SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.
MARIETTA, GA. — Fogelman Properties has sold The Hamptons at East Cobb, a 196-unit apartment complex in Marietta, for $33.6 million. The property is located at 1523 Roswell Road, 18 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as lighted tennis courts, a dog park, clothes care center, car care center, swimming pool, 24-hour fitness center and picnic and barbecue areas. Kevin Geiger, Shea Campbell, Malcomb McComb, Paul Berry and Ashish Cholia of CBRE represented the seller in the transaction. Kansas-based Cohen-Esrey acquired the community.
POOLER, GA. — NAI Mertz has brokered the $25.5 million sale of 200 S.H. Morgan Parkway, an industrial building situated within Prologis Savannah Logistics Center. Scott Mertz of NAI Mertz represented the undisclosed buyer in the transaction. Mertz also represented Pioneer Logistics Systems, a start-up logistics firm, in signing a 356,831-square foot lease within the building. Pioneer Logistics Systems is based in East Rutherford, N.J., and specializes in print and media industries. Prologis Savannah Logistics Center is a 252-acre industrial park located near Interstate 95 and about 10 miles west of the Port of Savannah. Other tenants at the industrial park include FedEx, Home Décor and Matson Logistics.
AcquisitionsAffordable HousingFloridaGeorgiaLoansMultifamilyNorth CarolinaSouth CarolinaSoutheastVirginia
Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast
CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …
ATLANTA — LeaseQuery, an Atlanta-based tech company, has signed a 52,888-square-foot, full-floor lease at Three Ravinia in Atlanta’s Central Perimeter district. In addition to the lease, LeaseQuery plans to add up to 200 Atlanta-area jobs in the next year. The jobs will include all departments and functions, such as sales, marketing, customer solutions, software engineering, product management and analytics. Three Ravinia is an 816,748-square-foot building situated 15 miles north of downtown Atlanta. Andy Sumlin and Kyle Kenyon of Cushman & Wakefield represented the landlord, Preferred Office Properties, in the lease negotiations. Michael Tucker, Scott O’Halloran and Robert Patton of Scotland Wright Associates represented the tenant.
ATLANTA — Sixty West Funds and Lucror Resources have picked Motto by Hilton to anchor their $80 million mixed-use project in Atlanta’s Old Fourth Ward. The project, named Waldo’s Old 4th Ward, is situated on 1.5 acres at the intersection of Edgewood and Boulevard within an Opportunity Zone. Construction on the hotel is expected to begin in August. TVSDESIGN is serving as the architect, and Hirsch Bender & Associates is serving as the interior designer. Waldo’s Old 4th Ward will also offer more than 100,000 square feet of office space. The project is funded through the Sixty West O4W Opportunity Fund and will be one of the first developments to break ground within an Opportunity Zone in the city.
ATLANTA — Wood Partners has opened Alta Dairies, a 312-unit multifamily community in Atlanta. Alta Dairies is the multifamily component of the Atlanta Dairies project, Paces Properties’ redevelopment in East Atlanta that will include direct access to the Atlanta BeltLine upon completion this summer. Alta Dairies offers one- and two-bedroom floor plans and communal amenities including a rooftop sky lounge with a double-sided fireplace, outdoor biergarten with bocce and yard games, outdoor kitchens with gas grills, saltwater swimming pool with a tanning shelf, bicycle storage room and repair center, 24-hour fitness center with power gym and yoga studio, pet spa and wash room, and a business center and conference room with rentable office spaces.
MARIETTA, GA. — Plethora, an on-demand manufacturer specializing in custom prototypes and end-production in various industries, will invest $17 million in a new 57,000-square-foot facility in Marietta. The move will add 250 new jobs to the area. Plethora is working with Lanier Technical College, Kennesaw State University and Georgia Institute of Technology to connect with a potential workforce in metro Atlanta. A timeline for Plethora’s move was not disclosed, though multiple news outlets report the facility will open at the end of the month.
ATLANTA — Invesco will invest $70 million to expand its global headquarters presence in Atlanta. The investment manager firm will occupy 300,000 square feet of office space at Midtown Union in August 2022. The move will also add 500 jobs, bringing Invesco’s Atlanta workforce to nearly 1,200 employees. MetLife Investment Management and Granite Properties are currently co-developing Midtown Union, which will be situated at the corner of 17th and Peachtree streets in Midtown Atlanta. Upon completion, the project will comprise two towers totaling 600,000 square feet of office space. Invesco moved its global headquarters to Atlanta in 2007.
STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.