ATLANTA — Cousins Properties and Town Lane have acquired Proscenium, an office building located in the Midtown submarket of Atlanta, for $83 million. The purchase was executed through a newly formed joint venture, with Town Lane owning 80 percent of the venture and Cousins owning the remaining 20 percent. Atlanta Business Chronicle reports that the seller is an affiliate of Manulife Financial Corp. Locally-based Cousins will manage the property — which totals 526,000 square feet — and provide leasing services. Located within the Colony Square mixed-use development, the Proscenium was 74 percent leased at the time of sale. The new ownership plans to execute improvements at the property. Simpson Thacher & Bartlett LLP is providing legal counsel to Town Lane, and Eversheds Sutherland (US) LLP is serving as counsel to Cousins.
ATLANTA — The City of Atlanta, through Atlanta Urban Development (AUD), has unveiled plans for three new affordable housing projects, including the redevelopment of the Mall West End. Together, the projects will add nearly 350 affordable housing units for residents earning up to 80 percent of the area median income (AMI). At least one community is scheduled to begin lease-up by the second quarter of 2025, with the others beginning construction this fall and summer 2025. The Mall West End would be the largest of the redevelopments, transforming the 12-acre mall into a 1.7 million-square-foot mixed-use development. BRP Cos. is the developer. Key elements of the Mall West End redevelopment plan include: approximately 120,000 square feet of retail space, including a grocery store, fitness center, food and beverage, and local boutiques; 893 mixed-income rental units; 152 beds of student housing; a 150-key hotel; 12,000 square feet of medical office space; and community amenities. The project site is located steps from four Historically Black Colleges and Universities (HBCUs) that make up the Atlanta University Center — Clark Atlanta University, Morehouse College, Morehouse School of Medicine and Spelman College. According to a news release from the city, the Mall West End redevelopment …
DECATUR, GA. — Berkadia has arranged a $13 million loan for the acquisition of Arcadia Decatur, a 101-unit apartment community located at 220 N. Arcadia Ave. in Decatur, a northeast suburb of Atlanta. Scott Wadler, Matt Robbins and Abigail Beauchamp of Berkadia secured the five-year, fixed-rate financing on behalf of the borrower, a joint venture between Atlantic Pacific Cos. and Highline Real Estate Capital. Built in 2020, Arcadia Decatur features one- and two-bedroom apartments, as well as a fitness center, outdoor grills, swimming pool and a sundeck.
Remember the “retail apocalypse”? Fast forward to today and it seems to be quite a different story. Retail is currently viewed by many as the most attractive sector within the commercial real estate industry, due in part to an all-time low vacancy rate and increasing rental rates. Atlanta’s retail vacancy rate has dropped to 3.6 percent, which is the lowest rate on record according to CoStar Group. The low vacancy rate coupled with an extremely limited amount of new retail space under development due to high construction costs has created a market unlike anything we have seen in a long time. Increased construction costs along with higher interest rates have made it cost-prohibitive to build traditional retail power centers; however, grocery-anchored retail is the anomaly with Publix taking the lead. Several mixed-use developments that include a large retail component are underway as well, including High Street in Dunwoody, Medley in Johns Creek and Centennial Yards in downtown Atlanta, just to name a few. Additionally, some retail space has been taken off line as malls reinvent themselves. Examples include the partial demolition of North DeKalb Mall in Decatur to make way for a new mixed-use development known as Lulah Hills; Northlake …
MIDWAY, GA. — JLL has negotiated the sale of Building D at Tradeport East, a 647,496-square-foot industrial facility in Midway, roughly 35 miles outside Savannah. Home textiles producer Town & Country Living fully occupies the facility, which was built in 2022. BlueScope Properties Group sold the building to SkyREM for an undisclosed price. Britton Burdette, Dennis Mitchell, Sean Devaney and Jim Freeman of JLL represented the seller in the transaction. Located at 313 Tradeport East Blvd., the property features a cross-dock configuration with 190-foot truck courts, 36-foot clear heights, 60-foot speed bays, ESFR sprinklers, LED lights, 2,822 square feet of office space, 144 dock-high doors, four drive-in doors and parking for 177 trucks and 327 cars.
MILLEDGEVILLE, GA. — The Sembler Co. has delivered Lakeside Commons, a Publix-anchored shopping center located at the southeast corner of US Highway 441 (Columbia Street) and Log Cabin Road in Milledgeville, a city in Central Georgia that is home to Georgia College & State University. Situated on 9 acres, the 60,500-square-foot shopping center houses a freestanding Publix store spanning 48,387 square feet, as well as 12,000 square feet of small shop space. Committed tenants include T-Mobile (2,400 square feet) and Sugar Polish Nail Spa (3,600 square feet). Lakeside Commons will also feature two outparcels that are available for sale, ground lease or build-to-suit opportunities. Sembler broke ground on Lakeside Commons in early 2023, and the Publix opened its doors in late June.
ATLANTA — Shorenstein Investment Advisers, a privately owned office and multifamily owner and operator based in San Francisco, has purchased 14th & Spring, a 12-story office tower in Midtown Atlanta. The 324,000-square-foot building was delivered in late 2022 and has been without a tenant since its delivery, according to the Atlanta Business Chronicle. The seller and sales price were not disclosed, but the publication reported that locally based Greenstone Properties and an affiliate of Goldman Sachs put the tower up for sale earlier this year and the price would likely fall in the $200s per square foot, giving the sales price a range of $65 million to $97 million. Shorenstein has tapped ASD|SKY to help redesign and reposition 14th & Spring’s common areas, amenities and façade. The company has also hired Murphy Meyers to design a full floor of speculative office suites in various sizes. Additionally, Shorenstein has selected Jeff Keppen, Nicole Goldsmith, Kyle Kenyon and Maddie Nagley of CBRE to lease the office tower.
ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …
ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.
ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta. Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility. Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC. Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams. Upon full build-out, …