ATLANTA — JLL’s Capital Markets group has secured a $357.8 million acquisition loan for a national industrial portfolio on behalf of the borrower, Atlanta-based industrial real developer MDH Partners. Chris Drew, Michael Cosby, Ryan Ade, Brian Gaswirth, Jimmy Calvo and Nicole Barba of JLL arranged the balance sheet loan through Wells Fargo Bank and Capital One. Nathan Balmes and Michael Loffredo internally led the debt execution for MDH. The 5.5 million-square-foot portfolio, dubbed “MDH F3 Arctic Portfolio,” is located within the metropolitan areas of Houston, Austin, Chicago, Greenville, S.C., and Middletown, Pa. The portfolio comprises eight developments consisting of 12 individual buildings ranging in size from 140,300 to 1 million square feet, with an average clear height of 34 feet. The portfolio was fully leased at the time of financing to tenants across several industries, including automotive, e-commerce, food-and-beverage and home goods.
MANDEVILLE, LA. — PJ’s Coffee plans to open 12 new locations in the metropolitan Atlanta area over the next seven years. The Peach State currently has a PJ’s Coffee location in Greensboro and construction will soon begin for its next one in Rome. The Mandeville, La.-based coffeeshop chain has more than 185 locations operating systemwide and more than 100 in the development pipeline. “Our expansion into Atlanta represents a game-changing opportunity to share PJ’s unique flavors with a vibrant community that values Southern hospitality and exceptional coffee,” says Lory Schwartz, franchise development manager of PJ’s Coffee. “The city’s dynamic economy, strong coffee culture and affinity for innovation make it the perfect place for our next chapter of growth.”
Conference CoverageFeaturesGeorgiaMultifamilyMultifamily & Affordable Housing Feature ArchiveSoutheastSoutheast Feature Archive
Stickiness of Renter Sets Build-to-Rent Sector Apart from Traditional Multifamily, Says InterFace Panel
ATLANTA — When considering a single-family build-to-rent (BTR) development or acquisition, the main priority is to focus on finding a place where people want to live, said Zach Persky, vice president of acquisitions for Quinn Residences. Access to jobs, retail corridors and good school districts are all important factors for potential residents. Persky was one of the speakers on the BTR panel at the 15th annual InterFace Multifamily Southeast conference, which took place Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. Kyle Palmer, managing partner of Palmer Real Estate Investment Services, moderated the discussion. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. While the BTR segment may still be in its infancy, its fundamentals are solid, according to the panel. Demand comes from would-be homebuyers who are priced out of the single-family market. These purpose-built rentals have many of the same perks of for-sale homes, such as yards and private garages, without the handicaps of down payment and mortgage commitment. BTR construction completions in the first half of 2024 totaled more than 50,000 units, …
ATLANTA — CP Group has signed Eversheds Sutherland LLP, a global law firm, to a 94,000-square-foot office lease at Bank of America Plaza, a 55-story skyscraper in Midtown Plaza. CBRE’s John Schlesinger represented the tenant, and his colleagues Jeff Keppen and Nicole Goldsmith represented the landlord in the lease transaction. Over the past six months, leasing activity at Bank of America Plaza has reached 170,000 square feet, including four new tenants, one renewal and two expansions. Amenities at the office tower include a conference center space with breakout rooms, fitness club, food hall, salon and an onsite retail Bank of America branch.
DUBLIN, GA. — Industrial Realty Group LLC (IRG) has purchased a 311,325-square-foot industrial facility in Dublin, a city in south-central Georgia. The seller and sales price were not disclosed. The manufacturing and distribution facility is located on a 30-acre site along I-16 and within 100 miles of the upcoming $7.6 billion Hyundai Metaplant in metro Savannah. The property features trailer parking, 15- to 28-foot clear heights, 33 dock doors and sufficient power for light manufacturing use. Los Angeles-based IRG currently owns and operates about 2.3 million square feet of industrial space in Central Georgia.
LAKELAND, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Lakeland leased to AutoZone. The 9,120-square-foot retail building is located at 60 W. Main St., about 20 miles northeast of Valdosta, Ga. AutoZone has eight years remaining on its 10-year, double-net lease. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, an undisclosed private investor, in the transaction. The buyer is a California-based investor that paid in all-cash. The sales price was not disclosed. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.
ATLANTA — Life Time has opened its newest 65,000-square-foot gym, marking the eighth location in Atlanta and the first in DeKalb County for the Minnesota-based fitness brand. Located on eight acres at 1515 Sheridan Road NE, the Life Time North Druid Hills athletic club made its debut on Monday, Dec. 16 and is now offering waitlist sign-ups for potential members. The club offers a range of 150 classes with five boutique studios for barre, cycling, group fitness, yoga and Pilates, as well as dedicated spaces for its Signature Group Training programs Alpha, GTX and UltraFit. Additional amenities include multiple pickleball courts, strength and cardio equipment, a five-lane indoor pool, dedicated workout recovery spaces, LifeSpa and LifeCafé services, dressing rooms and childcare services. Life Time’s outdoor space also features a bistro, beach club, pool deck, private cabanas and chairs, 12 racquet sport courts and a courtside lounge and bar. Life Time recently renovated its existing gym in Peachtree Corners and plans to open a new gym in Atlanta’s Central Perimeter area next year.
Atlanta remains one of the most desirable markets in the country for investors due to its diverse economy, below-national average unemployment rate, steady increase in jobs and population growth. These market fundamentals have translated to a well-performing multifamily market that, despite short-term macro challenges, is in a unique favorable position due to its relatively low supply compared to other peer Sunbelt markets. Demand for multifamily has seen a rebound in 2024 and Atlanta has been resilient in the middle of a multi-year supply wave. Over the past two years, the market delivered approximately 35,000 units and that number is expected to drop to just 9,000 units in 2025 and less than 4,000 units in 2026. This will lead to tightening occupancies and strong rent growth. The city has already recorded its seventh consecutive quarter of net positive net absorption as of the second quarter of 2024, which is a quarterly high since mid-2021 at 5,799 units. New development, on the other hand, has been a bit more challenging due to the higher return on cost requirements, flat rent growth and a lack of meaningful relief on construction costs. Market valuations for newly constructed assets are near current replacement cost, which …
CARROLLTON, GA. — Stratus Development Group has announced the redevelopment of The Shoppes at Rome, transforming the first ever retail center built in Carrollton. Situated about 50 miles west of Atlanta, the 40,000-square-foot retail project spans nearly three acres and a full city block. The historic property is located at 415 Rome St., one block from Adamson Square shops and restaurants. Max Albers of Atlanta-based Stratus Property Group is leading the leasing for the redevelopment, which aims to bring new retailers to downtown Carrollton and spur further development in the area. The City of Carrollton has recently unveiled more developments in the downtown district, including The Amp, a 1,000-seat amphitheater, multiple new breweries and events such as half-marathon runs and the “Taste of Carrollton.”
JOHNS CREEK, GA. — Six new tenants have signed leases at Medley, a 43-acre mixed-use property currently underway in the north Atlanta suburb of Johns Creek. Locally based Toro Development Co. is the master developer of the project and plans to break ground in January. The newly signed tenants include Sephora, Rena’s Italian Fishery & Grill, High Country Outfitters, BODYROK, Petfolk and an undisclosed grocer. Previously announced tenants for the development, which is now roughly 75 percent leased, include Ford Fry’s Little Rey, CRÚ Food & Wine Bar, Fadó Irish Pub, Summit Coffee, Lily Sushi Bar, Knuckies Hoagies, Cookie Fix, Sugarcoat Beauty, BODY20, AYA Medical Spa, 26 Thai Kitchen and Bar, Five Daughters Bakery, Drybar Shops, Minnie Olivia, Burdlife, AMorino, Pause Studio, Fogón and Lions and Clean Your Dirty Face. Medley is currently about 75 percent leased. Upon completion in late 2026, Medley will comprise 150,000 square feet of retail, restaurant and entertainment space; a 175-room boutique hotel; 110,000 square feet of office space; 750 multifamily residences and 133 townhomes; and a 25,000-square-foot plaza. Toro also recently announced that it obtained construction financing for the project, including an undisclosed amount of equity from Ascentris, as well as a $158 million loan …
Newer Posts