Georgia

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Gainesville, Georgia

by Alex Tostado January 31, 2020

GAINESVILLE, GA. — Marcus & Millichap has brokered the $5.5 million sale of Washington Street Commons, a 73,618-square-foot retail center in Gainesville. The shopping center was leased to 15 tenants at the time of sale, including Bargain Hunt, El Patron, SalonCentric and World Finance. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented both the buyer and seller in the transaction. Atlanta-based shopping center owner Mimms Enterprises sold Washington Street Commons. The buyer, Mark Nelkin of M.B.D. Properties, is a multifamily owner phasing out of apartment assets who was attracted to the yield that Washington Street Commons provides compared to apartments, according to Taylor.

January 31, 2020

Georgia Southeast

Legendary Public Servant Sam Massell Retires as President of Buckhead Coalition

by Alex Tostado January 30, 2020

Buckhead has grown dramatically since Sam Massell first took up residence in the community in 1952. That’s when he rented an apartment at the corner of Lindbergh Drive and Adina Drive, about a block from Piedmont Road. It was a brand-new building — “first-class quality space in Buckhead,” as he describes it. His rent was $50 per month. That was long before the businessman would become Atlanta’s 53rd mayor, serving from 1970 to 1974. “Some years later, as the former mayor of Atlanta, I was invited to cut a ribbon on some new townhouses that were opening on the same property for about half a million dollars each,” he recalls. “Time marches on.” And Massell is moving on as well. The 92-year-old, known as the unofficial mayor of Buckhead, announced Wednesday he is retiring from his position as president of the Buckhead Coalition. He broke the news during the organization’s annual meeting at 103 West, a private dining restaurant. Massell is the only president the organization has ever had. Launched in 1988, the Buckhead Coalition is made up of 100 business and civic leaders that aim to preserve the quality of life in Buckhead, a commercial and residential district in …

January 30, 2020

Development Georgia Multifamily Seniors Housing Southeast

McShane Starts Construction of 238-Unit Affordable Seniors Housing Community Near Atlanta

by Alex Tostado January 30, 2020

STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.

January 30, 2020

Acquisitions Georgia Retail Southeast

Coro Realty Acquires 80,466 SF Shopping Center Near Atlanta

by Alex Tostado January 30, 2020

POWDER SPRINGS, GA. — Coro Realty has acquired Varner Crossing, an 80,466-square-foot retail center in Powder Springs. An undisclosed Chicago investor sold the property for $12.7 million. Kroger anchors the center, which was 98 percent leased at the time of sale to tenants including Subway, Marco’s Pizza and Macland Animal Hospital. Coro Realty also plans to pursue a ground lease or build-to-suit opportunity for a vacant outparcel included in the deal. The property is situated at 4150 Macland Road, 25 miles northwest of downtown Atlanta. Anthony Blanco of TSCG led the team that represented the seller in the transaction.

January 30, 2020

Development Georgia Loans Office Southeast Top Stories

Dewberry Group Receives $186M Loan to Renovate, Expand Campanile Building in Midtown Atlanta

by Alex Tostado January 30, 2020

ATLANTA — Dewberry Group has released plans to expand the Campanile Building, an office and retail property in Midtown Atlanta, from 445,000 to 626,000 square feet. Upon completion, the renovated property will include new ground-level retail space, high-quality finishes, a renovated marble lobby and a modern façade. H.I.G. Realty Partners and Square Mile Capital Management LLC jointly originated a five-year, floating-rate, $186 million loan to finance the renovation and expansion. Originally built in 1987 as the headquarters for Bell South, Dewberry Group acquired the building in 2010. Dewberry Group will develop a 45,000-square-foot retail and restaurant building at the base of the existing asset. The company will also add four new floors of office space totaling 100,000 square feet. The property is situated at the corner of 14th and Peachtree streets, across from Colony Square and two blocks from Piedmont Park. “Midtown has seen a strong migration of high-quality tenants and the Dewberry Group will be delivering office space and amenities that will be attractive to companies seeking Class A office space in this central location,” says Michael Mestel, senior managing director of H.I.G. “We continue to seek out high quality investment opportunities in the Atlanta market, and the financing …

January 30, 2020

Acquisitions Georgia Retail Southeast

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Georgia Industrial Southeast

JLL Negotiates Equity Financing for Goodyear Distribution Center Near Atlanta

by Alex Tostado January 29, 2020

NEWNAN, GA. — JLL has negotiated equity terms on behalf of Prologis Inc. to bring on Stonemont Financial Group as a partner to fully fund the construction of the 1.5 million-square-foot Goodyear Distribution Center in Newnan. Upon completion, Stonemont Financial Group will own the building. San Francisco-based Prologis expects to deliver the building in March 2021. Goodyear Distribution Center is the largest build-to-suit industrial property under construction in metro Atlanta, according to JLL. The property is situated on 147 acres at the intersection of Interstate 85 and Ga. Highway 16, 35 miles southwest of downtown Atlanta. Britton Burdette, Matt Wirth, Pete Pittroff, Dennis Mitchell and Patrick Nally of JLL represented Prologis in the discussions.

January 29, 2020

Acquisitions Georgia Mixed-Use Southeast

Midtown West Associates Sells Brickworks Mixed-Use Portfolio in Atlanta for $80M

by John Nelson January 28, 2020

ATLANTA — Midtown West Associates LLC, a real estate development and management firm based in Atlanta, has sold Brickworks, a portfolio of retail and office buildings in Atlanta’s West Midtown district. Charlotte-based Asana Partners purchased the portfolio for an undisclosed price, but Atlanta Business Chronicle reports Brickworks traded for nearly $80 million. Patterson Real Estate Advisory Group marketed the 194,000-square-foot portfolio for sale. Richard Martin, managing director of Midtown West Associates, previously redeveloped his family’s obsolete brick warehouses in the city’s former industrial district into an adaptive reuse campus that is now leased to tenants such as Octane Coffee, Hop City, Food Terminal, Earl’s Bike Shop, Five Seasons Brewing, Snap Fitness, Nouvelle Nail Spa, Lola West Salon, Bocado, and Carvana. Brickworks also features several art galleries and workspaces, home décor and apparel stores and offices, including a regional office for Facebook. Brickworks and Jamestown’s Westside Provisions District are widely considered the catalysts behind Atlanta’s West Midtown’s boom, attracting best in class restaurants, shops and offices, as well as spurring new development. Asana Partners has made several investments in Atlanta’s prime neighborhoods recently, including Krog Street Market, a food hall in Inman Park; the Plaza Theatre and Majestic Diner in Poncey-Highland; …

January 28, 2020

Acquisitions Georgia Multifamily Southeast

Nicol Investment Sells Multifamily Community in Atlanta’s Buckhead District for $46M

by John Nelson January 28, 2020

ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.

January 28, 2020

Acquisitions District of Columbia Georgia Hospitality Southeast

Pebblebrook Hotel Trust Agrees to Sell Two Hotels in Atlanta, D.C. for $331M

by Alex Tostado January 27, 2020

ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.

January 27, 2020

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