Georgia

Haven Realty Capital Acquires Single-Family Rental Homes in Georgia, North Carolina for $80M

by Julia Sanders July 28, 2021

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

July 28, 2021

Development Georgia Multifamily Single-Family Rental Southeast

PulteGroup, Invitation Homes to Build 7,500 Single-Family Rental Projects in Next Five Years

by Julia Sanders July 28, 2021

ATLANTA AND DALLAS — Atlanta-based PulteGroup Inc. and Dallas-based Invitation Homes have formed a joint venture to build and lease new single-family rental homes. PulteGroup expects to design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in its single-family rental leasing portfolio. The companies have already agreed on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in growth markets such as Florida, Georgia, Southern California, North Carolina and Texas. PulteGroup Inc. is a homebuilding company with operations in more than 40 markets throughout the country. Invitation Homes is a single-family home leasing and management company.

July 28, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 178,930 SF Shopping Center in Athens, Georgia

by Julia Sanders July 26, 2021

ATHENS, GA. — SRS Real Estate Partners has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens. SomeraRoad, a New York-based commercial real estate investment and development firm, sold the property for $16 million to an entity doing business as Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Athens West is anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza. Roughly 42,000 square feet of new tenants have joined the center since 2019. The shopping center is located at 3190 Atlanta Highway, about 7.2 miles from the University of Georgia’s campus.

July 26, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $54.6M Sale of National Dollar General Store Portfolio

by Julia Sanders July 21, 2021

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the $54.6 million sale of a portfolio of 35 Dollar General-leased stores across 12 states. Don McMinn of Taylor McMinn represented the seller, CMK Properties, a privately held real estate investor and syndicator based in Brentwood, Tenn., in the sales transaction. The buyer was Realty Income, a net lease REIT based in San Diego. All the Dollar General leases were triple net lease and had around 10 years of term remaining. “This transaction illustrates the current peak demand for Dollar Generals in the market today from both private and institutional investors. Due to the limited supply these stores are trading at historic levels both individually and on a portfolio level,” says McMinn.

July 21, 2021

Acquisitions Georgia Industrial Southeast

Rockefeller Group Sells 222,618 SF Distribution Center in Braselton, Georgia

by Julia Sanders July 20, 2021

BRASELTON, GA. — Rockefeller Group has sold a 222,618-square-foot distribution center in Braselton to Cabot Properties for an undisclosed price. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction. Since March 2021, the building, known as Braselton 85, has been fully leased to Duckyang America Inc., a Korean automotive equipment supplier that is using the property for warehousing and light manufacturing. The company manufactures and distributes cockpit modules, instrument panels and door trims for the automotive industry. The property sits along Broadway Avenue near Interstate 85 North. Atlanta-based Pattillo Construction began construction on 85 Braselton in the fall of 2020 and delivered the asset in March. The newly built facility includes an ESFR sprinkler system, 26 onsite trailer drops, 134 auto parking spaces, 47 dock doors with two drive-in doors, 32-foot clear heights and LED lighting.

July 20, 2021

Company News Georgia Office Retail Southeast

Former North American Properties Executive Mark Toro Launches Toro Development Co.

by Julia Sanders July 20, 2021

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites. John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a role in ground-up and redevelopment projects at NAP, including Avalon, Atlantic Station, Colony Square and Edge on the Beltline. Kelley will be in charge of commercial development, while Munger will oversee residential development. Lastly, Boyce, who first started working with Toro in 2001, will serve as chief financial officer for the new company. Toro Development Co.’s investment partners include Four Stones Real Estate, an Andrew Cathy Enterprise that was founded by Cathy in January 2020, and Lubert-Adler Real Estate Funds.

July 20, 2021

Acquisitions Georgia Multifamily Southeast

Forrest Street Partners Purchases Manufactured Housing and RV Park in Covington, Georgia

by Julia Sanders July 20, 2021

COVINGTON, GA. — Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured housing and RV park in Covington. The seller and sales price were not disclosed. Riverside Estates is the third RV park and first manufactured housing park that Forrest Street Partners has purchased in the Atlanta area. The park has 170 RV sites and 135 manufactured home sites, as well as a clubhouse, pool and playground. Forrest Street plans to renovate the property by adding asphalt to the roads, pressure washing and re-skirting homes that need updates, as well as building 20 new homes. On the RV side, additions will include a renovated electrical system, new cable and internet, road and site improvements and refurbishing the pool, clubhouse and bathhouse. The firm also plans to rename and rebrand the park within the next few months. Forrest Street Partners is a real estate investment firm based in Roswell, Ga., and the firm focuses on RV parks, manufactured homes and retail properties throughout the Southeast.

July 20, 2021

Development Georgia Mixed-Use Southeast

NAP, Hoar Complete $400M Redevelopment of Colony Square in Midtown Atlanta

by Julia Sanders July 19, 2021

ATLANTA — North American Properties (NAP) and Hoar Construction have completed the redevelopment of Colony Square, a mixed-use development located at the intersection of 14th and Peachtree streets in the Midtown neighborhood of Atlanta. The project comprised four phases and the total development cost was $400 million. Over the past four years, the developers have completed a 200,000-square-foot renovation of two existing buildings, the ground-up construction of a new building featuring a movie theater and food hall and two new Class A office buildings with street-level retail. General contractor Hoar broke ground on Phase I of the multi-phase project in October 2017. The firm demolished 240,000 square feet of existing enclosed mall space. Hoar topped out on Buildings 200 and 300 in August 2019, and finalized upgrades to Building 400, which received lobby enhancements and exterior retail additions in 2018. In total, Colony Square offers 940,000 square feet of Class A office space and 160,000 square feet of retail, restaurant and entertainment space. NAP, Colony Square’s owner and developer based in Cincinnati, opened Politan Row at Colony Square, the new food hall in Building 200, as well as Building 500, which includes 115,000 square feet of office space fully occupied …

July 19, 2021

Development Georgia Office Southeast

Roam to Open Coworking Space at Town at Trilith Development in Fayetteville, Georgia

by Julia Sanders July 16, 2021

FAYETTEVILLE, GA. — Roam, a coworking operator, will open a new location in September inside the Two-Ten office building within Town at Trillith in Fayetteville. The mixed-use project is located adjacent to Trilith Studios, a 1,000-acre movie studio formerly known as Pinewood Atlanta Studios that has produced movies such as Avengers: Endgame and Ant-Man. The Town at Trilith space will be Roam’s seventh and newest location, and it will include offices and desks for rent, as well as meeting spaces designed to accommodate varying group sizes. The space will also include a boardroom with seating for up to 16 individuals, four large training rooms that can accommodate groups of up to 60, a screening room and a podcast room. Roam offers a variety of membership options, including two and three-month terms, flexible month-to-month agreements and daily passes. Tenants at Town at Trillith that have already opened include Amici Italian Café, The Piedmont Wellness Center, Honeysuckle Gelato, Green p.s., Amici Café, Barleygarden Kitchen and Craft Bar and Hop City. Trilith has announced other retailers including Leyland Blue, Trilith Food Hall, Native Collective, The Skin Society, Sugarcoat, Premiere Hair Studio, Woodstone Bakery & Café, Braise, Archer Paper Goods, The Funky Shack and …

July 16, 2021

Development Georgia Industrial Southeast

Robinson Weeks Breaks Ground on 1.3 MSF Spec Industrial Development Near Atlanta

by Julia Sanders July 16, 2021

FOREST PARK, GA. — Robinson Weeks Partners has broken ground on Gillem 1100 and Gillem 1200, a pair of Class A speculative distribution centers in metro Atlanta totaling nearly 1.3 million square feet. The facilities sit within Gillem Logistics Center in Forest Park. Construction on Gillem 1100 is scheduled to finish in the beginning of 2022, while Gillem 1200 is slated for completion in the second quarter of 2022. The 909,509-square-foot Gillem 1100 will be a cross-dock facility featuring 40-foot clear heights, 300 auto parking spaces, 171 dock high doors and 318 trailer storage spaces. The 377,520-square-foot Gillem 1200 will feature 32-foot clear heights, 267 auto parking spaces, 70 dock high doors and 86 trailer storage spaces. Formerly the Fort Gillem Army Base, Gillem Logistics Center is a 1,168-acre master-planned industrial development featuring more than 8 million square feet of industrial space and 500,000 square feet of mixed-use facilities. The logistics center is approximately 11 miles from Hartsfield-Jackson Atlanta International Airport and houses tenants including Kroger, Cummins, HD Supply, XPO, Kuehne + Nagel and Kalera. Robinson Weeks Partners is an Atlanta-based development and acquisitions firm. The firm was selected to be the master developer for the project in 2007 and …

July 16, 2021

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