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DevelopmentGeorgiaIndustrialSoutheast

Brightmark to Develop $950M Recycling Facility in Central Georgia

by John Nelson

THOMASTON, GA. — Brightmark LLC, a recycling solutions company based in San Francisco, has announced plans for a $950 million recycling facility project in Thomaston, about 65 miles south of Atlanta. Upon completion, the “circularity center” will comprise 2.5 million square feet with the capacity to repurpose 400,000 tons of plastic per year. According to the company, the project will create 200 advanced manufacturing jobs in the central Georgia area. Plans include a $20 million investment in additive infrastructure in Thomaston, with upgrades to utilities, roadway improvements, rail access extensions and other improvements.

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Affordable HousingDevelopmentGeorgiaLife SciencesMixed-UseMultifamilySoutheast

Trammell Crow, GATV Complete Phase I of Mixed-Use Science Square Development in Atlanta

by John Nelson

ATLANTA — Trammell Crow Co. (TCC) and Georgia Advanced Technology Ventures (GATV) — an affiliate of the Georgia Institute of Technology (Georgia Tech) — have completed construction of the first phase of Science Square, a mixed-use development situated adjacent to the Georgia Tech campus in Atlanta. Comprising 18 acres, the development features Science Square Labs, a life science building, and The Grace, a 14-story residential tower. Perkins + Will designed Science Square Labs, which totals 368,258 square feet and features lab and clean-up space. The 13-story building features a 38,000-square-foot solar panel array on top of the parking garage and 22 electric vehicle charging stations. Amenities at the property include a fitness center, conference space and private meeting rooms, and a tenant lounge and event space dubbed The Commons that features a 16,000-square-foot sky deck on the fifth floor. Portal Innovations has signed a 33,000-square-foot lease as the first tenant at the property, which includes 33,136 square feet of pre-built speculative lab and office suites, as well as space for custom-built units. The Grace, designed by Rule Joy Trammell + Rubio, comprises 280 units with a mix of market-rate and affordable residences. Amenities include a bike room, club room, outdoor …

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AcquisitionsGeorgiaNew YorkNortheastRestaurantRetailSoutheastTop Stories

Blackstone Agrees to Acquire Tropical Smoothie Cafe for Nearly $2B

by Kristin Harlow

ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …

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Affordable HousingDevelopmentGeorgiaLoansMultifamilySeniors HousingSoutheast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

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GeorgiaLeasing ActivityOfficeSoutheast

Switchyards to Open 200 New Coworking Offices Over Next Five Years

by John Nelson

ATLANTA — Atlanta-based coworking startup Switchyards has announced plans to open 200 new members-only work clubs over the next five years. This announcement follows a $5 million investment led by Bullpen Capital, with existing investors including Cercano and Overline. Founded in 2019, Switchyards operates 24-hour coworking venues with internet and unlimited coffee and tea. Each location features quiet areas for focused work, as well as bookable conference rooms for meetings. The brand’s current portfolio includes 15 clubs in Atlanta, Nashville and Charlotte. Switchyards plans to open 10 of the new facilities by the end of the year.

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DevelopmentGeorgiaOfficeSoutheast

Atlanta United Announces $23M Headquarters Expansion in Marietta, Georgia

by John Nelson

MARIETTA, GA. — Major League Soccer (MLS) club Atlanta United has announced plans for a $23 million expansion to its Children’s Healthcare of Atlanta Training Ground headquarters facility in Marietta, roughly 20 miles northwest of Atlanta. The two-story, 20,000-square-foot addition will connect to the east wing of the existing facility and feature 4,000 square feed designated for its second team (ATL UTD 2) and the club’s five Academy teams. The space will also feature a dedicated gym, locker room and office space for Atlanta United’s six development teams and 20-plus staff members, as well as a dedicated classroom, two new digital content studios, a new podcast and esports studio and a press conference room. The expansion will bring the total footprint of the facilities to 50,000 square feet, with a total investment of $85 million. Completion of the project is scheduled for summer 2025.

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AcquisitionsGeorgiaIndustrialSoutheast

Dermody Properties Acquires Two Industrial Facilities at Gillem Logistics Center in Atlanta Totaling 548,040 SF

by John Nelson

ATLANTA — Dermody Properties has purchased two industrial facilities within Gillem Logistics Center, an industrial park in south Atlanta. The developer, locally based Robinson Weeks Partners, sold the assets for an undisclosed price. The properties include Building 700, a 169,520-square-foot facility, and Building 1200, a 378,520-square-foot building. Wes Hardy represented Dermody in the transaction on an internal basis, and Trey Barry of CBRE represented Robinson Weeks.

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GeorgiaIndustrialLeasing ActivitySoutheast

Stonemont Financial Signs Logistics User to 733,200 SF Industrial Lease in Metro Savannah

by John Nelson

RINCON, GA. — Stonemont Financial Group has signed Armstrong Logistics Inc., a warehousing and logistics service provider based in California, to an industrial lease near Port of Savannah. The logistics firm will fully occupy Building 4A, a 733,200-square-foot cross-dock facility, at Georgia International Trade Center (GITC), a 1,150-acre industrial park in Effingham County that Stonemont Financial is co-developing with The Davis Cos. and Chesterfield. Located in Rincon, the facility features 40-foot clear heights, 175 dock-high doors, four drive-in doors and 208 trailer stalls. Scott Mertz of NAI Global brokered the transaction. Additional partners for the project include Omega Construction as the general contractor, Atlas Collaborative as the architect and Thomas & Hutton as the civil engineer. Stephen Ezelle of Cushman & Wakefield/Gilbert & Ezelle is handling all leasing at GITC. Building 4A is the 10th warehouse that Stonemont Financial has delivered at the park.

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AcquisitionsFloridaGeorgiaRetailSoutheast

Jamestown Acquires Two Shopping Centers in Metro Atlanta, South Florida

by John Nelson

SANDY SPRINGS, GA. AND TAMARAC, FLA. — Atlanta-based Jamestown has purchased two grocery-anchored shopping centers in metro Atlanta and South Florida totaling approximately 284,000 square feet. The acquired properties include Fountain Oaks, a 160,000-square-foot, Kroger-anchored center in Sandy Springs, and Tamarac Town Square, a 124,000-square-foot, Publix-anchored center in Tamarac. The properties were 92 percent and 84 percent leased at the time of sale, respectively. JLL represented Edens in the sale of Fountain Oaks and Regency Centers in the sale of Tamarac Town Square. The sales prices were not disclosed. The acquisitions expand Jamestown’s grocery-anchored shopping center portfolio to nine properties totaling approximately 1.4 million square feet, all of which are in Georgia and Florida. The company plans to introduce property-wide Wi-Fi, electric vehicle charging stations, murals and outdoor open space at both centers. Jamestown has owned and operated more than 4.6 million square feet of grocery-anchored shopping centers in over 15 markets since 1990.

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AcquisitionsGeorgiaMultifamilySoutheast

RangeWater, Nippon Steel Kowa Buy Apartment Community in Suwanee, Georgia

by John Nelson

SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have purchased Provenza at Old Peachtree, a garden-style apartment community located at 1460 Distribution Drive in Suwanee. Situated northeast of Atlanta in Gwinnett County, the property will be rebranded as Echo Ridge Suwanee. Amenities include a pool with poolside grilling stations, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. RangeWater and Nippon Steel Kowa are contemplating adding a dog park and pet spa to round out the property’s amenity offerings, as well as updating unit interiors. The seller, sales price and unit count of Provenza at Old Peachtree were not disclosed.

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