Georgia

Colliers Negotiates $3.8M Sale of Grocery-Anchored Retail Property in Metro Atlanta

by Alex Tostado October 7, 2020

STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.

October 7, 2020

Development Georgia Mixed-Use Southeast Top Stories

Pinewood Atlanta Studios Rebrands, Unveils 935-Acre Master Development

by Kristin Harlow October 7, 2020

ATLANTA — Pinewood Atlanta Studios, home of blockbuster films such as Avengers: Endgame, has rebranded as Trilith Studios and unveiled a new 935-acre master development in South Atlanta. The project includes the studio as well as businesses, custom homes, “micro villages,” restaurants and schools, all aimed at servicing the film and creative industries. Plans call for more than 220,000 square feet of new spaces on the campus, including a “Creative Office Centre” designed to house content and technology companies as well as 60,000 square feet of stages with computer-generated production technologies. Trilith Development LLC says it “aims to connect business with lifestyle through a European-inspired town that serves as the development’s cultural center.” Construction on the walkable community began two years ago with plans to house 5,000 residents in 1,400 homes, including 600 multifamily units. Barleygarden Kitchen & Craft Bar is the first of 12 food concepts to complement the shops in Town Centre, a 270,000-square-foot retail development. Half of the project is dedicated to green space. Residents will have access to 15 miles of nature trails and 19 landscaped parks. Plans also call for Piedmont Wellness Center, The Forest School and a 60,000-square-foot fitness facility. The Georgia Film Academy …

October 7, 2020

Acquisitions Georgia Industrial Southeast

Crow Holdings Sells 234,000 SF Industrial Property in Metro Atlanta

by Alex Tostado October 6, 2020

UNION CITY, GA. — Crow Holdings Industrial (CHI) has sold South Fulton Logistics Center, a 234,000-square-foot industrial facility in Union City. CHI delivered the asset in April 2019. The facility features 32-foot clear heights and was 68 percent leased at the time of sale to Greenball Corp., a manufacturer and wholesaler of tires. South Fulton Logistics Center is situated at the intersection of Hunter and Mason roads, six miles west of Hartsfield-Jackson Atlanta International Airport. TA Realty acquired the property for an undisclosed price.

October 6, 2020

Development Georgia Mixed-Use Southeast

Third & Urban, FCP Plan 245,200 SF Mixed-Use Project in Midtown Atlanta

by Alex Tostado October 2, 2020

ATLANTA — Third & Urban and FCP have unveiled plans for Westside Paper, a 245,200-square-foot mixed-use project in Midtown Atlanta along the Atlanta BeltLine. The property spans 15 acres and sits on the former site of the Atlanta Paper Co. industrial campus. Construction is underway at the site, which will include 223,800 square feet of office space, 21,400 square feet of retail and restaurant space and 10,000 square feet of outdoor space. Gay Construction Co. is the general contractor. Aileen Almassy, Will Porter and Porter Henritze of Cushman & Wakefield will lease the office space on behalf of the owners. Initial occupancy is planned for October 2021. The developers acquired the land in late 2019 and are working with Atlanta BeltLine Inc. (ABI) to ensure a right-of-way connection to the BeltLine, a network of walking and biking trails throughout the city. Elsas May & Co. originally developed the campus in the 1950s as a packaging plant for Coca-Cola. The property is situated at 950 W. Marietta St., four miles northwest of downtown Atlanta.

October 2, 2020

Acquisitions Georgia Industrial Office Southeast

JLL Arranges $11.7M Sale of Industrial, Office Park in Metro Atlanta

by Alex Tostado October 2, 2020

NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.

October 2, 2020

Georgia Industrial Leasing Activity Southeast

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

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