REBusinessOnline

Brookfield Properties Files Plans to Redevelop Atlanta’s Cumberland Mall as Mixed-Use Destination

ATLANTA — Brookfield Properties Retail Group has submitted initial plans for the redevelopment of the eastern portion of Cumberland Mall, a 1 million-square-foot regional mall in northern Atlanta’s Cumberland-Galleria submarket. Cobb County submitted the proposal on behalf of the Chicago-based developer to the Georgia Regional Transportation Authority (GRTA) to review as a Development of Regional Impact (DRI), which is a distinction for projects that have outsized impact on civic functions …

McShane Delivers 280-Unit Apartment Community Near Savannah

POOLER, GA. — McShane Construction Co. has delivered Parc at Pooler, a 280-unit apartment community located at 2200 Old Quacco Road in the Savannah suburb of Pooler. The property is situated on 21 acres and features 19,000 square feet of amenities, including a pool, sundeck, outdoor kitchen, car care center and a dog park. Indoor amenities include a clubhouse with a fitness center, coffee bar, café and a resident’s lounge. Units include granite countertops, sunrooms or balconies, …

AT&T to Sell CNN Center in Downtown Atlanta, Consolidate Offices at Techwood Campus

ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was …

SK Innovation to Invest $940M in Battery Plant Campus in North Georgia

COMMERCE, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will invest an additional $940 million and create another 600 jobs at its business park in Commerce. The most recent investment plans will include a 430,000-square-foot plant at the property. A timeline for construction was not disclosed. The South Korean-based company originally announced in November 2018 that it would build two plants worth $1.67 billion and create 2,000 jobs …

Ambling Sells 20-Property Multifamily Portfolio in Georgia, Carolinas for $106M

VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC …

Black Creek Group Acquires 797,580 SF Industrial Building in Metro Atlanta

ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an …

Truist Provides $93.8M Construction Loan for Multifamily Community in Atlanta

ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will …

Skyline Seven Brokers $2.2M Sale of Office Building in Metro Atlanta

CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based …

Extended Stay America Opens 124-Room Hotel Near Savannah

POOLER, GA. — Extended Stay America Inc. has opened a 124-room hotel in Pooler. Dubbed Extended Stay America-Savannah, the four-story hotel offers a fitness room, laundry room, complimentary WiFi and fully equipped kitchens. The property is located at 500 Outlets Parkway, adjacent to Tanger Outlets Savannah and 12 miles west of downtown Savannah. The general contractor, Integrated Construction, broke ground on the hotel in March 2019. Rule Joy Trammell + Rubio LLC served as the architect and …

JLL Negotiates Sale of 104-Unit Apartment Complex in Atlanta

ATLANTA — JLL has negotiated the sale of Marquis at Briarcliff, a 104-unit apartment complex in Atlanta’s North Druid Hills submarket. The property, which built in 1995, offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, pool, grilling areas and a dog park. The buyer, Chicago-based Oak Residential Partners LLC, plans to upgrade unit interiors, exteriors, amenities and landscaping. The buyer also changed the property name to One K …

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