CBRE Investment Management Provides $85.3M Acquisition Loan for Multifamily Community in Metro Atlanta

DORAVILLE, GA. — A fund sponsored by CBRE Investment Management closed on an $85.3 million mortgage loan to finance Atlanta-based Carroll’s acquisition of the 592-unit Arium Winters Chapel apartment community in the Atlanta suburb of Doraville. The floating-rate loan has an initial term of three years with a two-year extension option. The loan features future funding to finance the sponsor’s business plan. Robert Kadoori of CBRE’s Debt & Structured Finance team in Atlanta arranged the …

May 24, 2022Acquisitions, Georgia, Multifamily, Southeast

Clarion, Westbridge Break Ground on 926 Brady Adaptive Reuse Offices in Atlanta

ATLANTA — Clarion Partners and Westbridge have broken ground on 926 Brady, an adaptive reuse project in Atlanta’s West Midtown district. The project will repurpose a 1930s-era warehouse into 36,000 square feet of creative office space, including a second-floor addition that gives the property a rooftop terrace. Architectural firm ai3 is the design lead for 926 Brady, and Gay Construction Co. is serving as the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is …

May 23, 2022Development, Georgia, Mixed-Use, Office, Southeast

Atlanta Multifamily Sales Market Downshifts from ‘White Hot’ to ‘Hot’

Like much of the rest of the country, the Atlanta multifamily market has been white-hot with strong occupancies and rent growth that is contributing to outsized returns for owners, investors and developers. Recent increases in financing costs does not mean the music is stopping, but the tempo is slowing a bit.Atlanta’s multifamily fundamentals are still outstanding. Occupancies are holding strong and rents are continuing to rise. According to Northmarq’s fourth-quarter 2021 research, …

May 23, 2022Georgia, Market Reports, Multifamily, Southeast, Southeast Market Reports

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years.In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be …

May 23, 2022Development, Georgia, Industrial, Southeast, Top Stories

Procter & Gamble to Build $205M Distribution Center in Jackson, Georgia

JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, …

May 17, 2022Development, Georgia, Industrial, Southeast

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the …

May 17, 2022Development, Georgia, Loans, Multifamily, Southeast

Atlanta Retail Market Stays Hot With Unique, Experiential Offerings Around Town

Atlanta continues its streak as a high-growth market for retail. Low vacancy rates have turned up the competition for quality spaces among tenants and rents have continued to climb.Competition and a landlord’s market have sparked new trends as developers further refine their approach to finding retailers that drive traffic and retailers search for fertile and readily available locations, including submarkets outside the intown submarkets.Northeastern and West Coast brands have …

May 16, 2022Georgia, Market Reports, Retail, Southeast, Southeast Market Reports

IPA Brokers $23.2M Sale of Doraville Plaza Shopping Center in Metro Atlanta

DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented …

May 12, 2022Acquisitions, Georgia, Retail, Southeast

Mill Creek Begins Preleasing at Modera Old Ivy Apartment Community in Atlanta

ATLANTA — Mill Creek Residential, a Boca Raton, Fla.-based developer and owner-operator of multifamily properties, has begun preleasing at Modera Old Ivy, a luxury apartment community under development in Atlanta’s Buckhead district. Located within a mid-rise and high-rise tower at 3651 Lenox Road, the development is on a site that includes the Prominence office building and an Element Marriott hotel. First move-ins are anticipated in early June. According to the property website, rental …

May 11, 2022Development, Georgia, Multifamily, Southeast

Atlanta Lands Big Office Deals, but Overall Tenant Demand Remains Uncertain

In many ways, metro Atlanta is a tale of two office markets. Google, Microsoft, Papa John’s, Visa and FanDuel are just some of the heavy hitters that have signed major deals over the last year and a half, fueling leasing activity that is getting closer to pre-pandemic norms. Much of that action has been centered in the Central Business District (CBD), which registered a 68 percent year-over-year increase in leasing volume compared to first-quarter 2021. According to research from CoStar …

May 9, 2022Georgia, Market Reports, Office, Southeast, Southeast Market Reports