Georgia

Colliers Arranges $24.8M Sale of Office Building in Midtown Atlanta

by Alex Tostado August 8, 2019

ATLANTA — Colliers International has arranged the $24.8 million sale of Midtown Atlanta’s Silhouette, a 10-story office building. Silhouette, known for the silhouettes of people painted on the side, is located at 1447 Peachtree St. Amenities include a renovated lobby and HVAC system, access to public transit and two electric car charging stations. Silver Spirit, a company that helps startup businesses, acquired the property. Colliers has been retained to handle leasing efforts on behalf of the new owner. Hayes Swann and Aman Gaur of Colliers represented the seller, Dau Global, in the transaction.

August 8, 2019

Acquisitions Georgia Healthcare Southeast

Regional Health Properties Sells Three Skilled Nursing Facilities Nationwide for $24.1M

by Alex Tostado August 8, 2019

SUWANEE, GA. — Suwanee-based Regional Health Properties (RHP) has sold three of four skilled nursing properties located in Oklahoma, Alabama and Georgia to affiliates of MED Healthcare Partners. The four-property transaction was previously disclosed by RHP in April. The three properties were sold for $26.1 million in a cash deal. RHP and MED agreed to extend the closing date on the fourth property located in Oklahoma to Sunday, Aug. 18. RHP used the cash proceeds from the sale to pay approximately $1 million in outstanding interest, fees and other costs and to repay $24.7 million in debt, which was secured by the four skilled nursing facilities, subject to the purchase and sale agreement. As a result of such repayment, RHP has paid back all debt owing to Pinecone Realty Partners II and Congressional Bank. For a period of three months following the repayment, Pinecone will continue to hold a right of first refusal to provide first mortgage financing for any acquisition of a healthcare facility by RHP and an exclusive option to refinance the company’s existing first mortgage loan on RHP’s Coosa Valley Health Care facility.

August 8, 2019

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 232-Unit Apartment Complex in Metro Atlanta

by Alex Tostado August 6, 2019

MCDONOUGH, GA. — A joint venture between Providence Real Estate LLC and a global insurance and investment company that has been in operation for more than 100 years has acquired Sundance Creek Apartments, a 232-unit complex in McDonough. The sales price was not disclosed. Sundance Creek is situated at 575 McDonough Parkway, about 30 miles south of downtown Atlanta. The property comprises 26 two-story townhome buildings, 24 detached garages and 32 storage units. Communal amenities include a swimming pool, cabana, clubhouse, picnic area, fitness center and a business center. The seller was not disclosed.

August 6, 2019

Acquisitions Georgia Multifamily Southeast

Taurus Investment Acquires 192-Unit Apartment Complex in Atlanta

by Alex Tostado August 5, 2019

ATLANTA — Taurus Investment Holdings LLC has acquired 251 North, a 192-unit multifamily community at the juncture of Atlanta’s Old Fourth Ward and Midtown. Located at 300 Cityline Ave. NE, 251 North offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor grilling station, cardio-based fitness center, 24-hour laundry facility and covered parking. 251 North was 93 percent occupied at the time of sale. HFF, a JLL company and member of Freddie Mac’s Optigo lending network, provided a 10-year, $24.9 million acquisition loan with a floating interest rate through the agency’s Green Advantage program. Details of the buyer’s renovation plans and the sales price were not disclosed.

August 5, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RSE Capital, Carter Multifamily Acquire Georgia Apartment Portfolio for $202.5M

by Taylor Williams August 5, 2019

GEORGIA — A joint venture between Washington, D.C.-based RSE Capital Partners and Tampa-based Carter Multifamily has acquired a portfolio of 11 apartment communities located across five cities in Georgia for $202.5 million. The seller was Savannah-based Kole Management. The new ownership will undertake a capital improvement program that will upgrade the properties’ unit interiors and amenity space. In announcing the value-add deal, the joint venture cited the strong job growth that is occurring throughout Georgia and the limited supply of quality workforce housing as the key driving forces behind the acquisition. The portfolio totals 1,966 units in the Class B and C spaces. Specifically, three of the properties totaling 438 units are in Savannah; three communities featuring 382 units are in Garden City; three assets comprising 716 units are in Macon; one property totaling 240 units is in Canton; and one community featuring 200 units is in Augusta. The Savannah properties were all built between 1969 and 1978 and feature amenities such as pools and playgrounds. Each of the Garden City communities was built in the late 1980s and offers amenities such as pools, playgrounds, sport courts and fitness centers. Garden City is located along the eastern coast near Savannah. …

August 5, 2019

Acquisitions Georgia Multifamily Southeast

Passco Purchases Apartment Community in Augusta for $58M

by Alex Tostado August 2, 2019

AUGUSTA, GA. — Passco Cos. has purchased Grand Oaks at Crane Creek, a 300-unit apartment community in Augusta, for $58 million. The seller, Southeastern Development Associates, delivered the property in 2016 at 680 Crane Creek Drive, about five miles west of downtown Augusta. Communal amenities include a pet wash station, dog park, 24-hour fitness center, spin room, yoga studio, saltwater swimming pool, outdoor kitchen, shuffleboard, cybercafe and outdoor fireplaces. Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads and Nest thermostats. The company will also add washers and dryers to each unit.

August 2, 2019

Acquisitions Georgia Office Southeast

KKR, Banyan Street Capital Acquire Office Tower in Buckhead for $205M

by Alex Tostado August 1, 2019

ATLANTA — KKR and Banyan Street Capital have acquired Salesforce Tower, a 34-story, 631,808-square-foot office tower in Atlanta’s Buckhead district, for $205 million. Banyan Street partnered with the previous owner, Oaktree Capital Management LP, to invest $14 million in renovations to the tower. The new owners are planning to invest an additional $5 million in renovations. Major tenants include the regional hub for Salesforce and the corporate headquarters for RentPath and Rubicon Global. Salesforce Tower sits directly on the MARTA line and interstate system. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reeth of CBRE represented thew sellers in the transaction. Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been retained to lease the tower. Banyan Street Capital will manage the property directly.

August 1, 2019

Acquisitions Development Georgia Industrial Southeast

Black Creek Group Buys 53 Acres Near Atlanta, Plans 777,000 SF Industrial Development

by Alex Tostado July 31, 2019

EMERSON GA. — Black Creek Group has bought 53 acres in Emerson with plans to develop River Point, a three-building industrial park totaling 777,000 square feet. The Denver-based developer said the park can accommodate tenants needing 40,000 to 400,000 square feet. River Point will be located about 40 miles northwest of downtown Atlanta. Black Creek expects construction to begin on all three buildings by the end of this year.

July 31, 2019

Development Georgia Mixed-Use Southeast

Armada Hoffler, S.J. Collins Enterprises to Develop $80M Mixed-Use Project in Metro Atlanta

by Alex Tostado July 30, 2019

ROSWELL, GA. — A joint venture between Armada Hoffler Properties and S.J. Collins Enterprises has unveiled plans to develop Southern Post, an $80 million, 240,000-square-foot mixed-use project in historic downtown Roswell. Southern Post will include 125 apartment units, 80,000 square feet of creative office space and 40,000 square feet of retail space. The joint venture worked with the City of Roswell in the design of Southern Post to honor the city’s historic charm. Armada Hoffler will be the majority partner in the joint venture, which anticipates closing on the purchase of the land from the City of Roswell in the fourth quarter of 2019 and commencing construction in the first quarter of 2020. Armada Hoffler Construction Co., a wholly owned subsidiary of the Armada Hoffler Properties, will serve as general contractor for the project, which is situated about 23 miles north of downtown Atlanta.

July 30, 2019

Development Georgia Industrial Southeast

Cabot, Republic Property Break Ground on 275,000 SF Distribution Center Near Atlanta for Biolab Inc.

by Alex Tostado July 29, 2019

CONYERS, GA. — Cabot Properties and Republic Property Co. have broken ground on a 275,000-square-foot, build-to-suit distribution center in Conyers. Biolab Inc. will occupy the entire building upon completion. Biolab, which has operated in Conyers since 1973, will use the new facility to house production and storage space for pool and spa water-treatment chemicals. The center will feature a 32-foot ceiling clear height, fifteen overhead dock doors and two drive-in doors. ARCO Design/Build is the general contractor. A timeline for completion was not disclosed.

July 29, 2019

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