Georgia

RealOp Investments Purchases Office Building in Atlanta’s Cumberland-Galleria Area for $19.7M

by Alex Tostado January 22, 2020

ATLANTA — RealOp Investments has purchased Parkwood Plaza, a 216,600-square-foot office building in Atlanta’s Cumberland/Galleria submarket, for $19.7 million. The five-story building was delivered in 1989. RealOp plans to immediately invest $4 million to add a new lounge and café, new conference and training facilities, new fitness center, modernized restrooms, lobby updates, and upgrades to the elevators and outdoor patio. The property is located at 1300 Parkwood Cirlce SE, one mile from Battery Atlanta and Truist Park and 14 miles northwest of downtown Atlanta. Foundry Commercial will lead leasing efforts on behalf of Greenville, S.C.-based RealOp. The seller was not disclosed.

January 22, 2020

Development Georgia Retail Southeast

Elevator City Partners Unveils Plans for $400M West End Mall Redevelopment in Atlanta

by Alex Tostado January 21, 2020

ATLANTA — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The announcement follows months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the site, perform due diligence work, begin preliminary designs with architectural firm Gensler and conduct feasibility studies with Alexander Babbage and Noell Consulting Group. The loan comes with affordable housing reserves for any future housing on the site. ECP seeks to raise $400 million from multiple types of public and private investors that could be interested in the project’s opportunity zone offerings. ECP says the project has attracted the interest of large banks, family offices and foundations and that one family office has brought a national hotel developer to the project. Atlanta BeltLine originator Ryan Gravel and venture capitalist Donray Von co-founded ECP. The firm will launch a $15 million fund to support minority-owned …

January 21, 2020

Development Georgia Retail Southeast

MAB American to Break Ground on $80M Monroe Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 21, 2020

MONROE, GA. — MAB American Management plans to break ground in the first quarter on Monroe Pavilion, an $80 million shopping center situated on a 100-acre site in Monroe, an Atlanta suburb in Walton County. The property’s leasing agent, Retail Specialists, has signed several retailers to join the tenant roster of the 350,000-square-foot project, including Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Beau Young of Retail Specialists is also targeting restaurants and service-based retailers for the shopping center and its outparcels. MAB American Management, the U.S. affiliate firm of Australian-based developer MAB Corp., expects to deliver Monroe Pavilion in summer 2021.

January 21, 2020

Acquisitions Georgia Multifamily South Carolina Southeast

Cushman & Wakefield Brokers $169M Multifamily Portfolio Sale in Georgia, South Carolina

by Alex Tostado January 20, 2020

ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.

January 20, 2020

Acquisitions Georgia Loans Multifamily Southeast

KeyBank Provides $64M Acquisition Loan for Apartment Complex in Metro Atlanta

by Alex Tostado January 20, 2020

MARIETTA, GA. — KeyBank Real Estate Capital (KBREC) has provided a $64 million acquisition loan for The Park on Windy Hill, a 654-unit apartment complex in Marietta. The property was built in 1970 and has recently undergone renovations to approximately half of the unit interiors. The buyer, Bridge Investment Group, plans to complete the upgrades and extensively renovate the exteriors. The garden-style apartment complex comprises 26 three-story buildings on 42 acres at 2121 Windy Hill Road, 15 miles northwest of downtown Atlanta and two miles west of Truist Park, home of the Atlanta Braves. The seller was not disclosed, although Wilkinson Corp. acquired the property in late 2017. Brian Caudel and Jennifer Seamons of KBREC structured the financing.

January 20, 2020

Acquisitions Georgia Mixed-Use Southeast

FCP, Westbridge Sell Stockyards Atlanta to Clarion Partners for $69.7M

by Alex Tostado January 17, 2020

ATLANTA — A joint venture between Chevy Chase, Md.-based FCP and Atlanta-based developer Westbridge Partners has sold Stockyards Atlanta, a mixed-use project in Atlanta’s West Midtown district, to New York-based Clarion Partners for $69.7 million. Situated on three acres at the corner of 10th Street and Brady Avenue, Stockyards is an adaptive reuse of three historic warehouses into office and entertainment space. The space was initially built in the early 1900s as a stockyard and meatpacking plant. Designed by architectural firm ai3 and built by Gay Construction Co. in 2017, the 142,478-square-foot development houses tenants including Red Bull and Fitzgerald & Co., as well as the Italian restaurant Donetto and game parlor/restaurant Painted Duck. Stockyards Atlanta was fully leased within a year of delivery. Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of the joint venture.

January 17, 2020

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires Hobby Lobby-Anchored Shopping Center in Metro Atlanta for $11.6M

by Alex Tostado January 17, 2020

NEWNAN, GA. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Ga.-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate 85 at 963 Bullsboro Drive.

January 17, 2020

Development Georgia Retail Southeast

Allied Esports, Simon Announce 13,000 SF Esports Venue Coming to Mall of Georgia

by Alex Tostado January 15, 2020

BUFORD, GA. — Allied Esports, a global esports entertainment company, and Simon Property Group Inc., a REIT and shopping mall operator, have announced that Mall of Georgia in Buford will be the location for the companies’ first dedicated esports venue. The two-level, 13,000-square-foot facility will be a gaming and esports destination. The venue will feature regular amateur and professional esports tournaments and events spanning a variety of games and genres. The location, which will have full broadcast and streaming production capabilities, will also offer PCs and consoles for daily use, full food and beverage options and experiential retail. The redevelopment of the current retail space is expected to begin in the second quarter of 2020, with an opening of the venue anticipated in the second half of the year. Mall of Georgia, the largest shopping destination in the Southeast, features more than 200 shops, a dining pavilion and movie theater. Allied Esports and Simon announced a strategic alliance in June 2019. The two companies plan to open dedicated esports venues at Simon centers around the country and create a co-produced national amateur esports tournament — the Simon Cup — featuring online competition and in-person events at Simon locations.

January 15, 2020

Development Georgia Industrial Southeast

Walmart Opens $90M Meat Processing Plant in South Georgia

by Alex Tostado January 13, 2020

THOMASVILLE, GA. — Walmart has opened a 201,000-square-foot meat processing facility at 121 Roseway Drive in Thomasville, 15 miles north of the Georgia-Florida border. The Thomasville Times-Enterprise reported the facility cost $90 million to develop. The plant will house more than 200 employees who will distribute a selection of Angus beef cuts, such as steaks and roasts, from the new supply chain to 500 Walmart stores in the Southeast. Construction of the property began in August 2018. In conjunction with the opening of the facility, Bentonville, Ark.-based Walmart has awarded a $7,500 grant to Georgia Wildlife Federation, a $2,500 grant to the Thomasville Police Force and a $2,500 in grant to Second Harvest of South Georgia. Walmart employs more than 62,000 associates across Georgia’s 211 retail units and seven distribution centers.

January 13, 2020

Development Georgia Loans Multifamily Southeast

ACRES Capital Originates $32M Construction Loan for Athens Multifamily Development

by Alex Tostado January 13, 2020

ATHENS, GA. — ACRES Capital Corp. has originated a nearly $32 million construction loan to fund the expansion of The Cottages at Ridge Pointe, a 216-unit apartment community located at 940 Creek Ridge Lane in Athens. The developer, Jim Chapman Communities, will take on the loan, which carries an 18-month term. The Cottages at Ridge Pointe, located approximately eight miles from downtown Athens, is an existing community with all 38 currently available units occupied. An additional 79 units are under construction, and the loan will fund the creation of another 99 units. Amenities include a clubhouse, fitness center, outdoor kitchen and grilling station and a pool.

January 13, 2020

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