Georgia

Institutional Property Advisors Brokers $12.7M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders March 25, 2021

CONYERS, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.7 million sale of Conyers Square, a 90,218-square-foot, Kroger-anchored shopping center in Conyers. Zach Taylor and Don McMinn of IPA’s Taylor McMinn Retail Group represented the seller, Sansome LLC, and procured the buyer, Forge Capital Partners. Kroger has 15 years of left on its lease term, and Taylor says that the previous owner did not have any COVID-19-related rent concessions with its tenants. “The Conyers Square disposition illustrated how strong and diverse the market is right now for successful, grocery-anchored centers,” says Taylor. “We received over one dozen offers from both private and institutional groups, with the private buyers beating the institutional pricing significantly. We received the most compelling financing quotes I have seen in over a decade and surpassed pricing expectations for our client.” Conyers Square was constructed on 11 acres in 1985. Additional tenants include Sunny’s Beauty Supply, Sapphire Nails, Lendmark Financial and H&R Block.

March 25, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of New 1.1 MSF Bulk Distribution Center Near Savannah

by Julia Sanders March 25, 2021

RINCON, GA. — JLL Capital Markets has arranged the sale of Georgia International Trade Center’s (GITC) Building 2B, a 1.1 million-square-foot bulk distribution center in the Savannah suburb of Rincon. Britton Burdette, Patrick Nally, Matt Wirth and Dennis Mitchell of JLL represented the seller, a joint venture between Stonemont Financial Group and The Davis Cos., in the transaction. Invesco Real Estate purchased the property for an undisclosed price. The cross-dock building is situated on 76.6 acres at 2008 Trade Center Blvd. within the broader, fully occupied GITC. Building 2B is less than 10 miles from Port of Savannah’s Garden City Terminal. Additionally, the property is located close to Interstates 16 and 95 and features access to every major destination east of the Mississippi River via two Class I railroads.

March 25, 2021

Acquisitions Georgia Multifamily Seniors Housing Southeast

Walker & Dunlop Brokers $164.5M Sale of Seniors Housing Portfolio in Atlanta

by Julia Sanders March 24, 2021

ATLANTA — Walker & Dunlop has brokered the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions Portfolio includes 559 independent living units across four unnamed properties located within 30 miles of one another. Some communities include restaurant-style dining rooms, fitness centers, landscaped grounds and in-unit washers and dryers. The communities are fairly new as they were constructed between 2016 and 2020. Focus Healthcare Partners is a real estate investment and asset management firm headquartered in Chicago.

March 24, 2021

Development Georgia Mixed-Use Southeast

Cotton Cos. to Open 55,000 SF Highside Market in Columbus, Georgia

by Julia Sanders March 24, 2021

COLUMBUS, GA. — The Cotton Cos. is bringing Highside Market, an urban infill and adaptive reuse mixed-use development, to Columbus. The first phase of the development is expected to be open in September, and Cotton Cos. plans to fully open the project by the third quarter of 2022. Located at the intersection of 13th Street and 2nd Avenue, Highside Market will feature four retail, dining, work and gathering spaces. The mixed-use development will also include full-service, dine-in and fast-casual restaurants; 20,000 square feet of retail space; 10,300 square feet of office space; green space; and outdoor lounges. Highside Market’s flagship structure, the 211 Building, was built in 1939 and previously operated as the premier auto dealership in Columbus for 55 years. The building’s ground floor will include a bakery, two dine-in restaurants and a mix of retail market stalls with office space, pop-up space for events and workshops occupying the first floor. An adjacent, circa-1959 Brutalist Bank building will be repurposed and transformed into the 201 Building. Cotton Cos. will remodel the building to have a ground-floor restaurant, basement bar and second floor retail or art gallery space, as well as an outdoor common area. Additionally, a newly constructed building, …

March 24, 2021

Georgia Leasing Activity Office Southeast Top Stories

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow March 24, 2021

ATLANTA — Google will occupy 19 floors of its new Atlanta office currently under construction in Midtown. The office tower is part of a mixed-use development known as 1105 West Peachtree. Selig Enterprises is developing the office tower, which is slated for completion in the third quarter of 2022. In addition to the 645,000-square-foot office component, the overall project will include a 64-unit condominium tower and a 178-room Epicurean Hotel. Starting next year, Google will take occupancy of five floors, or roughly 150,000 square feet of the Midtown office building. The company says it will move into the remaining space over the next several years. Last week, Google announced that it planned to invest more than $7 billion in offices and data centers across the country and create at least 10,000 new full-time jobs. Of that investment, $25 million is in the state of Georgia. In its 2020 Economic Impact Report, Google shared how more than 67,000 businesses, publishers and nonprofits in Georgia used Google products last year. This activity generated $9.9 billion in economic activity in 2020, a 13 percent increase from 2019. Google has called Georgia home since 2003. The company maintains an existing Midtown office, as well …

March 24, 2021

Development Georgia Southeast

Clark Construction Breaks Ground on $271M Expansion of Savannah Convention Center

by Julia Sanders March 22, 2021

SAVANNAH, GA. — Clark Construction Group has broken ground on the expansion of Savannah Convention Center located at 1 International Drive in Savannah. Clark Construction is the construction manager and general contractor for the $271 million project, which is slated for completion in 2023. The complex will remain open during the entirety of the expansion project. The project will double the Savannah Convention Center’s exhibit hall space to 200,000 square feet, add a 58-foot-wide hangar door, 40,000-square-foot ballroom, 15 additional meeting rooms and a 900-space parking garage. The redevelopment will enable Savannah to contend for larger conventions and events. The project’s delivery is anticipated to create as many as 600 construction jobs. In 2017, the Georgia General Assembly first approved the initial funding to begin design efforts in concert with Atlanta-based Thompson, Ventulett, Stainback & Associates and Savannah-based Hanson Architects — the two firms that designed the original convention center. Clark Construction first began preconstruction work on the project in October 2018. Over the last 28 months, the company has worked in close coordination with the Savannah-Georgia Convention Center Authority and the Georgia State Financing and Investment Commission (GSFIC) leaders to support extensive budgeting efforts, design development and advance subcontractor …

March 22, 2021

Acquisitions Georgia Multifamily Single-Family Rental Southeast

J.P. Morgan Purchases New Single-Family Rental Community in Athens, Georgia for $50.8M

by Julia Sanders March 19, 2021

ATHENS, GA. — New York-based J.P. Morgan has purchased The Cottages at Ridge Pointe, a single-family rental community in Athens, for $50.8 million. The seller is Vinings, Ga.-based Jim Chapman Communities, which delivered the 216-unit community property in 2020. Located at 805 Zelkova Ridge, the property comprises single-story rental ranch cottages. Each rental unit includes private patios and front-porch entryways, kitchens with granite countertops and subway tile backsplashes, designer lighting, stainless steel appliances, wide doorways, a zero-step entry into the home, walk-in closets and attached, single-car garages. Community amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center, catering kitchen and leasing and management offices. The community also offers onsite management by Atlanta-based RangeWater Real Estate, which includes 24-hour emergency maintenance service.

March 19, 2021

Development Georgia Mixed-Use Southeast

Hallmark Venture Group Acquires 1.2 MSF Mall at Stonecrest in Metro Atlanta, Plans Mixed-Use Campus

by Julia Sanders March 18, 2021

STONECREST, GA. — Hallmark Venture Group Inc. has acquired The Mall at Stonecrest, a 1.2 million-square-foot regional mall in metro Atlanta. The seller and sales price were not disclosed, but The Atlanta Journal-Constitution reports that the mall was last appraised at $84 million. Hallmark Venture is planning to transform the 29-acre mall site into a mixed-use destination that will include apartments, a sports and entertainment complex, cosmetic superstore, aquarium, medical offices, transportation facilities and restaurants. No construction timeline for the redevelopment was disclosed. Situated in southeast DeKalb County, Stonecrest features more than 100 national and regional retail chains that include Macy’s, Dillard’s, J.C. Penney, H&M, Forever 21, Victoria’s Secret and Round One. The mall’s occupancy rate was more than 90 percent at the time of sale, according to Hallmark Venture. The Boca Raton, Fla.-based buyer is retaining Urban Retail Properties LLC to manage and lease Stonecrest. The Chicago-based firm has managed the mall since 2012 and will oversee the development of the mall’s next phase.

March 18, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

by Julia Sanders March 18, 2021

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.

March 18, 2021

Georgia Industrial Leasing Activity Southeast

MCB Signs Logistics User to 1 MSF Industrial Lease in Palmetto, Georgia

by Julia Sanders March 15, 2021

PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.

March 15, 2021

Newer Posts

Older Posts