Georgia

Radco Sells Spalding Bridge Apartment Community in Atlanta for $38.5M

by Julia Sanders July 7, 2021

ATLANTA — The Radco Cos. has sold Spalding Bridge, a 192-unit multifamily complex located at 47 Spalding Trail NE in Atlanta. Chicago-based 29th Street Capital bought the property for $38.5 million. Derrick Bloom and David Gutting of Newmark brokered the transaction. Built in 1984, Spalding Bridge includes one-, two- and three-bedroom apartments with fully equipped kitchens, washer/dryer connections, balconies and extra storage. Community amenities also include an outdoor lounge with a fire pit, bark park, pool with sundeck, tennis courts, fitness center with free weights and BBQ picnic areas. Atlanta-based Radco acquired the property in 2015. The apartment complex offers access to Ga. Highway 400 and Interstate 285. The property is nearby recreational areas such as the Chattahoochee River, Dunwoody Nature Center, Steel Canyon Golf Club and Big Trees Forest Preserve.

July 7, 2021

Acquisitions Georgia Single-Family Rental Southeast Tennessee

GTIS Partners Sells Single-Family Rental Portfolio for $300M

by Julia Sanders July 6, 2021

ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.

July 6, 2021

Georgia Multifamily Southeast

Preferred Apartment Communities Purchases Ellison Apartments in Metro Atlanta

by Julia Sanders July 6, 2021

KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.

July 6, 2021

Georgia Market Reports Restaurant Retail Southeast Southeast Market Reports

Ambitious Mixed-Use Projects are Adding New Retail Density Around Atlanta

by John Nelson July 5, 2021

Atlanta is a city that is always evolving. Even prior to the pandemic, rapid change seemed to be the one constant thing about the market. This continues to be true today; from downtown to the furthest suburban reaches, Atlanta’s retail landscape is vibrant with new brands and ambitious projects. One of the most notable areas of growth in greater Atlanta is the expansion of single-tenant operators, especially quick-service restaurants. New national players such as Whataburger and Raising Cane’s are entering the metro Atlanta market, as other popular chains such as Freddy’s Frozen Custard & Steakburgers and gusto! continue to expand. Evolving faster than restaurants, however, are discount retailers. Forbes recently noted that The TJX Cos., Ross Dress for Less, Burlington and Five Below are among the chains with active expansion plans. Dollar Tree also recently announced Family Dollar Tree, a new concept that combines its flagship brands into a hybrid shop for more rural communities with less convenient access to necessity retail. While some grocers such as Kroger and Sprouts Farmer Market have slowed growth, Publix is picking up the slack, opening and planning multiple locations throughout greater Atlanta. German discount grocer Lidl, which opened its first U.S. store just …

July 5, 2021

Acquisitions Georgia Office Southeast Top Stories

CP Group Acquires 1.2 MSF CNN Center Office Building in Atlanta

by Julia Sanders July 2, 2021

ATLANTA — CP Group has acquired One CNN Center, a 1.2-million-square-foot office building in downtown Atlanta, for an undisclosed price. The acquisition was completed via a joint venture with funds managed by Miami-based Rialto Capital Management LLC. The transaction makes CP Group the second largest office owner in the state of Georgia, according to the company. The seller, WarnerMedia, will lease back the CNN Center for several years. WarnerMedia is the parent company of 24-hour news station CNN, which broadcasts from the building. Located at 190 Marietta St. NW, the CNN Center is located in the center of Atlanta’s central business district, near State Farm Arena, Mercedes-Benz Stadium, Centennial Olympic Park, Georgia World Congress Center, World of Coca-Cola, Georgia Aquarium, College Football Hall of Fame and the Center for Civil & Human Rights. “The CNN Center is one of Atlanta’s most iconic landmarks and we look forward to embracing the opportunity to strategically transform the asset and build off the city’s current momentum,” says Chris Eachus, partner at CP Group. The center is located adjacent to Centennial Yards, which is a $5 billion mixed-use project that will include multiple residential and office towers, restaurants and retail. “Many markets across the …

July 2, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

Development Georgia Industrial Southeast

Trammell Crow, Clarion to Develop 1.1 MSF Build-to-Suit Facility for Ace Hardware in Jefferson, Georgia

by Julia Sanders June 30, 2021

JEFFERSON, GA. — Trammell Crow Co. and its joint venture partner Clarion Partners LLC have released plans for a new distribution center for Ace Hardware Corp. as part of the Jefferson Mill Business Park in Atlanta’s I-85 Northeast submarket. Ace Hardware, a retailer of convenience hardware products based in Oak Brook, Ill., will lease a 1.1 million-square-foot building when construction is complete in the second quarter of 2022. Located at 1231 Hog Mountain Road in Jefferson, the build-to-suit facility will include 28,000 square feet of office space, 400 car parking spaces and 300 trailer parking spaces. The building will be expandable by an additional 460,000 square feet, and the property will serve as one of Ace Hardware’s retail support centers. David Lind of CBRE represented Ace Hardware in the lease negotiations. Ben Logue and Price Weaver of Colliers International represented the landlords.

June 30, 2021

Development Georgia Retail Southeast

North American Properties Opens Politan Row Food Hall at Colony Square in Midtown Atlanta

by Julia Sanders June 30, 2021

ATLANTA — Developer North American Properties (NAP) has opened Politan Row, a new food hall at Colony Square in Midtown Atlanta. The food hall is located at the corner of 14th and Peachtree streets and features space for 11 independent food and beverage concepts, a central bar, an event space and a hidden bar. An entity known as Politan Group operates the food hall. The nine open purveyors at Politan Row include Belli Pizzeria, Bun Mi Grill, Federal Burger, Gekko, Locale Cafe, Pretty Little Tacos, Tandoori Pizza and Wing Co., Unbeliebubble and YŌM. The last two concepts are still in the planning stages and more information about them will be released later. Politan Row at Colony Square’s interior space, which can seat 250 guests, makes up approximately 20,000 square feet. Colony Square’s outdoor space encompasses 22,000 square feet and includes three designated areas known as The Plaza, The Patio and The Grove. The Plaza will host Colony Square’s 200 plus annual events. The Patio features a variety of covered seating, an outdoor bar and shuffleboards. The Grove includes seating underneath a canopy of trees. Anchoring the new food hall is Bar Politan, a 40-seat bar whose program includes craft cocktails, …

June 30, 2021

Development Georgia Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on 180-Unit Outlook at Exchange in Buford, Georgia

by Julia Sanders June 30, 2021

BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.

June 30, 2021

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