Georgia

Rubenstein, Monarch Acquire Transit-Oriented Mixed-Use Development in Atlanta for $187M

by Alex Tostado September 30, 2019

ATLANTA — Rubenstein Partners and Monarch Alternative Capital have acquired Lindbergh Center, a 1 million-square-foot mixed-use development in Atlanta’s Buckhead district, for $187 million. The property comprises twin 14-story office buildings above the MARTA Lindbergh Station and a 47-acre development that includes residential and retail space. Retailers include LongHorn Steakhouse, Taco Mac, Jimmy Johns, Willie’s and Five Guys. Residential communities include eon at Lindbergh and Alexan Buckhead Village. Lindbergh Center’s office towers are fully leased to AT&T until Dec. 31, 2020. The buyers plan to implement upgrades that will include improving the overall amenities at the property. Stewart Calhoun, David Meline, Samir Idris and Adam Spies of Cushman & Wakefield represented the seller, Columbia Property Trust, in the transaction. Mack Real Estate Credit Strategies (MRECS) provided first mortgage debt financing for the transaction. Columbia Property Trust purchased the development in 2008.

September 30, 2019

Acquisitions Georgia Retail Southeast

Coro Realty Buys Two Parking Garages Connected to Underground Atlanta

by Alex Tostado September 30, 2019

ATLANTA — Coro Realty has bought two parking garages connected to Underground Atlanta. The decks, MLK 75 and MLK 95, are located on Martin Luther King Jr. Drive across the street from numerous government office buildings, including the Fulton County courthouse and the Georgia State Capitol complex. Coro intends to invest roughly $1 million in the garages, making improvements to the stairs, elevators, lighting, signage and parking equipment. With direct access to Underground Atlanta, MLK 75 and MLK 95 were built in 1980 and cover about 1.6 acres. The decks contain 1,254 parking spaces between the two buildings. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office, residential space and a 351-room Yotel hotel. Brandon Rogoff, Nicholas Ricardo and Steven Morgan of NKF Capital Markets brokered the transaction. John Hancock Life Insurance Co. provided acquisition financing. The sales price was not disclosed.

September 30, 2019

Development Georgia Healthcare Southeast

Emory Healthcare, Atlanta Falcons Break Ground on 29,000 SF Sports Clinic in Flowery Branch

by Alex Tostado September 27, 2019

FLOWERY BRANCH, GA. — Emory Healthcare and the Atlanta Falcons have broken ground on a 29,000-square-foot musculoskeletal and sports medicine clinic in Flowery Branch. Located at the Falcons’ practice facilities, the Emory Orthopaedics & Spine Center at Flowery Branch will be accessible to the public while also being an access point for Falcons players who may need diagnostic imaging or be seen by a sports medicine expert. The property is located 45 miles north of downtown Atlanta. The building will take 14 to 16 months to complete.

September 27, 2019

Development Georgia Multifamily Seniors Housing Southeast

Village Park Breaks Ground on 204-Unit Seniors Housing Community in Atlanta’s Buckhead District

by Alex Tostado September 26, 2019

ATLANTA — Village Park has broken ground on Corso Atlanta, a senior living community in Atlanta’s Buckhead neighborhood. Situated on a nine-acre site, the first phase of development will feature 82 independent living units, 21 independent living homes, 75 assisted units and 26 memory care units. Village Park, the developer and future operator of the facility, plans to partner with local farmers, florists, manicurists and chefs to operate the onsite amenities. The property is located across the street from Northside Medical Center. The development is scheduled for completion in late 2020 or early 2021. The architect is THW Architects, and the general contractor is Gilbane Building Co.

September 26, 2019

Acquisitions Georgia Retail Southeast

Colliers Arranges Sale of Two Metro Atlanta Shopping Centers Totaling 147,444 SF

by Alex Tostado September 26, 2019

MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.

September 26, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.7M Sale of New Aldi-Occupied Building in Statesboro, Georgia

by Alex Tostado September 25, 2019

STATESBORO, GA. — Marcus & Millichap has arranged the $2.7 million sale of an Aldi-occupied grocery store located in Statesboro. The freestanding property, which was delivered in June, is leased to the German grocer on a 20-year, triple-net ground lease. The store spans 23,435 square feet within Statesboro Crossing shopping center. It is located at 270 Henry Blvd., two miles from both downtown Statesboro and Georgia Southern University. Don McMinn of Marcus & Millichap represented the seller, Statesboro Crossing LLC, in the transaction. Martina Crevecoeur of International Capital Acquisitions LLC represented the buyer, H.H. US Real Estate Statesboro LLC.

September 25, 2019

Acquisitions Georgia Illinois Midwest Restaurant Retail Southeast Top Stories

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow September 25, 2019

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

September 25, 2019

Florida Georgia Industrial Loans Self-Storage Southeast

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado September 24, 2019

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

September 24, 2019

Development Georgia Multifamily Southeast

Alliance Residential to Develop 276-Unit Multifamily Community in Atlanta’s Summerhill District

by Alex Tostado September 24, 2019

ATLANTA — Alliance Residential has acquired five acres within Carter’s Summerhill development to construct a 276-unit multifamily community. The master-planned project is located southeast of downtown Atlanta and just north of Georgia State Stadium, formerly known as Turner Field. Broadstone Summerhill will offer studio, one-and two-bedroom floor plans averaging 729 square feet. Communal amenities will include a swimming pool, clubroom, fitness center, flexible indoor /outdoor spaces and a top-floor sky lounge with views of the Downtown and Midtown skylines. The community is within a mile of the Atlanta BeltLine, Grant Park, Zoo Atlanta, The Georgia State Capitol and Georgia State University. Alliance Residential expects to break ground later this year and deliver the project in 2021.

September 24, 2019

Acquisitions Georgia Multifamily Southeast

NexPoint Sells Apartment Complex in Metro Atlanta for $101M

by Alex Tostado September 20, 2019

SANDY SPRINGS, GA. — NexPoint Residential Trust has sold Edgewater at Sandy Springs, a 700-unit apartment complex in Sandy Springs, for $101 million. According to Fulton County property deeds, Bridge Investment Group acquired the property for $132,000 per unit. Edgewater at Sandy Springs offers one- and two-bedroom floor plans. The asset is located at 7600 Roswell Road, 19 miles north of downtown Atlanta. Communal amenities include a swimming pool, clubhouse, car wash area, business center, playground and a tennis court.

September 20, 2019

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