Georgia

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

Development Georgia Industrial Southeast

GE Appliances to Invest $130M in Three Georgia Industrial Facilities, Create 300 Jobs

by Alex Tostado June 21, 2019

LOUISVILLE, KY. — GE Appliances will invest $130 million in three industrial facilities in north Georgia, ultimately adding 300 new jobs for the Louisville-based manufacturer in the Peach State. GE Appliances will invest $43 million in the company’s affiliate Roper Corp. facility in Walker County in order to expand manufacturing capabilities and introduce new cooking products. The investment will create an additional 100 jobs, bringing the total employee count at the plant to 2,000. The company will also build the $32 million Southern Logistics Center in Murray County. The new warehouse will house 100 employees and will connect the Port of Savannah and the Appalachian Regional Port via rail in northwest Georgia. Lastly, GE Appliances is building a $55 million smart warehouse in Jackson County, also housing 100 employees. The GE Appliances Southeast Region Appliance Distribution Center will use distribution technology to blend digital intelligence with high-tech innovation. In December, the Georgia Ports Authority announced plans to build a 104-acre inland port in Gainesville, about 25 miles from GE’s proposed plant in Jackson County. A timeline for construction was not disclosed.

June 21, 2019

Development Georgia Multifamily Southeast

Pollack Shores to Develop 281-Unit Multifamily Community Near SunTrust Park in Atlanta

by Alex Tostado June 20, 2019

ATLANTA — Pollack Shores will construct a five-story, 281-unit multifamily community near The Battery in Atlanta’s Cumberland-Galleria submarket. The Battery is a 1.5 million-square-foot mixed-use project that surrounds SunTrust Park, home of the MLB’s Atlanta Braves. Situated on a hill, the new community will give residents indoor/outdoor sky lounge with views of The Battery and SunTrust Park. Other amenities will include outdoor living rooms, a swimming pool, hammock groves, fitness center, clubhouse and lawn space for recreational activities. The property will offer one-, two- and three-bedroom floor plans ranging in size from 700 to 1,400 square feet. Atlanta-based Pollack Shores will break ground this month and expects the first units to deliver in 2021. This is Pollack Shores’ second development in the trade area, having sold Home at The Battery Atlanta in fall 2018.

June 20, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Portfolio in Metro Savannah for $84.3M

by John Nelson June 19, 2019

SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.

June 19, 2019

Company News Georgia Southeast

State Farm Arena in Downtown Atlanta Earns LEED Gold Certification

by Alex Tostado June 18, 2019

ATLANTA — State Farm Arena, home of the NBA’s Atlanta Hawks, has received a Leadership in Energy and Environmental Design (LEED) Gold Certification from the U.S. Green Buildings Council (USGBC). Situated in downtown Atlanta, State Farm Arena was certified due to efforts that include a partnership with Rubicon Global to recycle 12,500 seats in 2018 following its $192 million makeover; the arena and surrounding area becoming a smoke-free campus; upgrading the lighting fixtures to LED lighting, which led to 41 percent lighting power reduction; installing more efficient plumbing fixtures that will save 540,000 gallons of potable water per year; and more than 900 tons of waste was sent to Atlanta’s Lifecycle Building for resale, instead of going to the dump. There are four levels of LEED certification, according to the USGBC: Certified, Silver, Gold and Platinum. State Farm Arena, previously known as Philips Arena, is owned by the Atlanta-Fulton County Recreation Authority and operated by the Atlanta Hawks Basketball Club, which is owned by Tony Ressler along with a group of investors including Naismith Memorial Basketball Hall of Famer Grant Hill.

June 18, 2019

Company News Georgia Southeast

Atlanta’s Choate Construction Celebrates 30 Years of Business

by Alex Tostado June 18, 2019

ATLANTA — Choate Construction will celebrate its 30th anniversary this month. In its 30 years, the Atlanta-based general contractor has completed more than 5,200 projects, ranging from student housing to automotive plants to manufacturing facilities. Choate has also expanded to Nashville and has almost 500 employees. The company is 100 percent employee-owned. “While we have grown a lot, there are some things that haven’t changed: The core values that have guided us from the start. Safety, integrity, innovation, operational excellence, relationships, stewardship,” says Millard Choate, chairman and CEO. “They are the framework that will continue to shape us each and every day.”

June 18, 2019

Acquisitions Georgia Multifamily Southeast

Beach Investment Acquires Multifamily Community in Metro Atlanta for $19M

by Alex Tostado June 17, 2019

AUSTELL, GA. — Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit multifamily community in Austell, for $19 million. Reserve at Sweetwater Creek is located 15 miles west of downtown Atlanta and was built in 1988. The property offers one- and two-bedroom floor plans ranging from 650 to 1,000 square feet. Communal amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and a cyber lounge. Beach plans to upgrade unit interiors, including installing stainless steel appliances, granite countertops and modern fixtures. Community upgrades will include new roofs throughout the property, conversion of the tennis court into an outdoor fitness center and a new gazebo with a grilling area. Darby Parker of The Beach Co. represented the buyer internally in the transaction. Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. Berkadia provided arranged acquisition financing on behalf of the buyer.

June 17, 2019

Acquisitions Georgia Retail Southeast

Newmark Knight Frank Arranges Sale of 106,485 SF Shopping Center Near Atlanta

by Alex Tostado June 17, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the sale of Stonewood Village, a 106,485-square-foot shopping center in Alpharetta. Stonewood Village was 70 percent leased at the time of sale to tenants including Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. A vacant big box also sits on the site. Orkin & Associates acquired the property, which is situated at 670 N. Main St., 30 miles north of downtown Atlanta. Mark Joines and Drew Fleming of NKF represented the seller, Nightingale Properties, in the transaction. The sales price was not disclosed.

June 17, 2019

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