Georgia

Cushman & Wakefield Arranges 760,608 SF Industrial Lease for Radial Near Atlanta

by Alex Tostado October 1, 2020

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 760,608-square-foot industrial lease at Gardner Logistics Park in Locust Grove. King of Prussia, Pa.-based Radial, an e-commerce and operations company, will join The Home Depot and Love’s Travel Stops at Phase I of the industrial facility. Gardner Logistics Park is located at 3150 Ga. Highway 42, 30 miles southeast of Hartsfield-Jackson Atlanta International Airport. James Phillpott, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the lease transaction. Tony Kepano and Ryan Robinson of CBRE represented the tenant.

October 1, 2020

Development Georgia Hospitality Southeast

IHG Opens 99-Room Staybridge Suites in Metro Atlanta

by Alex Tostado October 1, 2020

DULUTH, GA. — InterContinental Hotels Group (IHG) has opened a 99-room Staybridge Suites hotel in Duluth, a northeast suburb of Atlanta in Gwinnett County. The property features a 24-hour business center, saltwater pool, fitness center, a meeting room and laundry facilities. Each room includes a 49-inch smart TV. Atlanta-based IHG has implemented its Clean Promise program, which includes disinfecting rooms and common areas with an electrostatic sprayer, as well as operating the hotel with strict social distancing guidelines. Duluth Capital Investments LLC operates and owns the hotel, which opened Sept. 30.

October 1, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Sells Multifamily Community in Metro Atlanta for $13.1M

by Alex Tostado September 28, 2020

DECATUR, GA. — Olive Tree Property Holdings LLC has sold The Life at Peppertree Circle, a 167-unit multifamily community in Decatur, for $13.1 million. The property offers one- and two-bedroom floor plans and a pool. The asset is located at 3321 Peppertree Circle, 11 miles east of downtown Atlanta. Olive Tree acquired the complex in 2017 for $4.8 million. The New York City-based company implemented a value-add program, which included restoring 32 units that were damaged due to fire. The buyer was not disclosed.

September 28, 2020

Development Georgia Southeast

Porsche Revs Up Construction on 33-Acre Extension of North American Headquarters in Atlanta

by Alex Tostado September 25, 2020

ATLANTA — Porsche Cars North America Inc. (PCNA) has started construction on a 33-acre extension of its existing headquarters located near Hartsfield-Jackson Atlanta International Airport. Hennessy Porsche North Atlanta and Porsche Atlanta Perimeter will jointly develop, own and operate the first phase of development with PCNA. Phase I will be a standalone service center, which will span 2.5 acres and 20,815 square feet. The facility will include 13 lift bays to service vehicles, as well as a reception area and waiting lounge for customers. Porsche expects the service center to open in the third quarter of 2021. The extension will be developed over the next three years and will include a new Porsche Classic Factory Restoration facility, track extension for the Porsche Experience Center Atlanta and a parking structure. Phase II is expected to begin in 2021 and be completed in mid-2023. The current headquarters was opened in 2015 and spans 27 acres. The property is situated at the northeast corner of Hartsfield-Jackson.

September 25, 2020

Acquisitions Features Georgia Leasing Activity Southeast Southeast Feature Archive

Sale-Leasebacks are a Popular Choice for Cash-Strapped Companies During the Pandemic, Says Stonemont’s Berryhill

by John Nelson September 25, 2020

The COVID-19 pandemic has forced commercial real estate owners to explore every possible avenue to raise funds, and one of the more popular transactional methods to secure capital in recent months has proven to be sale-leasebacks. Jeff Berryhill, principal of Stonemont Financial Group, says that companies that have traditionally owned their real estate are turning to sale-leasebacks because it mimics many aspects of ownership, such as long-term control of the asset. “During recessionary times or periods of extreme capital markets volatility, a sale-leaseback can appear more attractive to companies that historically owned real estate,” says Berryhill. “However, leasing real estate has always been appealing to both large and small companies, and strong and weak credit profiles.” According to research from Real Capital Analytics (RCA), sale-leaseback deals accounted for 5 percent of all investment sales in the U.S. industrial, office and retail transactions in the second quarter. For the previous three quarters, sale-leasebacks accounted for 2 percent of investment sales in those sectors for deals $2.5 million and greater. Recent sale-leaseback deals include Jervey Eye Group selling and leasing back a portfolio of medical office facilities in Upstate South Carolina; Crash Champions selling a portfolio of auto body shops in metro …

September 25, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

by Alex Tostado September 24, 2020

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year. The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando. In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock. CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.

September 24, 2020

Acquisitions Georgia Hospitality Southeast

Crescent Real Estate Acquires Hotel at Avalon in Metro Atlanta

by Alex Tostado September 24, 2020

ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill Hodges, Mark Elliott, Todd Ratliff, Pete Dannemiller, Nate Ries, Coby Campbell and Nic Howe of Hodges Ward Elliott represented the seller, a partnership between Stormont Hospitality Group, North American Properties and Long Wharf Capital, in the transaction. The sales price was not disclosed. Avalon is a $1 billion mixed-use development spanning 86 acres. Developed in phases by North American Properties, Avalon features 500,000 square feet of retail space, more than 20 restaurants, 600,000 square feet of office space and more than 600 residential units. The Hotel at Avalon is the only hotel on the property. Avalon’s tenant base includes Whole Foods Market, Tesla, Apple, Microsoft, Sundance, Arhaus, The Container Store, lululemon athletica, Peloton, Pottery Barn, a 12-screen Regal theater, West Elm and Williams Sonoma, among others.

September 24, 2020

Development Georgia Industrial Southeast

PCCP, Panattoni to Develop 2.4 MSF Industrial Campus Near Port of Savannah

by Alex Tostado September 24, 2020

BLOOMINGDALE, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop a 2.4 million-square-foot industrial campus within Savannah Portside International Park in Bloomingdale. The spec project will be built in phases, with Phase I comprising a 518,400-square-foot facility. The building will feature 40-foot clear heights and can be expanded to 1.1 million square feet. A timeline for completion was not disclosed. The developers are targeting tenants seeking anywhere from 200,000 square feet to 2.4 million square feet. Savannah Portside International Park is situated near Interstate 16, 19 miles from the Port of Savannah.

September 24, 2020

Georgia Leasing Activity Retail Southeast

TSCG Negotiates 33,191 SF Lease for Planet Fitness in Savannah

by Alex Tostado September 22, 2020

SAVANNAH, GA. — TSCG has negotiated a 33,191-square-foot lease for Planet Fitness at the former site of a Bi-Lo grocery store in Savannah. The property is situated within Crossroads Shopping Center at 2132 E. Victory Drive, four miles southeast of downtown Savannah. Current tenants include Starbucks, T-Mobile and The UPS Store. Michael Silverman of TSCG represented Sunshine Fitness, one of the largest Planet Fitness franchisees in the country, in the lease transaction. Kelly Pulignano of TSCG represented the landlord, Crossroads Shopping Center LLC.

September 22, 2020

Development Georgia Industrial Southeast

Beverage Maker Bang Energy to Invest $145M in Industrial Facility in Metro Atlanta

by Alex Tostado September 21, 2020

LITHIA SPRINGS, GA. — Bang Energy will invest $145 million in a 644,00-square-foot manufacturing and distribution facility in Lithia Springs. The energy and sports beverage company, which is based in Weston, Fla., expects to bring 600 jobs to the area. The property is located at 7705 Staples Drive, 16 miles west of downtown Atlanta and 19 miles northwest of Hartsfield-Jackson Atlanta International Airport. Once fully operational, the company will produce more than 4,000 cans per minute. A timeline for construction was not disclosed.

September 21, 2020

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