MACON, GA. — Carter Multifamily has acquired Adrian on Riverside, a 224-unit apartment community in Macon. The undisclosed seller sold the property for $41.1 million. Built in two phases in 2003 and 2009, Adrian on Riverside is located on 32.5 acres and offers one-, two- and three-bedroom floorplans with a unit size range of 850 to 1,438 square feet. Unit features include washer and dryer connections, walk-in closets, garden tubs and marble top vanities in the bathrooms. Community amenities include a resort-style swimming pool, fitness center, grill and sundeck, playground, game room and a movie theater. Located at 5243 Riverside Drive, the property is situated 14.8 miles from the Macon Downtown Airport and 8.9 miles from Mercer University. Carter Multifamily intends to renovate the property, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations and exterior plant improvements.
DULUTH, GA. — Trenton Systems has signed a 50,000-square-foot office lease at 3100 Breckinridge Building 1200 in Duluth. David Shockley of Progressive Realty LLC represented Trenton Systems, which is a computer hardware manufacturer providing secure computing solutions for the aerospace and defense industries. With the new tenant, the property is now fully occupied. Hunter Henritze, Matt Fergus and Seabie Hickson of Dallas-based Lincoln Property Co. Southeast represented the landlord, TerraCap Management, in the lease deal. 3100 Breckinridge is a 30-acre office park featuring seven buildings totaling 253,307 square feet. Located between Pleasant Hill and Old Norcross roads, the complex offers direct access to Interstate 85 and resides within the Gwinnett Opportunity Zone. The building amenities include ample surface parking, floor-to-ceiling windows and a landscaped campus.
ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.
ELBERTON, GA. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Atlanta-based Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in August. Other tenants at the property include Cricket Wireless, LA Nails and World Finance. Located at 709 Elbert St., the property is prominently situated along the main traffic artery in the city of Elbert. The property is also near retailers and restaurants including Cobo Auto Sales, Elberton Animal Hospital, Dunkin’, Taco Bell, Woodson Florist & Vintages and Dollar General.
ATLANTA — Boca Raton, Fla.-based CP Group has purchased Bank of America Plaza, a 55-story office tower in Midtown Atlanta that is also the city’s tallest building. The tower was acquired in a joint venture with funds managed by HPS Investment Partners LLC. Shorenstein Properties sold the tower to CP Group for an undisclosed price. Will Yowell, Jay O’Meara, Justin Parsonnet and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller. Built in 1992, Bank of America Plaza is an office tower featuring over 1.4 million square feet of space. The property features a mix of both traditional and tech-focused tenants including Bank of America and law firms Troutman Pepper and Lewis Brisbois (LBBS). Building amenities at Bank of America Plaza include 10,000 square feet of a newly renovated conference center space with breakout rooms, fitness center, newly constructed food hall, onsite bank branch and a salon. CP Group plans to launch a $50 million capital improvements program that will include complete renovations of the lobby, development of an onsite restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces. In addition to Bank of America Plaza, CP …
SAVANNAH, GA. — Charleston-based Blaze Capital Partners has purchased Spoke Savannah, an extended-stay hotel in Savannah, for an undisclosed price. In partnership with Argosy Real Estate Partners, Blaze Capital plans to convert the hotel into a 106-unit multifamily community and to invest $3.2 million in capital improvements to reposition and rebrand the property. Spoke Savannah was originally constructed in 1990 as an extended-stay hotel. The property has undergone recent material renovations with the additions of a remodeled clubhouse, gym, sport court and pool area with grilling capabilities. Unit interiors have been upgraded to feature solid-surface countertops and stainless steel appliances. The two firms plan to make additional interior unit upgrades, including new plank flooring, renovated light fixtures and paint touch-ups, as well as property and common area improvements, including a clubhouse and leasing office renovation, outdoor amenity space upgrades, an expansion of the onsite laundry facility, rebranded signage and exterior paint. Located at 5820 White Bluff Road, Spoke Savannah sits in Midtown, just four miles south of the city’s historic downtown district. The property is less than three miles away from the Memorial University Medical Center and St. Joseph’s Hospital. The property is also located near Savannah Technical College and …
DALTON, GA. — Atlanta-based Tamarack Investments has bought 1505 Coronet Drive, a vacant 212,740-square-foot warehouse in Dalton. David Nixon and Rob Kruer of CBRE represented the seller, Victory Carpet, and procured the buyer. The sales price was not disclosed. Built in 1996, the building features 31-foot clear heights, 50-foot by 60-foot column spacing, 25 dock positions and 6,000 square feet of open-plan offices with floor to ceiling glass. Extensive renovations are already underway on the building. Upon completion, the facility will become the new home of Florida-based Q.E.P. Co. Inc., a global provider of flooring and flooring installation solutions.
NORCROSS, GA. — JLL Capital Markets has arranged the sale of Plaza 85 Business Park, a nine-building industrial, office and flex park totaling 191,526 square feet in Norcross. Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Bo Osgood of JLL represented the seller, Atlanta-based Elmo Enterprises LLC. Dallas-based Westmount Realty Capital LLC purchased the park for an undisclosed price. Plaza 85 Business Park is leased to 43 tenants and includes clear heights ranging from 12 to 18 feet, dock-high and drive-in doors and a combination of rear- and front-loading configurations. Since acquiring the property in 2020, Elmo Enterprises executed a property improvement plan that resulted in exterior and interior upgrades, new roofs on some buildings and office space. Situated on 13.8 acres at 5970-6040 Unity Drive, the property has immediate access to Interstate 85.
ATLANTA — A joint venture between Golub & Co., AB Capital, local entrepreneur Thierry Francois and a client advised by MetLife Investment Management plans to build a two-building apartment community in Atlanta totaling 576 units. The joint venture recently purchased a 5.8-acre development site at 2164 Marietta Blvd. in the city’s Upper West Side submarket for the project. Bruce Armstrong and Joel Sandridge of Chicago-based Golub will oversee the design and construction of the community, along with architectural firm Lord Aeck Sargent. The property will feature an industrial aesthetic, central courtyard and an undisclosed amount of retail space. The joint venture plans to break ground on the unnamed property in the third quarter with delivery of the first phase slated for third-quarter 2023.
ATLANTA — Icer Properties has purchased The Life at Greenbriar Apartments, a 376-unit multifamily community located at 2909 Campbellton Road in southwest Atlanta, for $43.5 million. Built in 1971, the property features a leasing office, controlled access gate, playground, dog park and a laundry center. Taylor Brown, Chandler Brown and Barden Brown of GREA represented the seller, Olive Tree Holdings, in the transaction. New York-based Icer Properties is rebranding the property as The Hills at Greenbriar and plans to finish interior renovations, as well as bring 14 vacant units back on line.