Georgia

JLL Brokers Sale of 301,711 SF Lakeland Plaza Shopping Center in Cumming, Georgia

by John Nelson June 6, 2023

CUMMING, GA. — JLL has brokered the sale of Lakeland Plaza, a 301,711-square-foot shopping center in Cumming, a northern suburb of Atlanta along Ga. Highway 400. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed sellers in the transaction. Octave Holdings and Investments purchased the center for an undisclosed price. Built in 1990 and renovated in 2015, Lakeland Plaza’s tenant roster includes Sprouts Farmers Market, Belk, Bealls Outlet, LA Fitness, Joann Fabric and Crafts and Shoe Gallery. The center was 94 percent leased at the time of sale and featured a weighted average tenure of over 12 years.

June 6, 2023

Georgia Leasing Activity Office Southeast

Guardian Pharmacy Leases 25,282 SF at Galleria 300 Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson June 5, 2023

ATLANTA — Guardian Pharmacy Services has leased 25,282 square feet at Galleria 300, a 20-story office building located in Atlanta’s Cumberland-Galleria office submarket. The long-term care pharmacy company is moving its headquarters to Cobb County from Midtown Atlanta. Guardian Pharmacy will occupy the entire eighth floor of Galleria 300, which is part of the 20-acre Galleria on the Park office campus. Sam Hollis and Steven Taylor of Cushman & Wakefield represented the tenant in the lease transaction. Adam Viente, Jeff Bellamy and Claire Ross of JLL represented the landlord, Piedmont Office Realty Trust.

June 5, 2023

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta’s Retail Market Remains Robust for Investors, Tenants and Landlords

by John Nelson June 5, 2023

Atlanta has historically been a favorite metro for real estate investors to consider when it comes to a market that checks all the boxes. The Peach State Capital and its surrounding suburbs always have been a beneficial and desirable region for residents to live and work. Topping the list as the most popular city for apartment renters in 2022, Atlanta offers more benefits to its residents than just an affordable city to live. Other benefits of living in and around the city include professional sports teams, a rich arts and entertainment scene and renowned restaurant and retail lineups, among others. Hartsfield-Jackson Atlanta International Airport also offers domestic and international flights to practically anywhere in the world, and it’s situated minutes from downtown. Home to 17 Fortune 500 company headquarters, including prominent names such as The Home Depot, United Parcel Service (UPS), Coca-Cola and Delta Airlines, Atlanta’s job growth is outpacing the rest of the country. Coming out of the pandemic, Atlanta recorded a job growth rate of nearly 23 percent since April 2020, which outperforms the comparative U.S. metric of 11.7 percent in the same time period. Atlanta has also historically held an unemployment rate below the national average. With …

June 5, 2023

Development Georgia Hospitality Southeast

Bridgeline Starts Construction of 45-Room Bridge Creek Inn in Clayton, Georgia

by Hayden Spiess June 1, 2023

CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.

June 1, 2023

Georgia Leasing Activity Office Southeast

Lincoln Arranges Office Leases Totaling 10,400 SF at Park Central Office Building in Atlanta

by Hayden Spiess June 1, 2023

ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling 10,400 square feet at Park Central, a 213,165-square-foot office building in Atlanta. Telespecialist will occupy 9,000 square feet at the property, and Broadway Across America will occupy 1,400 square feet. Hunter Henritze, Matt Fergus and Seabie Hickson of Lincoln represented the landlord, TerraCap Management, in the leasing negotiations. David Pope of Lavista Associates represented Broadway Across America. Park Central underwent $3.4 million in renovations in 2018, including upgrades to building systems, common areas and amenities. The property features covered parking, an onsite café, fitness center, conference center and 24-hour security.

June 1, 2023

Development Georgia Leasing Activity Southeast

Scofflaw Plans 5,500 SF Brewery at Oxton Development in Atlanta

by Hayden Spiess May 31, 2023

ATLANTA — Scofflaw Brewing Co. has announced plans for a 5,500-square-foot brewery space at Oxton, a 35,000-square-foot food and retail project. Ardent Cos., Westbridge and Bridger Properties are developing Oxton at the Piedmont Center office campus in Atlanta, scheduled to open in 2024. Marking the first tenant at the development, the taproom and brewery will feature access to an adjoining courtyard. Square Feet Studio Architects is leading the design of Oxton, which was announced earlier this year. Bridger is handling retail leasing at the property.

May 31, 2023

Georgia Loans Retail Southeast

Acadia Receives $36M Refinancing for Canton Marketplace in Metro Atlanta

by Hayden Spiess May 30, 2023

CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.

May 30, 2023

Georgia Industrial Market Reports Southeast Southeast Market Reports

Industrial Users are Pondering Where in Atlanta They’ll Set Up Shop

by John Nelson May 30, 2023

The Atlanta industrial market needs very little validation when it comes to answering the question “Why Atlanta?” More than a dozen companies started or based in Atlanta have grown over the past decade to valuations above $1 billion. Metro Atlanta had the second highest rate of job growth in the nation among large metro areas (6.7 percent), according to the U.S. Bureau of Labor Statistics. So rather than ask “Why Atlanta,” the better question is “Where in Atlanta?” As the Southeast’s population continues to grow, the metro Atlanta area continues in equal parts to add density to its thriving urban core as well as expand its suburban reach. With limited geographic barriers to development, outlying towns are quickly becoming absorbed into the definition of the Atlanta area. This persistent growth is placing demand on industrial space at an all-time high, requiring a nuanced view of site selection within the Atlanta MSA. The four corners of the Atlanta market reach nearly 60 miles from the urban center in each direction along highways I-75 and I-85, with new speculative projects under construction as far out as Adairsville, Commerce, Locust Grove and La Grange. Its breadth now includes Bremen and Rutledge in either …

May 30, 2023

Georgia Loans Multifamily Southeast

ACRE Provides $26.5M Loan for Lowe Apartments in Savannah

by John Nelson May 25, 2023

SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.

May 25, 2023

Development Georgia Leasing Activity Mixed-Use Retail Southeast

Pottery Barn to Open Atlanta Store at 619 Ponce Building in Ponce City Market

by John Nelson May 23, 2023

ATLANTA — Pottery Barn plans to open a new store on the ground level of 619 Ponce, a new four-story, mass-timber office building under construction at Ponce City Market in Atlanta. Master developer Jamestown signed the retailer to a more than 18,000-square-foot lease at the building. 619 Ponce will be situated at the corner of Ponce de Leon Avenue and Glen Iris Drive and feature 87,000 square feet of office space and 27,000 square feet of retail space. The building is part of the next phase at Ponce City Market, which includes a 405-unit flexible-stay hotel and co-living building and Signal House, a 21-story active adult multifamily building. Pottery Barn is the latest retailer to join the roster at Ponce City Market, an adaptive reuse campus in Atlanta’s Old Fourth Ward district. The store is set to open in early 2024 and feature an outdoor patio and design studio.

May 23, 2023

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