Georgia

From Confident Buyers to Tech Solutions, Six Trends Emerge from InterFace Multifamily Southeast

by John Nelson November 29, 2018

The runway is still long for multifamily real estate in the current cycle as investors and developers continue to pour money into the space. The apartment industry took center stage during the ninth-annual InterFace Multifamily Southeast conference on Tuesday, Nov. 27. Produced by InterFace Conference Group, the full-day event drew more than 400 multifamily real estate professionals from around the Southeast. The conference, held at The Whitley hotel in Atlanta’s Buckhead district, featured panel discussions on a variety of topics, including finance, investment sales, new development and operations, and highlighted the region’s most active markets. While attendees were able to glean numerous takeaways from the event’s more than 50 speakers, the following are six key trends that apartment professionals are monitoring heading into the new year. 1.) Investment to remain robust in 2019 During the conference’s state of the market panel, Josh Champion of Carroll Organization and Jim Street of PGIM Real Estate said that their firms were net buyers in 2018 and plan to be net buyers again next year. Coincidentally, within an hour after the panel concluded their companies announced a $600 million joint venture acquisition of three multifamily portfolios. “Real estate is still a favored asset class, …

November 29, 2018

Development Georgia Industrial Southeast

Korean Battery Manufacturer to Invest Nearly $1.7B, Develop 2 MSF Plant in North Georgia

by Alex Tostado November 28, 2018

JACKSON COUNTY, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will create more than 2,000 jobs and invest $1.67 billion in Jackson County by way of a new manufacturing plant. The project will be built in two phases, with each phase including about 1 million square feet of manufacturing space and housing more than 1,000 advanced manufacturing jobs. SK innovation is a part of SK Group, one of the largest conglomerates in South Korea, and employs more than 6,500 individuals worldwide. Its customers include Mercedes-Benz and Hyundai-Kia Motors. “SK innovation’s decision to make this significant investment and create more than 2,000 jobs in Jackson County reflects Georgia’s reputation as a top destination for international businesses, especially those in the automotive supply sector,” says Georgia Gov. Nathan Deal. A timetable for the Jackson County plant has not been established.

November 28, 2018

Georgia Hospitality Loans Southeast

F10 Hotels Arranges $48.5M Loan to Refinance TWELVE Midtown, Downtown Hotels in Atlanta

by Alex Tostado November 28, 2018

ATLANTA — F10 Hotels has arranged $48.5 million of interim first mortgage financing to refinance the TWELVE Midtown and TWELVE Downtown Marriott Autograph hotels in Atlanta. The TWELVE hotels were purchased in 2015 by Global Management & Investment, and after undergoing a $10 million renovation, joined the Marriot Autograph collection earlier this year. Collateral for the loan included the hotels, ground-floor retail and parking. The floating-rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance Global’s existing acquisition loan.

November 28, 2018

Acquisitions Florida Georgia Multifamily North Carolina Property Type South Carolina Southeast Top Stories

Carroll Organization, PGIM Acquire $600M, 13-Property Multifamily Portfolio in Southeast

by David Cohen November 28, 2018

ATLANTA — Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios in the metro areas of Raleigh-Durham, N.C.; Ponte Vedra Beach, Fla.; and Charleston, S.C. valued at $600 million. The combined properties total 4,043 residential units. The three acquisitions by the joint venture include an eight-property, 2,883-unit portfolio in Raleigh-Durham; a two-property, 480-unit portfolio in Ponte Vedra Beach; and a three-property, 680-unit portfolio in Charleston. The sellers and price were not disclosed. “These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.” The acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Atlanta-based Carroll Organization. The transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To …

November 28, 2018

Acquisitions Georgia Retail Southeast

Site Centers Sells 266,247 SF Shopping Center in Metro Atlanta

by Alex Tostado November 26, 2018

DOUGLASVILLE, GA. — Site Centers Corp. has sold Douglasville Pavilion, a 266,247-square-foot shopping center in Douglasville. The Ainbinder Co. bought the property, which is located about 20 miles west of downtown Atlanta. The property’s anchors include Marshalls, Ross Dress for Less, Michaels, PetSmart, Big Lots and Office Max. Target is a shadow anchor. The center was 97 percent leased at the time of the sale. The sales price was not disclosed. CBRE represented Beachwood, Ohio-based Site Centers in the transaction.

November 26, 2018

Development Georgia Industrial Southeast

Toyo Tire North America to Invest $138M in North Georgia Plant

by Alex Tostado November 21, 2018

CARTERSVILLE, GA. — Georgia Gov. Nathan Deal announced that Toyo Tire North America Manufacturing Inc. will invest $138 million to complete a two-phase expansion at its campus in Cartersville. Upon completion of the new 254,000-square-foot facility, manufacturer’s campus will house 2,100 employees. The new positions will include production, support and administration with an annual production capacity of 2.4 million passenger vehicle tires. In 2016, Toyo Tire North America Manufacturing Inc. became the Toyo Tire Group’s largest manufacturing operation with an annual production capacity of 11.5 million tires. Toyo Tire began operations in Cartersville in 2006.

November 21, 2018

Development Georgia Retail Southeast

Five New Retailers to Open in Alpharetta City Center by Black Friday

by Alex Tostado November 19, 2018

ALPHARETTA, GA. — Magnolia Moon, Mountain High Outfitters, Perched, The Red Hound and Spirited Boutique have all either opened or plan to open new stores in Alpharetta City Center (ACC) by Black Friday. ACC is a 26-acre, mixed-use property located in Alpharetta, about 26 miles north of downtown Atlanta. The development opened in January 2015 in a public-private partnership between South City Partners, Morris & Fellows and the City of Alpharetta to expand the existing downtown area by six blocks. ACC features Alpharetta’s new City Hall, a Fulton County library, Brook Street Park, Town Green, a 445-car parking deck and single-family homes under development by Hedgewood Homes. Magnolia Moon is a women’s boutique that offers apparel and accessories. Mountain High Outfitters, which plans to open on Black Friday, offers products for outdoor activities, including backpacking, camping, fly fishing and biking. Perched is a women’s boutique that also carries some girl’s clothing and baby shower, wedding and birthday gifts. The Red Hound offers a variety of gifts for babies, kids, graduates and brides. Spirited Boutique has several locations around metro Atlanta and features boho-chic fashion and handmade jewelry. With the five newest retailers, ACC will have 17 retailers and restaurants.

November 19, 2018

Development Georgia Multifamily Southeast

LMC Tops Out Apartment High-Rise in Midtown Atlanta

by John Nelson November 16, 2018

ATLANTA — LMC, a division of Miami-based Lennar Co., has topped out its Midtown Atlanta luxury apartment building, Vireo. The high-rise will feature 310 apartment homes, offering studio, one-and two-bedroom floor plans. Amenities will include a swimming pool, cabanas, clubroom and an outdoor lounge area. Vireo is located less than one mile from Piedmont Park. Hoar Construction completed the concrete structural frame exterior windows, façade, roofing and site work. LMC expects Vireo to be move-in ready in the spring.

November 16, 2018

Development Georgia Mixed-Use Multifamily Retail Southeast

EDENS, Crescent Break Ground on Retail, Residential Development in Atlanta’s Upper Westside

by John Nelson November 15, 2018

ATLANTA — EDENS and Crescent Communities have broken ground on Phase II of Moores Mill, a mixed-use development in Atlanta’s Upper Westside neighborhood. Charlotte-based Crescent Communities, a multifamily developer, will build 345 units across three buildings over five acres called NOVEL Upper Westside. The complex will total 300,000 square feet and offer one- , two- and three-bedroom options. Amenities are set to include a fitness center, pool, courtyard, refined rooftop lounge and a dog park. EDENS, a national retail real estate owner, will develop 15,000 square feet of retail. The Columbia, S.C.-based developer built the 45,000-square-foot Publix in Phase I of Moores Mill and has invested in green space renovation at nearby Sara Gonzalez Park. Completion of Phase II is expected in 2020.

November 15, 2018

Georgia Loans Mixed-Use Southeast

HFF Arranges $278.4M Loan for Colony Square Redevelopment in Atlanta

by Alex Tostado November 14, 2018

ATLANTA — HFF has arranged $278.4 million in financing for the redevelopment of Colony Square, an office/retail complex in Midtown Atlanta. The loan will go to Houston-based Lionstone Investments and Cincinnati-based North American Properties for the project, which is already underway. The loan will retire the existing financing and fund future redevelopment plans. Blackstone Mortgage Trust provided the capital. The new Colony Square will feature more 1 million square feet of office and retail space. It will also feature iPic, a movie theater with nine auditoriums and farm-to-glass cocktails. Anticipated completion is late 2020.

November 14, 2018

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