Georgia

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

Company News Georgia Southeast

Corporate Property Dispositions Hires Tom Gallagher as Vice President, to Oversee Mid-Atlantic Region

by Alex Tostado September 21, 2020

ATLANTA — Corporate Property Dispositions (CPD) has hired Tom Gallagher as vice president. In the role, Gallagher will manage client requirements throughout the Mid-Atlantic region. CPD specializes in lease and sale negotiations on behalf of landlords and owners. The company is headquartered in Atlanta, where Gallagher will be based. Prior to joining CPD, Gallagher worked for The Home Depot’s real estate division. While there, he oversaw the permitting and opening of more than 70 stores. Gallagher earned his Bachelor of Science degree from Mount St. Mary’s University in Emmitsburg, Md.

September 21, 2020

Data Centers Development Georgia Industrial Southeast

Facebook to Invest Additional $250M for Data Center Expansion in Covington, Georgia

by Alex Tostado September 18, 2020

COVINGTON, GA. — Facebook will invest an additional $250 million at its data center campus in Covington, bringing the social media giant’s total investment at the site to $1 billion. The Menlo Park, Calif.-based company will add three buildings and 1.5 million square feet to the property, which was first announced in 2018. Upon completion, the property will total five buildings spanning nearly 2.5 million square feet. Facebook expects to house 200 employees at the site, which is situated about 30 miles east of downtown Atlanta. A timeline for construction was not disclosed, but multiple media outlets report Facebook expects to complete the expansion in 2023. The design team was not disclosed.

September 18, 2020

Company News Georgia Restaurant Retail Southeast

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

by Alex Tostado September 17, 2020

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain and legal teams will remain in Louisville. The Louisville Courier-Journal reports that Papa John’s will keep its corporate headquarters in Louisville as well as a majority of its 750 jobs in Kentucky.

September 17, 2020

Acquisitions Development Georgia Multifamily Southeast

JLL Negotiates $7.9M Sale of Land in Midtown Atlanta, Buyer Plans 284-Unit Apartment Building

by Alex Tostado September 15, 2020

ATLANTA — JLL has negotiated the $7.9 million sale of a 1.1-acre site in Atlanta’s Midtown district. The purchase price represents the highest price per square foot ($167) in the neighborhood, described as south of North Avenue (SoNo). The buyer, Woodfield Development, plans to build a 284-unit apartment community at the site, located at 505 Courtland St. NE. The property is expected to also include 18,000 square feet of amenity space. The Isle of Palms, S.C.-based developer plans to break ground this month. Scott Cullen and Mark Lindenbaum of JLL represented the seller, Drapac Capital Partners, in the land sale.

September 15, 2020

Georgia Leasing Activity Office Southeast

Piedmont Office REIT Signs Fintech Firm to 172,000 SF Office Lease in Atlanta’s Central Perimeter District

by John Nelson September 14, 2020

ATLANTA — Piedmont Office Realty Trust, a metro Atlanta-based office REIT, has signed financial tech firm Deluxe Corp. to a 172,000-square-foot office lease at Glenridge Highlands II in Atlanta. The 20-story office tower is located at 5565 Glenridge Connector in Atlanta’s Central Perimeter submarket. Deluxe plans to bring approximately 700 jobs to metro Atlanta with more to come in the near future. The company plans to invest approximately $12 million to construct, build-out and furnish the space at Glenridge Highlands II. Piedmont Office Realty Trust owns the 424,000-square-office building, as well as the adjacent Glenridge Highlands I, and is planning to develop a new 250,000-square-foot office tower on the campus.

September 14, 2020

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