Georgia

Tri-Land Breaks Ground on Redevelopment of 253,000 SF Shopping Center in Metro Atlanta

by John Nelson April 25, 2019

CONYERS, GA. — Tri-Land Properties Inc. has begun construction on the overhaul of Salem Gate Market, a 253,000-square-foot grocery-anchored shopping center in Conyers, about 25 miles southeast of Atlanta. The multimillion-dollar redevelopment will include a 55,000-square-foot Hobby Lobby, 20,000-square-foot Northern Tool + Supply, a 103-room hotel and an Allure Nail & Spa. Tri-Land is rebuilding Salem Gate in a public-private partnership with the City of Conyers. Salem Gate is the first project underway as part of the Conyers Gateway Village District, the product of a new zoning ordinance adopted by the City of Conyers in 2016. In February, the city approved a new Tax Allocation District designation allocating future tax revenues to repay Tri-Land for its infrastructure improvement costs. The metro Chicago-based developer plans to announce additional tenants in the family fashion, sporting goods and value retail segments in the near future. Tri-Land expects to deliver Salem Gate in early summer 2020.

April 25, 2019

Florida Georgia Loans Multifamily Southeast

HFF Closes Two Freddie Mac Loans Totaling $37.9M for Apartment Properties in Orlando, Savannah

by Alex Tostado April 24, 2019

ORLANDO, FLA. AND SAVANNAH, GA. — HFF has originated two separate Freddie Mac loans totaling $37.9 million on behalf of the borrower, Beachwold Residential. The New York-based multifamily investment firm will use the proceeds of the two loans to refinance The Place at Alafaya, a 400-unit multifamily community in Orlando, and to acquire Litchfield Place, a 76-unit apartment community in Savannah. Mona Carlton, Elliott Throne and Jesse Wright of HFF led the debt placement effort for both loans, which featured 10-year terms and fixed interest rates. The Place at Alafaya in east Orlando offers one- and two-bedroom units and amenities such as a pool, tennis courts, basketball court, fitness center and a resident clubhouse. Completed in two phases between 2008 and 2014, Litchfield Place in southwest Savannah features units averaging 1,119 square feet. The seller and sales price of Litchfield Place were not disclosed.

April 24, 2019

Development Georgia Multifamily Southeast

Banyan Street, Greystar Receive Construction Loan for $125M Multifamily Building in Downtown Atlanta

by Alex Tostado April 23, 2019

ATLANTA — Banyan Street Capital and Greystar have received construction financing for Ascent Peachtree, the partners’ $125 million, 29-story apartment building in downtown Atlanta. Ascent Peachtree will comprise 345 residential units, 70 of which will be reserved for workforce housing, and will be built on top of an existing parking garage, with residential units beginning on the 11th floor. Invest Atlanta has provided the joint venture with a $9 million loan from Atlanta’s Eastside Tax Allocation District, as well as a lease-purchase bond financing for the project to ensure the workforce units. Additionally, 20 percent of the units will be affordable housing units. Ascent Peachtree will offer studio, one-, two- and three-bedroom floor plans ranging in size from 680 to 2,380 square feet. Amenities will include a swimming pool, outdoor entertainment space and a rooftop lounge. Banyan Street and Greystar expect to break ground in May.

April 23, 2019

Georgia Loans Retail Southeast

Grandbridge Provides Two Acquisition Loans Totaling $20M for Metro Atlanta Retail Assets

by Alex Tostado April 22, 2019

DULUTH AND FAYETTEVILLE, GA. — Charlotte-based Grandbridge Real Estate Capital has provided a pair of acquisition loans totaling approximately $20 million for two retail assets in metro Atlanta. In the first deal, the company provided a $9.8 million loan for Reynolds Crossing, a 148,809-square-foot center located in the northeastern Atlanta suburb of Duluth. That loan carried a seven-year term, fixed interest rate and a 25-year amortization schedule. In the second transaction, Grandbridge closed a $10.2 million loan for Togwotee Village, a 109,680-square-foot center in Fayetteville, located about 22 miles south of Atlanta. That loan was structured with a 10-year term and a 25-year amortization schedule. Alan Tapie of Grandbridge closed the loans on behalf of the undisclosed borrower.

April 22, 2019

Development Georgia Industrial Southeast

Chick-fil-A to Build First Company-Owned Distribution Center, Create 300 Jobs in North Georgia

by Alex Tostado April 19, 2019

CARTERSVILLE, GA. — Chick-fil-A will build its first company-owned distribution center in Cartersville, a project that will create about 300 jobs. The distribution center will open this summer as a pilot facility, serving as a learning lab while the full-scale center is being built. When the full-scale center is delivered at its expected date of summer 2020, it will serve 300 Chick-fil-A restaurants. The property will also house 300 employees with jobs including drivers, warehouse team members, leadership team members and administrative staff. Multiple media outlets report that Chick-fil-A D2 Services LLC paid $3.7 million for a 50-acre site near Cartersville Business Park, which is located about 45 miles north of downtown Atlanta.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges Sale, Financing of 284-Unit Apartment Complex in Metro Atlanta

by Alex Tostado April 19, 2019

STONE MOUNTAIN, GA. — Berkadia has arranged the $21.9 million sale of The Residences at Mountain Lake, a 284-unit apartment community in Stone Mountain, about 20 miles east of downtown Atlanta. The garden-style complex offers one-, two- and three-bedroom floor plans and communal amenities such as a picnic area, clubhouse and a playground. The buyer, California-based Praxis Capital Inc., plans to add a fitness center and clubroom, as well as upgrade unit interiors. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia’s Atlanta office represented Praxis Capital as well as the seller, Texas-based Napali Capital LLC. Jackson Cloak of Berkadia’s Irvine, Calif. office arranged a $20.2 million acquisition loan through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.6 percent interest rate and an 80 percent loan-to-cost structure.

April 19, 2019

Acquisitions Georgia Multifamily Southeast

Hudson Properties Sells Apartment Complex in Metro Atlanta for $43M

by Alex Tostado April 18, 2019

SANDY SPRINGS, GA. — Hudson Properties has sold The Preserve at Dunwoody, a garden-style apartment complex in Sandy Springs. The property is situated near the Chattahoochee River and Chattahoochee Nature Preserve, 20 miles north of downtown Atlanta. The Preserve at Dunwoody was built in 1984 and offers one- and two-bedroom floor plans. Community amenities include two swimming pools with sundecks, internet café, tennis court, fitness center, private lake, clubhouse and a health club. Kevin Geiger of CBRE represented the buyer, Magnolia Capital, in the transaction.

April 18, 2019

Acquisitions Georgia Multifamily Southeast

Wilson Investment, Liquid Capital Acquire 646-Unit Apartment Community in Metro Atlanta

by Alex Tostado April 17, 2019

DORAVILLE, GA — Wilson Investment Properties and Liquid Capital Real Estate have acquired Forest Cove, a 646-unit apartment complex in Doraville. The joint venture plans to upgrade unit interiors, repaint the building exteriors and enhance existing amenities, which include a dog park, fitness center, swimming pool, playground, soccer field and an outdoor fire pit. The property offers one-, two- and three-bedroom floor plans and is situated at 3497 Meadowglenn Village Lane, four miles from the Doraville MARTA Station. The seller and sales price were not disclosed.

April 17, 2019

Acquisitions Georgia Office Southeast

TerraCap Management Purchases 122,700 SF Office Building in Metro Atlanta

by Alex Tostado April 17, 2019

DECATUR, GA. — TerraCap Management has acquired 160 Clairemont, a 122,700-square-foot office building in Decatur. The property is situated six miles east of downtown Atlanta and offers amenities such as a fitness center, onsite café and a conference center. Samir Idris and Davide Meline of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Linnihan and Richard Henry of Cushman & Wakefield worked on behalf of the buyer to arrange acquisition financing through Delta Community Credit Union. The sales price was not disclosed.

April 17, 2019

Acquisitions Georgia Industrial Iowa Southeast

Americold to Acquire Cloverleaf for $1.24B, Including 22 Cold Storage Facilities

by Alex Tostado April 16, 2019

ATLANTA AND SIOUX CITY, IOWA — Americold Realty Trust has entered into a definitive agreement to acquire Cloverleaf Cold Storage from the company’s management and an investor group led by private equity funds managed by Blackstone. The purchase price was $1.24 billion. Atlanta-based Americold will acquire 22 cold storage facilities in nine states in the Midwest and Southeast, 21 of which are owned by Cloverleaf and one is managed by the company, totaling 5.2 million refrigerated square feet. Sioux City, Iowa-based Cloverleaf is the fifth largest cold storage provider in the United States. The company acquired competitor Zero Mountain in January. Bank of America Merrill Lynch and Goldman Sachs & Co. LLC are Americold’s financial advisors in the transaction, and King & Spalding LLP is its legal advisor. Wells Fargo Securities and Deutsche Bank Securities Inc. are Cloverleaf and Blackstone’s financial advisors, and Kirkland & Ellis LLP is their legal advisor.

April 16, 2019

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