Georgia

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

Development Georgia Industrial Southeast

FCL Builders Delivers 556,000 SF Industrial Facility Near Augusta for Golf Cart Manufacturer

by Alex Tostado February 18, 2019

APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods.

February 18, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Apartment Complex in Metro Atlanta for $29.5M

by Alex Tostado February 14, 2019

AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 14, 2019

Development Georgia Mixed-Use Southeast

Pace Lynch to Break Ground on Mixed-Use Building Within Metro Atlanta’s Pinewood Forest Development

by Alex Tostado February 8, 2019

FAYETTEVILLE, GA. — Pace Lynch Corp. will break ground next month on a 52,824-square-foot mixed-use building in Fayetteville. The site will offer coworking and retail space and is expected to be delivered in January 2020. The building will include ground-level restaurants and retail, three levels of coworking and medical office space and a 2,500-square-foot rooftop with a restaurant and bar. The building will be situated at the 25-acre town center within Pinewood Forest, a master-planned 235-acre development situated about 24 miles south of downtown Atlanta in Fayette County. Wakefield Beasley & Associates designed the building, and Brasfield & Gorrie is the general contractor.

February 8, 2019

Company News Georgia North Carolina Southeast Top Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams February 7, 2019

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

Georgia Loans Multifamily Seniors Housing Southeast

SunTrust Provides $35M in Construction Financing for Senior Housing Development in Athens, Georgia

by Alex Tostado February 5, 2019

ATHENS, GA. — SunTrust Bank has provided $35 million in financing to support the development of Presbyterian Village Athens in Athens. The 70-acre continuing care retirement community (CCRC) will feature a total of 229 units. Development costs are estimated at $143 million. Presbyterian Homes of Georgia is developing the property, breaking ground in September 2018. The project is scheduled for completion in early 2021.

February 5, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Acquires 319-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 5, 2019

ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.

February 5, 2019

Acquisitions Georgia Industrial Southeast

Americold Acquires PortFresh for $35M, Including Land in Savannah for New Cold Storage Warehouse

by Alex Tostado February 4, 2019

SAVANNAH, GA. — Americold, a global owner and operator of temperature-controlled warehouses, has acquired PortFresh Holdings for $35 million. PortFresh is a privately owned operator servicing produce mainly out of the Port of Savannah. Americold’s acquisition includes 163 acres of land adjacent to PortFresh’s Savannah site, on which, Americold plans to build an approximately 60,000-square-foot warehouse. The planned building is expected to feature 37,000 pallet positions, advanced blast freezing capabilities and space and infrastructure to support refrigerated-containerized trade. Atlanta-based Americold plans to open the facility in early 2020 and expects it to cost between $55 million and $65 million to develop.

February 4, 2019

Development Georgia Industrial Southeast

North Signal Capital, Westport Capital Break Ground on 450,000 SF Industrial Park in Savannah

by Alex Tostado February 1, 2019

SAVANNAH, GA. — North Signal Capital and Westport Capital have broken ground on Dean Forest Commerce, a 450,000-square-foot industrial park in Savannah. The development will consist of two sites: Site I will span 355,000 square feet when complete, and Site II will span 88,000 square feet when complete. Anticipated completion for both sites is slated for December, and both sites are being built to accommodate multiple tenants. The development will be situated about seven miles from Port of Savannah. The development team includes North Signal, Evans General Contractors, Thomas & Hutton and LS3P.

February 1, 2019

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