Georgia

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

Affordable Housing Development Georgia Multifamily Southeast

McShane Completes Construction of 117-Unit Affordable Housing Community in Atlanta

by John Nelson May 22, 2023

ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.

May 22, 2023

Affordable Housing Build-to-Rent Georgia Market Reports Multifamily Single-Family Rental Southeast Southeast Market Reports

Why Investors Should Love Atlanta’s Multifamily Market

by John Nelson May 22, 2023

Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …

May 22, 2023

Georgia Industrial Leasing Activity Southeast

CBRE Arranges 110,441 SF Lease at Busch Logistics Park in Cartersville, Georgia

by John Nelson May 19, 2023

CARTERSVILLE, GA. — CBRE has arranged a 110,441-square-foot industrial lease within Busch Logistics Park at 1187 Cassville White Road NE in Cartersville. The tenant is Ernesta, a New York City-based direct-to-consumer, custom-fit rug company. The company expects to hire up to 50 people at the location. Matt Von der Ahe and Scott Slappey of CBRE represented the tenant in the leasing negotiations. JLL represented the landlord, Houston-based Hines.

May 19, 2023

Acquisitions Georgia Retail Southeast

ARC Acquires Two Retail Properties in Metro Atlanta for $15.1M

by John Nelson May 19, 2023

CUMMING AND KENNESAW, GA. — The Aubuchon Realty Co. (ARC) has acquired two retail properties in metro Atlanta in separate transactions totaling $15.1 million. ARC purchased Town Center Esplanade — a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta — from an entity doing business as MC Promenade LLC for $9.5 million. Tenants at the property, which was built in 1988 and comprises 39,108 square feet, include Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. ARC also acquired a single-tenant property located in Cumming, approximately 40 miles northeast of Atlanta. CVS/pharmacy occupies the property on a triple-net-lease basis. Hemisphere Limited sold the building for $5.6 million.

May 19, 2023

Georgia Leasing Activity Office Southeast

LPC Southeast Inks 38,451 SF Office Lease in Midtown Atlanta With Coworking Firm Spaces

by John Nelson May 19, 2023

ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has negotiated a full-building, 38,451-square-foot lease at 1372 Peachtree St. in Midtown Atlanta. The tenant, coworking provider Spaces, offers office rental options, including coworking space, virtual workspaces and communal breakout areas. The building is located near Colony Square, Midtown Arts District and the Arts Center MARTA Station and has undergone $7.5 million of improvements. Michael Howell, Hunter Henritze and Caroline Fisher arranged the lease on behalf of the landlord on an internal basis.

May 19, 2023

Georgia Loans Multifamily Southeast

Dwight Capital Provides $45M HUD-Insured Loan for Kinstone Columns Drive Apartments in Marietta, Georgia

by John Nelson May 18, 2023

MARIETTA, GA. — Dwight Capital has provided a HUD 223(f) loan for the refinancing of Kinstone Columns Drive, a 384-unit apartment community along the Chattahoochee River in Marietta, a northern suburb of Atlanta. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan, which features a 25-basis-point Green Mortgage Insurance Premium (MIP), on behalf of the borrower, Walton Communities. The 30.5-acre community comprises 29 three-story apartment buildings, three townhome buildings, two pool bathhouses and a leasing office/clubhouse. Kinstone Columns Drive’s amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports court and two pools, as well as direct access to Chattahoochee River National Recreation Area’s three miles of walking/hiking trails.

May 18, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Toro Signs 11 Tenants to Medley Mixed-Use Development Underway in Metro Atlanta

by John Nelson May 18, 2023

JOHNS CREEK, GA. — Toro Development Co. (TDC) has announced leases with 11 tenants at Medley, a mixed-use project currently underway in Johns Creek, roughly 30 miles northeast of Atlanta. Upon completion, the development will include 200,000 square feet of retail, restaurant and entertainment space, as well as 900 residential units and 110,000 square feet of office space. The committed tenants include Little Rey (a concept by Atlanta-based chef and restaurateur Ford Fry), CRÚ Food & Wine Bar, AYA Medical Spa, Fadó Irish Pub, BODY20, Lily Sushi Bar, Lucciano’s Gelato, Sugarcoat Beauty, Summit Coffee, Knuckies Hoagies and Cookie Fix. Len Erickson and Kaitlyn Theriot of Franklin Street handle retail leasing at Medley, and Bryan Heller of Stream Realty Partners handles office leasing. The design-build team includes architect Nelson Worldwide, engineer firm Kimley-Horn and landscape architect Site Solutions. Demolition of a 350,000-square-foot office building is currently underway at the site. TDC plans to break ground on Medley before the end of the year.

May 18, 2023

Development Georgia Hospitality Mixed-Use Multifamily Restaurant Retail Southeast

Edens to Redevelop North DeKalb Mall in Decatur, Georgia to 2.5 MSF Mixed-Use Development

by John Nelson May 16, 2023

DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.

May 16, 2023

Development Georgia Restaurant Retail Southeast

Stonecrest Resorts Completes Phase II of 143,000 SF Overhaul at Mall at Stonecrest in Metro Atlanta

by John Nelson May 12, 2023

STONECREST, GA. — Stonecrest Resorts has completed the second phase of redevelopment at Priví, a 143,000-square-foot adaptive reuse of the former Sears department store at The Mall at Stonecrest, which is located roughly 15 miles east of Atlanta. Phase II comprised $4.2 million of renovations and the addition of tenants including Baldwin’s Literary Social Bookstore, Priví Art Gallery, The Exposure Hub, 101 TKO Radio, Priví Event Center, 3 Degrees Infrared Sauna Studio, Picasso’s Splat Room, The Lion’s Cage MMA & Fitness Gym and Garden Life Juice Bar. Stonecrest SeaQuest, an interactive aquarium destination, anchors Phase I of the development. Bay Mountain Capital has provided $8.3 million in financing for the next phase: the addition of a 40,000-square-foot food hall on the property’s second level. Concepts will include Atlanta Breakfast Club, The Original Hot Dog Factory, Dope Coffee, a craft bar, golf simulator suites, a daiquiri bar and a fine-dining restaurant. Construction is scheduled to begin this quarter, with openings beginning in spring of next year. Plans for the site also include a 10,000-square-foot history and cultural center.

May 12, 2023

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