Georgia

Hilton Opens 976-Room Signia by Hilton Hotel in Downtown Atlanta

by John Nelson January 15, 2024

ATLANTA — Hilton Worldwide Holdings (NYSE: HLT) has opened Signia by Hilton Atlanta in the city’s downtown district. At 976 rooms and 1.3 million square feet, the project represents the largest hotel development in the city in at least 40 years, according to Hilton. The property is also the first new-build hotel for the company’s Signia brand, as well as the first Signia property in Georgia. The Georgia World Congress Center Authority (GWCCA), which owns and operates the adjacent Georgia World Congress Center, is the owner of the Signia hotel. Development costs were not disclosed, but the Atlanta Business Chronicle reports that the project cost roughly $450 million to develop. Built on the grounds of the former Georgia Dome, a sports and concert arena that was demolished in November 2017, the 42-story hotel is the lodging component of the GWCCA’s “Championship Campus,” which is self-described as “North America’s largest combined convention, sports and entertainment destination.” The campus also includes Georgia World Congress Center, Centennial Olympic Park and Mercedes-Benz Stadium, which is the home arena of the NFL’s Atlanta Falcons and MLS’s Atlanta United. The hotel is also adjacent to State Farm Arena, home of the NBA’s Atlanta Hawks, and Centennial …

January 15, 2024

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Following Years of Historic Growth, Atlanta’s Multifamily Market Begins to Cool

by John Nelson January 15, 2024

In recent years, Atlanta has become a top choice for corporate relocations, causing double-digit multifamily rental rate growth, an increase in pricing and a general benefit to the industry as a whole. In 2021, rental rates rose at an average of 11.7 percent and last year that number reached 16.8 percent. As a result, from 2021 through much of 2022 the metropolitan area experienced a record amount of investment activity, with $20.8 billion and $14.8 billion trading hands, respectively. During the first six months of 2023, however, transaction activity slowed and began returning to more typical levels, dropping approximately 82 percent year-over-year from those highs. Much of the decline in transaction activity experienced today can be accredited to the Federal Reserve’s sizable interest rate hikes over the past 18 months, resulting in a significant expansion in cap rates and a divide between buyer and seller pricing expectations. During the first half of 2023, approximately 54 transactions occurred, compared to 172 recorded for the same period last year for assets valued at $5 million or more. Much of this activity was driven by smaller deal sizes and private capital as institutional investors embrace a “wait and see” agenda in hopes of …

January 15, 2024

Acquisitions Georgia Industrial Southeast

JLL Brokers Sale of 853,019 SF Industrial Portfolio in Savannah

by John Nelson January 12, 2024

SAVANNAH, GA. — JLL has arranged the sale of an industrial portfolio totaling 853,019 square feet across three facilities in Savannah — North Gate Buildings 1, 2 and 3. Located near the Port of Savannah and ranging in size from 230,000 to 310,000 square feet, the properties feature rear- and front-load capabilities, 36-foot clear heights, 60-foot speed bays, 185-foot-deep truck courts, 25-foot candle LED warehouse lights, ESFR sprinkler systems and dock packages. Each building also includes at least 2,500 square feet of speculative office space. Britton Burdette, Dennis Mitchell, Matt Wirth, John Huguenard, Jim Freeman and Mitchell Townsend of JLL represented the seller, Greenland Developers Inc., in the transaction. The Orden Co. acquired the portfolio for an undisclosed price.

January 12, 2024

Acquisitions Georgia Hospitality Southeast

JLL Arranges Sale of 107-Room Home2 Suites by Hilton Avalon Hotel in Alpharetta, Georgia

by John Nelson January 11, 2024

ALPHARETTA, GA. — JLL has arranged the sale of Home2 Suites by Hilton Avalon, a 107-room hotel located in Alpharetta, a northern suburb of Atlanta. The property is situated off Ga. Highway 400 within walking distance of Avalon, an 86-acre mixed-use destination. Steve Leslie and Chris Dewey of JLL represented the seller, Columbus, Ga.-based Ram Hotels, in the transaction. The buyer and sales price were not disclosed.

January 11, 2024

Acquisitions Georgia Restaurant Retail Southeast

Ackerman Retail Facilitates Sale of 4,200 SF Chick-fil-A Ground Lease in Metro Atlanta

by John Nelson January 11, 2024

NORCROSS, GA. — Ackerman Retail, a division of Atlanta-based Ackerman & Co., has facilitated the sale of a 4,200-square-foot absolute triple-net Chick-fil-A ground lease located in Norcross, roughly 20 miles outside Atlanta in Gwinnett County. Constructed in 1998, the property was renovated in 2018. Sean Patrick of Ackerman Retail represented the seller, an entity doing business as WB Holdings-Jimmy Carter Boulevard, in the transaction. A local private buyer acquired the ground lease.

January 11, 2024

Georgia Loans Mixed-Use Southeast Student Housing

Landmark Properties Recapitalizes 1,364-Bed Student Housing Community Near University of Georgia

by John Nelson January 10, 2024

ATHENS, GA. — Landmark Properties has recapitalized The Mark Athens, a 1,364-bed student housing property located at 130 Hickory St. near the University of Georgia campus. The property was developed in two phases, with the first phase completed in 2017 and the second phase completed in 2022. The community offers studio through six-bedroom apartments, alongside 67,000 square feet of retail space and 46,734 square feet of offices, with locally based Landmark occupying over 90 percent of the office space. The Mark also features 55,000 square feet of shared amenity space, including a rooftop pool and sundeck with views of the university’s campus, Sanford Stadium and downtown Athens; study spaces; a fitness center; golf simulator; racquetball court; and an indoor basketball court. Details of the refinancing were not disclosed.

January 10, 2024

Acquisitions Georgia Retail Southeast

IPA Brokers $16M Sale of Publix-Anchored Shopping Center in LaGrange, Georgia

by John Nelson January 10, 2024

LAGRANGE, GA. — Zach Taylor of Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16 million sale of a newly built shopping center located in LaGrange, a Georgia city near the Georgia-Alabama border along I-85. The center’s anchor, Publix, has a 10-year lease on the store. Taylor represented the seller, a developer based in Atlanta, as well as sourced the 1031 exchange buyer in the transaction. Both parties requested anonymity. “This sale faced the market headwinds of increasing interest rates and low transactional velocity,” says Taylor. “Thankfully, we found a 1031 buyer attracted to the quality of the tenant mix and the growth of the submarket. We were able to clear the market at a very attractive cap rate.”

January 10, 2024

Development Georgia Industrial Southeast

Farpoint, Grandview to Develop 2 MSF Industrial Park in LaGrange, Georgia

by John Nelson January 5, 2024

LAGRANGE, GA. — Farpoint Development and Grandview Partners plan to develop Lafayette Logistics Park, a 134-acre industrial project site located off I-85 in LaGrange. Southpoint Realty Group sold the land to the developers for an undisclosed price. Plans for the site include the development of up to 2 million square feet of industrial facilities across two phases. Phase I, which is scheduled to begin construction in the first quarter of this year, will comprise four buildings ranging from 187,000 to 270,000 square feet. Completion of Phase I is scheduled for the fourth quarter of this year. Phase II will feature up to 1 million additional square feet of industrial space. Wesley Budd of NAI Brannen Goddard represented Farpoint in the land acquisition and will lead leasing efforts at the property.

January 5, 2024

Georgia Leasing Activity Restaurant Retail Southeast

Poag Signs Six New Tenants to Join Avenue West Cobb Retail Development in Marietta, Georgia

by John Nelson January 3, 2024

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.

January 3, 2024

Acquisitions Georgia Retail Southeast

JLL Arranges $18.5M Sale of Reynolds Crossing Retail Center in Metro Atlanta

by John Nelson January 2, 2024

DULUTH, GA. — JLL Capital Markets has brokered the $18.5 million sale of Reynolds Crossing, a 45,809-square-foot retail center located in Duluth, roughly 30 miles northeast of Atlanta. Built in 2004 and 2005, the property was fully leased at the time of sale to tenants including Little Caesar’s, The UPS Store, MetroPCS, Chase Bank and Cricket Wireless. Kroger shadow-anchors Reynolds Crossing. Brad Buchanan and Jim Hamilton of JLL represented the seller, Leaders Real Estate Group, in the transaction. Justin Miller of Marcus & Millichap procured the undisclosed buyer. Jamie Safier of Marcus & Millichap secured financing on behalf of the buyer.

January 2, 2024

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