Georgia

Franklin Street Arranges $17.3M Sale of Multifamily Community in South Atlanta Suburb

by Alex Tostado April 16, 2020

JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.

April 16, 2020

Company News Florida Georgia North Carolina Retail Southeast Tennessee Virginia

A&G Negotiates Sale of Leasehold Interest in 10 Former Earth Fare Grocery Stores in Five States

by Alex Tostado April 14, 2020

MELVILLE, N.Y. — A&G Real Estate Partners has negotiated the sale of the leasehold interest in 10 grocery stores previously occupied by organic specialty grocery chain Earth Fare. The grocer filed for Chapter 11 bankruptcy reorganization in early February and the final leasehold sale closed Friday, April 10. The 10 stores averaged 26,000 square feet. Southeastern Grocers’ Winn-Dixie chain acquired four stores in Boynton Beach, Jacksonville, Lakewood Ranch and Viera, Fla. Austin, Texas-based Whole Foods Markets acquired two stores in south Asheville, N.C., and Chattanooga, Tenn, and Aldi acquired one store in Tallahassee, Fla. An investor group that includes one of Earth Fare’s founders and several of the chain’s former executives acquired three stores, which are located in Athens, Ga.; Roanoke, Va.; and Asheville. The group also acquired Earth Fare’s trade name and other intellectual property. Joseph McKeska led an A&G team that represented Earth Fare in the transactions. The sales contributed a total of more than $6 million to the estate of Earth Fare. A&G, an asset disposition advisory firm based in Melville, also negotiated the lease terminations of nine Earth Fare locations. The agreements with landlords were in Gainesville, Ocala and Palm Beach Gardens, Fla.; Columbia and Rock Hill, S.C.; …

April 14, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 14, 2020

LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.

April 14, 2020

Georgia Healthcare Southeast

State of Georgia to Set Up Alternate Care Facility at Georgia World Congress Center for Coronavirus Patients

by Alex Tostado April 13, 2020

ATLANTA — The State of Georgia has signed a contract with Pacific Architects and Engineers (PAE) to build a 200-bed, alternate care facility at Georgia World Congress Center (GWCC) in downtown Atlanta for coronavirus (COVID-19) patients, Georgia Gov. Brian Kemp announced Sunday. Starting immediately, the Georgia National Guard, Georgia Emergency Management and Homeland Security Agency, Department of Community Health, Department of Public Health and contractors will begin to prepare GWCC to house and treat patients with mild to moderate illness levels excluding ventilator support. Nearby Grady Memorial Hospital will lend additional support to the center. As of Monday, April 13, there have been 10,726 confirmed cases in Georgia and 1,422 in Fulton County, according to Johns Hopkins University (JHU). HealthData.org projects the peak date for COVID-19 cases in the state will be Sunday, April 26.

April 13, 2020

Company News Georgia Hospitality Southeast

Hunter Hotel Investment Conference Canceled for 2020 Due to Coronavirus Pandemic

by Alex Tostado April 10, 2020

ATLANTA — The 32nd annual Hunter Hotel Investment Conference has been canceled for 2020 due to the coronavirus (COVID-19) pandemic. The conference, which brings together hotel investors, managers, developers, lenders and brokers, was originally scheduled for March 18-20 in downtown Atlanta, but was postponed indefinitely March 12 by Hunter Hotel Advisors. After much deliberation, the Atlanta-based organization decided to outright cancel the 2020 conference. “Through continually following the published guidance issued by the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and our local health officials we simply do not want to risk the health of any of our attendees or the people with whom they come into contact,” according to a statement that appears on the Hunter Hotel Conference website. In 2019, the conference attracted more than 1,850 attendees from across the Southeast. As of this writing, there are 467,184 confirmed cases of COVID-19 in the United States, according to Johns Hopkins University (JHU). There are 1,336 confirmed cases in Fulton County, where the conference typically takes place. The next Hunter Hotel Investment Conference is now scheduled for March 9-11, 2021.

April 10, 2020

Acquisitions Georgia Southeast Top Stories

Domain Capital, Simpson Housing Form $1B Joint Venture REIT with PFA Pension

by Alex Patton April 10, 2020

ATLANTA — Domain Capital Advisors and property management firm Simpson Housing have formed a joint venture with PFA Pension, an insurance company headquartered in Copenhagen, Denmark. PFA acquired a 49 percent equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Simpson Housing will own the remaining 51 percent, while Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture. Simpson Housing formerly owned 100 percent of the 3,487-unit portfolio, which is located across multiple urban and suburban U.S. markets including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. The portfolio was 95 percent leased at the time of closing, and features both newly built and refurbished assets that are approximately six years old. “We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” says Patrick Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.” Simpson Housing …

April 10, 2020

Georgia Industrial Leasing Activity Southeast

XPO Logistics Renews 254,358 SF Industrial Lease Near Atlanta

by Alex Tostado April 9, 2020

MORROW, GA. — XPO Logistics, a transportation and logistics provider, has renewed its 254,358-square-foot industrial lease within Mt. Zion Industrial Center in Morrow. The property offers 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch concrete floor, parking for 110 trailers and a new roof. Woodmont Industrial Partners owns the property, which is situated at 1791 Mount Zion Road, nine miles southeast of Hartsfield-Jackson Atlanta International Airport and 15 miles south of downtown Atlanta. Brian Camp and Max Ellis of Colliers International represented the landlord in the transaction. Dan Rose of Real Estate Advisory Partners (REAP) represented XPO Logistics.

April 9, 2020

Georgia Loans Multifamily Southeast

NXT Capital Provides $29.9M Acquisition Loan for Apartment Complex in Savannah

by Alex Tostado April 8, 2020

SAVANNAH, GA. — NXT Capital has provided a $29.9 million acquisition loan for Liberty Oaks in Savannah. The 300-unit property offers one-, two- and three-bedroom floor plans with rental rates ranging from $795 to $1,095 per month. Communal amenities include a fitness center, pool, playground and walking/biking trails. The community is situated at 5110 Garrad Ave., six miles southwest of downtown Savannah. Richard Jordan of CBRE originated the loan on behalf of the undisclosed borrower. The seller was also not disclosed.

April 8, 2020

Atlanta Rent & Occupancy Forecast Under COVID-19 Stress

Content Partner Features Georgia Lument Multifamily RED Capital Group Southeast

Atlanta Economic Juggernaut Encounters COVID-19 Roadblock

by Sarah Daniels April 8, 2020

In January, the Atlanta market was ticking like a fine Swiss watch. With leadership from its robust crew of business, education, healthcare, accommodations and leisure services industries, the economy cruised into 2020 with a full head of steam. Although moderately slower than regional peers, Atlanta’s pace of job creation was considerably faster than state and national averages, contributing to falling unemployment — the metro rate was only 3.2 percent in January, the lowest ever for the first month of the year — and strong absorption of office space in blossoming Midtown. Construction projects large and small transformed the landscape at a formidable pace, molding urban neighborhoods in a grand style rarely seen in 21st century America. Multibillion dollar developments like Centennial Yards and the ambitious mass-transit-inspired Atlanta Beltline project promised to enhance the urban living environment while preserving Atlanta’s renowned quality of life. No commercial real estate segment was more active than multifamily. Last year, apartment properties valued at nearly $8 billion exchanged hands, establishing a metro series record. In addition, construction of more than 17,000 units is underway — assets with stabilized value of about $2.5 billion — and another 25,000 units are planned. Late-decade property performance was among …

April 8, 2020

Development Georgia Industrial Southeast

Ultimate Realty to Reposition Former Retail Center in Macon into 395,000 SF Industrial Park

by Alex Tostado April 3, 2020

MACON, GA. — Ultimate Realty will redevelop the former Westgate Shopping Mall in Macon into a $12 million, 395,000-square-foot industrial park dubbed Middle Georgia Industrial Park. The six buildings will range in size from 19,000 to 106,000 square feet. The New York City-based developer expects to complete the park this summer. The new campus will include interior upgrades such as new electrical systems, bathrooms, new loading docks and drive-in doors, office pod additions and repainting of the facades. The renovation plan will also include upgrading the signage, major landscaping work, new LED lighting, upgraded sprinklers and expansive truck parking. Courtney Oldenburg and Chris Copenhaver of Cushman & Wakefield have been retained to lease the asset.

April 3, 2020

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