Georgia

JEM Holdings Sells Six Multifamily Properties in North Carolina, Georgia for $116.4M

by Alex Tostado November 13, 2020

NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.

November 13, 2020

Georgia Loans Retail Southeast

Red Oak Financial Provides $9.7M Refinancing Loan for Shopping Center in Metro Atlanta

by Alex Tostado November 12, 2020

ROSWELL, GA. — Red Oak Financial has provided a $9.7 million refinancing loan for Village Festival Shopping Center, a 56,921-square-foot retail center in Roswell. Proceeds from the two-year bridge loan will be used to renovate the property, which sits on seven acres at 10930 Crabapple Road, 25 miles north of downtown Atlanta. The borrower and owner, Phoenix Ten Properties LLC, will introduce shopping, dining and event options at the property. A timeline for renovations was not disclosed. Gary Bechtel of Red Oak Financial originated the loan on behalf of the borrower.

November 12, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1 MSF Industrial Facility Near Atlanta

by Alex Tostado November 11, 2020

NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.

November 11, 2020

Development Georgia Mixed-Use Southeast Top Stories

Jamestown Plans to Expand Ponce City Market Adaptive Reuse Project in Atlanta by 500,000 SF

by Kristin Harlow November 11, 2020

ATLANTA — Developer Jamestown has unveiled plans to expand Ponce City Market in Atlanta’s Old Fourth Ward neighborhood by 500,000 square feet. Expansion plans for the mixed-use development include a 100,000-square-foot office building, an outdoor courtyard with 38,000 square feet of shopping and dining space, and more than 400 units of a “hospitality living” concept. Jamestown says the hospitality concept was designed to cater to the way people live and work today, with spaces available for both short-term and long-term leases at accessible price points. Residents will enjoy hotel-like services and amenities, including regular housekeeping and laundry services, a rooftop terrace and pool, and in-building storage units. The office building will offer tenants customizable floorplates with the option to create private outdoor balconies. The ground floor will house 25,000 square feet of retail and restaurant space with a direct connection to the new courtyard. The four-story building is designed to achieve LEED Gold certification and reduce embedded carbon. There will also be bike and scooter parking, designated rideshare drop-off sites, an electric bike share program and electric car charging stations. The next phase of Ponce City Market will also feature an expansion of the Central Food Hall. Jamestown plans to …

November 11, 2020

Georgia Leasing Activity Office Southeast

Consulting Firm Signs 25,347 SF Office Lease in Metro Atlanta

by Alex Tostado November 10, 2020

PEACHTREE CORNERS, GA. — Consulting firm Merlinos & Associates Inc. has signed a full-floor, 25,347-square-foot office lease at Summit at Peachtree Parkway in Peachtree Corners. The landlord, OA Development, renovated the lobby, corridors and elevators, and added a fitness center and conference center in 2019. The six-story, 179,617-square-foot building is located at 5550 Peachtree Parkway, 22 miles northeast of downtown Atlanta. Howard Garrett of KW Commercial represented Merlinos & Associates in the transaction. Chip Roach and Stephen Clifton of Transwestern represented the landlord. Merlinos & Associates specializes in property, casualty, health, disability and life actuarial consulting.

November 10, 2020

Acquisitions Georgia Multifamily Southeast

Waterton Purchases Four Multifamily Communities Around Atlanta Totaling 1,824 Units

by Alex Tostado November 9, 2020

ATLANTA — Waterton has acquired four multifamily communities in Alpharetta, Roswell, Norcross and Atlanta totaling 1,824 units. The seller(s) and sales prices were not disclosed. The properties include the 554-unit Deerfield Village in Alpharetta, the 668-unit Roswell Village in Roswell, the 382-unit Gwinnett Pointe in Norcross and the 220-unit Briarcliff Apartments in Atlanta. Each property is situated in the northern arch of Atlanta between Ga. Highway 400 and Interstate 85. The communities were built between 1989 and 2001. Chicago-based Waterton will implement upgrades across the portfolio to renovate amenity spaces, common areas and outdoor areas.

November 9, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.7M Sale of Retail Strip Center Near Atlanta

by Alex Tostado November 9, 2020

BUFORD, GA. — Marcus & Millichap has arranged the $3.7 million sale of Hamilton Mill Crossings, an 11,722-square-foot retail strip center in Buford. The property was 88 percent leased at the time of the sale to tenants including Starbucks, Viral Vapes, Luxury Nail & Spa and AT&T Store. The asset is situated at 3265 Sardis Church Road, catty-corner from a Walmart Superstore and 40 miles northeast of downtown Atlanta. The undisclosed buyer was completing a 1031 exchange. Marc Irvin and Matthew Welch of Marcus & Millichap represented the undisclosed, Florida-based seller in the transaction.

November 9, 2020

Acquisitions Georgia Hospitality Mixed-Use Southeast

Pellerin Purchases 375-Room Hotel in South Atlanta’s Summerhill District

by John Nelson November 6, 2020

ATLANTA — Pellerin Real Estate has purchased the former Ramada Plaza by Wyndham Atlanta Downtown & Conference Center, a 375-room hotel in south Atlanta’s Summerhill neighborhood. Atlanta-based Pellerin is partnering with New York-based Life House via its management arm, Life Hospitality, to stabilize the property and explore redevelopment opportunities. The former hotel is located next to Center Parc Stadium, Georgia State University’s (GSU) football stadium that was once the Atlanta Braves home ballpark (Turner Field), as well as a site for the 1996 Summer Olympics. The property is adjacent to Summerhill, an 80-acre master development by Carter USA and GSU. Phase I will feature 306 apartments with 8,575 square feet of ground-level retail, 82,000 square feet of grocery-anchored retail, the redevelopment of 47,000 square feet along Georgia Avenue, a 676-bed student housing project, 100 townhomes and build-to-suit Class A office space. GSU recently announced a new $85 million, 8,000-seat athletic arena that will be directly across the street from the former hotel and is expected to deliver in 2022. Pellerin and Life House are partnering to grow their hospitality portfolio by a minimum of 1,000 rooms over the next 12 months. The firms are targeting 100- to 300-room midscale hotels …

November 6, 2020

Georgia Industrial Leasing Activity Southeast

Foundry Arranges 91,297 SF Industrial Lease in Metro Atlanta for Logistics Firm

by John Nelson November 5, 2020

STOCKBRIDGE, GA. — Foundry Commercial has arranged a 91,297-square-foot, 10-year lease for International Freight Forwarders (IFF) in Stockbridge, about 25 miles south of Atlanta. Atlanta-based IFF plans to occupy the space at Eagles Landing Trade Center II in the first quarter of 2021. The 400,000-square-foot building features 30-foot clear heights. Jordan Camp and Reid Hanner of Foundry represented the tenant in the lease negotiations. The landlord was an unnamed pension fund investor. IFF offers monthly storage, inventory management, quality control, packaging and crating, live loading and unloading of containers, stripping and loading of floor-loaded containers and multiple party routing of inbound consolidations for several industries.

November 5, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires Maddox Apartments in Duluth, Georgia for $75M

by John Nelson November 3, 2020

DULUTH, GA. — Venterra Realty has purchased The Maddox Apartments, a Class A, 372-unit multifamily community located in Duluth. The $75 million acquisition is Venterra Realty’s first since the onset of the COVID-19 pandemic and marks the 60th property in the Houston-based company’s portfolio. The seller was not disclosed. Built in 2007, the property is located at 4370 Satellite Road in metro Atlanta’s Gwinnett County. The Maddox features one-, two- and three-bedroom floor plans ranging from 946 to 1,422 square feet. Rents start at $1,275 per month. Nearly half of the units have been updated with interior finishes including stainless steel appliances, granite countertops and wood-plank flooring. Communal amenities include a saltwater swimming pool, 24-hour fitness center, playground and dog park. Venterra Realty plans to update the remaining units.

November 3, 2020

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