Georgia

SRS Brokers $10.2M Sale of Big Lots-Anchored Shopping Center Near Atlanta

by Alex Tostado December 18, 2020

NEWNAN, GA. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Richmond, Va.-based Hackney Real Estate Partners acquired the asset.

December 18, 2020

Acquisitions Development Georgia Retail Southeast

Gwinnett County Acquires Gwinnett Place Mall for $23M, Not Including Three Anchors

by Alex Tostado December 16, 2020

DULUTH, GA. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including the portion of the mall that houses most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, which are tenant-owned. Additionally, the former Sears building, which Northwood Ravin acquired in 2018, was not part of the sale. Gwinnett Place Mall was originally completed in 1984. The mall has been used in the film industry in recent years as the setting for movies and TV shows including “Stranger Things,” “Holidate,” “Ozark,” “I, Tonya” and “Greenleaf.” Gwinnett County Board of Commissioners chairwoman Charlotte Nash says the county has been attempting to acquire the land for several years and will redevelop the parcel that has “incredible opportunity.” Gwinnett County will engage the County Department of Planning and Development, the Gwinnett Place Community Improvement …

December 16, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Negotiates $3.7M Sale of Strip Retail Center in Central Georgia

by Alex Tostado December 16, 2020

WARNER ROBINS, GA. — Marcus & Millichap has negotiated the $3.7 million sale of a 13,076-square-foot retail strip center within Merganser Commons in Warner Robins. Zach Taylor of Marcus and Millichap’s Taylor McMinn Retail Group implemented a parcelization strategy to sell Merganser Commons for a total of $14.7 million on behalf of the seller, EA Columbia Properties. A 45,600-square-foot Publix anchors Merganser Commons. The strip center was the last piece of Merganser Commons to be sold. “By taking a parcelization approach we were able to maximize the seller proceeds,” says Taylor. Tomahawk Properties LLC acquired the asset.

December 16, 2020

Acquisitions Georgia Industrial Southeast

JLL Negotiates $38.5M Sale of Industrial Campus in North Atlanta

by Alex Tostado December 15, 2020

ATLANTA — JLL has negotiated the $38.5 million sale of a four-building, 281,677-square-foot industrial campus in Atlanta’s Cumberland-Galleria submarket. The property was 87 percent leased to 36 tenants at the time of sale. The asset is situated on 23 acres at 120 Interstate NW, less than one mile from the Interstate 75-285 interchange and 23 miles north of Hartsfield-Jackson Atlanta International Airport. The buildings feature 14- to 18-foot clear heights, new roofs, 34 dock-high doors and 39 grade-level roll ups. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, a joint venture between The Ardent Cos., Taconic Capital Advisors and Axonic Capital, in the transaction. Albany Road Real Estate acquired the property through its Albany Road Fund III.

December 15, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Vesper Holdings Purchases 543-Bed Student Housing Community Near Kennesaw State University

by Alex Tostado December 14, 2020

KENNESAW, GA. — Vesper Holdings has purchased The Indy, a 543-bed student housing community near Kennesaw State University (KSU). Delivered earlier this year, the property offers one- to five-bedroom floor plans with bed-to-bath parity. Unit interiors feature granite countertops, stainless steel appliances, washers and dryers and 55-inch smart TVs. Communal amenities include a fitness center, rooftop lounges, clubhouse and a pool. The community is situated on 4.2 acres at 3011 Hidden Forest Court in Kennesaw, two miles from KSU’s campus. The seller and sales price were not disclosed.

December 14, 2020

Georgia Healthcare Loans Office Southeast

Atlanta Hawks Refinance Sports Medicine Clinic in Brookhaven with $35M Syndicate Loan from Black-Owned Banks

by Alex Tostado December 11, 2020

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club has received a $35 million refinancing loan for its Emory Sports Medicine Clinic in Brookhaven. The new National Black Bank Foundation organized the syndicate loan, with Carver State Bank serving as lead arranger. All contributing banks of the syndicate loan are Black-owned banks, which are classified as financial institutions where either 51 percent or more of the voting stock is owned by minority individuals or a majority of the board or directors and the community it serves are predominantly minority, according to Investopedia. The Hawks are the first professional sports organization to have a “significant” loan underwritten exclusively by Black-owned banks, according to the team. The Atlanta Journal-Constitution reports that the other member banks in the deal are Citizens Savings Bank, Citizens Trust Bank, Commonwealth National Bank, Industrial Bank, Liberty Bank & Trust, M&F Bank and Optus Bank. The new loan replaces the original construction loan for the center, which was delivered in fall 2017. The 90,000-square-foot property contains the official training and practice facility of the Hawks, the hub of Emory Healthcare’s Sports Medicine program and Sports Science and Research division and the Peak Performance Project (P3). Emory Sports Medicine Clinic …

December 11, 2020

Georgia Loans Mixed-Use Southeast

Patterson Real Estate Arranges Construction Financing for Phase II of Lee + White Project in Atlanta

by Alex Tostado December 11, 2020

ATLANTA — Patterson Real Estate Advisors has arranged construction financing for Phase II of Lee + White, a 423,000-square-foot mixed-use development along the Atlanta BeltLine. MetLife Investment Management provided the financing. The borrower and developer, a partnership between Ackerman & Co. and MDH Partners, will use the undisclosed financing to build office space, a food hall, retail outlets and a multifamily community. The co-developers expect the project to cost $85 million to build. A timeline for completion was not disclosed. Existing tenants at Lee + White include Wild Haven Beer, Monday Night Brewing ASW Distillery, Honeysuckle Gelato and HopCity. The developers acquired the former industrial property in fall 2019.

December 11, 2020

Development Georgia Industrial Southeast Top Stories

Nestlé Purina to Invest $550M for Expansion of Pet Food Manufacturing Facility in Georgia

by Kristin Harlow December 9, 2020

HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to invest $550 million to expand its pet food manufacturing facility in Hartwell, located in Northeast Georgia. The expansion, which is expected to create up to 130 jobs, comes just one year after the factory opened in November 2019. By expanding the facility, Purina will add more processing, packaging and warehousing capacity. The expansion is also part of a broader growth plan for Purina, which includes new factories recently announced in Williamsburg Township, Ohio, and Eden, N.C. Purina brands feed 49 million dogs and 66 million cats each year, according to the company. The Hartwell location produces several of the company’s flagship brands, including Fancy Feast. When Purina first announced plans for the Hartwell facility in 2017, it committed to investing $320 million and employing 240 people. Purina will now combine $320 million of refinanced bonds to a new $550 million investment, according to local paper The Hartwell Sun. Purina now expects to employ up to 370 people by the end of 2025, and the new jobs in Hartwell will include positions in manufacturing and assembly. Purina expects to complete construction of the expansion by the end of 2021. Currently, …

December 9, 2020

Development Georgia Industrial Southeast

McCraney Breaks Ground on 1.3 MSF Spec Industrial Park Near Port of Savannah

by Alex Tostado December 7, 2020

GARDEN CITY, GA. — McCraney Property Co. has broken ground on Main Gate Logistics, a four-building, 1.3 million-square-foot industrial park in Garden City. The asset will be situated at 1 Prosperity Drive, eight miles west of the Garden City Terminal at the Port of Savannah. West Palm Beach, Fla.-based McCraney expects to deliver the first building in the third quarter of 2021 and be fully built out by the first quarter of 2022. The four buildings will feature ESFR sprinklers, LED lighting and a range of 180- to 195-foot truck courts, 32-foot to 36-foot clear heights, 54 to 96 docks and 41 to 124 trailer parking spaces. Evans Construction is the general contractor, and Ware Malcomb is the architect. All four buildings are being built on a speculative basis.

December 7, 2020

Georgia Leasing Activity Retail Southeast

DD’s Discounts to Occupy 17,656 SF Within Shopping Center in Metro Atlanta

by Alex Tostado December 7, 2020

DORAVILLE, GA. — DD’s Discounts has signed a lease to occupy 17,656 square feet of space within Pinetree Plaza in Doraville. A timeline for the store opening was not disclosed. Halpern Enterprises Inc. has owned, leased and managed Pinetree Plaza for more than 60 years. The 206,496-square-foot shopping center is located at 5289 Buford Highway, 16 miles northeast of downtown Atlanta. Other tenants at the center include Supermercado Chicago, LanZhou Ramen, Bo Bo Garden Asian Cuisine, Dim Sum Heaven, Mango Mango and I-CE-NY. Pinetree Plaza is also home to Mundo Hispánico, Atlanta’s largest Spanish-language newspaper, which moved into Halpern’s former office headquarters in 2018. DD’s Discounts operates 270 locations in 20 states and offers discounted apparel, accessories, footwear and home fashions.

December 7, 2020

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