Georgia

Hall Structured Finance Provides $37.5M Construction Loan for New Hotel in Downtown Atlanta

by Alex Tostado February 1, 2019

ATLANTA — Hall Structured Finance has provided a $37.5 million construction loan for a new Reverb Hotel in downtown Atlanta. Amenities will include a five-story parking garage; meeting space, a restaurant and a business center on the ground floor; and a rooftop bar with observation deck on the 11th floor. The 195-room hotel is expected to be delivered in February 2020 and will become part of Castleberry Park, a mixed-use development adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. Reverb Hotel is a Hardrock Hotels product. Will James of NorthMarq Capital arranged the loan on behalf of the borrower, Bolton Atlanta LP, a hotel owner and developer based in Atlanta.

February 1, 2019

Development Georgia Office Southeast

Logistics Firm Breaks Ground on Future 80,000 SF Headquarters Near Atlanta

by Alex Tostado February 1, 2019

PEACHTREE CITY, GA. — Logistics firm SMC3 has broken ground on its future 80,000-square-foot corporate headquarters in Peachtree City. The new headquarters is situated about 36 miles southwest of downtown Atlanta and is expected to deliver in March 2020. SMC3 is a shipping logistics company that specializes in LTL (less than truckload) shipping. Jefferson Browne Gresham Architects designed the building and South-Tree Enterprises will build it. The site will feature a three-story atrium, smart glass, acoustical metal decks to improve sound absorption and extensive natural lighting.

February 1, 2019

Development Georgia Mixed-Use Southeast

Spandrel Development Names Mixed-Use Development in Downtown Savannah

by Alex Tostado January 31, 2019

SAVANNAH, GA. — Spandrel Development Partners has named its mixed-use development in historic downtown Savannah: The Baxly. The project is located at 630 Indian St. on 1.7 acres. The Baxly will feature 360,000 square feet of residential and commercial space, 10,000 square feet of retail space, 22,000 square feet of amenity space and indoor parking. The seven-story, 275-unit residential building will offer studio, one- and two-bedroom floor plans. The City of Savannah approved the project in early 2018.

January 31, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $1.3M Sale of New Family Dollar-Occupied Building Near Athens, Georgia

by Alex Tostado January 30, 2019

HULL, GA. — Marcus & Millichap has arranged the $1.3 million sale of a Family Dollar-occupied building in Hull, about seven miles north of Athens. The 8,247-square-foot building was delivered in 2018. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Butler Properties & Development, in the transaction. Joe Siemienowski of Siemienowski & Associates represented the buyer, ALBOC137 LLC.

January 30, 2019

Georgia Leasing Activity Office Southeast

WeWork Signs 100,300 SF Lease in Downtown Atlanta, Including Building-Top Signage

by Alex Tostado January 29, 2019

ATLANTA — WeWork has signed a multi-floor, 100,300-square-foot lease at Centennial Tower, an approximately 665,000-square-foot office tower located at 101 Marietta St. in downtown Atlanta. WeWork’s long-term lease deal includes building-top signage. WeWork, one of the world’s largest coworking space providers, plans to add 1,300 members to the new space. This is WeWork’s largest space of it six Atlanta locations and its first in downtown. Katherine Lynch and Chris Port of CBRE represented the landlord, The Dilweg Cos., in the lease agreement. Clinton McKellar and Sam Hollis of Cushman & Wakefield represented the tenant. Southeast Real Estate Business reported earlier this month that Dilweg signed tech startup company Steady to a full-floor lease within Centennial Tower.

January 29, 2019

Acquisitions Georgia Retail Southeast

CityView Commercial, Jacobs REA Buy 1 MSF Southlake Mall in Metro Atlanta

by Alex Tostado January 25, 2019

MORROW, GA. — A partnership between two New York-based investment firms, CityView Commercial LLC (CVC) and Jacobs Real Estate Advisors (Jacobs REA), has purchased Southlake Mall in metro Atlanta. The two-story, 1 million-square-foot mall is located off Interstate 75 at 1000 Southlake Circle in Morrow, about 17 miles south of Atlanta in Clayton County. Anchored by Macy’s and an event venue known as Morrow Center, Southlake Mall’s tenant roster includes Carousel Kids, Champs Sports, Foot Locker, The Children’s Place, a food court, Bath & Body Works, Victoria’s Secret, Things Remembered, Zales Jewelry and Jimmy Jazz, an apparel retailer that is also the parent company of CVC. H&M, Forever 21 RED and Chime Solutions are newcomers to Southlake Mall, according to CVC. Last summer, Sears closed its Southlake Mall store. CVC is the real estate arm for the Jimmy Jazz retail chain that owns and operates more than 200 stores in 18 states. Led by Jimmy Khezrie and Jack Friedler, CVC focuses on acquiring and repositioning value-add retail assets. Led by Sholom Jacobs, Jacobs REA is a value-add investment firm based in Lawrence, N.Y., with a regional office at Dalton Outlet Shops in Dalton, Ga. The seller and sales price were undisclosed, but Los Angeles-based Vintage Real Estate …

January 25, 2019

Development Georgia Multifamily Seniors Housing Southeast

Caddis Plans to Build 18-Story Seniors Housing Tower in Atlanta’s Buckhead District

by Alex Tostado January 24, 2019

ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.

January 24, 2019

Acquisitions Georgia Multifamily Southeast

TruAmerica, Tokyu Land Purchase Two Apartment Buildings in Atlanta for $127.4M

by Alex Tostado January 24, 2019

ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.

January 24, 2019

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $41.5M Sale of Apartment Community in Metro Savannah

by Alex Tostado January 24, 2019

RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.

January 24, 2019

Development Georgia Multifamily Southeast

McShane Construction to Build 280-Unit Apartment Community Near Savannah

by Alex Tostado January 23, 2019

POOLER, GA. — McShane Construction Co. has been chosen by Equity Resources LLC and Parc at Pooler LLC to build Parc at Pooler, a 280-unit apartment community in Pooler, about 10 miles west of Savannah. Construction has already begun at the 21-acre site, with completion slated for February 2020. The complex will include seven three-story buildings, all of which will feature elevator access. Parc at Pooler will offer studio, one-, two- and three-bedroom floor plans, as well as amenities including a clubhouse, cardio theater, athletic club, media and gaming room, and coffee and hot tea bar, car care center, dog park and a swimming pool. Dynamik Design is the architect.

January 23, 2019

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