Georgia

Marcus & Millichap Brokers $31.8M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders May 28, 2021

KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.

May 28, 2021

Affordable Housing Development Georgia Multifamily Southeast

Tapestry, Columbia Residential Open $19M Affordable Seniors Housing Community in Decatur, Georgia

by Julia Sanders May 28, 2021

DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units. The property is located at 651 Decatur Village Drive, about 2.2 miles north of downtown Decatur. The community is also close to stores, restaurants, professional services options, DeKalb Medical Center, MARTA bus lines and the MARTA Decatur station. Amenities include a shared community park, fenced community garden, movie theater room, fitness center, computer center, community room with a kitchen and free Wi-Fi in common areas. The new community is situated at Scott Boulevard and North Decatur Road within Decatur Crossing, a 26-acre mixed-use development by Atlanta-based Fuqua Development. Decatur Crossing’s three phases contain approximately 94,000 square feet of commercial space, including three grocery stores, 14,000 square feet of office space and over 950 apartments. Tapestry Development Group and Columbia Residential assembled the land in December 2017 and broke ground in May 2019. The developers had the Stride project certified …

May 28, 2021

Acquisitions Georgia Retail Southeast Virginia

SRS Brokers $10.6M Sale of Two New Petsuites-Occupied Stores in Virginia, Georgia

by Julia Sanders May 27, 2021

NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.

May 27, 2021

Build-to-Rent Development Georgia Leasing Activity Multifamily Southeast

Parkland Residential Breaks Ground on Build-for-Rent Townhome Property in Lawrenceville, Georgia

by Julia Sanders May 27, 2021

LAWRENCEVILLE, GA. — Atlanta-based Parkland Residential has broken ground on Sweetwater Springs, the company’s first build-for-rent (BFR) community. The property is located at 1510 Duluth Highway in Lawrenceville, about 28 miles northeast of downtown Atlanta. The development will be completed by December 2021. Managed by Lincoln Property Group, Sweetwater Springs will be one of the first BFR communities in Gwinnett County and the first stacked townhome property within the county. Parkland Residential has begun leasing the townhomes at rents ranging from $1,950 to $2,300 per month. The three-bedroom units total 1,950 square feet and offer two-and-a-half baths plus a loft. Two-bedroom units offer 1,630 square feet of total living space. The rear-entry stacked townhomes in Sweetwater Springs will offer one-car garages and two- or three-bedroom units, including private owner’s suites with walk-in closets and baths featuring dual vanities. The open floor plans will feature kitchens that open into family rooms with covered outdoor living spaces. NorthMarq arranged $12 million of construction financing through Trez Capital on behalf of Parkland Residential. The developer says it plans to build several more BFR communities over the next several years as it provides an attractive housing alternative for the middle class.

May 27, 2021

Acquisitions Georgia Industrial Southeast

Dalfen Industrial Buys Three Properties in Alpharetta, Georgia Totaling 284,000 SF

by Julia Sanders May 26, 2021

ALPHARETTA, GA. — Dalfen Industrial has bought three Class A industrial properties in Alpharetta, adding 284,000 square feet to its metro Atlanta portfolio. The properties are located less than two miles from Ga. Highway 400. The price and the seller were not disclosed. Built in 2016 to 2019 by Childress Klein, the properties were fully leased at the time of acquisition to tenants including Ericsson and ABC Supply. The buildings have amenities including 24 foot clear heights, rear-load configuration, 100 dock-high doors and one drive-in door, as well as parking.

May 26, 2021

Development Georgia Retail Southeast

Branch Properties, Carter to Develop 87,000 SF Publix-Anchored Shopping Center in Atlanta’s Summerhill District

by Julia Sanders May 24, 2021

ATLANTA — A joint venture between Branch Properties and Carter USA will develop an 87,000-square-foot, grocery-anchored shopping center in the south Atlanta neighborhood of Summerhill. The center will be anchored by a 50,000-square-foot Publix grocery store and will feature a two-level parking deck. Leasing at the development, which is scheduled for completion in fall 2022, is currently underway with roughly 37,000 square feet of space available for a variety of retail or service tenants. Carter is currently redeveloping the surrounding 19-block area into a hub for retail, dining, housing and office space alongside Georgia State University’s (GSU) athletic facilities, namely Center Parc Credit Union Stadium (formerly Turner Field). Adjacent to the future Publix shopping center is the recently redeveloped Georgia Avenue, which features restaurants and bars, such as Wood’s Chapel BBQ, Maepole, Hero Doughnuts, Halfway Crooks Beer, Little Tart Bakeshop, Junior’s Pizza and Big Softie. Summerhill is an 80-acre project south of downtown Atlanta. Following the Atlanta Braves’ move away from Turner Field to Truist Park in Cobb County, Carter, in partnership with GSU, purchased 80 acres of land in the community, with the vision of creating a walkable district within close proximity to transportation options and downtown Atlanta. In …

May 24, 2021

Acquisitions Georgia Industrial Southeast

Coldwell Banker Arranges Sale of 370,000 SF Warehouse in Manchester, Georgia

by Julia Sanders May 21, 2021

MANCHESTER, GA. — Coldwell Banker Commercial has arranged the sale of a 370,000-square-foot warehouse and distribution building located at 1000 W. Main St. in Manchester. The sales price was not disclosed. Ernie Smallman IV of Coldwell Banker Commercial Kennon, Parker, Duncan & Davis represented the buyer, FW Logistics, and the seller, Global Track Warehouse. Built in 1978, the single-story property is situated on 30 acres roughly 39 miles from Columbus, Ga., and 19 miles from Pine Mountain, Ga. The property has 21 exterior dock doors and 300 parking spaces located outside of the building. FW Logistics has selected Coldwell Banker Commercial as the exclusive leasing agent for the property. The firm intends to lease 300,000 square feet of the building to a tenant and utilize the remaining space for its own operations. The company also plans to do upgrades and renovations to the building.

May 21, 2021

Acquisitions Georgia Retail Southeast

Hanley Investment Group Brokers $24.6M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders May 19, 2021

ALPHARETTA, GA. — Hanley Investment Group Real Estate Advisors has brokered the $24.6 million sale of Alpharetta Commons, a 94,500-square-foot shopping center located in the Atlanta suburb of Alpharetta. Publix anchors the property, which is 98.7 percent occupied by tenants including Sports Clips, T-Mobile, a nail salon, dry cleaners, a liquor store and restaurants. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Southern California. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, an undisclosed institutional real estate owner, operator and developer.

May 19, 2021

Arkansas Georgia Southeast

Walmart, Home Depot Both See Increases in Sales Thanks to Government Stimulus, Home Renovations

by Julia Sanders May 19, 2021

BENTONVILLE, ARK. AND ATLANTA — Bentonville, Ark.-based Walmart Inc. (NYSE: WMT) and Atlanta-based The Home Depot (NYSE: HD) have both experienced a boost in sales for their fiscal first-quarter earnings of 2021. Home Depot’s earnings were higher than estimates by Wall Street. The home improvement retailer’s net sales increased by 32.7 percent to $37.5 billion, while Wall Street had predicted $34.9 billion. A year ago, the fiscal first-quarter net income for the company was $2.25 billion or $2.08 per share, and this year, it is $4.15 billion or $3.86 per share, higher than what Wall Street expected at $3.08. According to the CNBC, Home Depot’s increase in sales is due to a thriving housing market, despite high prices for lumber and increasing interest rates hindering the sales of newly built houses in recent months. Home Depot reported 447.2 million sales transactions, which was an increase of 19.3 percent from fiscal first-quarter 2020. The retailer also reported that customers are spending on average more money per visit, with the average total receipt price increasing 10.3 percent to $82.37. CNBC reports customers could be spending more money because prices at the store have increased. Walmart Inc. has also generated more sales in …

May 19, 2021

Development Georgia Leasing Activity Restaurant Southeast

Rosé Bistro & Champagne Bar to Open at Atlantic Station in West Midtown Atlanta

by Julia Sanders May 18, 2021

ATLANTA — Rosé Bistro & Champagne Bar, a Parisian cuisine and wine bar concept, is set to open this fall at Atlantic Station, the 138-acre retail, restaurant and entertainment destination in West Midtown Atlanta. Located at 232 19th St., the bistro will feature a wine list and French dishes for brunch, dinner and light bites. Houston-based Hines is the property management firm at Atlantic Station. Situated near Atlantic Green, Rosé Bistro & Champagne Bar will offer a raw bar, indoor and outdoor dining and a full bar with cocktails including rosé champagne punch and French 75. The 1,634-square-foot bistro is the newest restaurant to join the tenant mix at Atlantic Station. With additional tenants to be announced, Atlantic Station plans to open tenants such as Azotea Cantina, LINDBERGH and Toscano Ristorante Italian this year. Another current tenant is the Regal Atlantic Station, which just opened back up after being closed since October 9, 2020 due to COVID-19.

May 18, 2021

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