Georgia

Waterloo, ICM Receive $40M Construction Financing for Industrial Development in Jackson, Georgia

by John Nelson December 1, 2023

JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.

December 1, 2023

Acquisitions Affordable Housing Georgia Loans Multifamily Southeast

CBRE Provides $27.7M Acquisition Loan for Affordable Housing Community in Savannah

by John Nelson November 30, 2023

SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.

November 30, 2023

Development Georgia Mixed-Use Southeast

North American Properties to Add Entertainment Elements to 2.4 MSF Avalon Project in Metro Atlanta

by John Nelson November 30, 2023

ALPHARETTA, GA. — North American Properties (NAP) has announced plans for the addition of new entertainment elements at Avalon, a 2.4 million-square-foot mixed-use development located in the Atlanta suburb of Alpharetta. Construction is scheduled to begin in January 2024 and will include the addition of a raised, covered performance stage and an LED screen. The features will comprise 576 and 180 square feet, respectively. Avalon comprises 500,000 square feet of retail space, in addition to a hotel and office and residential space. NAP developed the project in 2012 and manages the property on behalf of PGIM, which acquired the development in 2016 for $500 million.

November 30, 2023

Development Georgia Industrial Southeast

Trammell Crow, MetLife Break Ground on First Phase of 4.7 MSF Industrial Park Near Savannah

by John Nelson November 29, 2023

RINCON, GA. — A joint venture between Trammell Crow Co. and MetLife Investment Management has broken ground on the first phase of Coastal Trade Center, a 4.7 million-square-foot industrial park in Rincon, a suburb of Savannah in Effingham County. The project will be situated on a 477-acre site about 15 miles northwest of the Port of Savannah. Set for completion in late 2024, Phase I of Coastal Trade Center will comprise three cross-dock facilities spanning 1.2 million square feet, 640,640 square feet and 473,760 square feet. Phase II will comprise two cross-dock facilities spanning 1.4 million square feet and 611,520 square feet, as well as a front-load facility totaling 362,880 square feet. Trammell Crow Co. and MetLife plan to break ground on Phase II upon completion of Phase I. Bennett Rudder, Ryan Hoyt, Chris Tomasulo and Lindsey Wilmot of JLL are handling the leasing assignment for Coastal Trade Center.

November 29, 2023

Development Georgia Leasing Activity Mixed-Use Multifamily Restaurant Retail Southeast

Connolly Signs Retail Tenants for $70M Parkside on Dresden Mixed-Use Project in Brookhaven, Georgia

by John Nelson November 28, 2023

BROOKHAVEN, GA. — Connolly has recently signed new retail tenants at Parkside on Dresden, a $70 million mixed-use development underway in the Atlanta suburb of Brookhaven. The four-acre development is set to open in fall 2024 and will comprise the 183-unit Solis Dresden Village apartment community that Terwilliger Pappas is developing. The project will also include 32,000 square feet of retail and restaurant space that will be leased to tenants including Confab Kitchen and Bar, Honeysuckle Gelato, Café Vendome, Clean Juice, El Valle, MIRAE and F45 Training. Mindy Elms and Ed O’Connor of Lavista Associates Inc. are handling the retail leasing assignment at Parkside on Dresden on behalf of Connolly. The development will be situated at 1350 Dresden Drive between Caldwell Road and Parkside Drive, which is within walking distance to the Brookhaven-Oglethorpe MARTA station.

November 28, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Jim Chapman Construction Nearing Completion of 327-Unit Build-to-Rent Project Near Savannah

by John Nelson November 28, 2023

POOLER, GA. — Jim Chapman Construction Group has broken ground on The Cottages at New Hampstead, a 327-unit build-to-rent residential development underway in Pooler, a western suburb of Savannah. Situated off Little Neck Road near the Savannah/Hilton Head International Airport, the gated, 66-acre project will include attached townhomes offering a mix of floor plans ranging from 1,020 to 1,466 square feet. Amenities at The Cottages at New Hampstead will include onsite management and leasing offices, 24-hour emergency maintenance, a clubhouse, swimming pool, fitness center, sidewalks and streetlights. The project is on track for completion in December and leasing will begin in January 2024.

November 28, 2023

Development Georgia Multifamily Southeast

Novare Group, BCDC Open 316-Unit Apartment Community in Pooler, Georgia

by John Nelson November 28, 2023

POOLER, GA. — Novare Group and Batson-Cook Development Co. (BCDC) have opened Populus Pooler, a 316-unit apartment community located at 5000 Populus Drive in Pooler. The 30-acre project is situated near Hyundai’s $5.5 billion manufacturing plant that is set to open in 2025, as well as the Port of Savannah. Populus Pooler features one-, two- and three-bedroom apartments with monthly rental rates ranging from $1,585 to $2,491, according to the property website. Amenities include an onsite car care center, game room, library nook, coworking micro-offices, fitness center with a yoga and spin room, resort-style pool with a sun deck and tanning ledge, a dog park and pet spa and an outdoor fire pit. The project team includes architect Dynamik Design, general contractor Classic Plains Construction, lender Citizens Bank and property manager Livcor, which also provided mezzanine financing.

November 28, 2023

Georgia Industrial Market Reports Southeast Southeast Market Reports

Hyundai Plant, Port of Savannah Spur Demand for Industrial Activity in Savannah

by John Nelson November 27, 2023

Savannah’s industrial real estate market is experiencing exceptional growth and now totals 113.7 million square feet, of which 98.2 million square feet (86 percent) is dedicated to bulk distribution (tracking facilities sized 100,000 square feet or larger). Year-to-date net absorption as of the end of the second quarter was 6.3 million square feet, which suggests another solid year ahead. Additionally, the vacancy rate remains low at 4.6 percent, a historically favorable level. The development community has been quick to respond to robust demand, delivering 19 buildings totaling nearly 10 million square feet in the second quarter, with the majority of it already leased. The market is primed for additional growth, with a significant amount of new construction underway. More than 16 million square feet is currently under construction, not including the Hyundai plant that will span 17 million square feet itself, along with related supplier facilities covering an additional 1.9 million square feet as of this writing. The $5.5 billion Hyundai plant will employ 8,100 people and be the company’s first dedicated electric vehicle (EV) mass-production plant. It is expected to begin full production in early 2025 and will produce over 300,000 vehicles per year. The effects of Hyundai on …

November 27, 2023

Development Georgia Multifamily Southeast

Alliance Residential Opens 278-Unit Broadstone 2Thirty Apartments in Downtown Atlanta

by John Nelson November 22, 2023

ATLANTA — Alliance Residential Co. has opened Broadstone 2Thirty, a 278-unit apartment community located at 230 Martin Luther King Drive SE in downtown Atlanta’s Oakland neighborhood. Situated near Grant Park, Historic Oakland Cemetery and the Atlanta BeltLine, Broadstone 2Thirty features a mix of studio, one-, two- and three-bedroom apartments averaging 790 square feet in size. Amenities include a rooftop resort-style pool and a clubroom with a game parlor, ride share waiting area, private focus rooms and a modern fitness center. Dynamik Design was the architect for the project, and Alliance Residential served as the general contractor. Monthly rental rates at Broadstone 2Thirty range from $1,590 to $3,185, according to the property website.

November 22, 2023

Acquisitions Georgia Retail Southeast

Northmarq Brokers $13.9M Sale of Retail Property in Atlanta Leased to Tesla

by John Nelson November 21, 2023

ATLANTA — Northmarq has brokered the $13.9 million sale of a freestanding, 27,800-square-foot retail property located at 2121 Briarcliff Road NE in Atlanta’s North Druid Hills neighborhood. Electric vehicle giant Tesla occupies the property, which was formerly a Whole Foods Market grocery store, as a retail service center on a new double-net lease. Mike Sladich of Northmarq represented the seller, Blanchard Real Estate Capital, in the transaction. The buyer was not disclosed.

November 21, 2023

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