MARIETTA, GA. — Plethora, an on-demand manufacturer specializing in custom prototypes and end-production in various industries, will invest $17 million in a new 57,000-square-foot facility in Marietta. The move will add 250 new jobs to the area. Plethora is working with Lanier Technical College, Kennesaw State University and Georgia Institute of Technology to connect with a potential workforce in metro Atlanta. A timeline for Plethora’s move was not disclosed, though multiple news outlets report the facility will open at the end of the month.
ATLANTA — Invesco will invest $70 million to expand its global headquarters presence in Atlanta. The investment manager firm will occupy 300,000 square feet of office space at Midtown Union in August 2022. The move will also add 500 jobs, bringing Invesco’s Atlanta workforce to nearly 1,200 employees. MetLife Investment Management and Granite Properties are currently co-developing Midtown Union, which will be situated at the corner of 17th and Peachtree streets in Midtown Atlanta. Upon completion, the project will comprise two towers totaling 600,000 square feet of office space. Invesco moved its global headquarters to Atlanta in 2007.
STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.
WINSTON-SALEM, N.C. — Hunt Real Estate Capital has provided an $18.8 million loan for the refinancing of Villages at Wake Forest, a student housing community near Wake Forest University in Winston-Salem. Hunt originated the 10-year loan through Fannie Mae with three years of interest-only payments followed by a seven-year amortization schedule. The borrower, Wake Forest Student Housing Associates LLC, purchased the asset in April 2018 and in January 2019 constructed an additional 20 bedrooms. Villages at Wake Forest now features 270 beds within 69 units, each with three or four bedrooms set within cottage-style buildings. Community amenities include a pond, outdoor lounge area and a fire pit. Wake Forest University has a three-year live-on campus requirement, but students who study abroad during the fall semester can petition the school to allow them to live off-campus, which many Village at Wake Forest’s residents take part in.
WOODSTOCK, GA. — Hudson Capital Properties (HCP) has acquired Bell Woodstock, a 498-unit, garden-style multifamily community in Woodstock. HCP plans to raise rents over the next five to seven years before renovating the property. The community is situated at 1 Sycamore Lane, 29 miles north of downtown Atlanta. Communal amenities include a nine-hole putting green, Starbucks Coffee bar, conference room, resident lounge, two swimming pools, two tennis courts, two car care centers, clothes care center, fitness center, grilling areas, outdoor kitchen and a sand volleyball court. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
ATLANTA — Coworking firm Spaces will occupy 40,000 square feet of Building I within The Collective at Concourse in Atlanta’s Central Perimeter submarket. Spaces will occupy the entire eighth floor, as well as conference space, by November. Totaling 751,093 square feet, Buildings I, II and IV at The Collective at Concourse are undergoing a $6 million renovation to improve lobbies with collaboration spaces, natural light, new conference centers and a new greenspace for community events. This will be Spaces’ sixth location in metro Atlanta.
SAVANNAH, GA. — Premier Design + Build Group has broken ground on a 285,527-square-foot cold-storage facility for Frozen Assets Cold Storage in Savannah. The facility is expected to be complete in spring 2020 and will offer warehouse storage with 50-foot clear ceiling heights, a 19,518-square-foot blast freezer, two freezer rooms, boxing room, and an ammonia refrigeration system that will allow the freezers to maintain temperatures between 38 and minus-10 degrees. The building’s exterior will feature 39 truck doors, 54 trailer positions, 68 parking stalls and a drive-in door. The property is situated on 20 acres at 2375 Tremont Road, six miles south of the Port of Savannah. Samantha Skopek of Premier will oversee the design and construction. Harris Architects Inc. is providing architectural services, Swift Structural Design LLC is providing structural engineering services and Thomas & Hutton is providing civil engineering and landscape architecture services for the project. This is the first project for Premier in the state of Georgia.
ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …
NORCROSS, GA. — Cushman & Wakefield has arranged the sale of Canopy, a 684-unit apartment complex in Norcross. Canopy was built in 1987 on 59 acres in metro Atlanta’s Gwinnett County, one of the fastest growing counties in the country for more than 20 years. Canopy offers community amenities such as a fitness center, two swimming pools, soccer field, resident clubhouse with children’s library, playgrounds and dog parks. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the sellers, Atlanta-based Cortland and Oaktree Capital Management, in the transaction. Priderock Capital Partners acquired the property for an undisclosed price.
ATLANTA — CIM Group has renamed downtown Atlanta’s Gulch district as Centennial Yards. CIM will develop Centennial Yards to include 12 million square feet of office, retail, apartment and hotel space. Local news outlets reported the site was up for consideration for Amazon’s national HQ2 search in 2017 and 2018. CIM Group expects the project to add 12 city blocks to the 16-acre site, which is currently a parking lot for nearby destinations including State Farm Arena and Mercedes-Benz Stadium. Los Angeles-based CIM bought the site in December for a reported $115 million. According to a press release, the term “Centennial” creates a clear geographical reference to the project’s location along Centennial Olympic Park Drive. Moreover, with over 100 years of rail and industrial history at the site, the moniker “Yards” pays homage to the rail history of the area. A timeline for construction of Centennial Yards was not disclosed.