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GeorgiaLoansOfficeSoutheast

Nuveen Real Estate Provides $114M Refinancing Loan for Office Park in Northwest Atlanta

by Alex Tostado

ATLANTA — Nuveen Real Estate has provided a $114 million refinancing loan for Pennant Park, a six-building office park in northwest Atlanta’s Cumberland-Galleria submarket. The borrower, Rubenstein Partners LP, owns the 760,000-square-foot campus, which is situated near Truist Park, Battery Atlanta and the intersection of Interstates 75 and 285. Rubenstein acquired the property in 2016 and implemented $17 million in renovations to enhance the walkability of the park, as well as introduce an outdoor courtyard dubbed The Quad. Since Rubenstein acquired the park, new tenants and expansions include thyssenkrupp Elevator Americas, Arco Design Build, Artera Services, Juneau Construction and Oversight Systems. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged the loan on behalf of the borrower.

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AcquisitionsGeorgiaMultifamilySoutheast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

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AcquisitionsGeorgiaRetailSoutheast

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

by Alex Tostado

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.

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AcquisitionsDevelopmentGeorgiaRetailSoutheast

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

by Alex Tostado

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 …

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AcquisitionsGeorgiaRetailSoutheast

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

by Alex Tostado

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.

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AcquisitionsGeorgiaIndustrialSoutheast

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

by Alex Tostado

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.

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AcquisitionsGeorgiaMultifamilySoutheastStudent Housing

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

by Alex Tostado

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.

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GeorgiaHealthcareLoansOfficeSoutheast

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

by Alex Tostado

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 …

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GeorgiaLoansMixed-UseSoutheast

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

by Alex Tostado

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.

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DevelopmentGeorgiaIndustrialSoutheastTop Stories

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

by Kristin Harlow

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, …

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