We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or if they have cubes, they’re advised to choose bigger …
Georgia
NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.
COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.
ATLANTA — Boston Consulting Group (BCG) will invest $18 million in a 60,000-square-foot office expansion at 100 Peachtree Street NE in downtown Atlanta. The project will add 331 full-time jobs comprising administrative services, human resources, finance, information technology, operations and design. BCG opened its first Atlanta office in 1995 and expanded in 2017 to have 268 employees in the Peach State. The company also owns BrightHouse, an Atlanta-based global creative consultancy with a focus on brand strategy that is located in Ponce City Market in the Old Fourth Ward district. When this expansion in Atlanta is complete, BCG and BrightHouse will employ more than 900 Georgians across three metro Atlanta offices. A timeline for completion was not disclosed.
Hyundai Transys to Develop $240M Advanced Manufacturing Facility in West Point, Georgia
by Alex Tostado
WEST POINT, GA. — Hyundai Transys will develop a $240 million advanced manufacturing facility in West Point. The building will span 620,000 square feet and is expected to bring 678 full-time jobs to the area. Hyundai Transys specializes in transmissions and the new facility will produce eight-speed transmissions for Kia. The exact location of the new plant was not disclosed, though Georgia Gov. Brian Kemp’s office says it is near the company’s existing plant within the Kia campus. A timeline for construction was not disclosed.
FAYETTEVILLE, GA. — Faris Lee has arranged the $7 million sale of Satterfield Marketplace, a 12,277-square-foot retail strip center in Fayetteville. Tenants at the time of sale included Chipotle, My EyeLab and Aspen Dental. The property is situated at 1135 Ga. Highway 85 N., 20 miles south of downtown Atlanta, and includes a drive thru for Chipotle. Hunter Steffien, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed seller in the transaction. The team also procured the buyer, an undisclosed firm based in Mexico City.
MARIETTA, GA. — Capital One Commercial Banking has provided a $43.7 million Freddie Mac refinancing loan for Stratford Ridge, a 446-unit apartment complex in Marietta. FCP is the owner and borrower. Thomas Reynolds of Capital One originated the 10-year term loan, which features a fixed interest rate below 3 percent and five years of interest-only payments followed by a 30-year amortization schedule. The loan utilizes the Secured Overnight Financing Rate (SOFR) in the United States, avoiding the need to switch from LIBOR when it comes to an end at the end of 2021. Stratford Ridge offers one- to four-bedroom floor plans. Communal amenities include a pool, fitness center, package lockers and a dog park. The community is situated at 2560 Delk Road, 15 miles northwest of downtown Atlanta.
ATLANTA — Billionaires Funding Group (BFG) has acquired Underground Atlanta, a four-block mixed-use property in south downtown Atlanta. The Atlanta-based firm acquired the historic property from WRS Inc. for an undisclosed price. Underground Atlanta is situated between Alabama, Pryor, Central and Wall streets. BFG plans to redevelop the 400,000-square-foot asset in phases. Phase I will focus on Block Two, which will comprise multifamily units, ground-level retail and parking. The other phases will include building out retail, restaurant, entertainment and gathering spaces. Shaneel Lalani, CEO of BFG, is leading the acquisition and redevelopment of the asset, with plans to collaborate with civil engineers, urban planners, architects and potential joint venture partners. BFG intends to retain ownership in each parcel to ensure consistency throughout the project. In addition, BFG owns Alabama Street and plans to convert it into a walkable streetscape. WRS acquired Underground Atlanta in late 2014. The Mount Pleasant, S.C.-based company began construction on a 351-room Yotel-branded hotel at the site this summer. Other attractions surrounding the property include Mercedes-Benz Stadium, State Farm Arena and CIM’s $5 billion Centennial Yards development. A timeline for construction was not disclosed. Lalani is also the CEO of Lucky Fortune, a coin-operated amusement machine …
SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.
ATLANTA — Village Supply, a pop-up market focusing on women- and minority-owned businesses, will open within Buckhead Village in Atlanta. Vendors will be able to showcase their products at the store, which is situated at 272 Buckhead Ave., between Warby Parker and Bella Cucina. The store will be open from 10 a.m. to 7 p.m. Thursday to Saturday, and from noon to 5 p.m. Sundays. The vendor lineup will rotate regularly. The initial lineup includes Cheese Me, which is open through November; Made Leather Co. and Botanical Safari, which will open Black Friday and remain in the store until January 2021; and BreezKakes, which will be open from Dec. 3 to 6. Jamestown acquired Buckhead Village in July 2019. The 355,646-square-foot property was built in 2014 and features office, retail and restaurant space. The office space is leased to Spanx and No18 coworking. Retailers include Hermes and Tom Ford, as well as entertainment and fitness concepts.