PORT WENTWORTH, GA. — Chesterfield, a Winter Park, Fla.-based real estate developer, has completed a 778,000-square-foot facility for carpet manufacturer Shaw Industries Group Inc. in Port Wentworth, 12 miles northwest of downtown Savannah. Built in just seven months, the Shaw facility is now part of Chesterfield’s Georgia International Trade Center (GITC), a light industrial and manufacturing park spanning 1,150 acres. The general contractor for the Shaw facility is Omega Construction and the project architect is Atlas Collaborative. Stonemont Financial Group served as Chesterfield’s capital partner. The GITC is master planned for up to 7.2 million square feet. Located less than 10 miles from the Port of Savannah, the GITC has nearby access to the CSX Railway.
ATLANTA — It’s something that everybody wants: Increased cash flow. Multifamily operators gave a tutorial on the 20 best ways in which their firms are boosting net operating income (NOI) during France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place on Tuesday, Dec. 3 at The Whitley hotel in Atlanta’s Buckhead district. The full-day conference attracted nearly 400 multifamily professionals from across the Southeast. Ed Wolff, chief revenue officer for multifamily lease insurance firm LeaseLock Inc., moderated the operations discussion. The panelists included Sharon Hatfield, chief operating officer of CF Real Estate Services LLC; Lisa Taylor, senior managing director of client services at Greystar; and Marcie Williams, president of RKW Residential. The discussion was bifurcated between how these operators are driving NOI by increasing/creating revenue and minimizing expenses. Hatfield said that operators can experience the most immediate results by focusing on the revenue stream at the property level. “In today’s challenging environment, it’s better to try to approach the revenue side than it is expenses,” said Hatfield. “Revenue can impact the value of the asset so much.” The panelists’ best revenue-boosting methods ranged from the practical to the futuristic. Greystar’s Taylor said that her firm has partnered …
ATLANTA — Multifamily developers’ definition of luxury is constantly changing, causing general contractors and architects to plan for the unforeseen and possibly change up designs when it comes to unit finishes, community amenities, parking structures or retail space within the communities they help build and design. “A big component of luxury now is creating an environment for community and location within the social hub of the market,” said B.J. Laterveer, principal at Alpharetta, Ga.-based Dwell Design Studios. “The amenity spaces got so big and cavernous, but now they are rightsizing.” Laterveer’s comments came during a panel titled “Developing Apartment Buildings for Today, but with an Eye on Tomorrow: An Architectural, Design & Construction Update,” at the 10th annual InterFace Multifamily Southeast conference hosted by France Media. Joining Laterveer on the panel were Paul Bertozzi, president and CEO at Live Oak Contracting; Ben Hudgins, principal at Brock Hudgins Architects; JoAnn McInnis, vice president at Carlyn & Co. Interiors & Design; Royce Elliott, chief operating officer at Juneau Construction; and moderator Nick Olaya, director of asset management at Alliance Residential. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and attracted 384 attendees. Laterveer said developers are planning …
ATLANTA — Grandbridge Real Estate Capital has provided $105 million in loans to refinance four multifamily properties in Florida and Georgia. Alan Tapie of Grandbridge’s Atlanta office negotiated all four loans for undisclosed borrower(s). The properties involved are Timberwalk at Mandarin Apartments in Jacksonville, The Retreat at Crosstown Apartments in Riverview, Belara Apartments in Atlanta and Trellis Apartments in Marietta. All four loans were structured with 10-year terms and 30-year amortization schedules through Freddie Mac. The loan for Timberwalk at Mandarin Apartments has an initial interest-only period. The complex is located at 10263 Whispering Forest Drive and houses 284 units with one-, two- and three-bedroom layouts. The Timberwalk features a saltwater pool, outdoor sports areas, fire pit, cabanas, resident clubhouse, technology center, playground, fishing pier, fitness center and outdoor cooking stations. The Retreat at Crosstown Apartments is a 320-unit property located at 10301 Marsh Harbor Way. Tapie secured a $33.2 million permanent, fixed-rate loan for the complex. The Retreat at Crosstown offers one- and two-bedroom layouts, as well as a pool, outdoor area with fire pit, fitness center, grilling area, car care facility, game room, business center and package acceptance. Belara Apartments, located at 1570 Sheridan Road N.E., is a 182-unit multifamily community in Atlanta. Tapie secured the …
ATLANTA — Increased job growth in major markets throughout the Southeast and lower borrowing costs have quelled fears of a 2020 recession, and multifamily investors are feeling confident going into the new year. The Bureau of Labor Statistics recently reported that the U.S. economy generated 266,000 jobs in November and the unemployment rate fell 10 basis points to 3.5 percent. Healthy job growth in major population centers drives heightened demand for housing, particularly in the multifamily sector. Speakers at France Media’s InterFace Multifamily Southeast conference shared their perspectives on the multifamily investment market of 2019 and their predictions for 2020. The conference, which took place Tuesday, Dec. 3 at The Whitley hotel in the Buckhead district of Atlanta, attracted 384 industry professionals. “Multifamily is a pretty much tried-and-true section of the real estate investment market,” said Steven Shores, president and CEO of Pollack Shores. “We have very low volatility compared to other sectors, and if you’re trying to make an allocation between some sort of alternative asset versus cash or bond portfolio, we look pretty attractive from a risk-investment perspective.” Shores noted that existing assets are trading at cap rates anywhere between 4 to 5 percent, depending on the location, …
ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …
KENNESAW, GA. — TerraCap Management LLC, a privately held investment firm based out of Estero, Fla., has sold Chastain Center to an undisclosed buyer for $46.1 million after completing capital improvements. The six-building, 303,000-square-foot, single-story office portfolio is located 25 miles northwest of Atlanta in Kennesaw. The office portfolio was 86 percent leased at the time of sale, with over seven years of remaining lease term in place. Tom Shafer and John Hinson of CBRE represented TerraCap in the sale. Lincoln Property Co. represented TerraCap on both leasing and management. TerraCap originally purchased the property for $30 million in January 2016.
ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.
BUFORD, GA. — Atlanta-based Ackerman & Co. has brokered the sale of 65 acres across Interstate 85 from the Mall of Georgia in Buford, approximately 30 miles northeast of downtown Atlanta. The Orkin family, of Orkin pest control, sold the parcel to Atlanta-based Fuqua Development for $18 million. The space will accommodate Phase I of Fuqua’s The Exchange at Gwinnett, a $320 million mixed-used development that will feature office space, a hotel, apartments and 500,000 square feet of retail space, including a food hall, “fashion hall,” and a Cinebistro movie theater, according to local media reports. Ackerman & Co.’s John Speros and Larry Wood brokered the sale of the property, located at the intersection of I-85 and Georgia Highway 20. Wood and Speros also represented Rooms To Go in the acquisition of a 4.5-acre site within the development for construction of a 52,000-square-foot store to replace its 24,000-square-foot store fronting the Mall of Georgia.
ATLANTA — Much of today’s new apartment projects feature a ground-floor retail component. But developers at France Media’s 10th annual InterFace Multifamily Southeast conference actually expressed concern about this type of development approach. “The overall retail market is just not what it once was,” said Richard Aaronson, CEO of Atlantic Residential. “A lot of municipalities are recognizing that ground-floor retail in a residential building is not ideal.” In other words, if there is difficulty leasing the retail space, a bunch of empty storefronts doesn’t bode well for the overall project. Aaronson said his company is implementing ground-floor retail on a limited basis and is instead incorporating first-floor apartments and community spaces. Aaronson spoke on a panel titled, “What Makes a Development Project Successful in Today’s Market?” Joining Aaronson on the panel was Harvey Wadsworth, managing director with Mill Creek Residential; Peter Joerss, director of acquisitions for PointOne Holdings; Jason Doornbos, executive managing director for Landmark Properties; and John Leonard, first vice president with Marcus & Millichap who served as moderator. The conference took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district and welcomed 384 attendees. Complicating matters, however, is that some cities require new apartment developments to …