Wednesday, December 25, 2024
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GeorgiaIndustrialLeasing ActivitySoutheast

Aramark Refreshments Signs 45,000 SF Industrial Lease at Chamblee International Logistics Park in Metro Atlanta

by John Nelson

CHAMBLEE, GA. — Aramark Refreshments has signed a 45,000-square-foot lease at Chamblee International Logistics Park in Chamblee, roughly 15 miles northeast of downtown Atlanta. Aramark Refreshments, a subsidiary of Aramark, will occupy the entirety of Building 4 at the property, which was completed in February of this year by a joint venture between Stonemont Financial Group and Seven Oaks Co. The project team included general contractor Catamount Constructors, civil engineering firm Kimley-Horn and architect Ware Malcomb. Joseph Rogers, Jamie Hargather and Riley Levitt of Wilson Hull & Neal are managing leasing at Chamblee International Logistics Park, which is now 50 percent leased, on behalf of the ownership.

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Data CentersGeorgiaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Atlanta Industrial Market Weathers Slower Demand

by John Nelson

By Charlie Adams and Walker Adams of NAI Brannen Goddard Industrial real estate in Atlanta is in limbo as of the second quarter of 2024. Certain submarkets in Atlanta have been overbuilt and tenant demand with historically active users (third-party logistics, wholesale, e-commerce, etc.) has decreased in comparison to what was seen over the last four years. As a result of the space grab during COVID-19, many logistics tenants are sitting on excess inventory within their buildings. Consumer demand has cooled, increased interest rates have dampened the economy as a whole and rents have risen 14.5 percent year-over-year, according to CBRE’s most recent report. The impact of these headwinds for traditional industrial (warehouse and distribution) real estate is positive. Developers haven’t had the fundamentals allowing overbuilding to a point of hyper-supply. Industrial construction starts have been few and far between over the past 12 months, and we believe this lack of new supply will keep Atlanta’s fundamentals healthy through this limbo we’re currently experiencing. With 4 million square feet of net absorption in first-quarter 2024 and 15.9 million square feet under construction, we should see 2025 vacancy in line with current vacancy, assuming absorption continues at a similar pace. Therefore, …

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GeorgiaLoansMultifamilySoutheast

KeyBank Provides $42.9M Agency Refinancing for Apartment Community in Dawsonville, Georgia

by John Nelson

DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit apartment community in metro Atlanta. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Built between 2022 and 2023, the garden-style property is situated on a 23.5-acre parcel and features 12 three-story apartment buildings, as well as a 24-hour fitness center, resort-style pool with private cabanas, 24-hour conference and business center, Starbucks coffee/tea bar and a bark park with agility equipment and a pet spa.

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Population Growth Is Fueling a Bright Future for Atlanta’s Multifamily Market

by John Nelson

By Will Mathews and Mike Kidd of Colliers What is the reason behind Atlanta’s explosive growth over the last 20 to 30 years? Simply put, it’s been the exponential increase in population driven by an influx of new residents from the Northeast, Midwest and Mid-Atlantic. Atlanta is home to 17 Fortune 500 companies (the third-largest market in the nation), numerous high-paying jobs, a culturally diverse population and multiple prestigious universities, laying a strong foundation for incredible net migration. Multifamily investors are drawn to Atlanta, evidenced by the region’s high volume of multifamily transactions. According to MSCI Real Capital Analytics, Atlanta is currently ranked No. 4 in the country behind New York City, Dallas and Los Angeles in transactions. Despite challenges related to new supply and systematic traffic problems, the future of Atlanta’s multifamily market is very bright for a number of reasons. 7.9 Million by 2050 According to the Atlanta Regional Commission, the population of Atlanta will grow to 7.9 million, or an increase of 1.8 million people from 2020 to 2050. One of the direct beneficiaries of population growth is multifamily rent growth. Reflecting recent population trends, rent growth is forecasted to peak in the suburban counties east of …

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Affordable HousingCivicDevelopmentGeorgiaMultifamilySoutheast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

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GeorgiaLeasing ActivityOfficeSoutheast

Newell Brands Signs 180,000 SF Office Lease at Queen Building in Atlanta

by John Nelson

ATLANTA — Newell Brands, a manufacturer of consumer products including Sharpie, Contigo and Rubbermaid, has signed a 180,000-square-foot office lease at the Queen Building within Concourse Office Park in Atlanta. According to Cushman & Wakefield, which arranged the lease, this marks the largest office lease within Atlanta’s Central Perimeter submarket since 2018. The tenant will relocate from its current headquarters in nearby Sandy Springs. Building & Land Technology is the landlord. Leases at the Queen Building (and its sister property, the King Building) over the past 12 months have totaled 361,133 square feet. Other new tenants include NICE Systems, IMA Financial Group, Snellings Walters and Atlanticus.

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AcquisitionsGeorgiaRetailSoutheast

Big V Property Group Acquires 303,297 SF Johns Creek Town Center Retail Asset in Metro Atlanta

by Hayden Spiess

JOHNS CREEK, GA. — Big V Property Group has acquired Johns Creek Town Center, a 303,297-square-foot retail center located at 3630 Peachtree Parkway in Johns Creek, roughly 30 miles northeast of Atlanta. Sprouts Farmers Market anchors the property, which was built in 2001 and almost fully leased at the time of sale. Other tenants at the center include HomeGoods, Michaels, Market by Macy’s, Kohl’s, PetSmart and Ulta Beauty. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction. 

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Company NewsDevelopmentGeorgiaRestaurantRetailSoutheast

Jack in the Box Plans 15-Restaurant Expansion into Georgia

by Hayden Spiess

SAN DIEGO — San Diego-based Jack in the Box has announced plans to open 15 restaurants in Georgia, marking the first entry into the state for the fast-casual brand. According to a press release from the company, the new sites have not yet been selected, but plans include a focus on the Macon, Augusta and Savannah markets. A franchisee will own and operate the restaurants. Jack in the Box also recently announced a commitment to 30 new locations in Florida. 

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City-Food-Hall
DevelopmentGeorgiaRestaurantSoutheastStudent Housing

Landmark Properties to Open City Food Hall Near the University of Georgia

by Hayden Spiess

ATHENS, GA. — Landmark Properties has neared completion of City Food Hall within 19,681 square feet of retail space at The Mark Athens, a student housing development by Landmark Properties near the University of Georgia campus. The food hall will feature 10 chef-driven food concepts, a full-service bar, two state-of-the-art golf simulators and a variety of interactive games. The location is expected to open in fall 2025. Whitney Spangler and David Martos of Colliers International represented Landmark Properties, and Jason Hurst of Colliers International — who has since joined the team at CBRE — represented City Food Hall in the leasing transaction. The Mark Athens was developed in phases in 2017 and 2022. The community offers 1,364 beds of student housing; over 50,000 square feet of retail space; and 46,427 square feet of office space, which is 92 percent occupied by Landmark Properties’ corporate headquarters.

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AcquisitionsGeorgiaMultifamilySoutheast

Marcus & Millichap Brokers $18.5M Sale of Apartment Community in Valdosta, Georgia

by John Nelson

VALDOSTA, GA. — Marcus & Millichap has brokered the $18.5 million sale of Staten Crossing Apartments, a 196-unit community located at 3925 N. Oak St. Extension in Valdosta, a city in South Georgia near the Florida border. John Brigel of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, THC Management LLC, in the transaction. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction. Built in 1998, Staten Crossing features one- and two-bedroom apartments, as well as a swimming pool, sundeck, fitness center and tennis courts.

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