Georgia

JLL Arranges Sale of 120,800 SF Industrial Property in Atlanta

by Alex Tostado March 19, 2020

ATLANTA — JLL has arranged the sale of Piedmont Warehouses, a two-building, 120,800-square-foot industrial property in Atlanta. The property is situated on 5.6 acres at 2091-2241 Faulkner Road, seven miles north of downtown Atlanta, less than a mile from Interstate 85 and Ga. Highway 400, and three miles from I-75. The buildings were renovated in 2018 and feature 34 dock-high doors, 16-foot clear heights, office space and numerous suites with air-conditioned warehouse space. JLL represented the seller, a partnership between Weaver Capital Partners and The Seng Co., in the transaction. Further details of the sale were not disclosed.

March 19, 2020

Georgia Leasing Activity Office Southeast

Facebook Signs 35,900 SF Office Lease in Atlanta’s Atlantic Station

by Alex Tostado March 19, 2020

ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.

March 19, 2020

Acquisitions Georgia Office Southeast Top Stories

Lone Star Funds Acquires Ernst & Young-Anchored Office Building in Downtown Atlanta

by Kristin Harlow March 18, 2020

ATLANTA — An affiliate of Lone Star Funds has acquired 55 Allen Plaza, a Class A office building totaling 342,854 square feet in Atlanta’s Innovation Corridor. The purchase price was not disclosed. Completed in 2007 and anchored by professional services firm Ernst & Young, the 14-story property includes a recently constructed tenant lounge and conference center, as well as an innovation lab. It is situated at 55 Ivan Allen Jr Blvd., less than a mile from the World of Coca-Cola, the Georgia Aquarium and Centennial Olympic Park. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of JLL represented the seller, a state pension fund advised by Lincoln Property Co. Ed Coco and Matt Casey of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer through NXT Capital. In 2011, the property traded hands for $57 million, according to the Atlanta Business Chronicle. Lone Star is a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since 1995, the firm has organized 20 private equity funds with aggregate capital commitments totaling approximately $85 billion. — Kristin Hiller and Alex Tostado

March 18, 2020

Acquisitions Georgia Retail Southeast

Coro Realty, Pope & Land Acquire Three Shopping Centers Near Atlanta

by Alex Tostado March 17, 2020

ATLANTA — An Atlanta-based partnership between Coro Realty and Pope & Land has acquired three shopping centers spanning 118,500 square feet north of Atlanta. The first property is the 23,500-square-foot Brookside Station in Alpharetta. The asset is situated along Old Milton Parkway, 35 miles north of downtown Atlanta. Also included in the sale was Mansell Oaks, which spans 43,000 square feet. Mansell Oaks is situated in Roswell, 25 miles north of downtown Atlanta. The final property is Town Center Oaks in Kennesaw. The property comprises 52,000 square feet and is situated 23 miles northwest of downtown Atlanta. Dunwoody, Ga.-based Muntzing-Sattele Co. sold the properties for an undisclosed price.

March 17, 2020

Acquisitions Georgia Multifamily Southeast

Dunross Capital Purchases Two Adjacent Apartment Complexes Totaling 486 Units in Metro Atlanta

by Alex Tostado March 17, 2020

DECATUR, GA. — Dunross Capital has purchased Spring Valley Apartments and Park at Candler, two adjacent multifamily communities in Decatur. The New York City-based buyer plans to implement $7 million worth of interior and exterior renovations at both properties. Park at Candler comprises 236 units and offers one- through four-bedroom floor plans. Communal amenities include a fitness center, pool, playground and a tennis court. The property was built in 1971 and is situated at 2571 Candler Road, eight miles east of downtown Atlanta. The other property, Spring Valley Apartments, is a 250-unit complex located directly across the street from Park Candler. Spring Valley offers one-two- and three-bedroom floor plans. Communal amenities include a pool, laundry facilities, green spaces and a clubroom. Additional details of the transaction were not disclosed.

March 17, 2020

Georgia Hospitality Southeast

Hunter Hotel Conference to be Rescheduled Due to Coronavirus

by Alex Tostado March 13, 2020

ATLANTA — The 32nd annual Hunter Hotel Investment Conference, slated to take place at the Atlanta Marriott Marquis from March 18 to 20, has been postponed as part of a concerted effort worldwide to contain the spread of COVID-19, the illness caused by the coronavirus. The conference presenter, Atlanta-based Hunter Hotel Advisors, says it will identify alternative dates for the event. An education and networking event for hotel investors, the conference attracted more than 1,850 attendees from across the Southeast and beyond in 2019. A note posted to the conference website Thursday afternoon read in part: “After the unprecedented events of the past 24 hours, and with an overabundance of caution for everyone involved, we have made the difficult decision to postpone/reschedule the Hunter Conference. We know at times like this it is important to meet and discuss current issues, but given the circumstances it doesn’t seem appropriate.” The number of coronavirus cases topped 125,000 worldwide as of Friday morning. Leaders across the United States are banning large gatherings to thwart the spread of the illness. In response to the growing coronavirus pandemic, President Donald Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance …

March 13, 2020

Development Georgia Industrial Southeast

Sugar Bowl Bakery to Open $37M Manufacturing Facility in Metro Atlanta

by Alex Tostado March 13, 2020

TUCKER, GA. — Sugar Bowl Bakery will open a manufacturing facility in Tucker. The family-owned bakery expects to create 400 jobs and invest $37 million over the next five years. The property is situated at 3301 Montreal Industrial Way, 15 miles northeast of downtown Atlanta. The new positions available will include bakery management, production, quality assurance, maintenance, warehousing and sanitation. Further details about the facility were not disclosed. The Ly family founded Sugar Bowl Bakery in 1984 in San Francisco. The Tucker facility is the company’s first location on the East Coast.

March 13, 2020

Georgia Loans Office Southeast

NXT Capital Closes $19M Refinancing Loan for Two Office Buildings Near Atlanta

by Alex Tostado March 11, 2020

DULUTH, GA. — NXT Capital has provided a $19 million refinancing loan for Sugarloaf VI and VII, two office buildings comprising 160,000 square feet in Duluth. The property is situated at 2905 and 2915 Premiere Parkway, 29 miles northeast of downtown Atlanta in Gwinnett County. Property amenities include large lobbies and an outdoor greenspace. C.J. Kelley of CBRE originated the loan on behalf of the undisclosed borrower. Further details of the loan were not disclosed.

March 11, 2020

Development Georgia Industrial Office Southeast

Trammell Crow Delivers 341,041 SF Office, Distribution Center for Atlanta Community Food Bank in East Point

by Alex Tostado March 10, 2020

EAST POINT, GA. — Trammell Crow Co. has delivered a 341,041-square-foot office headquarters and distribution center for Atlanta Community Food Bank in East Point. The new facility includes 84,953 square feet of corporate office space, 69,931 square feet of cold storage and 186,157 square feet of warehouse space. Energy-saving features of the building include high-efficiency LED lighting and windows with low-energy tinted glazing. The property is situated on 65 acres at 3400 N. Desert Drive, about four miles west of Hartsfield-Jackson Atlanta International Airport. Of the 71.7 million pounds of food and grocery product the company distributed in fiscal year 2019, 22 percent was fresh produce. The food bank works with more than 700 partner agencies that directly distribute food to 29 counties within metro Atlanta and North Georgia.

March 10, 2020

Acquisitions Georgia Multifamily Southeast

FCP Acquires Three Apartment Complexes in Metro Atlanta for $71.7M

by Alex Tostado March 10, 2020

DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.

March 10, 2020

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