Georgia

Berkadia Arranges $33.8M Sale of Multifamily Community in Savannah

by Alex Tostado November 24, 2020

SAVANNAH, GA. — Berkadia has arranged the $33.8 million sale of Georgetown Woods/Waterford Plantation, a 248-unit multifamily community in Savannah. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and tennis courts. The property is situated at 1 Saint George Blvd., 13 miles south of downtown Savannah. Mark Boyce and Blake Coffey of Berkadia represented the seller, South Carolina-based Waterford Plantation LLC, in the transaction. The buyer was Texas-based Napali Capital.

November 24, 2020

Acquisitions Georgia Industrial Southeast Top Stories

KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams November 23, 2020

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …

November 23, 2020

Development Georgia Retail Southeast

Topgolf to Open New Venue in Metro Atlanta This Spring

by Alex Tostado November 20, 2020

BUFORD, GA. — Topgolf Entertainment Group will open a new 72-bay Topgolf venue in Buford in spring 2021. Construction is currently underway at the two-level property, which will feature climate-controlled bays. The asset will be situated within The Exchange at Gwinnett, 35 miles northeast of downtown Atlanta. Topgolf Entertainment expects to hire 250 employees at the new site. This will be the fourth Topgolf in Georgia, joining locations in Alpharetta, Midtown Atlanta and Augusta. Fuqua Development is building The Exchange at Gwinnett, which is located adjacent to the Mall of Georgia. The mixed-use project will include office, retail and residential spaces.

November 20, 2020

Acquisitions Georgia Restaurant Retail Southeast

Goldman Sachs to Acquire ‘Significant Stake’ in Zaxby’s, Partnership Will Expand the Brand

by Alex Tostado November 19, 2020

ATHENS, GA. AND NEW YORK — Goldman Sachs Merchant Banking Division has agreed to purchase a “significant stake” in Athens-based Zaxby’s, with plans to grow the quick-service restaurant chain’s footprint into new markets. Terms of the financing were not disclosed, but the deal is expected to close by the end of 2020. Zaxby’s, known for its chicken fingers, wings and signature sauces, has more than 900 locations in 17 states, primarily in the Southeast. Zaxby’s is a privately held company that childhood friends Zach McLeroy and Tony Townley founded in Statesboro, Ga., in 1990. The founders hope the investment from Goldman Sachs will grow the regional chain into a national brand. Morgan Stanley & Co. LLC and Stephens Inc. served as financial advisors to Zaxby’s. King & Spalding LLP and Fortson, Bentley and Griffin P.A. served as legal advisors to Zaxby’s. Weil, Gotshal & Manges LLP served as legal advisor and Goldman Sachs served as financial advisor to Goldman Sachs Merchant Banking.

November 19, 2020

Development Georgia Multifamily Southeast Student Housing

Landmark Properties Breaks Ground on Four Student Housing Communities Totaling $600M

by Alex Tostado November 18, 2020

ATHENS, GA. — Landmark Properties has broken ground on four student housing developments in the Southeast worth $600 million in value. New projects include Phase II of The Mark at Athens near the University of Georgia (UGA); The Standard at College Park near the University of Maryland; Legacy at The Standard near the University of Florida (UF); and The Retreat at Kennesaw near Kennesaw State University (KSU) in metro Atlanta. Phase II of The Mark at Athens is located adjacent to the UGA campus and will offer studio, one-, two-, three-, four- and five-bedroom units alongside 19,000 square feet of ground-floor retail space. The project is set for completion in fall 2022. The Standard at College Park will offer 951 beds in studio, one-, two-, three-, four- and five-bedroom units. Community amenities will include a fitness center, sauna, computer lab and study lounge. The development is slated for completion in fall 2023. Legacy at The Standard is located three blocks north of UF’s campus and will offer 155 units totaling 543 beds. The community is scheduled for delivery in fall 2022 and will feature shared amenities including an outdoor pool and grilling area, a study lounge and café, computer lab and …

November 18, 2020

Georgia Leasing Activity Office Southeast

Papa John’s Selects 60,000 SF Office Space Within Battery Atlanta Development for New Headquarters

by Alex Tostado November 18, 2020

ATLANTA — Papa John’s International Inc. has selected Three Ballpark Center at The Battery Atlanta for its new regional headquarters. The Louisville, Ky.-based pizza chain expects to add 200 jobs at the 60,000-square-foot office space, which is expected to open summer 2021. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to The Battery. The corporate headquarters, IT, supply chain and legal teams will remain in Louisville. Located in Atlanta’s Cumberland/Galleria submarket, The Battery Atlanta is a 1.5 million-square-foot mixed-use development in Cobb County that surrounds Truist Park, home ballpark of the Atlanta Braves that opened in April 2017 as SunTrust Park. Papa John’s will be the third office headquarters within the development, joining Comcast and Thyssenkrupp North American. Braves Group, a subsidiary of Liberty Media, owns The Battery Atlanta.

November 18, 2020

Company News Georgia Retail Southeast

The Home Depot Reports 23.2 Percent Increase in Third-Quarter Sales

by Alex Tostado November 17, 2020

ATLANTA — The Home Depot (NYSE: HD) has reported that its third-quarter sales reached $33.5 billion, a 23.2 percent increase over third-quarter sales for 2019. Net earnings for the third quarter were $3.4 billion, or $3.18 per diluted share, compared with net earnings of $2.8 billion, or $2.53 per diluted share, in the same fiscal period of 2019. The Atlanta-based retailer’s third quarter ended on Oct. 31. Chairman and CEO Craig Menear cited demand for home improvement projects in the midst of the coronavirus pandemic as a steady driver for increased sales. Menear says sales have reached $15 billion through the first nine months of the company’s fiscal year. As of the end of its third quarter, Home Depot operated 1,986 stores in the United States and territories. In addition to reporting third-quarter earnings, The Home Depot also announced it will invest $1 billion in permanent compensation for hourly associates. Throughout the pandemic, the company has taken actions to support its employees, including temporary weekly bonuses and offering extended paid time off. The Home Depot’s stock price closed Monday at $279.96 per share, up from $238.85 a year ago.

November 17, 2020

Georgia Loans Office Southeast

Cushman & Wakefield Arranges $89.7M Loan for Refinancing of Atlanta Office Tower

by Alex Tostado November 17, 2020

ATLANTA — Cushman & Wakefield has arranged an $89.7 million refinancing loan for Resurgens Plaza, a 26-story, 402,929-square-foot office tower in Atlanta’s Buckhead District. The property is 88 percent leased to 21 tenants. The borrower and landlord, a joint venture between Zeller Realty Group and Partners Group, acquired the asset in late 2017. The owners implemented an $8.2 million capital improvement program to enhance the elevators and conference spaces, add a rooftop deck and renovate the lobby. Other amenities include bike storage, a 6,000-square-foot fitness center, game lounge and a bistro. Aareal Capital Corp. provided the loan. Specific loan terms were not disclosed.

November 17, 2020

Acquisitions Affordable Housing Conference Coverage Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel

by John Nelson November 17, 2020

Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …

November 17, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $68.2M Sale of Multifamily Community in Metro Atlanta

by Alex Tostado November 16, 2020

SMYRNA, GA. — Cushman & Wakefield has arranged the $68.2 million sale of The Eddy at Riverview Landing, a 310-unit multifamily community in Smyrna. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, bike storage, walking trails, dog park and a car charging station. The property is situated along the Chattahoochee River at 6255 Riverview Road SE, 10 miles west of downtown Atlanta. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the seller, Prestwick Cos., in the transaction. JEM Holdings acquired the asset.

November 16, 2020

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