Georgia

Forrest Street Partners Purchases Manufactured Housing and RV Park in Covington, Georgia

by Julia Sanders July 20, 2021

COVINGTON, GA. — Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured housing and RV park in Covington. The seller and sales price were not disclosed. Riverside Estates is the third RV park and first manufactured housing park that Forrest Street Partners has purchased in the Atlanta area. The park has 170 RV sites and 135 manufactured home sites, as well as a clubhouse, pool and playground. Forrest Street plans to renovate the property by adding asphalt to the roads, pressure washing and re-skirting homes that need updates, as well as building 20 new homes. On the RV side, additions will include a renovated electrical system, new cable and internet, road and site improvements and refurbishing the pool, clubhouse and bathhouse. The firm also plans to rename and rebrand the park within the next few months. Forrest Street Partners is a real estate investment firm based in Roswell, Ga., and the firm focuses on RV parks, manufactured homes and retail properties throughout the Southeast.

July 20, 2021

Development Georgia Mixed-Use Southeast

NAP, Hoar Complete $400M Redevelopment of Colony Square in Midtown Atlanta

by Julia Sanders July 19, 2021

ATLANTA — North American Properties (NAP) and Hoar Construction have completed the redevelopment of Colony Square, a mixed-use development located at the intersection of 14th and Peachtree streets in the Midtown neighborhood of Atlanta. The project comprised four phases and the total development cost was $400 million. Over the past four years, the developers have completed a 200,000-square-foot renovation of two existing buildings, the ground-up construction of a new building featuring a movie theater and food hall and two new Class A office buildings with street-level retail. General contractor Hoar broke ground on Phase I of the multi-phase project in October 2017. The firm demolished 240,000 square feet of existing enclosed mall space. Hoar topped out on Buildings 200 and 300 in August 2019, and finalized upgrades to Building 400, which received lobby enhancements and exterior retail additions in 2018. In total, Colony Square offers 940,000 square feet of Class A office space and 160,000 square feet of retail, restaurant and entertainment space. NAP, Colony Square’s owner and developer based in Cincinnati, opened Politan Row at Colony Square, the new food hall in Building 200, as well as Building 500, which includes 115,000 square feet of office space fully occupied …

July 19, 2021

Development Georgia Office Southeast

Roam to Open Coworking Space at Town at Trilith Development in Fayetteville, Georgia

by Julia Sanders July 16, 2021

FAYETTEVILLE, GA. — Roam, a coworking operator, will open a new location in September inside the Two-Ten office building within Town at Trillith in Fayetteville. The mixed-use project is located adjacent to Trilith Studios, a 1,000-acre movie studio formerly known as Pinewood Atlanta Studios that has produced movies such as Avengers: Endgame and Ant-Man. The Town at Trilith space will be Roam’s seventh and newest location, and it will include offices and desks for rent, as well as meeting spaces designed to accommodate varying group sizes. The space will also include a boardroom with seating for up to 16 individuals, four large training rooms that can accommodate groups of up to 60, a screening room and a podcast room. Roam offers a variety of membership options, including two and three-month terms, flexible month-to-month agreements and daily passes. Tenants at Town at Trillith that have already opened include Amici Italian Café, The Piedmont Wellness Center, Honeysuckle Gelato, Green p.s., Amici Café, Barleygarden Kitchen and Craft Bar and Hop City. Trilith has announced other retailers including Leyland Blue, Trilith Food Hall, Native Collective, The Skin Society, Sugarcoat, Premiere Hair Studio, Woodstone Bakery & Café, Braise, Archer Paper Goods, The Funky Shack and …

July 16, 2021

Development Georgia Industrial Southeast

Robinson Weeks Breaks Ground on 1.3 MSF Spec Industrial Development Near Atlanta

by Julia Sanders July 16, 2021

FOREST PARK, GA. — Robinson Weeks Partners has broken ground on Gillem 1100 and Gillem 1200, a pair of Class A speculative distribution centers in metro Atlanta totaling nearly 1.3 million square feet. The facilities sit within Gillem Logistics Center in Forest Park. Construction on Gillem 1100 is scheduled to finish in the beginning of 2022, while Gillem 1200 is slated for completion in the second quarter of 2022. The 909,509-square-foot Gillem 1100 will be a cross-dock facility featuring 40-foot clear heights, 300 auto parking spaces, 171 dock high doors and 318 trailer storage spaces. The 377,520-square-foot Gillem 1200 will feature 32-foot clear heights, 267 auto parking spaces, 70 dock high doors and 86 trailer storage spaces. Formerly the Fort Gillem Army Base, Gillem Logistics Center is a 1,168-acre master-planned industrial development featuring more than 8 million square feet of industrial space and 500,000 square feet of mixed-use facilities. The logistics center is approximately 11 miles from Hartsfield-Jackson Atlanta International Airport and houses tenants including Kroger, Cummins, HD Supply, XPO, Kuehne + Nagel and Kalera. Robinson Weeks Partners is an Atlanta-based development and acquisitions firm. The firm was selected to be the master developer for the project in 2007 and …

July 16, 2021

Acquisitions Development Florida Georgia Multifamily Southeast

Kaplan Buys Three Land Sites for a Total of $17.3M, Plans to Develop Build-to-Rent Townhomes

by Julia Sanders July 16, 2021

MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …

July 16, 2021

Acquisitions Georgia Retail Southeast

North American Properties Acquires 230,000 SF Avenue East Cobb Retail Center in Metro Atlanta

by Julia Sanders July 15, 2021

MARIETTA, GA. — North American Properties (NAP) has acquired The Avenue East Cobb, a 230,000-square-foot retail development in Marietta. The seller and sales price were not disclosed. The property’s tenant roster features national brands such as lululemon atheltica, Sephora, Pottery Barn, Simply Mac, Bed Bath & Beyond and Williams Sonoma, as well as regional concepts such as High Country Outfitters, Stockyard Burgers & Bones and Tin Lizzy’s Cantina. NAP’s repositioning plan calls for the addition of a central event lawn surrounded by restaurants with patios. Built in 1999, Avenue East Cobb was the first to be developed as part of Cousins Properties’ portfolio of lifestyle centers branded “Avenue.” NAP is a real estate operator and development company based in Cincinnati. Since announcing its value-add acquisition strategy in December 2019, NAP’s Atlanta office has executed redevelopment and repositioning plans at Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; and Birkdale Village in Huntersville, N.C.

July 15, 2021

Georgia Loans Multifamily Southeast

JLL Secures Acquisition Financing for 295-Unit Aventon Park West Apartments in Savannah

by Julia Sanders July 15, 2021

SAVANNAH, GA. — JLL Capital Markets has secured an undisclosed amount of acquisition financing for Aventon Park West, a newly constructed, 295-unit multifamily community in Savannah. Marc Schillinger, Jonah Aelyon and Eric Boucher of JLL represented the borrower, an undisclosed private individual, to secure the seven-year, fixed-rate Freddie Mac loan. Built in 2020, Aventon Park West includes one-, two- and three-bedroom units with an average unit size of 962 square feet. The garden-style apartments feature kitchen islands, keyless entry with mobile activation, smart thermostats, washers and dryers, walk-in showers, soaking tubs, walk-in closets, USB outlets, private balconies and patios and a choice of two highspeed internet/video providers. Community amenities include a saltwater pool with private cabanas, covered terrace, outdoor kitchen and pool bar with grilling stations, outdoor lounge with fire pit, hammock garden and gaming lawn, controlled access, electric vehicle charging stations, fitness center, yoga studio, coworking spaces, club lounge with game room with coffee bar, pet spa and two dog parks, children’s playground and walking trails. Located at 2080 Benton Blvd., the property offers access to Interstate 95 and is 13 miles from downtown Savannah. The property has nearby employers such as Gulfstream Aerospace Corp., Georgia-Pacific, St. Joseph’s/Candler health …

July 15, 2021

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 150-Unit Legacy at Lanier Apartments in Gainesville, Georgia

by Julia Sanders July 14, 2021

GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.

July 14, 2021

Acquisitions Georgia Multifamily Southeast

ZMR Capital Acquires Multifamily Community in Metro Atlanta for $40.1M

by Julia Sanders July 13, 2021

MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.

July 13, 2021

Acquisitions Georgia Retail Southeast

Principal Real Estate Investors Sells Kroger-Anchored Retail Center in Metro Atlanta for $20.8M

by Julia Sanders July 13, 2021

ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.

July 13, 2021

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