Georgia

Grandbridge Provides Two Acquisition Loans Totaling $20M for Metro Atlanta Retail Assets

by Alex Tostado April 22, 2019

DULUTH AND FAYETTEVILLE, GA. — Charlotte-based Grandbridge Real Estate Capital has provided a pair of acquisition loans totaling approximately $20 million for two retail assets in metro Atlanta. In the first deal, the company provided a $9.8 million loan for Reynolds Crossing, a 148,809-square-foot center located in the northeastern Atlanta suburb of Duluth. That loan carried a seven-year term, fixed interest rate and a 25-year amortization schedule. In the second transaction, Grandbridge closed a $10.2 million loan for Togwotee Village, a 109,680-square-foot center in Fayetteville, located about 22 miles south of Atlanta. That loan was structured with a 10-year term and a 25-year amortization schedule. Alan Tapie of Grandbridge closed the loans on behalf of the undisclosed borrower.

April 22, 2019

Development Georgia Industrial Southeast

Chick-fil-A to Build First Company-Owned Distribution Center, Create 300 Jobs in North Georgia

by Alex Tostado April 19, 2019

CARTERSVILLE, GA. — Chick-fil-A will build its first company-owned distribution center in Cartersville, a project that will create about 300 jobs. The distribution center will open this summer as a pilot facility, serving as a learning lab while the full-scale center is being built. When the full-scale center is delivered at its expected date of summer 2020, it will serve 300 Chick-fil-A restaurants. The property will also house 300 employees with jobs including drivers, warehouse team members, leadership team members and administrative staff. Multiple media outlets report that Chick-fil-A D2 Services LLC paid $3.7 million for a 50-acre site near Cartersville Business Park, which is located about 45 miles north of downtown Atlanta.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges Sale, Financing of 284-Unit Apartment Complex in Metro Atlanta

by Alex Tostado April 19, 2019

STONE MOUNTAIN, GA. — Berkadia has arranged the $21.9 million sale of The Residences at Mountain Lake, a 284-unit apartment community in Stone Mountain, about 20 miles east of downtown Atlanta. The garden-style complex offers one-, two- and three-bedroom floor plans and communal amenities such as a picnic area, clubhouse and a playground. The buyer, California-based Praxis Capital Inc., plans to add a fitness center and clubroom, as well as upgrade unit interiors. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia’s Atlanta office represented Praxis Capital as well as the seller, Texas-based Napali Capital LLC. Jackson Cloak of Berkadia’s Irvine, Calif. office arranged a $20.2 million acquisition loan through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.6 percent interest rate and an 80 percent loan-to-cost structure.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Hudson Properties Sells Apartment Complex in Metro Atlanta for $43M

by Alex Tostado April 18, 2019

SANDY SPRINGS, GA. — Hudson Properties has sold The Preserve at Dunwoody, a garden-style apartment complex in Sandy Springs. The property is situated near the Chattahoochee River and Chattahoochee Nature Preserve, 20 miles north of downtown Atlanta. The Preserve at Dunwoody was built in 1984 and offers one- and two-bedroom floor plans. Community amenities include two swimming pools with sundecks, internet café, tennis court, fitness center, private lake, clubhouse and a health club. Kevin Geiger of CBRE represented the buyer, Magnolia Capital, in the transaction.

April 18, 2019

Acquisitions Georgia Multifamily Southeast

Wilson Investment, Liquid Capital Acquire 646-Unit Apartment Community in Metro Atlanta

by Alex Tostado April 17, 2019

DORAVILLE, GA — Wilson Investment Properties and Liquid Capital Real Estate have acquired Forest Cove, a 646-unit apartment complex in Doraville. The joint venture plans to upgrade unit interiors, repaint the building exteriors and enhance existing amenities, which include a dog park, fitness center, swimming pool, playground, soccer field and an outdoor fire pit. The property offers one-, two- and three-bedroom floor plans and is situated at 3497 Meadowglenn Village Lane, four miles from the Doraville MARTA Station. The seller and sales price were not disclosed.

April 17, 2019

Acquisitions Georgia Office Southeast

TerraCap Management Purchases 122,700 SF Office Building in Metro Atlanta

by Alex Tostado April 17, 2019

DECATUR, GA. — TerraCap Management has acquired 160 Clairemont, a 122,700-square-foot office building in Decatur. The property is situated six miles east of downtown Atlanta and offers amenities such as a fitness center, onsite café and a conference center. Samir Idris and Davide Meline of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Linnihan and Richard Henry of Cushman & Wakefield worked on behalf of the buyer to arrange acquisition financing through Delta Community Credit Union. The sales price was not disclosed.

April 17, 2019

Acquisitions Georgia Industrial Iowa Southeast

Americold to Acquire Cloverleaf for $1.24B, Including 22 Cold Storage Facilities

by Alex Tostado April 16, 2019

ATLANTA AND SIOUX CITY, IOWA — Americold Realty Trust has entered into a definitive agreement to acquire Cloverleaf Cold Storage from the company’s management and an investor group led by private equity funds managed by Blackstone. The purchase price was $1.24 billion. Atlanta-based Americold will acquire 22 cold storage facilities in nine states in the Midwest and Southeast, 21 of which are owned by Cloverleaf and one is managed by the company, totaling 5.2 million refrigerated square feet. Sioux City, Iowa-based Cloverleaf is the fifth largest cold storage provider in the United States. The company acquired competitor Zero Mountain in January. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC are Americold’s financial advisors in the transaction, and King & Spalding LLP is its legal advisor. Wells Fargo Securities and Deutsche Bank Securities Inc. are Cloverleaf and Blackstone’s financial advisors, and Kirkland & Ellis LLP is their legal advisor.

April 16, 2019

Acquisitions Georgia Office Southeast

Columbia Property Trust Sells Office Campus in Atlanta for $227.5M

by Alex Tostado April 16, 2019

ATLANTA — Columbia Property Trust has sold One and Three Glenlake Parkway, a 711,000-square-foot office campus in Atlanta’s Central Perimeter submarket, for $227.5 million. Columbia recently completed renovations to the campus, which led to the leasing of 460,000 square feet since 2017. Columbia purchased One and Three Glenlake in 2003 and 2008, respectively. The campus is situated 15 miles north of downtown Atlanta. The buyer was an affiliate of Starwood Capital.

April 16, 2019

Acquisitions Alabama Florida Georgia Office Southeast

CBRE Arranges $90M Sale of 22 Medical Buildings in Southeast, Chicago

by Alex Tostado April 16, 2019

LOS ANGELES — CBRE has arranged the $90 million sale of 22 medical buildings in Florida, Georgia, Alabama and Illinois. The sale includes the Dermatology Solutions Group portfolio, an eight-building portfolio totaling 51,505 square feet in Alabama and Florida. The portfolio is fully occupied by Dermatology Solutions Group, which signed 10-year leases at each site at closing. Physician Group sold the properties to a public single-tenant REIT. A 47,936-square-foot building situated at 2061 Peachtree St. in Atlanta’s Buckhead district was included in the sale as well. The asset was built in 2013 and fully occupied by tenants including Georgia Hand, Shoulder & Elbow (GHSE), the largest hand and upper extremity practice in Georgia. Physician Group sold the building to a public healthcare REIT. The other 13 buildings total 197,385 square feet and are located in Chicago. The undisclosed developer sold the assets to Institutional Fund.

April 16, 2019

Acquisitions Georgia Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $47M Sale of New Multifamily Community in Atlanta’s West Midtown

by Alex Tostado April 15, 2019

ATLANTA — Walker & Dunlop has arranged the $47 million sale of Westside Heights, a 282-unit multifamily community in West Midtown Atlanta. The asset was built in 2017 and is located near the Atlanta BeltLine. The property offers one- and two-bedroom floor plans and features community amenities such as a complimentary continental breakfast and coffee bar, swimming pool, clubhouse, fitness center, conference room, rooftop lounge and package receiving services. Pat Jones and Chris Goldsmith of Walker & Dunlop represented the buyer, Canadian-based Starlight U.S. Multi-Family, in the transaction. The seller was not disclosed. David Gahagan and Niki Perez, also with Walker & Dunlop, arranged acquisition financing through a life insurance company on behalf of the buyer.

April 15, 2019

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