Georgia

RMC Provides $70.5M Loan for 8West Mixed-Use Project in Atlanta’s West Midtown

by Julia Sanders August 25, 2021

ATLANTA — An affiliate of Rubenstein Mortgage Capital (RMC) has provided a $70.5 million loan for 8West, an office and retail mixed-use development in the West Midtown submarket of Atlanta. Taylor Smith and Ashesh Parikh of RMC originated the transaction. In 2019, RMC provided a $48.7 million senior construction loan to the 8West property owner, a joint venture between local developer The Atlantic Cos. and investor Harvest Capital Group. RMC has increased the initial loan to $70.5 million, which will allow the joint venture to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West. Located at 889 Howell Mill Road, 8West borders the Georgia Tech campus and is located about 2.3 miles from downtown Atlanta. The nine-story, 195,847-square-foot project includes approximately 177,441 square feet of office space and 18,406 square feet of retail space. Amenities include multiple outdoor terraces, a fitness facility, bike storage and repair, common collaborative spaces, conference facilities and a public plaza. Construction was completed in December 2020. RMC is the investment platform of Rubenstein Partners, a real estate investment advisory firm based in Philadelphia. Rubenstein also owns other properties in the Atlanta area including Sanctuary Park in …

August 25, 2021

Acquisitions Georgia Multifamily Southeast

Passco Acquires Harrison at Braselton Apartments in Buford, Georgia for $69M

by Julia Sanders August 24, 2021

BUFORD, GA. — Passco Cos. has acquired The Harrison at Braselton, a 248-unit apartment community in Buford, for $69 million. Claret Communities and The Ardent Cos. were the sellers. Transwestern Real Estate Services was the broker. Built in 2019, The Harrison at Braselton offers one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances, open-style floor plans, kitchen islands with bar seating, wood-style plank flooring and built-in desks topped with granite. The property was 97.9 percent occupied at the time of sale. Community amenities include a clubhouse, resident lounge, fitness center, outdoor lounge with fireplace and TV, pool, sundeck, two poolside grilling stations, package lockers, 24-hour emergency maintenance and a bark park and dog wash station. The property was fully leased at the time of sale. Located at 1500 Noble Vines Drive, the apartment property is situated about 42.1 miles north from downtown Atlanta and approximately 20.2 miles from Duluth. These properties include the Mill at New Holland, a 284-unit community in Gainesville, Ga.; The PARQ at Chesterfield, a 345-unit community in Chesterfield, Mo.; The Fitzroy at Chenal, a 294-unit community in Little Rock, Ark.; Altis Promenade, a 338-unit community in Tampa, Fla.; and The Collins, a 272-unit …

August 24, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Acquisitions Georgia Office Southeast

Skyline Seven Real Estate Brokers $8.8M Sale of Office Building in Atlanta

by Julia Sanders August 20, 2021

ATLANTA — Skyline Seven Real Estate has brokered the sale of an office building in the Buckhead submarket of Atlanta. Elliott Kyle and Chase Murphy of Skyline Seven represented the buyer, an Atlanta-based private investor that purchased the asset for $8.8 million. Jeff Richardson of CTR Commercial Real Estate represented the seller, Inman Property Co. Located at 1801 Peachtree St., the office building is situated about 0.4 mile from Piedmont Hospital, about 2.4 miles from Piedmont Park and 14.5 miles from Hartsfield-Jackson Atlanta International Airport. The building totals 52,833 square feet and is leased to 10 tenants with three vacant spaces.

August 20, 2021

Acquisitions Georgia Industrial Southeast

Dalfen Buys 60,000 SF Industrial Property in Norcross, Georgia

by Julia Sanders August 19, 2021

NORCROSS, GA. — Dalfen Industrial has bought 5250 Brook Hollow Parkway, a 60,000-square-foot, single-tenant industrial property in Norcross, a northeast suburb of Atlanta. This acquisition brings Dalfen Industrial’s Atlanta portfolio to almost 2 million square feet. The sales price and seller were not disclosed. Built in 1999, the infill property is located close to Interstates 85 and 285 and is approximately 20 miles from the Hartsfield-Jackson Atlanta International Airport. The property features high dock door counts and the potential for outside storage. The 5250 Brook Hollow Parkway property is 100 percent leased to Office Creations, a woman-owned business and office furniture and design retailer.

August 19, 2021

Acquisitions Georgia Multifamily Retail Southeast

Songy Highroads, Healey Weatherholtz Purchase Food Truck Park Site in Atlanta, Plan Mixed-Use Development

by Julia Sanders August 19, 2021

ATLANTA — Songy Highroads, an Atlanta-based commercial real estate investment and development firm, and its partner Healey Weatherholtz Properties has purchased the site currently housing the Atlanta Food Truck Park. The 2.7-acre site is located at the northwest corner of Howell Mill Road and Interstate 75 on the border of Atlanta’s West Midtown and Buckhead districts. The sales price and seller were not disclosed. Songy Highroads intends to develop the site for a mixed-use project comprising more than 200 multifamily units, along with retail and hospitality uses. The food truck will continue to be open and operating on a temporary basis, at least through the fall. The food truck first opened in 2012. Cooper Carry, an Atlanta-based architectural firm, is in charge of the development’s design. Songy Highroads focuses on the acquisition, development and redevelopment of real estate projects primarily in the office, multifamily and hotel sectors. Healey Weatherholtz is an Atlanta-based real estate company focused on developing and renovating properties to meet local communities’ needs.

August 19, 2021

Georgia Retail Southeast

Home Depot Reports Fewer Customer Transactions in Second Quarter Due to Less DIY Projects

by Julia Sanders August 19, 2021

ATLANTA — Atlanta-based Home Depot (NYSE: HD) reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second quarter, which was 8.1 percent higher than the same period in 2020. Last year, the retailer’s revenue was approximately $38.05 billion. According to a Refinitiv survey, the retailer’s second-quarter revenue was higher than what Wall Street expected at $40.79 billion. Additionally, Home Depot’s earnings per share was $4.53, which was higher than the $4.44 expected by Wall Street. Home Depot’s same-store sales are up 3.4 percent from the second quarter of 2020 to the second quarter of 2021 but it’s less than the 25 percent jump from the second quarter of 2019 to the same period in 2020. Home Depot’s stock price closed on Wednesday, Aug. 18 at …

August 19, 2021

Acquisitions Georgia Multifamily Southeast

CGI+ Acquires Two-Property Apartment Portfolio in Atlanta for $144.8M

by Julia Sanders August 18, 2021

ATLANTA — CGI+ Real Estate Strategies has acquired a two-property multifamily portfolio in Atlanta from an affiliate of FPA Multifamily for $144.8 million. The 712-unit portfolio includes The Mille Brookhaven, a 359-unit community built in 2014, and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. The two properties are located adjacent from each other in the Atlanta submarket of Brookhaven, which currently has a new $2.5 billion medical district under development by Emory University and Children’s Healthcare of Atlanta. Located at 1000 Barone Ave. NE, The Mille Brookhaven features a business center, pool, fitness center, playground and clubhouse. Mille Brookhaven, which is being rebranded as The Haven, was 97 percent leased at the time of sale. Located at 2924 Clairmont Road, TwentyNine24 offers a pool, fitness center, clubhouse, private patio and poolside grills. TwentyNine24, which is being rebranded as The Hendrix, was 94 percent leased at the time of sale. Both properties offer a mix of one-, two- and three-bedroom floor plans. The units in both apartment communities include vaulted ceilings, kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, built-in workspaces and wraparound balconies and terraces. CGI+ Real Estate Investment Strategies is a Los Angeles-based multifamily …

August 18, 2021

Acquisitions Georgia Retail Southeast

IPA Arranges $18.9M Sale of Abbotts Bridge Station Shopping Center in Johns Creek, Georgia

by Julia Sanders August 18, 2021

JOHNS CREEK, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Abbotts Bridge Station, an 83,391-square-foot, H-Mart-anchored shopping center in the Atlanta suburb of Johns Creek. Zach Taylor and Andrew Margulies of IPA brokered the sale. Westwood Financial sold the property for $18.9 million. The buyer was not disclosed. Located at 10820 Abbotts Bridge Road, Abbotts Bridge Station is 30.3 miles from downtown Atlanta and about 40.8 miles from Hartsfield-Jackson Atlanta International Airport. The shopping center’s tenant roster includes Snow Mountain, Hong Kong Café, AT&T, Joy Pizza N Joy Chicken and White Windmill Bakery. “This transaction illustrates the high demand for Grocery Anchored Centers. We fielded 15 offers from both private and institutional investors and sold it above list price with non-refundable earnest money upon contract execution,” says Taylor.

August 18, 2021

Acquisitions Georgia Multifamily Seniors Housing Southeast

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah

by Julia Sanders August 18, 2021

SAVANNAH, GA. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care seniors housing community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City, Utah-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. Community amenities include a full-service salon, community library, occupational and speech therapies, an activity program, scheduled transportation, restaurant-style dining and weekly housekeeping services. The community was 95 percent occupied at the time of sale. Located at 351 Wilmington Island Road, approximately 10 miles southeast of downtown Savannah, Summer Breeze is adjacent to the Wilmington Island Club and the Sail Harbor Marina and Boatyard.

August 18, 2021

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