Georgia

PPD Holdings, Residential Group Sell Multifamily Community in Metro Atlanta for $83M

by Alex Tostado August 27, 2019

DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.

August 27, 2019

Acquisitions Georgia Office Southeast

Bull Realty Arranges $14.8M Sale of Office Building Near Atlanta

by Alex Tostado August 27, 2019

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

August 27, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Office Realty Trust Buys Two Office Towers in Atlanta’s Cumberland-Galleria Area for $231M

by John Nelson August 27, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …

August 27, 2019

Acquisitions Georgia Multifamily Southeast

Wilkinson, Torchlight Investors Buy 454-Unit Apartment Community in Metro Atlanta

by Alex Tostado August 26, 2019

MARIETTA, GA. — Wilkinson Corp. and Torchlight Investors have acquired The Arbors at East Cobb, a 454-unit apartment community in Marietta. The value-add property offers one-, two- and three-bedroom floor plans. The Arbors, previously known as The Crawford at East Cobb, was originally built in 1975. The new ownership plans to upgrade the interiors and exteriors of the property. Communal amenities include two swimming pools, a sports court, tennis court, outdoor lounge with fireplace, fitness center with yoga and spinning studio, pet care center, cybercafé and a business center. Cushman & Wakefield represented the undisclosed sellers in the transaction.

August 26, 2019

Conference Coverage Development Features Georgia Mixed-Use Southeast Southeast Feature Archive

Community Involvement is Necessary for Successful Mixed-Use Projects, Says InterFace Panel

by John Nelson August 26, 2019

It’s not just a good idea for real estate developers to engage the surrounding community as part of their due diligence: It’s essential. While on stage at the close of the InterFace Southeast Mixed-Use conference, some of the Southeast’s most prolific mixed-use developers and owners say community involvement can be the difference between success and failure. “Nowadays, if you want a successful mixed-use project, you have to get in deep with the community and all the stakeholders — whether it’s adjacent landowners, homeowners associations, NPUs [neighborhood planning units] or local architecture committees,” said Jeff Garrison, development partner at S.J. Collins Enterprises, an Atlanta-based commercial real estate developer. “We conducted 50 meetings for The Interlock project before we even submitted for zoning. It’s overboard, but that’s what makes it successful.” The Interlock is an upcoming $450 million mixed-use development in Atlanta’s popular West Midtown district. S.J. Collins recently inked WeWork to lease three stories of its office tower, which will also have Georgia Tech as an anchor. Garrison says that the project’s 145-room Marriott Tribute Portfolio hotel was a direct result of feedback that his team heard from the community. “We didn’t have a hotel in our original design,” said Garrison. …

August 26, 2019

Georgia Leasing Activity Retail Southeast

North American Properties Reveals First Retailers Joining $900M Mixed-Use Development in Metro Atlanta

by Alex Tostado August 23, 2019

DULUTH, GA. — North American Properties (NAP) has revealed its first retail tenant lineup at Revel, its $900 million, Infinite Energy Center-anchored mixed-use development in Duluth. The first nine tenants announced at the Gwinnett County project include Superica, a Tex-Mex restaurant run by restaurateur Ford Fry; Regal Cinemas; The Painted Pin, which will be the second location for the bowling, entertainment and bar concept; JINYA Ramen Bar; American Barber; Secreto, chef Boyd Rose’s concept serving Southern cuisine; The Local Expedition Wood Fired Grill; Maker’s Coffee & Wine; and Honeysuckle Gelato. The development will span 118 acres and will offer 300,000 square feet of curated retail, dining and entertainment; 650,000 square feet of office space; a 340-room, 4-star hotel; 900 single-family and multifamily residences; and 275,000 square feet of community greenspace. NAP is also redeveloping Infinite Energy Center, which includes Infinite Energy Arena, Forum and Theater. NAP is developing Revel through a public-private partnership with the Gwinnett County Convention and Visitors Bureau. A timeline for completion was not disclosed.

August 23, 2019

Georgia Loans Multifamily Southeast

Preferred Apartment Communities Arranges $14.8M Construction Loan for Multifamily Community in Metro Atlanta

by Alex Tostado August 22, 2019

KENNESAW, GA. — Preferred Apartment Communities has arranged a $14.8 million construction loan on behalf of Newport Development Partners for Kennesaw Crossing. The 250-unit multifamily community will be located in Kennesaw as part of Eastpark Village, which Sanctuary Cos. and Vardon Partners are co-developing. Eastpark Village is located about 28 miles northwest of downtown Atlanta and a few blocks south of historic downtown Kennesaw. A timeline for completion was not disclosed.

August 22, 2019

Acquisitions Development Georgia Industrial Office Southeast

MidCity, Anchor Capital Acquire 42,500 SF Industrial Building in Metro Atlanta, Plan to Reposition to Office

by Alex Tostado August 21, 2019

CHAMBLEE, GA. — A joint venture between MidCity Real Estate Partners and Anchor Capital Partners has acquired 5616 Peachtree, a 42,500-square-foot industrial building in downtown Chamblee. The owners plan to immediately begin construction to reposition the building into a 36,500-square-foot office building. The asset will be extensively renovated with all new base building features and new tenant interiors. Winter Construction will serve as the general contractor for the renovations, and will occupy half of the building upon completion. The joint venture expects the building will be move-in ready in February 2020. Patterson Real Estate Advisory Group arranged a construction loan and equity financing on behalf of the borrowers. First Citizens Bank provided the construction loan. The joint venture paid $3.5 million for the existing industrial building. The building is located two blocks from the $2 billion Assembly Yards in Doraville and 18 miles northeast of downtown Atlanta.

August 21, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates Sales of Two Apartment Communities South of Atlanta for $73.9M

by Alex Tostado August 20, 2019

MCDONOUGH AND STOCKBRIDGE, GA. — Cushman & Wakefield has negotiated the sales of Stonegate at Eagles Landing in Stockbridge and Mandalay Villas in McDonough. Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions. The RADCO Cos. acquired Stonegate at Eagles Landing, a 167-unit community that was built in 2006, for $25.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, house-sitter services, playground and a car wash area. Rockworth Acquisitions bought Mandalay Villas, a 300-unit property, for $48.8 million. Mandalay Villas offers one- through three-bedroom floor plans. Community amenities include a fitness center, playground, swimming pool, game room, clubhouse and a business center.

August 20, 2019

Acquisitions Georgia Office Southeast

Savlan Capital Acquires Six Office Buildings in Atlanta for $33.2M

by Alex Tostado August 19, 2019

ATLANTA — Savlan Capital has acquired six office buildings totaling 289,433 square feet within Camp Creek Business Center, a 400-acre business park in south Atlanta. Hollywood, Fla.-based Savlan bought the property from Indianapolis-based Duke Realty for $111.25 per square foot. The office buildings are located at 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway, five miles west of Hartsfield-Jackson Atlanta International Airport. Duke Realty is developing Camp Creek, which comprises 2.9 million square feet of existing industrial and office buildings with the capacity for an additional 2 million square feet of development. The six buildings were 79 percent leased at the time of sale to tenants including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica.

August 19, 2019

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