Georgia

After 18 Months, Seniors Housing Operators More Adept at Handling COVID-19 Crisis, Says InterFace Panel

by John Nelson September 7, 2021

ATLANTA — Seniors housing operators have been grappling the past 18 months with how to maintain their properties and keep occupancy high while also protecting their staff and residents, who are the most vulnerable population for infections and death from the COVID-19 outbreak. With the rise of the Delta variant in recent weeks, owners and operators are having to make tough decisions to care for their residents, although now they have built some muscle memory on how to operate effectively amid the pandemic. “We are better at dealing with COVID-19 now than before,” said Joe Jasmon, CEO and managing partner of American Healthcare Management. Jasmon added that alleviating the fear of COVID-19 and the Delta variant is a big part of an operator’s job, and bringing residents into their social programs is a major point of emphasis, even if it can only be done virtually. “There’s been a huge insurgence of Zoom calls,” said Jasmon. “Before it was once in a blue moon, and it would be a son or daughter who lived in Belize or somewhere. Now the entire family and friends are calling in. We have to cultivate that activity and encourage it.” Jasmon’s comments came during the …

September 7, 2021

Georgia Hospitality Loans South Carolina Southeast

PMZ Realty Arranges $70M Financing for Two Hotel Properties in Charleston, Augusta

by Julia Sanders September 1, 2021

CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and upgrade the properties. The 150-room Holiday Inn Express is located close to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens and the South Carolina Aquarium. Located at 250 Spring St., the hotel is only 12 miles from Charleston International Airport. Hotel amenities include a pool, breakfast provided for guests, complimentary Wi-Fi and a fitness center. Located at 2110 Walton Way, the 153-room Partridge Inn Augusta is situated less than two miles from Daniel Field Private Airport, 10 miles from Augusta Regional Airport and about 4 miles from the Augusta National Golf Club. Hotel amenities include complimentary Wi-Fi, an onsite restaurant, outdoor pool, fitness center, room service, business center and meeting rooms.

September 1, 2021

Development Georgia Multifamily Southeast

Portman, National Real Estate Advisors Break Ground on Multifamily Project in Midtown Atlanta

by Julia Sanders August 31, 2021

ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …

August 31, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

Acquisitions Georgia Retail Southeast

Hanley Negotiates $20.1M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.

August 26, 2021

Acquisitions Georgia Retail Southeast

SRS Arranges $19.4M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

UNION CITY, GA. — SRS Real Estate Partners has arranged the sale of Shannon Crossing, a 101,174-square-foot, Kroger-anchored shopping center located in Union City, about 17.9 miles south of downtown Atlanta. Forge Real Estate Partners III LP, a joint venture between Rancho Sante Fe, Calif.-based Forge Capital Partners and St. Petersburg, Fla.-based The Sembler Co., sold the property for $19.4 million to an Atlanta-based entity doing business as Flesh and Soul Enterprises LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Located at 4550 Jonesboro Road, the property is situated adjacent to Interstate 85. Kroger has anchored Shannon Crossing for over 41 years. About 97 percent occupied at the time of sale, Shannon Crossing has a tenant roster that includes Advance Auto Parts, Chase Bank, T-Mobile, The UPS Store, Papa John’s and J.R. Crickets.

August 26, 2021

Acquisitions Georgia Retail Southeast

Palomar Group Brokers $2.3M Sale of Starbucks-Occupied Property in Evans, Georgia

by Julia Sanders August 26, 2021

EVANS, GA. — The Palomar Group has brokered the $2.3 million sale of a Starbucks-occupied retail property located at 3104 William Few Parkway in Evans. The buyer was an investor based in Aiken, S.C., and the seller was an investor based in Augusta, Ga. The Palomar Group was the only broker involved in the transaction. Built in 2021, the retail property spans 2,500 square feet. Starbucks has a 10-year lease and no termination clause at the property. The store is an outparcel of a Publix-anchored shopping center and is located next to a CVS/pharmacy and Mi Rancho Mexican restaurant.

August 26, 2021

Georgia Loans Mixed-Use Southeast

RMC Provides $70.5M Loan for 8West Mixed-Use Project in Atlanta’s West Midtown

by Julia Sanders August 25, 2021

ATLANTA — An affiliate of Rubenstein Mortgage Capital (RMC) has provided a $70.5 million loan for 8West, an office and retail mixed-use development in the West Midtown submarket of Atlanta. Taylor Smith and Ashesh Parikh of RMC originated the transaction. In 2019, RMC provided a $48.7 million senior construction loan to the 8West property owner, a joint venture between local developer The Atlantic Cos. and investor Harvest Capital Group. RMC has increased the initial loan to $70.5 million, which will allow the joint venture to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West. Located at 889 Howell Mill Road, 8West borders the Georgia Tech campus and is located about 2.3 miles from downtown Atlanta. The nine-story, 195,847-square-foot project includes approximately 177,441 square feet of office space and 18,406 square feet of retail space. Amenities include multiple outdoor terraces, a fitness facility, bike storage and repair, common collaborative spaces, conference facilities and a public plaza. Construction was completed in December 2020. RMC is the investment platform of Rubenstein Partners, a real estate investment advisory firm based in Philadelphia. Rubenstein also owns other properties in the Atlanta area including Sanctuary Park in …

August 25, 2021

Acquisitions Georgia Multifamily Southeast

Passco Acquires Harrison at Braselton Apartments in Buford, Georgia for $69M

by Julia Sanders August 24, 2021

BUFORD, GA. — Passco Cos. has acquired The Harrison at Braselton, a 248-unit apartment community in Buford, for $69 million. Claret Communities and The Ardent Cos. were the sellers. Transwestern Real Estate Services was the broker. Built in 2019, The Harrison at Braselton offers one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances, open-style floor plans, kitchen islands with bar seating, wood-style plank flooring and built-in desks topped with granite. The property was 97.9 percent occupied at the time of sale. Community amenities include a clubhouse, resident lounge, fitness center, outdoor lounge with fireplace and TV, pool, sundeck, two poolside grilling stations, package lockers, 24-hour emergency maintenance and a bark park and dog wash station. The property was fully leased at the time of sale. Located at 1500 Noble Vines Drive, the apartment property is situated about 42.1 miles north from downtown Atlanta and approximately 20.2 miles from Duluth. These properties include the Mill at New Holland, a 284-unit community in Gainesville, Ga.; The PARQ at Chesterfield, a 345-unit community in Chesterfield, Mo.; The Fitzroy at Chenal, a 294-unit community in Little Rock, Ark.; Altis Promenade, a 338-unit community in Tampa, Fla.; and The Collins, a 272-unit …

August 24, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

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