WASHINGTON, D.C. AND ATLANTA — CoStar Group has entered into an agreement to acquire Atlanta-based RentPath Inc. Although the sales price was not disclosed, The Wall Street Journal reports the sales price will be $588 million. RentPath, a digital marketing solutions provider to the multifamily housing industry, is voluntary filing for Chapter 11 bankruptcy. CoStar is a stalking horse bidder, meaning if another qualifying bid to purchase RentPath emerges, a bankruptcy auction bid will be held. Washington, D.C.-based CoStar primarily focuses on selling real estate data but is continuing its push into the multifamily sector, having previously bought Apartments.com and ForRent.com. RentPath received $74.1 million in financing to remain operational through the sales process.
MACON, GA. — TGC Group has acquired TownePlace Suites by Marriott Macon Mercer University, a 95-room hotel near Mercer University in Macon. The four-story hotel offers studio and one-bedroom suites with fully equipped kitchens. The property is located at 1550 Mercer University Drive, three miles from downtown Macon and adjacent to Mercer’s campus. This is the third TownePlace by Marriott in TGC Group’s portfolio, according to Nick Esterline, founder and president of Wichita, Kan.-based TGC Group. TGC Hospitality Management will manage the property. The seller and sales price were not disclosed.
ATLANTA — Georgia World Congress Center Authority (GWCCA) has opened Exhibit Hall BC, a 100,000-square-foot expansion creating more than 1 million square feet of contiguous exhibition space within Georgia World Congress Center in downtown Atlanta. The project’s budget was $55 million. The expansion brings Georgia World Congress Center’s total exhibit hall space to more than 1.4 million square feet. GWCCA reports that more than 20 events have already booked a spot in the new exhibit space, with dates stretching into 2030. Georgia World Congress Center is situated within a mile of Mercedes-Benz Stadium, Centennial Olympic Park, CNN Studios, State Farm Arena, Georgia Aquarium and World of Coca-Cola. Atlanta-based general contractor Holder Construction Co. completed the expansion in 18 months.
ATLANTA — Crescent Communities, a North Carolina-based developer, has started construction of Novel Midtown, a 339-unit multifamily high-rise building in the Midtown neighborhood of Atlanta. The 14-story, 360,000-square-foot tower will feature studio, one-, two- and three-bedroom units with private balconies. Amenities include 814 parking spaces, a fitness center, pet spa, coffee bar, saltwater pool and sky deck. The ground floor will offer 15,000 square feet of retail space. Completion is slated for spring 2022. Greenstone Properties is developing a 310,000-square-foot office tower with street-level retail space adjacent to the Novel Midtown site. The location is also near a 70,000-square-foot Whole Foods Market, the Woodruff Arts Center, High Museum of Art and Museum of Design Atlanta. “We are excited about the opportunity that this amazing location provides for us to create an upscale living experience,” says Kyle Brock, managing director for the Georgia region of Crescent Communities’ multifamily business. “Midtown is a sought-after destination to live, work and play.” Niles Bolton Associates is the project architect for Novel Midtown. Ironwood Design Group is the landscape architect and Vignette Interior Design is the interior architect. Balfour Beatty is the general contractor. The Carlyle Group and Santander Bank are financing the project, though …
ATLANTA — A joint venture between The Preiss Co. and Investcorp has acquired Signature West Midtown, a 525-bed student housing community located near the Georgia Tech campus in Atlanta. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, sundeck, rooftop lounge, 24-hour fitness center, cyber cafe, ride-share lounge and bicycle storage alongside 10,500 square feet of retail. The seller and terms of the transaction were not disclosed.
UNION CITY, GA. — Birmingham, Ala.-based Coca-Cola Bottling Co. United Inc., the second largest privately held Coca-Cola bottler in North America, has opened an $86 million, 456,000-square-foot sales and distribution center in the south Atlanta suburb of Union City. Approximately 36 million cases of beverages will be loaded and shipped annually from the facility, known as South Metro Sales Center. The property includes a 375,000 square-foot warehouse, 25,000-square-foot fleet maintenance area, 36,000 square feet of administration space and a 20,000-square-foot service department for equipment and vending repair. The facility is located at 4913 Mason Road, 17 miles southwest of downtown Atlanta and 10 miles west of Hartsfield-Jackson Atlanta International Airport. Approximately 750 employees work at the facility, which has a payroll of more than $41 million. General contractor Brasfield & Gorrie began construction at the site in early 2018. System Logistics built the warehousing system technology at the facility.
ATLANTA AND SAVANNAH, GA. — Plymouth Industrial REIT Inc. has purchased a five-property, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio comprises two buildings in the Northwest and I-20 East industrial submarkets of Atlanta and three buildings in Savannah. The acquisition also includes 39 acres of developable land in Atlanta. The seller(s) was not disclosed.
GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.
Buckhead has grown dramatically since Sam Massell first took up residence in the community in 1952. That’s when he rented an apartment at the corner of Lindbergh Drive and Adina Drive, about a block from Piedmont Road. It was a brand-new building — “first-class quality space in Buckhead,” as he describes it. His rent was $50 per month. That was long before the businessman would become Atlanta’s 53rd mayor, serving from 1970 to 1974. “Some years later, as the former mayor of Atlanta, I was invited to cut a ribbon on some new townhouses that were opening on the same property for about half a million dollars each,” he recalls. “Time marches on.” And Massell is moving on as well. The 92-year-old, known as the unofficial mayor of Buckhead, announced Wednesday he is retiring from his position as president of the Buckhead Coalition. He broke the news during the organization’s annual meeting at 103 West, a private dining restaurant. Massell is the only president the organization has ever had. Launched in 1988, the Buckhead Coalition is made up of 100 business and civic leaders that aim to preserve the quality of life in Buckhead, a commercial and residential district in …
STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.