Georgia

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow March 24, 2021

ATLANTA — Google will occupy 19 floors of its new Atlanta office currently under construction in Midtown. The office tower is part of a mixed-use development known as 1105 West Peachtree. Selig Enterprises is developing the office tower, which is slated for completion in the third quarter of 2022. In addition to the 645,000-square-foot office component, the overall project will include a 64-unit condominium tower and a 178-room Epicurean Hotel. Starting next year, Google will take occupancy of five floors, or roughly 150,000 square feet of the Midtown office building. The company says it will move into the remaining space over the next several years. Last week, Google announced that it planned to invest more than $7 billion in offices and data centers across the country and create at least 10,000 new full-time jobs. Of that investment, $25 million is in the state of Georgia. In its 2020 Economic Impact Report, Google shared how more than 67,000 businesses, publishers and nonprofits in Georgia used Google products last year. This activity generated $9.9 billion in economic activity in 2020, a 13 percent increase from 2019. Google has called Georgia home since 2003. The company maintains an existing Midtown office, as well …

March 24, 2021

Development Georgia Southeast

Clark Construction Breaks Ground on $271M Expansion of Savannah Convention Center

by Julia Sanders March 22, 2021

SAVANNAH, GA. — Clark Construction Group has broken ground on the expansion of Savannah Convention Center located at 1 International Drive in Savannah. Clark Construction is the construction manager and general contractor for the $271 million project, which is slated for completion in 2023. The complex will remain open during the entirety of the expansion project. The project will double the Savannah Convention Center’s exhibit hall space to 200,000 square feet, add a 58-foot-wide hangar door, 40,000-square-foot ballroom, 15 additional meeting rooms and a 900-space parking garage. The redevelopment will enable Savannah to contend for larger conventions and events. The project’s delivery is anticipated to create as many as 600 construction jobs. In 2017, the Georgia General Assembly first approved the initial funding to begin design efforts in concert with Atlanta-based Thompson, Ventulett, Stainback & Associates and Savannah-based Hanson Architects — the two firms that designed the original convention center. Clark Construction first began preconstruction work on the project in October 2018. Over the last 28 months, the company has worked in close coordination with the Savannah-Georgia Convention Center Authority and the Georgia State Financing and Investment Commission (GSFIC) leaders to support extensive budgeting efforts, design development and advance subcontractor …

March 22, 2021

Acquisitions Georgia Multifamily Single-Family Rental Southeast

J.P. Morgan Purchases New Single-Family Rental Community in Athens, Georgia for $50.8M

by Julia Sanders March 19, 2021

ATHENS, GA. — New York-based J.P. Morgan has purchased The Cottages at Ridge Pointe, a single-family rental community in Athens, for $50.8 million. The seller is Vinings, Ga.-based Jim Chapman Communities, which delivered the 216-unit community property in 2020. Located at 805 Zelkova Ridge, the property comprises single-story rental ranch cottages. Each rental unit includes private patios and front-porch entryways, kitchens with granite countertops and subway tile backsplashes, designer lighting, stainless steel appliances, wide doorways, a zero-step entry into the home, walk-in closets and attached, single-car garages. Community amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center, catering kitchen and leasing and management offices. The community also offers onsite management by Atlanta-based RangeWater Real Estate, which includes 24-hour emergency maintenance service.

March 19, 2021

Development Georgia Mixed-Use Southeast

Hallmark Venture Group Acquires 1.2 MSF Mall at Stonecrest in Metro Atlanta, Plans Mixed-Use Campus

by Julia Sanders March 18, 2021

STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.

March 18, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

by Julia Sanders March 18, 2021

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.

March 18, 2021

Georgia Industrial Leasing Activity Southeast

MCB Signs Logistics User to 1 MSF Industrial Lease in Palmetto, Georgia

by Julia Sanders March 15, 2021

PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.

March 15, 2021

Acquisitions Georgia Multifamily Southeast

Elevation Financial Group Sells Multifamily Property in Columbus, Georgia for $13M

by Julia Sanders March 11, 2021

COLUMBUS, GA. — Elevation Financial Group has sold Serenity Apartments, a 211-unit multifamily community in Columbus, for $13 million. The buyer was not disclosed. Elevation purchased Serenity in July 2018 for $7.6 million, when it was 72 percent occupied. Since then the Orlando-based firm has made several enhancements, including the revitalization of over 50 apartment units, a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings and parking lot paving. At the time of sale, the property was 96 percent occupied. Serenity is situated within eight miles of Fort Benning Army Base and three miles from Columbus State University. The property marks the sixth disposition for Elevation Real Property Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two seniors housing properties in Virginia and one seniors housing community in Illinois.

March 11, 2021

Development Georgia Multifamily Southeast Student Housing

Landmark, AECOM-Canyon to Develop 32-Story Student Housing Tower in Downtown Atlanta

by Julia Sanders March 9, 2021

ATLANTA — Landmark Properties and AECOM-Canyon Partners have partnered to co-develop The Metropolitan at Atlanta, a 32-story, 835-bed student housing development located a quarter-mile from Georgia State University (GSU) in downtown Atlanta. Construction at The Metropolitan will begin later this month and is scheduled for completion by August 2023. Located at Luckie Street and Ted Turner Drive, the 265-unit project will span 325,000 square feet, including approximately 5,700 square feet of retail space. The mixed-use development will be located near Five Points MARTA station, Centennial Olympic Park, Mercedes-Benz Stadium and State Farm Arena. The Metropolitan will be Landmark’s fourth development in the Atlanta area since 2018. The Metropolitan will offer one- to five-bedroom units. Community amenities will include a clubhouse, outdoor pool, concierge service, 24-hour fitness center, golf simulator and café study lounge. Units will feature granite countertops and stainless steel appliances, as well as high-speed internet and cable. AECOM-Canyon Partners, a joint venture partnership between AECOM Capital and Canyon Partners LLC, is bringing design, construction management and engineering expertise to the project. Landmark Urban Construction is the general contractor for the project, and CNNA Architects and W&A Engineering are also part of the development team. Landmark is a student …

March 9, 2021

Bohler Development Georgia Hospitality Southeast

Legacy Ventures Opens Hyatt House Atlanta Perimeter Center Ahead of Schedule

by Julia Sanders March 8, 2021

SANDY SPRINGS, GA. — Legacy Ventures has opened Hyatt House Atlanta Perimeter Center located in Sandy Springs’ “Pill Hill” medical district a full two months ahead of schedule. The extended-stay hotel has 186 rooms and seeks to bring hospitality to patients and professionals visiting the area. The Hyatt House’s location benefits from The Simpson Organization’s redevelopment of Peachtree Dunwoody Pavilion, newly renamed Altmore, into a more mixed-use and walkable environment. The development features a pedestrian bridge directly to MARTA’s Medical Center Station, and Simpson also plans to add multifamily housing and a multi-use trail in a later phase of the development. The project team included Bohler, a landscape consultant and tech design services engineering firm based in Warren, N.J., as well as Atlanta-based firms Choate Construction and Cooper Carry. Bohler helped bring the project to completion ahead of schedule by looking beyond design to consider constructability and identifying potential risks and creative solutions. Hyatt House Atlanta Perimeter Center is Legacy Ventures’ fourth ground-up hotel developed in the greater Atlanta area. Ameris Bank provided the construction financing for the project.

March 8, 2021

Acquisitions Georgia Restaurant Retail Southeast

RRI Acquires Whole Foods-Anchored Shopping Center in Savannah for $24.7M

by Julia Sanders March 8, 2021

SAVANNAH, GA. — New York-based Rothenberg-Rosenfield Inc. (RRI) has acquired Victory Station, a 64,164-square foot, Whole Foods Market-anchored shopping center situated at the corner of Harry S. Truman Parkway and Victory Drive in Savannah. RRI purchased the property from Clarion Partners for $24.7 million. Built in 2013, Victory Station is currently 96 percent leased with only one available space. The Whole Foods is the retailer’s only location in Savannah and one of only two specialty grocery stores in the entire trade area. The shopping center’s other national tenants include PetSmart, Chipotle Mexican Grill, T-Mobile and Zoe’s Kitchen. RRI is engaging Colliers International to lease and manage the property.

March 8, 2021

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