REBusinessOnline

Porsche Revs Up Construction on 33-Acre Extension of North American Headquarters in Atlanta

ATLANTA — Porsche Cars North America Inc. (PCNA) has started construction on a 33-acre extension of its existing headquarters located near Hartsfield-Jackson Atlanta International Airport. Hennessy Porsche North Atlanta and Porsche Atlanta Perimeter will jointly develop, own and operate the first phase of development with PCNA. Phase I will be a standalone service center, which will span 2.5 acres and 20,815 square feet. The facility will include 13 lift bays to service vehicles, as well as a …

Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks.Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset.“During …

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year.The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and …

Crescent Real Estate Acquires Hotel at Avalon in Metro Atlanta

ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill …

PCCP, Panattoni to Develop 2.4 MSF Industrial Campus Near Port of Savannah

BLOOMINGDALE, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop a 2.4 million-square-foot industrial campus within Savannah Portside International Park in Bloomingdale. The spec project will be built in phases, with Phase I comprising a 518,400-square-foot facility. The building will feature 40-foot clear heights and can be expanded to 1.1 million square feet. A timeline for completion was not disclosed. The developers are targeting tenants seeking …

TSCG Negotiates 33,191 SF Lease for Planet Fitness in Savannah

SAVANNAH, GA. — TSCG has negotiated a 33,191-square-foot lease for Planet Fitness at the former site of a Bi-Lo grocery store in Savannah. The property is situated within Crossroads Shopping Center at 2132 E. Victory Drive, four miles southeast of downtown Savannah. Current tenants include Starbucks, T-Mobile and The UPS Store. Michael Silverman of TSCG represented Sunshine Fitness, one of the largest Planet Fitness franchisees in the country, in the lease transaction. Kelly Pulignano of TSCG …

Beverage Maker Bang Energy to Invest $145M in Industrial Facility in Metro Atlanta

LITHIA SPRINGS, GA. — Bang Energy will invest $145 million in a 644,00-square-foot manufacturing and distribution facility in Lithia Springs. The energy and sports beverage company, which is based in Weston, Fla., expects to bring 600 jobs to the area. The property is located at 7705 Staples Drive, 16 miles west of downtown Atlanta and 19 miles northwest of Hartsfield-Jackson Atlanta International Airport. Once fully operational, the company will produce more than 4,000 cans per minute. A …

Corporate Property Dispositions Hires Tom Gallagher as Vice President, to Oversee Mid-Atlantic Region

ATLANTA — Corporate Property Dispositions (CPD) has hired Tom Gallagher as vice president. In the role, Gallagher will manage client requirements throughout the Mid-Atlantic region. CPD specializes in lease and sale negotiations on behalf of landlords and owners.[caption id="attachment_274127" align="alignright" width="100"] Tom Gallagher, Vice President, Corporate Property Dispositions[/caption]The company is headquartered in Atlanta, where Gallagher will be based. Prior to joining …

Facebook to Invest Additional $250M for Data Center Expansion in Covington, Georgia

COVINGTON, GA. — Facebook will invest an additional $250 million at its data center campus in Covington, bringing the social media giant’s total investment at the site to $1 billion. The Menlo Park, Calif.-based company will add three buildings and 1.5 million square feet to the property, which was first announced in 2018. Upon completion, the property will total five buildings spanning nearly 2.5 million square feet. Facebook expects to house 200 employees at the site, which is situated …

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and …

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