Georgia

Publix to Occupy 42,514 SF at Interlock Mixed-Use Project by S.J. Collins in Atlanta’s West Midtown

by Julia Sanders April 14, 2021

ATLANTA — Publix will occupy a 42,514-square-foot store for the second phase of The Interlock, a mixed-use development underway at the intersection of Ethel Street and Northside Drive in Atlanta’s West Midtown district. Demolition for the site will begin in May, and vertical construction will start in the fall of 2022. S.J. Collins Enterprises is the landlord. Phase I of The Interlock is a nine-acre, mixed-use property located at 1115 Howell Mill Road N.W. The development includes 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes; 70 single-family homes; and the 161-room Bellyard, a Tribute Portfolio Hotel. Phase I leasing opportunities still include approximately 87,000 square feet of office space and 30,000 square feet of retail and restaurant space. Phase II includes an additional 4.5 acres that will include another 40,000 square feet for retail space, 186,000 square feet of office space, student housing serving students of nearby Georgia Tech and the Publix grocery store. The various components of The Interlock are connected to each other via a one-acre public park. Phase II is currently being designed by Dynamik Design. Puttshack is debuting at The Interlock next week and Bellyard, …

April 14, 2021

Acquisitions Development Georgia Loans Multifamily Southeast

Ready Capital Closes $53.6M Acquisition Financing for Multifamily Property in Atlanta

by Julia Sanders April 14, 2021

ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.

April 14, 2021

Acquisitions Georgia Industrial North Carolina Southeast Tennessee Top Stories Virginia

Partners Group Sells East Coast Industrial Portfolio for $1B

by John Nelson April 13, 2021

BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …

April 13, 2021

Affordable Housing Development Georgia Loans Multifamily Southeast

Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta

by Julia Sanders April 12, 2021

ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months. Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space. Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24. Vecino Group helped bring together the …

April 12, 2021

Acquisitions Georgia Restaurant Retail Southeast

Selig Enterprises, Pension Fund Acquire 421,000 SF Lenox Marketplace in Atlanta’s Buckhead District

by Julia Sanders April 7, 2021

ATLANTA — Atlanta-based Selig Enterprises and State Teachers Retirement System of Ohio have acquired Lenox Marketplace, a 421,000-square-foot retail center in Atlanta’s Buckhead district. Selig will oversee leasing at the center and will serve as the asset and property manager. The seller and sales price were not disclosed. Located at the intersection of Peachtree and Wieuca roads and across the street from Phipps Plaza, Lenox Marketplace spans 9.4 acres with a mix of retail and dining options. The multi-level retail center is anchored by Publix, Target, Dick’s Sporting Goods and LA Fitness, with additional tenants such as Ethan Allen, Roam and Iron Hill Brewery & Restaurant. The property is also one block from Lenox Square Mall and adjacent to Selig’s Buckhead Triangle property. With the addition of Lenox Marketplace, Selig’s retail portfolio spans almost 4 million square feet across the Southeast. The firm’s Buckhead portfolio includes Buckhead Triangle, Brookwood Place, Buckhead Square I and II, The Shops of Buckhead, Buckhead Commons and Peachtree Plaza. Selig is also the master developer of The Works, an 80-acre mixed-use development in Atlanta’s West Midtown neighborhood.

April 7, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $75M Sale of East Ponce Village Multifamily Property in Tucker, Georgia

by Julia Sanders April 6, 2021

TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.

April 6, 2021

Georgia Industrial Market Reports Southeast Southeast Market Reports

Latest Shift in Atlanta’s Industrial Landscape: Mid-Sized Deals are All the Rage

by John Nelson April 5, 2021

While retail and office have had to adjust to a COVID-19 world, industrial has been the beneficiary. E-commerce, supply chain and last mile delivery are all the rage. But what has really gotten economic development leaders, elected officials and the media excited are the massive warehouse deals in cities like Atlanta that have created headlines and driven investor capital to industrial. Atlanta didn’t even truly get into the big-box industrial development game until 2004. From 1960 to 2006 there were just 13 buildings larger than 1 million square feet constructed in the metro area, but 11 were build-to-suits for users such as JC Penney, Kmart, Publix, Home Depot and the General Services Administration. Only Duke Realty (2004) and Majestic (2006) developed speculative properties spanning more than 1 million square feet. Between 2006 and 2015, there were 11 buildings more than 1 million square feet added to the city’s inventory, with seven of those south of Interstate 20, three in the Northeast 85 corridor and one on the Interstate 20 West Corridor. As Atlanta’s economy roared back in 2016, the market exploded with 17 new big-box facilities in just five years. While prior to 2015 the field of players constructing these …

April 5, 2021

Development Georgia Life Sciences Mixed-Use Southeast

Trammell Crow, High Street Residential to Develop Mixed-Use Life Sciences Project Near Georgia Tech in Atlanta

by Julia Sanders March 31, 2021

ATLANTA — Trammell Crow Co. and High Street Residential are co-developing the remaining phases of Technology Enterprise Park (TEP) in Midtown Atlanta. Georgia Advanced Technology Ventures (GATV), a Georgia Tech-led cooperative organization that is overseeing this project, chose the two firms to deliver a mixed-use, life sciences center within TEP. Construction is slated to begin in early 2022. For each of the five planned project phases of TEP, there is a grant to establish a sustainable education and training program for residents, Georgia Tech students and teachers in surrounding neighborhoods to expose them to careers in the biomedical and life sciences industries. TEP currently has two existing buildings that house research and lab space. The property will begin the park’s long-term expansion with Phase I, which will feature two buildings that include 370,000 square feet of lab and office space and 280 residential apartments.

March 31, 2021

Acquisitions Florida Georgia Industrial Self-Storage South Carolina Southeast

Compass Self Storage Acquires Three Self-Storage Centers Around the Southeast

by Julia Sanders March 31, 2021

CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.

March 31, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Community Solutions, Partners for Home Purchase Atlanta Apartment Community for New Veteran Homelessness Project

by Julia Sanders March 30, 2021

ATLANTA — Community Solutions and Atlanta-based Partners for Home have purchased Centra Villa, a 132-unit apartment building in Atlanta that will be reimagined to provide affordable housing for veterans experiencing homelessness. The project is expected to cost $12 million. Located at 1717 Centra Villa Drive SW, Centra Villa is situated 2.8 miles from the Fort McPherson Veteran Affairs Clinic, providing its tenants with close access to medical services and other community resources, including long-term, permanent housing. Centra Villa will increase the number of units available to house veterans. The current tenants will continue to stay, and the project aims to have 50 percent of the units set aside for vulnerable veterans, which will be accomplished through natural attrition. The City of Atlanta provided a HomeFirst grant to the co-developers. The Atlanta Affordable Housing Fund provided a social impact subordinate loan, and Fannie Mae provided the mortgage. The Home Deport Foundation also provided an undisclosed amount of funding. The property is being built as part of Built for Zero, Community Solutions’ national initiative comprising 80 cities and counties to measurably end homeless. The City of Atlanta joined the initiative last year.

March 30, 2021

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