Georgia

Skanska, SG Contracting Selected to Build $308.3M Signia by Hilton Hotel in Downtown Atlanta

by Katie Sloan April 22, 2021

ATLANTA — A joint venture between Skanska and SG Contracting Inc. has been selected to build a $308.3 million Hilton (NYSE: HLT) hotel adjacent to the Georgia World Congress Center (GWCC) in downtown Atlanta. The 1.2 million-square-foot hotel will be the first newly constructed project under Hilton’s upscale Signia banner, and will act as a headquarters hotel for the GWCC. The property will overlook the Mercedes-Benz Stadium and is located near the Omni Atlanta Hotel, CNN Center, State Farm Arena and the Georgia Aquarium. The 40-story hotel is set to feature 975 guest rooms alongside amenities including 75,000 square feet of world-class meeting and event space; a connected walkway to the GWCC; spa; fitness center; 6,670-square-foot pool deck; an outdoor event lawn; a market; two chef-driven restaurants; and three bars. “The Signia by Hilton will further elevate Atlanta’s international presence and position as a major host of civic, cultural and commercial events,” says Scott Cannon, executive vice president and general manager for Skanska’s Georgia and South Carolina operations. Skanska and SG Contracting will provide pre-construction and construction management services for the hotel, which Gensler designed to achieve LEED Gold certification. The development, which Cannon says will generate approximately 600 construction jobs, is …

April 22, 2021

Acquisitions Georgia Multifamily Southeast

PRP Sells Perimeter 31 Apartment Community in Atlanta for $98.8M

by Julia Sanders April 21, 2021

ATLANTA — PRP has sold Perimeter 31, a 416-unit apartment community in Atlanta’s Central Perimeter submarket, for $98.8 million. The buyer was CWS. A partnership controlled by PRP acquired Perimeter 31 in November 2016 for $74.5 million. Over its ownership, PRP invested over $4 million in base building, amenities and in-unit renovations. According to PRP, Perimeter 31 maintained occupancy levels of 95 percent and rent collections of 98 percent despite the pandemic. Built in 2001, the Class A property includes six five-story buildings totaling 439,846 rentable square feet with an average unit size of approximately 1,000 square feet. The property’s amenities include a fitness center, swimming pool, structured parking with controlled access, outdoor grills, picnic area and a full-service business center. The apartment community is situated within a half-mile of Perimeter Mall and is close to the Dunwoody MARTA station.

April 21, 2021

Acquisitions Georgia Leasing Activity Retail Southeast

JLL Arranges $50M Sale of Restoration Hardware-Leased Property in Atlanta’s Buckhead District

by Julia Sanders April 21, 2021

ATLANTA — JLL Capital Markets has arranged the $50 million sale of Restoration Hardware (RH) Atlanta, a 63,831-square-foot store in Atlanta’s Buckhead district leased on a long-term basis to Restoration Hardware. Jim Hamilton, Coler Yoakam, Brad Buchanan and Andrew Kahn of JLL represented the seller, a partnership between an affiliate of LaSalle’s Income & Growth value-add fund series, Ferncroft Capital, Redan Group and Blackmount Real Estate Partners. RH, a global lifestyle company, has occupied the five-story building since it was constructed in 2014. RH Atlanta is located on 1.6 acres at 3030 Peachtree Road across the street from Jamestown’s Buckhead Village District and near the Buckhead Theatre. The sale transaction included a land parcel with development rights.

April 21, 2021

Acquisitions Georgia Mixed-Use North Carolina Office Southeast Top Stories

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Acquisitions Georgia Loans Multifamily Southeast

Ready Capital Closes $28.8M Acquisition Financing for Multifamily Property in Atlanta

by Julia Sanders April 19, 2021

ATLANTA — Ready Capital has closed a $28.8 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B, garden-style multifamily property in the Briarcliff submarket of Atlanta. The name of the property and borrower was not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors. The sponsor also plans to add washers and dryers to each unit. The non-recourse, interest-only, floating-rate loan features a 36-month term, extension options and flexible prepayment, as well as a facility to provide future funding for capital expenditures.

April 19, 2021

Development Georgia Multifamily Southeast

Alliance Residential Delivers Broadstone Summerhill Apartments in South Atlanta

by Julia Sanders April 14, 2021

ATLANTA — Scottsdale, Ariz.-based Alliance Residential Co. has delivered Broadstone Summerhill, a new multifamily development located in the heart of Atlanta’s Summerhill neighborhood on the city’s south side. This property is Alliance Residential’s latest development in the Atlanta area, with three additional developments under construction and three properties recently opening. Broadstone Summerhill comprises of three residential buildings with 276 studio, one- and two-bedroom apartment units. Each unit has entry mud benches, wet islands, plank-style vinyl wood flooring, designer lighting packages, custom cabinetry, quartz countertops and stainless steel appliances. The community has received the National Green Building Standard (NGBS) Green Certification. Located at 100 Fulton St. SE, just north of the Center Parc Credit Union Stadium (formerly Turner Field), the multifamily community is close to the Atlanta BeltLine, Grant Park, Zoo Atlanta and Mercedes-Benz Stadium. The community is also 9.7 miles from Hartsfield-Jackson Atlanta International Airport. Broadstone Summerhill’s rooftop observatory and lounge includes indoor/outdoor seating areas, a wet bar and arcade games. Also, the property has a pitched-roof clubroom with a demonstration kitchen and private workspaces. Other community amenities include flexible patio area near the indoor/outdoor fireplace, a saltwater pool with two sun shelves and gas grills, fitness center, pet park …

April 14, 2021

Development Georgia Leasing Activity Retail Southeast

Publix to Occupy 42,514 SF at Interlock Mixed-Use Project by S.J. Collins in Atlanta’s West Midtown

by Julia Sanders April 14, 2021

ATLANTA — Publix will occupy a 42,514-square-foot store for the second phase of The Interlock, a mixed-use development underway at the intersection of Ethel Street and Northside Drive in Atlanta’s West Midtown district. Demolition for the site will begin in May, and vertical construction will start in the fall of 2022. S.J. Collins Enterprises is the landlord. Phase I of The Interlock is a nine-acre, mixed-use property located at 1115 Howell Mill Road N.W. The development includes 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes; 70 single-family homes; and the 161-room Bellyard, a Tribute Portfolio Hotel. Phase I leasing opportunities still include approximately 87,000 square feet of office space and 30,000 square feet of retail and restaurant space. Phase II includes an additional 4.5 acres that will include another 40,000 square feet for retail space, 186,000 square feet of office space, student housing serving students of nearby Georgia Tech and the Publix grocery store. The various components of The Interlock are connected to each other via a one-acre public park. Phase II is currently being designed by Dynamik Design. Puttshack is debuting at The Interlock next week and Bellyard, …

April 14, 2021

Acquisitions Development Georgia Loans Multifamily Southeast

Ready Capital Closes $53.6M Acquisition Financing for Multifamily Property in Atlanta

by Julia Sanders April 14, 2021

ATLANTA — Ready Capital has closed a $53.6 million loan for the acquisition, renovation and stabilization of a 294-unit, Class B multifamily property in Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and mark rents to market. The borrower and property name were not disclosed. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures. The renovations planned at the property include new granite countertops and kitchen cabinets; updates to bathrooms, lighting and paint; and common area and exterior upgrades including a remodeled clubhouse, pool, fitness center, new property signage and an updated playground.

April 14, 2021

Acquisitions Georgia Industrial North Carolina Southeast Tennessee Top Stories Virginia

Partners Group Sells East Coast Industrial Portfolio for $1B

by John Nelson April 13, 2021

BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …

April 13, 2021

Affordable Housing Development Georgia Loans Multifamily Southeast

Berkadia Secures $11M Fannie Mae Financing for Intrada Westside Affordable Housing Project in Atlanta

by Julia Sanders April 12, 2021

ATLANTA — Berkadia has secured $11 million in financing for the development of Intrada Westside, a 143-unit affordable housing property in Atlanta. Carolyn Whatley, Lloyd Griffin and Frank Brown of Berkadia secured financing on behalf of the developer, Missouri-based Vecino Group. The $11 million forward commitment for permanent financing through Fannie Mae’s MTEB Program features a 15-year term with a 35-year amortization schedule. The property is planned to be constructed over a period of 18 months. Located in Grove Park, the Intrada Westside site offers access to Donald Lee Hollowell Parkway Northwest, which connects the primary area to downtown Atlanta. Amenities will include a leasing center that includes spaces for a fitness and business center, as well as a central laundry room, elevators, a playground, picnic and outdoor seating areas. The development also has 9,000 square feet of retail space. Intrada Westside’s site is in a Qualified Census Tract, Opportunity Zone and the Hollowell Tax Allocation District. The affordable restrictions will accommodate families who earn 50, 60 and 80 percent of area median income (AMI) and 25 units will receive project-based rent subsidy designated for homeless youth between the ages of 18 and 24. Vecino Group helped bring together the …

April 12, 2021

Newer Posts

Older Posts