Georgia

Investcorp Sells Former Home Depot Headquarters in Atlanta’s Vinings District for $120M

by John Nelson June 14, 2019

ATLANTA — Investcorp has sold an office campus in Atlanta’s Vinings district that formerly housed the world headquarters of The Home Depot back in the 1990s. The global asset management firm sold the property, known as Paces West, to a joint venture between Farallon Capital Management LLC and Crocker Partners for $120 million. Crocker Partners served as the asset and property management team in partnership with Investcorp since late 2015. Situated along Paces Ferry Road in Atlanta’s Cumberland/Galleria office submarket, the 646,471-square-foot property comprises two buildings connected via a pedestrian bridge. Amenities include two full-service cafes, a renovated fitness center, conference facilities, dry cleaners, a car wash service, onsite ATM and electric car charging stations. Paces West has served as the administrative headquarters for Piedmont Healthcare, an Atlanta-based health system with 11 hospitals and 650 facilities, since 2002. Jay O’Meara, Justin Parsonnet, Will Yowell, and Ryan Reethof of CBRE represented Investcorp in the sale. Since acquiring Paces West in 2015, Investcorp has boosted its occupancy from 85 percent to 93 percent, according to CBRE. “Paces West has withstood the test of time due to its quality, amenities, large flexible floor plates, and location in one of Atlanta’s most authentic and …

June 14, 2019

Acquisitions Georgia Multifamily North Carolina Southeast Tennessee

Carroll Organization Acquires Three-Property Apartment Portfolio in Southeast

by Alex Tostado June 11, 2019

ATLANTA — Carroll Organization has acquired a three-property multifamily portfolio located throughout the Southeast. The three properties include the 268-unit Hawthorne at Mooresville in Mooresville, N.C.; the 312-9unit Hawthorne at Wildwood in Marietta, Ga.; and the 323-unit Hawthorne South Oaks in downtown Nashville, Tenn. According to Atlanta-based Carroll Organization, all three properties will be rebranded under the ARIUM name. Additional terms of the sale were not disclosed.

June 11, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Provides $83.5M Loan for Refinancing of Embassy Suites in Downtown Atlanta

by Alex Tostado June 11, 2019

ATLANTA — PMZ Realty Capital LLC has provided an $83.5 million fixed-rate loan to Legacy Ventures for the refinancing of Embassy Suites Atlanta Centennial Park. The hotel offers 321 rooms and is situated next to Centennial Park, Mercedes-Benz Stadium, Georgia World Congress Center, Georgia Aquarium, the National Center for Civil and Human Rights Museum and the World of Coke. The hotel is located less than one mile from the future site of Centennial Yards, a $5 billion redevelopment that will bring more than 9 million square feet of new office space to downtown Atlanta over the next 10 years. The hotel recently underwent a $10 million renovation.

June 11, 2019

Development Georgia Office Southeast

Baptist Church in Atlanta Plans 27,200 SF Renovation of Historic Buildings to House Office Space

by Alex Tostado June 10, 2019

ATLANTA — Wheat Street Baptist Church will convert two historic buildings on its campus into office space intended for nonprofit organizations. American South Real Estate Fund (ASREF) is providing the senior loan of $3.5 million for the renovations. American Legion Hall is a 5,200-square-foot building that was constructed in multiple phases beginning in 1930, and the Christian Education Building is a 22,000-square-foot building that was built in the 1950s. Leaders in the church plan to target tenants that work with the homeless, local school teachers and underprivileged teens. Wheat Street Baptist is situated in Atlanta’s Sweet Auburn district, which is one mile east of downtown Atlanta and near the Martin Luther King Jr. National Historical Park district. Construction is expected to begin in early August and take nine to 12 months to complete.

June 10, 2019

Acquisitions Georgia Multifamily Southeast

Stonebridge Acquires Apartment Complex in Metro Atlanta for $33.4M

by Alex Tostado June 10, 2019

SANDY SPRINGS, GA. — Stonebridge Investments has acquired River Vista, a 196-unit apartment complex in Sandy Springs, for $33.4 million. River Vista was built in 1996 on 17 acres near the Chattahoochee River. Amenities include access to the Chattahoochee River National Recreation Area, an outdoor swimming pool with sundeck seating, clubhouse, outdoor kitchen and social area with grills and TV, playground and a 24-hour fitness center. River Vista offers one-, two- and three-bedroom floor plans averaging 1,098 square feet. David Gutting and Derrick Bloom of JLL represented the seller, an affiliate of The Milestone Group, in the transaction. HFF provided a $22.9 million Freddie Mac acquisition loan to the buyer. The seven-year, fixed-rate loan offers five years of interest-only payments through Freddie Mac’s Green Advantage program.

June 10, 2019

Acquisitions Florida Georgia Midwest Missouri Multifamily Northeast Pennsylvania Southeast Top Stories

Investcorp Acquires 11 Multifamily Properties Across U.S. for $370M

by Taylor Williams June 10, 2019

NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …

June 10, 2019

Development Georgia Retail Southeast

Adams & Co. to Break Ground on Publix at Mixed-Use Development in Metro Atlanta

by Alex Tostado June 7, 2019

SOUTH FULTON, GA. — Adams & Co. Real Estate Inc. will break ground on a 48,387-square-foot Publix this fall within its Sandtown Crossing mixed-use project in South Fulton. The new Publix will be flanked by two 8,200-square-foot buildings and is scheduled to open in fall 2020. The grocer will join a CVS/pharmacy, 15,000 square feet of retail space and 18,000 square feet of office space. Sandtown Crossing is situated on the corner of Camp Creek Parkway and Campbellton Road, 15 miles west of downtown Atlanta.

June 7, 2019

Acquisitions Georgia Multifamily Southeast

Fogelman Properties Sells Apartment Complex in Metro Atlanta’s Cobb County for $33.6M

by Alex Tostado June 7, 2019

MARIETTA, GA. — Fogelman Properties has sold The Hamptons at East Cobb, a 196-unit apartment complex in Marietta, for $33.6 million. The property is located at 1523 Roswell Road, 18 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as lighted tennis courts, a dog park, clothes care center, car care center, swimming pool, 24-hour fitness center and picnic and barbecue areas. Kevin Geiger, Shea Campbell, Malcomb McComb, Paul Berry and Ashish Cholia of CBRE represented the seller in the transaction. Kansas-based Cohen-Esrey acquired the community.

June 7, 2019

Acquisitions Georgia Industrial Leasing Activity Southeast

NAI Mertz Brokers $25.5M Sale of Industrial Building Near Port of Savannah, Arranges Logistics Firm’s 356,831 SF Lease

by Alex Tostado June 7, 2019

POOLER, GA. — NAI Mertz has brokered the $25.5 million sale of 200 S.H. Morgan Parkway, an industrial building situated within Prologis Savannah Logistics Center. Scott Mertz of NAI Mertz represented the undisclosed buyer in the transaction. Mertz also represented Pioneer Logistics Systems, a start-up logistics firm, in signing a 356,831-square foot lease within the building. Pioneer Logistics Systems is based in East Rutherford, N.J., and specializes in print and media industries. Prologis Savannah Logistics Center is a 252-acre industrial park located near Interstate 95 and about 10 miles west of the Port of Savannah. Other tenants at the industrial park include FedEx, Home Décor and Matson Logistics.

June 7, 2019

Acquisitions Affordable Housing Florida Georgia Loans Multifamily North Carolina South Carolina Southeast Virginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

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