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Georgia

AcquisitionsGeorgiaRetailSoutheast

Colliers Arranges Sale of Two Metro Atlanta Shopping Centers Totaling 147,444 SF

by Alex Tostado

MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Arranges $2.7M Sale of New Aldi-Occupied Building in Statesboro, Georgia

by Alex Tostado

STATESBORO, GA. — Marcus & Millichap has arranged the $2.7 million sale of an Aldi-occupied grocery store located in Statesboro. The freestanding property, which was delivered in June, is leased to the German grocer on a 20-year, triple-net ground lease. The store spans 23,435 square feet within Statesboro Crossing shopping center. It is located at 270 Henry Blvd., two miles from both downtown Statesboro and Georgia Southern University. Don McMinn of Marcus & Millichap represented the seller, Statesboro Crossing LLC, in the transaction. Martina Crevecoeur of International Capital Acquisitions LLC represented the buyer, H.H. US Real Estate Statesboro LLC.

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AcquisitionsGeorgiaIllinoisMidwestRestaurantRetailSoutheastTop Stories

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

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FloridaGeorgiaIndustrialLoansSelf-StorageSoutheast

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

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DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential to Develop 276-Unit Multifamily Community in Atlanta’s Summerhill District

by Alex Tostado

ATLANTA — Alliance Residential has acquired five acres within Carter’s Summerhill development to construct a 276-unit multifamily community. The master-planned project is located southeast of downtown Atlanta and just north of Georgia State Stadium, formerly known as Turner Field. Broadstone Summerhill will offer studio, one-and two-bedroom floor plans averaging 729 square feet. Communal amenities will include a swimming pool, clubroom, fitness center, flexible indoor /outdoor spaces and a top-floor sky lounge with views of the Downtown and Midtown skylines. The community is within a mile of the Atlanta BeltLine, Grant Park, Zoo Atlanta, The Georgia State Capitol and Georgia State University. Alliance Residential expects to break ground later this year and deliver the project in 2021.

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AcquisitionsGeorgiaMultifamilySoutheast

NexPoint Sells Apartment Complex in Metro Atlanta for $101M

by Alex Tostado

SANDY SPRINGS, GA. — NexPoint Residential Trust has sold Edgewater at Sandy Springs, a 700-unit apartment complex in Sandy Springs, for $101 million. According to Fulton County property deeds, Bridge Investment Group acquired the property for $132,000 per unit. Edgewater at Sandy Springs offers one- and two-bedroom floor plans. The asset is located at 7600 Roswell Road, 19 miles north of downtown Atlanta. Communal amenities include a swimming pool, clubhouse, car wash area, business center, playground and a tennis court.

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AcquisitionsDevelopmentGeorgiaMixed-UseSoutheast

Ackerman, MDH Partners Acquire Mixed-Use Project in Atlanta’s West End for $40.3M

by Alex Tostado

ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.

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AcquisitionsGeorgiaMultifamilySoutheast

Blue Magma Acquires Multifamily Community Near Atlanta Airport for $32.5M

by Alex Tostado

EAST POINT, GA. — Blue Magma Residential LLC has acquired Parkside at Camp Creek, a 486-unit multifamily community in East Point, for $32.5 million. The property is located at 4031 7 Oaks Lane SW, four miles west of Hartsfield-Jackson Atlanta International Airport and 14 miles southwest of downtown Atlanta. Parkside at Camp Creek offers two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, clubhouse, business center, fitness center, game room, media center and basketball and racquetball courts. The buyer will rebrand the community as The Park at Galaway. Tyler Averitt and Christopher Lyon of Cushman & Wakefield represented the buyer in the transaction. Greystone provided acquisition financing. The seller was not disclosed.

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AcquisitionsDevelopmentGeorgiaOfficeSoutheast

Parkway Property Acquires Former United Way Building in Downtown Atlanta for $17.7M, Plans $45M Renovation

by Alex Tostado

ATLANTA — Parkway Property Investments LLC has acquired 100 Edgewood, a former United Way building within an Opportunity Zone in downtown Atlanta, for $17.7 million. The company is planning a $45 million renovation for the 18-story, 306,000-square-foot office building, which is adjacent to Georgia State University. United Way employees have moved to a location on Courtland Street. Parkway Property raised $25 million in three hours for the acquisition and renovation through CrowdStreet Inc., an online marketplace for direct equity investment in commercial real estate. Details of the renovation were not disclosed.

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InterFace Mixed-Use Southeast Capital Markets
Conference CoverageGeorgiaMixed-UseSoutheast

Capital Markets Professionals Put Mixed-Use Dynamics Under the Microscope During InterFace Panel

by John Nelson

ATLANTA — One of the central themes of the first annual InterFace Mixed-Use Southeast conference was the interplay between the various uses present within mixed-use projects around the region. Whether it’s Avalon in Alpharetta, Georgia, or the American Tobacco Campus redevelopment in downtown Durham, North Carolina, the success of these projects hinges on whether the different uses can support one another. Can the apartment residents help patronize the retail and restaurants? Can the office component drive overnight stays at the project’s hotel? But before these dynamics can play out, a vital piece to having these projects come to fruition is financing. During the conference’s capital markets discussion, panelists tackled topics including equity requirements for mixed-use projects, a pending recession, the historically low interest rate environment and the strong competition among capital providers. For mixed-use specifically, the capital markets panelists discussed the challenges and opportunities in trying to underwrite the various uses all under one transaction. Lenders have to be careful not to overlook or make assumptions about a property type when financing mixed-use deals, warned Bryan Joyner, managing director of Bank of America Merrill Lynch. “They have to look at the separate uses both separately and together and then underwrite …

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