BOISE, IDAHO AND SAVANNAH, GA. — Madison Capital Group LLC has acquired two vacant Sears boxes located adjacent to active shopping malls, the Boise Town Square in Boise and the Oglethorpe Mall in Savannah. The seller and sales price were not disclosed. Madison Capital Group plans to redevelop each box into a mixed-use development that could include residential housing and retail. Madison Capital Group is based in Charlotte and focuses on investing in multifamily and self-storage properties.
MARIETTA, GA. — Vista Realty Partners has sold Marketplace Vista Apartments, a 298-unit luxury multifamily community in Marietta. The buyer, Ohio-based White Oak Partners, purchased the property for $87 million. White Oak Partners also has sold two apartment communities in metro Atlanta recently. The Marketplace Vista Apartments is the residential component of Marketplace at Terrell Mill, a mixed-use development that Eden Rock Real Estate Partners and Connolly Development are co-developing. Marketplace Vista Apartments is located at 1486 Terrell Mill Road SE, close to Interstate 75 and Truist Park, the home ballpark of the Atlanta Braves. Marketplace Vista’s units have been open since August 2020 and were 82 percent occupied at the time of sale. Construction on Marketplace at Terrell Mill started in 2018 and is still currently under development. At full buildout, the tenants at Marketplace at Terrell Mill will include Chick-fil-A, Wendy’s, Panera Bread, Regions Bank, Los Abuelos, Lush Nail Salon, Extra Space Storage and a Kroger store. The new grocery store is a replacement of a nearby Kroger situated a half-mile north along Powers Ferry Road. Synovus Bank provided an undisclosed amount of construction financing for Marketplace Vista. Nationwide Insurance Co., The Radco Cos., Blue Vista Asset Management …
TUCKER AND DULUTH, GA. — Cushman & Wakefield has arranged the sale of Carrington Chase and Carrington Court, two apartment communities located in the Atlanta suburbs of Tucker and Duluth, respectively. Carrington Chase has a total of 410 units and is located at 6280 S. Norcross Tucker Road in Tucker. Carrington Court has a total of 446 units and is located at 3800 Club Drive in Duluth. Both apartments offer community amenities such as car care centers, cyber cafés, fitness centers, grilling/picnic areas, laundry facilities, business centers, lounges, soccer fields, sports courts and swimming pools with fountains. Carrington Chase was 97 percent occupied at the time of sale, and Carrington Court was 96 percent occupied. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Ohio-based White Oak Partners, in the transaction. Charleston-based Greystar Real Estate Partners LLC was the buyer of the two properties. The sales price was not disclosed.
ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …
MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.
ATLANTA — With three COVID-19 vaccines being administered, states all across the country are lessening their pandemic restrictions, including Georgia. Georgia Gov. Brian Kemp signed an executive order last Friday to lift many of the state’s last remaining pandemic restrictions, effective immediately through the month of May. The order occupancy limitations for restaurants that were in place to limit the exposure of contagions, and it also ends protocols for close-contact businesses such as gyms, movie theaters and barbershops. The executive order strongly encourages patrons to continue to practice social distancing and wearing masks in public establishments, and for shops and restaurants to utilize contactless operations where appropriate. The executive order, which is 28 pages long, also ends mask requirements for restaurant workers, lessens restrictions for live performance events and allows sports organizations such as the Atlanta Braves and Atlanta United to increase occupancy. Georgia joins a group of other states with lessening restrictions, including Texas who ended most of its restrictions in March 2021. According to The Atlanta Journal-Constitution, governors in Alabama, Arizona, Mississippi, Connecticut and West Virginia have also decreased their COVID-19 restrictions. Additionally, Florida Gov. Ron DeSantis signed an executive order on Monday, May 3 that suspends all …
BUFORD, GA. — Topgolf Entertainment Group plans to open its fourth Georgia venue in Buford tomorrow. The property will anchor Exchange at Gwinnett, a mixed-use development by locally based Fuqua Development near Mall of Georgia. The Exchange at Gwinnett has more than 465,000 square feet of retail and restaurants, office space, hotel space and residential units. Other than Topgolf, The Exchange will include retailers such as Five Guys, Starbucks Coffee, Four Fat Cows, Chipotle and Sprouts Farmers Market. Topgolf Buford will be a two-floor venue with 72 climate-controlled hitting bays. Other amenities include a chef-driven food and beverage menu that guests can order from during their stay. Topgolf offers reservations online or walk-ins. Topgolf says safety protocols have also been put in place in the new Buford location. The venue will be equipped with social distancing markers, as well as bay dividers to establish barriers between groups. Bays, golf clubs and game screens will be disinfected after each group, and common areas will be disinfected every hour by roving cleaning teams. Additionally, all workers will be required to undergo wellness screenings prior to each shift.
ATLANTA — The Atlanta Braves and Atlanta United FC, the city’s professional baseball and soccer clubs, plan a return to 100 percent attendance at their respective home stadiums, Truist Park and Mercedes-Benz Stadium. Both teams plan to increase their seating capacities to pre-pandemic levels. At Truist Park in Cobb County, the Braves plan to bring the stadium to full capacity to about 41,000 seats. Starting with the May 7 game against the Philadelphia Phillies, the Braves says Truist Park will be at full capacity. Atlanta United will also bring its home games to 100 percent capacity, which will be about 42,500 seats. According to the Atlanta Braves’ website, all health and safety procedures will still be intact, including face masks, cashless concessions, mobile ticketing and ordering and a no bag policy. The Mercedes-Benz Stadium says their health and safety procedures will also be maintained, such as face masks requirements, areas with hand sanitization stands and cleaning procedures before, during and after events.
ATLANTA — CIM Group has completed construction of The Lofts at Centennial Yards South, an adaptive reuse apartment project within the larger $5 billion development in downtown Atlanta known as Centennial Yards. A ribbon-cutting ceremony that took place yesterday also marked the completion of the 160 Trinity offices as well as the launch of construction at 99 Ted Turner creative office, 185 Ted Turner office and the Canyon, a 740-foot-long retail, dining and event destination. Located adjacent to Atlanta’s Castleberry Hill neighborhood, Centennial Yards South comprises six acres and is the first portion to reach completion within the 50-acre Centennial Yards. A redevelopment of the former Southern Railway Freight Depot and Office Building, which served Norfolk Southern from 1982 to 2005, anchors this portion of the development. The Lofts at Centennial Yards South features 162 loft-style apartments, including 27 furnished units to accommodate corporate relocations and Atlanta’s burgeoning film industry. The apartments will be available for occupancy starting this summer. The creative office space at 99 Ted Turner will span approximately 80,000 square feet. The Canyon will serve as a pedestrian promenade below street level. LaGrange-based craft beverage company Wild Leap is slated to open a two-level brewery, distillery and …