sale of Fountain Oaks and Regency Centers in the sale of Tamarac Town Square. The sales prices were not disclosed. The acquisitions expand Jamestown’s grocery-anchored shopping center portfolio to nine properties totaling approximately 1.4 million square feet, all of which are in Georgia and Florida. The company plans to introduce property-wide Wi-Fi, electric vehicle charging stations, murals and outdoor open space at both centers. Jamestown has owned and operated more than 4.6 million square feet of grocery-anchored shopping centers in over 15 markets since 1990.
SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have purchased Provenza at Old Peachtree, a garden-style apartment community located at 1460 Distribution Drive in Suwanee. Situated northeast of Atlanta in Gwinnett County, the property will be rebranded as Echo Ridge Suwanee. Amenities include a pool with poolside grilling stations, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. RangeWater and Nippon Steel Kowa are contemplating adding a dog park and pet spa to round out the property’s amenity offerings, as well as updating unit interiors. The seller, sales price and unit count of Provenza at Old Peachtree were not disclosed.
ELLABELL, GA. — CRG has sold 77 acres within its 764-acre The Cubes at West Port industrial park in the west Savannah suburb of Ellabell to Lecangs, a global third-party logistics user. CRG and parent company Clayco plan to construct a new 1 million-square-foot industrial facility for Lecangs on the site, which sits roughly 25 miles from Savannah at 3438 U.S. Highway 80 E in Bryan County. The construction timeline for the Lecangs development was not disclosed.
ATLANTA — CP Group has rebranded CNN Center, an iconic 1.2 million-square-foot office and retail building in downtown Atlanta, to The Center. The property has served as the headquarters for CNN for over 40 years and also features a large food court on the ground level that connects to State Farm Arena, home arena of the NBA’s Atlanta Hawks. The site also includes the Omni Atlanta Hotel at Centennial Park. CP Group plans to overhaul the former CNN Center to become a hub of world-class retail, dining, content creation and entertainment uses. CP Group has tapped Coleman Weatherholtz of Healey Weatherholtz Properties as The Center’s retail leasing agent and Jeff Keppen and Nicole Goldsmith of CBRE to handle office leasing. In 2021, CP Group purchased CNN Center from AT&T, the former parent company of CNN, in a sale-leaseback transaction that expires this year.
ATLANTA – PrizePicks, a daily fantasy sports operator based in Atlanta, has selected the Star Metals Offices at 1055 Howell Mill Road for its new corporate headquarters. The owner and office landlord of the building in Atlanta’s West Midtown district is Coral Gables, Fla.-based Allen Morris Co. PrizePicks will occupy 33,000 square feet at Star Metals and will invest $25 million in its new headquarters space. The company estimates it will expand its workforce at the new space by 1,000 employees over the next seven years. Organizations involved in the site selection process for the PrizePicks headquarters include the Georgia Department of Economic Development, the Metro Atlanta Chamber, Invest Atlanta, Select Fulton and Georgia Power.
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