DULUTH, GA. — NXT Capital has provided a $19 million refinancing loan for Sugarloaf VI and VII, two office buildings comprising 160,000 square feet in Duluth. The property is situated at 2905 and 2915 Premiere Parkway, 29 miles northeast of downtown Atlanta in Gwinnett County. Property amenities include large lobbies and an outdoor greenspace. C.J. Kelley of CBRE originated the loan on behalf of the undisclosed borrower. Further details of the loan were not disclosed.
EAST POINT, GA. — Trammell Crow Co. has delivered a 341,041-square-foot office headquarters and distribution center for Atlanta Community Food Bank in East Point. The new facility includes 84,953 square feet of corporate office space, 69,931 square feet of cold storage and 186,157 square feet of warehouse space. Energy-saving features of the building include high-efficiency LED lighting and windows with low-energy tinted glazing. The property is situated on 65 acres at 3400 N. Desert Drive, about four miles west of Hartsfield-Jackson Atlanta International Airport. Of the 71.7 million pounds of food and grocery product the company distributed in fiscal year 2019, 22 percent was fresh produce. The food bank works with more than 700 partner agencies that directly distribute food to 29 counties within metro Atlanta and North Georgia.
DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.
ATLANTA — Truist Financial Corp., through subsidiary SunTrust Commercial Real Estate, has provided an $84.3 million loan to Atlanta-based MDH Partners for the acquisition of seven warehouses, three truck terminals and six trailer yards spread across the Atlanta, Memphis, Louisville, Dallas and Kansas City markets. The warehouses and truck terminal assets total 1.9 million square feet. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City. Mark Hancock of Truist originated the loan on behalf of the borrower. The seller(s) was not disclosed.
MACON, GA. — Marcus & Millichap has arranged the $21 million sale of a 296-unit apartment portfolio in Macon. Both the buyer and seller were undisclosed limited liability companies. The first property is Anthos at Hidden Lake, a 144-unit property located at 180 Hidden Lake Court. The community offers one-, two- and three-bedroom floor plans, as well as amenities including a fitness center, pool and a playground. The second property is Anthos at Shadowood West, a 152-unit property also offering one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, playground and a volleyball court. Anthos at Shadowood West is situated at 4334 W. Highland Drive. Mason Taylor, Cole Carros and Nate McDaniel of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer.
CHATSWORTH, GA. — Houston-based Hines will develop Busch Logistics Park, a planned two-building, 737,000-square-foot industrial property in Chatsworth. Both buildings will be developed simultaneously, and Hines expects to deliver them in early 2021. Building A will span 526,400 square feet and feature cross-dock configuration and 36-foot clear heights, and Building B will span 210,600 square feet and feature rear load configuration and a 32-foot clear heights. The property is situated on 97 acres off Cass White Road and Interstate 75, 45 miles northwest of Atlanta. Reed Davis and Bob Currie of JLL will handle leasing efforts on behalf of the developer.
ATLANTA — Trez Capital has provided a $25.5 million acquisition loan for a 173-room Holiday Inn Express in downtown Atlanta. The hotel was originally built in 1933 and most recently renovated in 2012. The borrowers, IE Development LLC and CG Management LLC, will use loan proceeds to renovate all rooms and build out a 3,240 square-foot rooftop meeting room with outdoor patio to attract more corporate clients. The property includes a small convenience store and a 5,000-square-foot-restaurant that is currently vacant. Hotel operations will continue during the renovation period, which are expected to conclude in summer 2021. The property is situated at 111 Cone St. NW, blocks from Centennial Olympic Park, Mercedes-Benz Stadium, CNN Studios and the Georgia Aquarium. Brett Forman of Trez Capital originated the loan on behalf of the borrowers.
SANDY SPRINGS, GA. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lighting to improve energy efficiency and provide better illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.
DULUTH, GA. — Atlanta-based Quintus Corp. is set to open The Rey on Reynolds, a $49 million, 286-unit apartment complex in Duluth. The community is slated to open to residents in May and will offer one- and two-bedroom floor plans ranging in rents from $1,255 to $1,870 per month, according to Apartments.com. Communal amenities will include a two-story fitness and wellness center, pool, private courtyard with an outdoor fitness area, grilling area, outdoor living room with fire pit, bocce ball court, giant Jenga and an open lawn. The Rey on Reynolds, named for its location on Steve Reynolds and Satellite boulevards, is the first phase of The Rey, which will also feature a mixed-use development offering retail and restaurant space adjacent to the apartments as part of Phase II, which Knoll Development will develop. Atlanta-based Rees Design Associates was the architect, and Atlanta-based Quintus Housing Group served as the general contractor. BB&T, now known as Truist Bank, provided construction financing. The Gwinnett Place Community Improvement District (CID) has been upgrading infrastructure around Steve Reynolds and Satellite boulvards, according to Kelly Keappler of Quintus Corp. The CID also aided in the vision for the streetscape and architecture of both the multifamily …
ATLANTA — “Irksome” geopolitical factors such as Middle East flare-ups affecting oil production and capacity, kinks in the trade deal with China, post-Brexit uncertainty and the coronavirus, can all throw curveballs at 2020 economic growth prospects, says Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s Robinson College of Business. Dhawan says he worries most about the coronavirus due to the unknown nature of how long it will affect the world market. The biggest economic problem now, says Dhawan, is that Chinese factory workers are stuck at home due to the virus. “Unlike a finite event, such as a hurricane or earthquake, the coronavirus is still playing out, making it hard to assess economic impact,” explains Dhawan. “China is a vital part of the world’s supply chain for goods ranging from toys to iPhones. For an economic impact to happen, this disruption would need to last awhile, say until mid-April. When inventories run out, what will Amazon sell here? What will Apple and Samsung do?” Dhawan released his economic forecast Wednesday, Feb. 26 during his Forecast of the Nation, held at GSU’s Robinson College of Business in downtown Atlanta. Georgia Job Momentum Lags Dhawan also spoke about …
