ATLANTA — Brookfield Properties has opened a new Dick’s Sporting Goods and Golf Galaxy at Cumberland Mall, an enclosed regional mall in Atlanta’s Cumberland-Galleria district. According to the Atlanta Business Chronicle, Dick’s Sporting Goods will occupy the 70,000 square feet formerly leased to Sears. The Golf Galaxy, which will be adjacent to the Dick’s Sporting Goods, will offer in-store services and apparel and footwear from companies such as DSG, Tommy Armour, CALIA by Carrie Underwood, Field & Stream, Fitness Gear, Nike, Adidas, Yeti, The North Face, Callaway and TaylorMade. Golf Galaxy is a subsidiary of Pittsburgh-based Dick’s Sporting Goods. The stores will also host a grand opening event beginning today. In early July, Brookfield unveiled plans to redevelop the eastern portion of Cumberland Mall into a mixed-use property featuring 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Brookfield hopes to complete Cumberland Mall’s phased redevelopment in 2025.
WARNER ROBINS, GA. — The Boeing Co. has signed a 21,000-square-foot office lease in Warner Robins. The aerospace company will occupy three suites within the 39,000-square-foot building located at 691 Wellborn Road. Boeing expects to move into the space in January. Built in 2004, the property is situated less than one mile from Robins Air Force Base. Patrick Barry of Coldwell Banker Commercial Eberhardt & Barry represented the undisclosed landlord in the lease transaction.
MCDONOUGH, GA. — Zinus USA Inc. will invest $108 million in a new manufacturing and distribution facility in McDonough. The home furnishings company expects to create 804 full-time jobs at the property, which is expected to open in the first half of 2021. This marks the first manufacturing facility in North America for the South Korean-based company. Its other manufacturing facilities are located in China and Indonesia. According to multiple media reports, the building will be located at 830 Ga. Highway 42, the former site of the Toys “R” Us distribution center. The property is 27 miles southeast of Hartsfield-Jackson Atlanta International Airport and two miles from Interstate 75. Zinus worked with Yoonie Kim, the Georgia Department of Economic Development’s director of Korean investments, on the investment. Other civic partners include the Henry County Development Authority, Georgia Quick Start and Georgia EMC.
DUNWOODY, GA. — Seattle-based Zillow Group will open its Southeastern regional hub in Dunwoody and create 200 jobs. According to the Atlanta Business Chronicle, the online residential real estate company leased two floors at Three Ravinia Drive, a 31-story office tower in Atlanta’s Central Perimeter submarket. A majority of the jobs will support Zillow Offers, the company’s home buying program. Kristi Brigman of the Georgia Department of Economic Development represented the Global Commerce division on this project in partnership with the Metro Atlanta Chamber, Decide DeKalb and the City of Dunwoody Development Authority. According to LoopNet Inc., CBRE handles leasing efforts on behalf of the undisclosed owner. A timeline for Zillow moving into the space was not disclosed.
ATLANTA — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.
PENDERGRASS, GA. — JLL has arranged the $43.9 million sale of an 811,000-square-foot distribution center leased to Bed Bath & Beyond in northeast Georgia. The property is located at 860 John B. Brooks Road in Pendergrass. The asset, which is situated on 62 acres along Interstate 85, features tilt-up construction, 32-foot clear heights and a cross-dock configuration. Alex Sharrin, Britton Burdette, Brian Shanfeld, Matt Wirth and Dennis Mitchell of JLL represented the seller, Oak Street Real Estate Capital LLC, in the transaction. An unnamed institutional investment group purchased the property.
DECATUR, GA. — Beacon Real Estate Group has acquired Domain at Cedar Creek and Gateway at Cedar Brook, two multifamily communities totaling 332 units in Decatur. Atlanta-based Audubon Communities sold the communities for $46.1 million. Domain at Cedar Creek, located at 3073 Cedar Creek Parkway, and Gateway at Cedar Brook, located at 3117 Cedar Brook Drive, are considered sister communities and are situated less than one mile from each other and nine miles northeast of downtown Atlanta. Each property offers one-, two- and three-bedroom apartments ranging in size from 750 square feet to 1,350 square feet. The two communities were 99 percent occupied at the time of sale. The seller recently made substantial investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities. Scott Wadler, Mitch Sinberg and Matt Nihan of Berkadia originated $35.2 million in Fannie Mae acquisition financing on behalf of Beacon. The Coral Gables, Fla.-based buyer received $19.2 million to purchase Domain at Cedar Creek and $16 million for Gateway at Cedar Brook. Both loans feature 15-year terms with fixed interest rates and nine years of interest-only payments.
DUNWOODY, GA. — Dallas-based developer Trammell Crow Co. has completed Twelve24, a 345,000-square-foot office building located at 1224 Hammond Drive in Dunwoody, a suburb of Atlanta in the metro’s Central Perimeter submarket. The 16-story building features a skybridge with direct access to the Dunwoody MARTA Station. Twelve24 is also located adjacent to Perimeter Mall and in close proximity to Interstate 285 and State Route 400. In addition, Twelve24 houses 11,000 square feet of ground-floor retail space, 7,500 square feet of which is preleased to Iron Hill Brewery & Restaurant. Insight Global, a national staffing and services company, has leased approximately 72 percent of the office space as the anchor tenant. The building offers an amenity floor with a fully staffed, 10,000-square-foot fitness center, an indoor conference center, tenant lounge and a café. Outdoor amenities include a yoga lawn, multiple lounge areas and a covered outdoor conference center. According to a second-quarter report on the Atlanta office market from Colliers International, the Central Perimeter submarket has a direct vacancy rate of 14.7 percent and has seen more than 1 million square feet of positive absorption year-to-date. Trammell Crow is also working with Concord Hospitality Group to develop a 177-room Hyatt Place …
HINESVILLE, GA. — Berkadia has provided a $24 million Fannie Mae refinancing loan for Liberty Club Apartments, a 240-unit workforce housing complex in Hinesville. The borrower, Winter Park, Fla.-based Hillpointe, delivered the property in 2019. The 12-year loan features a fixed interest rate with five years of interest-only payments. Loan proceeds will be used to retire the existing construction loan. The community is located at 915 E. General Stewart Way, 40 miles southwest of downtown Savannah. Liberty Club comprises nine residential buildings, a clubhouse and 11 garage buildings. The property offers two-bedroom floor plans averaging 1,153 square feet. According to Apartments.com, rents range from $1,100 to $1,450 per month. Communal amenities include a pool, fitness center, a dog park and fishing ponds. Michael Weinberg, Alec Fox and Wesley Moczul of Berkadia originated the loan on behalf of the borrower.