Georgia

WeWork Leases Total of 150,000 SF of Space in Metro Atlanta

by Alex Tostado July 11, 2019

ATLANTA — WeWork has signed three office leases in metro Atlanta totaling 150,000 square feet. In the first lease, WeWork will occupy 35,000 square feet and all three stories of office space within a mixed-use project located at 120 W. Trinity Place in downtown Decatur. The space will accommodate 540 members. Atlanta-based Cousins Properties is developing the project, which will include 18,000 square feet of retail and restaurant space, 329 residential units and a parking deck, in addition to WeWork’s office space. Construction is expected for the first half of 2020. WeWork’s second lease is in Atlanta’s Central Perimeter district in Sandy Springs. The coworking company will lease 70,000 square feet of office space at 1155 Perimeter Center W. WeWork will occupy three floors and will accommodate 1,200 members. The space is expected to open in early 2020. WeWork also signed a 45,000-square-foot lease spanning two floors along the Atlanta BeltLine’s Eastside Trail near Ponce City Market. WeWork will occupy the space within the 725 Ponce project by the end of this year. Developer New City Properties plans to open 725 Ponce this fall. The project will comprise 370,000 square feet of office space and include an urban prototype Kroger …

July 11, 2019

Development Georgia Hospitality Southeast

WRS to Bring 351-Room Yotel to Underground Atlanta

by Alex Tostado July 10, 2019

ATLANTA — WRS Inc. will bring a 351-room Yotel-branded hotel to Underground Atlanta, a four-block redevelopment in south downtown Atlanta. The hotel will offer 234 rooms for short-stay guests and 117 rooms, known as YotelPad, for long-stay guests. Construction is slated to begin in summer 2020 with delivery scheduled for fall 2022. The new Yotel will offer a grab-and-go café, swimming pool, rooftop terrace and bar, self-check-in kiosks and SmartBeds. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office and residential space, according to WRS.

July 10, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2M Sale of Savannah Store Leased to Dollar General

by Alex Tostado July 10, 2019

SAVANNAH, GA. — Marcus & Millichap has arranged the $2 million sale of a Dollar General-occupied building in Savannah. The property sold at a 5.9 percent cap rate, which is a record rate in the state of Georgia, according to Marcus & Millichap. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Teramore Development, in the transaction. Elizabeth Randall of Randall Commercial Group LLC represented the buyer, Parker Tractor & Implement Co. Inc.

July 10, 2019

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Reaches All-Time Low Vacancy, Despite Strong Pipeline

by Alex Tostado July 8, 2019

The industrial market in Atlanta continues to surge, benefitting not only from its role as a key regional distribution hub, but also from the rapid growth in the metropolitan area itself. Atlanta is the economic engine of the Southeast, which also happens to be the fastest growing region in the country. The Atlanta industrial market recorded just over 18 million square feet of net absorption in 2018, the second highest total on record following the 21 million square feet absorbed in 2017. The market has experienced 30 consecutive quarters of positive net absorption resulting in an all-time low vacancy rate of 5.7 percent, even though the market delivered more than 13.4 million square feet in 2018. The first quarter of 2019 recorded net absorption of slightly over 1 million square feet, not as impressive as prior quarters over the last several years. So has the market peaked or demand stopped in Atlanta? Not by a long shot. According to research from JLL, there are 5.7 million square feet of signed deals that have yet to commence and companies have yet to move into their new space. This absorption will be picked up throughout 2019. Further, JLL is tracking an additional …

July 8, 2019

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Negotiates $13.2M Sale of Seniors Housing Community in Savannah

by Alex Tostado July 5, 2019

SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels. The 178,281-square-foot facility was built in 1986 and renovated most recently in 1998. The new owners plan to make physical plant upgrades to the property. Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent. Bradley Clousing of SLIB represented the seller, a limited liability company controlled by HJ Sims, in the transaction.

July 5, 2019

Georgia Multifamily Seniors Housing Southeast

Monarch Private Capital Invests in $20M Affordable Seniors Housing Complex Near Atlanta

by Alex Tostado July 3, 2019

COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.

July 3, 2019

Georgia Industrial Leasing Activity Southeast

Elite Comfort Solutions Expands in Former Kmart Distribution Center in Metro Atlanta by 130,028 SF

by Alex Tostado July 3, 2019

NEWNAN, GA. — Elite Comfort Solutions has leased an additional 130,028 square feet of industrial space in Newnan, bringing its total to 484,382 square feet within a former Kmart distribution center. The center spans almost 2 million square feet and is now fully leased. The property is situated 30 miles southwest of Hartsfield-Jackson Atlanta International Airport and 36 miles southwest of downtown Atlanta. Agellan Capital acquired the building in late 2017 and invested in upgraded sprinklers, loading doors and office space. Ray Stache, Lisa Pittman and Courtney Oldenburg of Cushman & Wakefield represented Agellan Capital and Hove Street, the landlords, in the lease negotiations.

July 3, 2019

Acquisitions Florida Georgia Industrial Loans Southeast Tennessee

PGIM Provides $450M Loan for 140-Building Industrial Portfolio in Southeast, Texas

by Alex Tostado July 2, 2019

DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.

July 2, 2019

Development Georgia Hospitality Southeast

Columbia Ventures to Convert Municipal Building in Savannah into $19M Boutique Hotel

by Alex Tostado June 27, 2019

SAVANNAH, GA. — Columbia Ventures has acquired Broughton Municipal Building from the City of Savannah with plans to convert the property into a 43-room boutique hotel. The developer plans to put a restaurant on the ground floor, a bar on the rooftop and an entertainment space in the basement. Columbia Ventures expects to break ground on the hotel in the first quarter of 2020. Construction, which is expected to cost $19 million, will last one year. The developer will restore key exterior and interior elements during the renovation. The design team is led by Lynch & Associates. The sales price of the building was not disclosed.

June 27, 2019

Acquisitions Georgia Multifamily Southeast

Castle Lanterra Acquires 280-Unit Multifamily Community in Metro Atlanta

by Alex Tostado June 26, 2019

AUSTELL, GA. — Castle Lanterra Properties (CLP) has acquired Premier Apartments, a 280-unit multifamily community in Austell. Built in 1972, Premier Apartments offers one-, two- and three-bedroom floor plans across 24 buildings. Communal amenities include tennis courts, a community lake, swimming pool and playgrounds. Premier Apartments is situated on 24 acres at 7200 Premier Lane, 11 miles west of downtown Atlanta. The seller and sales prices were not disclosed.

June 26, 2019

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