Georgia

City of Refuge, Pencor Construction to Build 31-Unit Affordable Housing Project in Atlanta

by John Nelson February 10, 2021

ATLANTA — City of Refuge, an Atlanta-based nonprofit, will partner with Pencor Construction for a 31-unit affordable housing project in Atlanta’s Westside known as The 345. Pencor will be the general contractor for the project. North American Properties (NAP), a mixed-used developer based in Cincinnati, will be the project manager. The 345 formerly was formerly a motel known as The Danzig Motel, which was one of the only African-American-owned motels in Atlanta. The motel had been abandoned for over 20 years, until City of Refuge bought it in 2017. City of Refuge is currently in the permitting process with the City of Atlanta. This spring, the nonprofit plans to break ground on the $2 million renovation. The 345 will be a community to primarily serve African-American men from the Atlanta Westside. City of Refuge wants to focus primarily on Westside neighborhood residents, especially those from the Westlake and Bankhead areas who are defined as low-income individuals by the Department of Housing and Urban Development (HUD). The three-floor housing community will be separated by groups. Floor one will be dedicated to veterans and citizens returning from incarceration; floor two will house men overcoming addiction and those with manageable mental health challenges; …

February 10, 2021

Acquisitions Georgia Multifamily Southeast

Frankforter Group Acquires 240-Unit Garden Walk Multifamily Property in South Atlanta

by John Nelson February 9, 2021

ATLANTA — Frankforter Group has acquired Garden Walk Apartments, a 240-unit, Class B multifamily community in south Atlanta. The seller and sales price were not disclosed. Garden Walk features 240 rental apartments on 29 acres located in Williamsburg Park and is 4.5 miles south of Hartsfield–Jackson Atlanta International Airport. Frankforter Group, a Montreal-based real estate investment and asset management firm, will invest over $2 million to enhance the property, including the common area amenities, such as an automated delivery locker system, clubhouse upgrades, pool area renovations and sports courts revamping.

February 9, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

Acquisitions Georgia Multifamily Southeast

Viking Capital Acquires Marbella Place Apartment Community in Stockbridge, Georgia for $52.7M

by John Nelson February 5, 2021

STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.

February 5, 2021

Acquisitions Georgia Loans Restaurant Retail Southeast

Media Reports: Lenders Foreclose on Town Center at Cobb Mall in Metro Atlanta

by John Nelson February 4, 2021

KENNESAW, GA. — Town Center at Cobb Mall, a nearly 1.3 million-square-foot enclosed regional mall in the northern Atlanta suburb of Kennesaw, was foreclosed on by its lenders, according to the Marietta Daily Journal. Indianapolis-based Simon Property Group (NYSE: SPG) was the previous owner, manager and developer of the mall. Deutsche Bank Trust Corp. was the lead lender and trustee of the $200 million loan, which the global bank made with other investors in 2012. Deutsche Bank Trust auctioned the mall on Tuesday, Feb. 2 and set the opening bid at $130.4 million, but no bids were made at the auction. Deutsche Bank Trust and its co-lenders now own and manage the mall. No additional plans were reported. Town Center at Cobb Mall is located in Cobb County at 400 Ernest W. Barrett Parkway NW, approximately 33 miles north of Hartsfield-Jackson Atlanta International Airport. The mall opened in February 1986 and features more than 170 stores and restaurants, including anchors Macy’s, Belk, H&M and JC Penney. The property features a food court and a children’s play area as well. Simon’s stock price closed on Wednesday, Feb. 3 at $93.38 per share, down from $137.29 a year ago.

February 4, 2021

Development Georgia Industrial Southeast

VanTrust Breaks Ground on 515-Acre Interstate West Industrial Development Near Savannah

by John Nelson February 4, 2021

BRYAN COUNTY, GA. — VanTrust Real Estate LLC has broken ground on the 515-acre Interstate West industrial development in Bryan County, just 30 miles west of Savannah. The first phase includes a 1.2 million-square-foot speculative, Class A warehouse that will deliver in the fourth quarter. Overall the park will have the capacity for 4.9 million square feet of industrial space. Danny Chase and David Sink of Colliers International | Savannah are marketing Interstate West for lease on behalf of VanTrust. Situated just off Interstate 16 and Highway 280, Interstate West will be situated about 22.6 miles from Port of Savannah, 15 miles from Interstate 95 and 18 miles from the Savannah/Hilton Head International Airport. VanTrust Real Estate LLC is a full-service commercial real estate development company based in Kansas City, Mo. No other development team members were disclosed.

February 4, 2021

Acquisitions Georgia Southeast

IMG Acquires Metro Atlanta Apartment Complex for $42.9M

by John Nelson February 1, 2021

SANDY SPRINGS, GA. — Investors Management Group Inc. (IMG) has acquired a metro Atlanta apartment complex known as the Veridian at Sandy Springs. IMG paid $42.9 million for the 272-unit property, or approximately $157,700 per unit. The Veridian was built in 1980 at 1800 Windridge Drive in Sandy Springs, near Ga. Highway 400 and Interstate 285. The community’s amenities include a clubhouse, fitness center, pool and picnic areas. The property includes 17 buildings with one- and two-bedroom units that recently received over $5 million in upgrades. IMG plans to invest an additional $2.3 million in capital improvements. IMG is a Woodland Hills, Calif.-based real estate investment and asset management firm. Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing on behalf of IMG.

February 1, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 18,550 SF Retail Center in Norcross, Georgia

by John Nelson February 1, 2021

NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.

February 1, 2021

Development Georgia Industrial Southeast

CA Ventures Enters Partnership with AIG for 215,000 SF Industrial Development in Newnan, Georgia

by John Nelson January 29, 2021

NEWNAN, GA. — CA Ventures has entered into a joint venture partnership with AIG to deliver a 215,000-square-foot, Class A light industrial facility in Newnan. The project, known as Coweta Business Center, will feature 32-foot clear heights, 200 auto parking spaces and up to 55 dock doors. The site is located adjacent to Interstate 85, less than one mile from the full diamond interchange at Exit 51. The joint venture partnership is planning to start construction later this year and finish construction in December. Wes Budd and Chris Irby of NAI Brannen Goddard represented CA in the acquisition of the land and will also be leasing the project. Mark Sixour, Dennis Mitchell, Matt Wirth and Britton Burdette of JLL Capital Markets arranged the joint venture partnership. CA Ventures, a Chicago-based firm, is a global real estate development and investment management company. AIG is a global finance and insurance firm based in New York City.

January 29, 2021

Development Georgia Industrial Southeast

Sansone Group Acquires 101.5 Acres of Land Near Savannah for New Industrial Development

by John Nelson January 27, 2021

PORT WENTWORTH, GA. — Sansone Group, in partnership with a private equity real estate fund advised by Crow Holdings Capital, has acquired 101.5 acres near Savannah. Sansone Group plans to develop up to 1.4 million square feet of Class A industrial space at the site, which will be the first development in Georgia for the St. Louis-based developer. The site’s address is 4737 Hendley Road in Port Wentworth, less than six miles from the Port of Savannah. The development will be situated at the intersection of Highway 21 and Interstate 95,. The plan includes three buildings that Sansone Group will be developed in two phases. Phase I comprises a 437,500-square-foot building that will break ground in March. Sansone expects to deliver the building in December. Phase II will comprise 805,000 square feet across two buildings Sansone anticipates breaking ground on the second phase in October with delivery slated for July 2022. JLL’s Chris Tomasulo is leasing the project for the ownership group. Kern & Co. designed the site layouts. No general contractor has been selected yet.

January 27, 2021

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