TOCCOA, GA. — Midcoast Properties Inc. has arranged the sale of AJ’s Self-Storage, a 210-unit property in Toccoa. The property features outdoor parking for cars and boats, lighting, fencing and 24-hour electronic gate access. The property is situated at 2700 Mize Road, 10 miles from the Georgia-South Carolina state border. Dale Eisenman and Michael Morrison of Midcoast Properties represented the undisclosed seller and procured the undisclosed buyer in the transaction.
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JLL Arranges $991.8M in Financing for 17-Property National Portfolio
SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.
ATLANTA — Transwestern Real Estate Services has arranged the $19.7 million sale of a single-tenant building leased to Target and an outparcel leased to Taco Bell. The property is situated at the intersection of North Druid Hills and Briarcliff roads in Atlanta, less than one mile from Emory Healthcare and Children’s Healthcare of Atlanta. The Target store spans 154,000 square feet and the Taco Bell restaurant comprises 2,272 square feet. Fred Victor and Jon Kleinberg of Transwestern represented the seller, Lauderhill, Fla.-based Scarlett & Associates Inc., in the transaction. San Francisco-based Stockbridge Capital Group acquired the property.
WEST POINT, GA. — Kia Motors Manufacturing Georgia Inc. (KMMG) will temporarily halt production at its West Point facility starting Monday, March 30 and is planned to reopen Monday, April 13 in the face of the worldwide COVID-19 outbreak. While operations are suspended, KMMG will perform additional cleaning and disinfecting processes of workstations throughout the plant. The factory produces 340,000 vehicles annually, including the Telluride CUV, Sorento CUV and Optima midsize sedan. The facility spans 2,200 acres and operates 24 hours per day.
STATESBORO, GA. — Berkadia has arranged the sale of 111 South, a 709-bed student housing community located near Georgia Southern University in Statesboro. Kevin Larimer, Greg Gonzalez and Judy MacManus of Berkadia represented the seller, a partnership between Artemis Real Estate Partners and The Preiss Co., in the transaction. The community was acquired by Centurion Property Group for an undisclosed price. Pete Benedetto and Aaron Moll, also with Berkadia, originated an acquisition loan through Basis Investment Group on behalf of the buyer. The property was built in 2013 and offers two-, three-, four- and five-bedroom units with bed-to-bath parity and furniture packages. Communal amenities include a pool with a lazy river, a water volleyball court, 24-hour fitness center and a cyber lounge.
ATLANTA — Atlanta Mayor Keisha Lance Bottoms has signed an executive order that requires Atlantans to stay in their place of residence in response to the rising number of COVID-19 infections. The order will go into effect at midnight, March 24. Individuals may leave their place of residence only for essential activities, essential governmental functions or to operate essential businesses. According to the Georgia Department of Public Health, Fulton and DeKalb counties — where Atlanta city limits lie — combined to have 226 confirmed cases as of 7 p.m. Monday. Some examples of essential businesses include healthcare operations and essential infrastructure; grocery stores, farmers’ markets, farm and produce stands, supermarkets, food banks and convenience stores; food cultivation, including farming, livestock and fishing; newspapers, TV, radio and other media services; gas stations and auto-supply, auto-repair and related facilities; and banks and related financial institutions. According to Bottoms, essential government functions means all services needed to ensure the continuing operation of the government agencies and provide for the health, safety and welfare of the public. “As mayor of Atlanta, I have been entrusted with making decisions that are specific to our city,” says Bottoms. “Given our population density, high rate of asthma …
NEWNAN, GA. — A joint venture between Trammell Crow Co. and Diamond Realty Investments will develop Innovation Business Center, a two-building, 403,648-square-foot industrial property in Newnan. The North Building will span 201,740 square feet and the South Building will include 201,908 square feet. The developers expect the property to be completed at the end of the year. The single-story buildings are situated at 185 and 195 Innovation Way, 36 miles southwest of downtown Atlanta and 27 miles from Hartsfield-Jackson Atlanta International Airport. Each building will feature 32-foot clear heights, 60-foot dock bays, a 185-foot truck court with 115 trailer spaces, 375 automobile parking spaces and an ESFR fire sprinkler system. Ware Malcomb is the project’s architect, Catamount Constructors is the general contractor, Eberly & Associates is the civil engineer and landscape architect, Haines Gipson & Associates is the structural engineer and Jordan & Skala Engineers is the MEP engineer. Mark Hawks, Todd Barton and Joanna Blaesing of CBRE are handling the marketing and leasing of the property.
ATLANTA — JLL has arranged the sale of Piedmont Warehouses, a two-building, 120,800-square-foot industrial property in Atlanta. The property is situated on 5.6 acres at 2091-2241 Faulkner Road, seven miles north of downtown Atlanta, less than a mile from Interstate 85 and Ga. Highway 400, and three miles from I-75. The buildings were renovated in 2018 and feature 34 dock-high doors, 16-foot clear heights, office space and numerous suites with air-conditioned warehouse space. JLL represented the seller, a partnership between Weaver Capital Partners and The Seng Co., in the transaction. Further details of the sale were not disclosed.
ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.
ATLANTA — An affiliate of Lone Star Funds has acquired 55 Allen Plaza, a Class A office building totaling 342,854 square feet in Atlanta’s Innovation Corridor. The purchase price was not disclosed. Completed in 2007 and anchored by professional services firm Ernst & Young, the 14-story property includes a recently constructed tenant lounge and conference center, as well as an innovation lab. It is situated at 55 Ivan Allen Jr Blvd., less than a mile from the World of Coca-Cola, the Georgia Aquarium and Centennial Olympic Park. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of JLL represented the seller, a state pension fund advised by Lincoln Property Co. Ed Coco and Matt Casey of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer through NXT Capital. In 2011, the property traded hands for $57 million, according to the Atlanta Business Chronicle. Lone Star is a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since 1995, the firm has organized 20 private equity funds with aggregate capital commitments totaling approximately $85 billion. — Kristin Hiller and Alex Tostado