Georgia

Selig Enterprises Secures $340M Financing, Announces Hotel Brand at Mixed-Use Development in Midtown Atlanta

by Alex Patton October 25, 2019

ATLANTA — Selig Enterprises has secured $340 million in construction financing for 1105 West Peachtree, its three-tower, mixed-use development in Midtown Atlanta. The project will feature a 675,000-square-foot office tower, a 64-unit condominium tower, and a 178-room Epicurean Hotel. The towers will also house 25,000 square feet of ground-floor retail. The Blackstone Group Inc. provided the construction loan, partially financing the $530 million project. “We have been fortunate enough to already garner the attention of some prominent tenants in the market including the signing of Smith, Gambrell & Russell for five floors [of the office tower],” says Chris Ahrenkiel, executive vice president of Selig Development. “The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675,000 square feet — the single largest tower to start construction in Atlanta in more than a decade.” Selig is partnering with Mainsail Lodging & Development to build The Epicurean Atlanta hotel, which will operate under the Marriott Autograph Collection banner. The hotel will offer 178 rooms, a full-service culinary program, conference and event facilities, and an outdoor terrace on the ninth floor. 40 West 12th will offer condos ranging from $600,000 to $2.2 million, in …

October 25, 2019

Acquisitions Georgia Retail Southeast

JLL Negotiates Portfolio Sale of Publix-Anchored Shopping Centers in Metro Atlanta

by Alex Tostado October 25, 2019

ACWORTH AND LITHONIA, GA. — JLL has negotiated the sale of two Publix-anchored shopping centers near Atlanta: Publix at Acworth and Centre at Panola in Lithonia. Publix at Acworth is located at 3507 Baker Road in Acworth, 30 miles northwest of downtown Atlanta. The 69,628-square-foot center was 98 percent leased at the time of sale to tenants including CVS/pharmacy, WellStar, Domino’s Pizza, Coast Dental Services, Supercuts and Cricket Wireless. Centre at Panola is located at 3007 Panola Road, 15 miles east of downtown Atlanta. Centre at Panola was fully leased at the time of sale to tenants including Marco’s Pizza, Let’s Talk Therapy, Cricket Wireless and Benchmark Physical Therapy. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the seller, an undisclosed publicly traded REIT, in the sale. Rothenberg-Rosenfield Inc. acquired both properties for an undisclosed price.

October 25, 2019

Georgia Healthcare Leasing Activity Southeast

Emory Healthcare Signs 224,000 SF Lease at Northlake Mall Redevelopment in Metro Atlanta

by Alex Tostado October 24, 2019

TUCKER, GA. — Emory Healthcare has signed a 224,000-square-foot lease at ATR Corinth Partners’ redevelopment of the former Northlake Mall in Tucker. Emory Healthcare will occupy the former Sears building and an additional portion of the 1 million-square-foot mall with an option for more space in the future. Dallas-based ATR Corinth purchased Northlake Mall in January 2016 from former real estate trust company WP Glimcher, now Washington Prime Group. At full buildout, the property will offer office space, new retail and a mix of sit-down, fast-casual and quick-service restaurant concepts. Construction of the retail portion of the project is slated to begin in early 2020. JC Penney and Macy’s will remain as anchor tenants and will be open during construction. Deming Fish of Colliers International’s Atlanta office will handle office leasing efforts and Amy Kennedy of TCSG will market the retail portion. Wakefield Beasley & Associates Architects Inc. is providing design and architectural services for the renovation and redevelopment.

October 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates $41M Sale of Multifamily Community in Augusta

by Alex Tostado October 23, 2019

AUGUSTA, GA. — Cushman & Wakefield has negotiated the $41 million sale of Estates at Perimeter, a 240-unit multifamily community in Augusta. The property offers one- through three-bedroom floor plans. Communal amenities include a bark park, clubhouse, media center, car care center, fitness center, playground and a swimming pool. Estates at Perimeter was built in 2007 in west Augusta where Interstates 20 and 520 meet. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield represented the sellers, Coastal Ridge Real Estate and H. Katz Capital, in the transaction. Young Homes acquired the property.

October 23, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $29M Refinancing for Two Jekyll Island Hotels

by Alex Tostado October 23, 2019

JEKYLL ISLAND, GA. — PMZ Realty Capital LLC has arranged a $29 million refinancing loan for two hotels on Jekyll Island in Georgia: Holiday Inn Resort Jekyll Island and Beachview Club, both of which have recently been fully renovated. The borrower, Georgia Coast Holdings, acquired the 157-room Holiday Inn in 2013, fully gutted it and reopened the property in 2015. Amenities at the oceanfront hotel include fully renovated rooms, a fitness center, coffee bar, outdoor bar and grill, new swimming pool and a play area for children. Georgia Coast Holdings bought Beachview Club in 2017. The ownership renovated the 38-room asset into a boutique beachfront hotel with amenities such as a courtyard, beach access and a Keurig coffee machine in each room. North Pointe Hospitality LLC will manage both properties. The lender was not disclosed.

October 23, 2019

Georgia Leasing Activity Office Southeast

Chick-fil-A Signs 40,000 SF Office Lease in Atlanta’s Old Fourth Ward

by Alex Tostado October 22, 2019

ATLANTA — Chick-fil-A has signed an office lease to occupy the sixth floor of 725 Ponce, a new mixed-use development located on Atlanta BeltLine’s Eastside Trail adjacent to Ponce City Market. The 40,000-square-foot space will house 250 corporate employees and will be an extension of the company’s support center south of Atlanta. Chick-fil-A is expected to move into the new space in summer 2020 when the buildout is complete. A 60,000-square-foot Kroger recently opened at the base of 725 Ponce. Jon Mayeske and Janelle Beasley of Cushman & Wakefield represented the tenant in the lease negotiations. Aileen Almassy, also of Cushman & Wakefield, represented the landlord, New City Properties.

October 22, 2019

Development Georgia Industrial Southeast

Southeastern Mills Opens 140,000 SF Distribution Center in North Georgia

by Alex Tostado October 16, 2019

ROME, GA. — Southeastern Mills has opened a 140,000-square-foot distribution center in Rome. The center is expected to handle more than 300 shipments per month for the Rome-based food company. The facility also offers a video conferencing system and automated doors with trailer restraints. Rome is situated 65 miles north of downtown Atlanta.

October 16, 2019

Development Georgia Multifamily Seniors Housing Southeast

CCRC in Atlanta Breaks Ground on $115M Expansion

by Alex Tostado October 11, 2019

ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Starts Construction of Apartment Community in Augusta

by Alex Tostado October 11, 2019

AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to open in late 2020.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Breaks Ground on 252-Unit Apartment Complex in Athens, Georgia

by Alex Tostado October 10, 2019

ATHENS, GA. — A joint venture between Fickling & Co., Novare Group and BCDC has broken ground on Lullwater at Athens, a 252-unit apartment complex in Athens. The property will offer one- through three-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center and a pet park. It will be located at 225 Jennings Mill Parkway, nine miles west of downtown Athens and six miles west of the University of Georgia. Lullwater at Athens is expected to open in the fourth quarter of 2020.

October 10, 2019

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