Georgia

Brookfield Properties Files Plans to Redevelop Atlanta’s Cumberland Mall as Mixed-Use Destination

by Alex Tostado July 2, 2020

ATLANTA — Brookfield Properties Retail Group has submitted initial plans for the redevelopment of the eastern portion of Cumberland Mall, a 1 million-square-foot regional mall in northern Atlanta’s Cumberland-Galleria submarket. Cobb County submitted the proposal on behalf of the Chicago-based developer to the Georgia Regional Transportation Authority (GRTA) to review as a Development of Regional Impact (DRI), which is a distinction for projects that have outsized impact on civic functions such as schools and traffic. Brookfield hopes to reshape the mall into a town center with 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Additionally, What Now Atlanta reported that Cobb County recently issued permits for a new Round 1 Bowling & Amusement attraction to begin construction for a new 80,000-square-foot venue at the former Sears, which closed in 2018. The initial action that Brookfield is proposing for Cumberland Mall is for the 14-acre site at 2940 Cobb Parkway to be rezoned as mixed-use. According to the filing with the GRTA, the developer hopes to complete the phased redevelopment in 2025. The Cumberland-Galleria submarket has been transformed in the past four years with the addition of the …

July 2, 2020

Development Georgia Multifamily Southeast

McShane Delivers 280-Unit Apartment Community Near Savannah

by Alex Tostado July 2, 2020

POOLER, GA. — McShane Construction Co. has delivered Parc at Pooler, a 280-unit apartment community located at 2200 Old Quacco Road in the Savannah suburb of Pooler. The property is situated on 21 acres and features 19,000 square feet of amenities, including a pool, sundeck, outdoor kitchen, car care center and a dog park. Indoor amenities include a clubhouse with a fitness center, coffee bar, café and a resident’s lounge. Units include granite countertops, sunrooms or balconies, stainless steel appliances, wood cabinetry and wood-finished flooring. The design team includes developer Equity Resources LLC and architect Dynamik Design. McShane also handled the site work for the project, including eight standalone garages, landscape and parking lots.

July 2, 2020

Acquisitions Company News Georgia Office Southeast

AT&T to Sell CNN Center in Downtown Atlanta, Consolidate Offices at Techwood Campus

by Alex Tostado July 1, 2020

ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was not immediately clear if AT&T had a buyer lined up. CNN Center totals 150,490 square feet. The building includes a food court with tenants such as Starbucks, BurgerFi, Dunkin’, Moe’s Southwest Grill and Chick-fil-A. Retail tenants include the Atlanta Braves Dugout Store and Wells Fargo. The building is situated next to Mercedes-Benz Stadium, Centennial Olympic Park, State Farm Arena, Omni Hotel & Resort, the Georgia Aquarium, World of Coca-Cola and the College Football Hall of Fame.

July 1, 2020

Development Georgia Industrial Southeast

SK Innovation to Invest $940M in Battery Plant Campus in North Georgia

by Alex Tostado June 30, 2020

COMMERCE, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will invest an additional $940 million and create another 600 jobs at its business park in Commerce. The most recent investment plans will include a 430,000-square-foot plant at the property. A timeline for construction was not disclosed. The South Korean-based company originally announced in November 2018 that it would build two plants worth $1.67 billion and create 2,000 jobs in Commerce. SK innovation broke ground on the first plant in March 2019, and will begin construction on the second plant this July. Customers for SK innovation’s battery business include Volkswagen, Mercedes-Benz, Hyundai-Kia Motors and Ford Motor Co.

June 30, 2020

Acquisitions Georgia Multifamily North Carolina South Carolina Southeast

Ambling Sells 20-Property Multifamily Portfolio in Georgia, Carolinas for $106M

by Alex Tostado June 30, 2020

VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC acquired two North Carolina properties and five South Carolina communities. Jonathan Rose Cos. acquired a property in Savannah, Ga. Doug Childers, Michael Fox and Ryan Clutter of JLL represented the Valdosta-based seller in the transaction.

June 30, 2020

Acquisitions Georgia Industrial Southeast

Black Creek Group Acquires 797,580 SF Industrial Building in Metro Atlanta

by Alex Tostado June 30, 2020

ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an undisclosed price.

June 30, 2020

Development Georgia Loans Multifamily Southeast

Truist Provides $93.8M Construction Loan for Multifamily Community in Atlanta

by Alex Tostado June 29, 2020

ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.

June 29, 2020

Acquisitions Georgia Office Southeast

Skyline Seven Brokers $2.2M Sale of Office Building in Metro Atlanta

by Alex Tostado June 29, 2020

CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based First American Exchange Co., in the transaction. Southern First Bank provided an acquisition loan on behalf of the buyer, Old Ivy Property Re Fund I.

June 29, 2020

Development Georgia Hospitality Southeast

Extended Stay America Opens 124-Room Hotel Near Savannah

by Alex Tostado June 26, 2020

POOLER, GA. — Extended Stay America Inc. has opened a 124-room hotel in Pooler. Dubbed Extended Stay America-Savannah, the four-story hotel offers a fitness room, laundry room, complimentary WiFi and fully equipped kitchens. The property is located at 500 Outlets Parkway, adjacent to Tanger Outlets Savannah and 12 miles west of downtown Savannah. The general contractor, Integrated Construction, broke ground on the hotel in March 2019. Rule Joy Trammell + Rubio LLC served as the architect and Coleman Co. was the civil engineer. This is the fifth corporate-owned hotel that incorporates Extended Stay America’s newest prototype.

June 26, 2020

Acquisitions Georgia Multifamily Southeast

JLL Negotiates Sale of 104-Unit Apartment Complex in Atlanta

by Alex Tostado June 26, 2020

ATLANTA — JLL has negotiated the sale of Marquis at Briarcliff, a 104-unit apartment complex in Atlanta’s North Druid Hills submarket. The property, which built in 1995, offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, pool, grilling areas and a dog park. The buyer, Chicago-based Oak Residential Partners LLC, plans to upgrade unit interiors, exteriors, amenities and landscaping. The buyer also changed the property name to One K Apartments. The community is located at 1000 Gables Way, eight miles northeast of downtown Atlanta. JLL represented the seller, CWS Capital Partners LLC, in the transaction and procured the buyer. The sales price was not disclosed.

June 26, 2020

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