Georgia

Logistics Firm Signs 408,600 SF Industrial Lease in Atlanta

by Alex Tostado May 8, 2019

ATLANTA — Broadrange Logistics, a third-party logistics provider, has signed a full-building industrial lease for 408,600 square feet in Atlanta’s Fulton Industrial submarket. The Atlanta-based firm offers air, ocean, trucking and warehouse logistics services to several major companies including Amazon, Wayfair, Drive Medical, SP Richards and Smith Cooper. The facility is located at 105 Kendall Park Lane, 13 miles west of Atlanta Hartsfield-Jackson International Airport and 16 miles west of downtown Atlanta. Bob Robers and Brian Monaghan of Cushman & Wakefield represented the tenant in the lease transaction. LaSalle Investment Management is the landlord. Brian Alcorn of Cushman & Wakefield will oversee build-out of the space, though details of the build-out were not disclosed.

May 8, 2019

Development Georgia Office Southeast

Serta Simmons Bedding Opens New Office Headquarters at $2B Assembly Yards Project in Metro Atlanta

by Alex Tostado May 7, 2019

DORAVILLE, GA. — Georgia Gov. Brian Kemp was onhand Friday at the site of the former GM plant in Doraville to officially open the new Serta Simmons Bedding headquarters. The mattress company now employs more than 500 people at its 210,000-square-foot office building situated adjacent to Third Rail Studios within the $2 billion Assembly Yards project. Joining Gov. Kemp were Doraville Mayor Donna Pittman, chairman and CEO of Serta Simmons Dave Smith and outgoing CEO of Serta Simmons, Michael Traub. In 2014, The Integral Group LLC acquired the land after GM closed its plant in 2008 and began working on Assembly Yards. The planned “city within a city” will offer 120,000 square feet of retail and entertainment space, 500,000 square feet of office space, more than 700 residential units and three miles of paved pathways at full buildout. “Assembly Yards is one of the things that really excites me about our metro area,” said Kemp during the event. Autonomous Transportation In addition to creating a place where people can work and live, Integral is also creating a technological hub by bringing in Georgia’s only autonomous shuttle bus operated by Navya that will be able to take employees from the campus to …

May 7, 2019

Development Georgia Office Southeast

Georgia Tech Research Institute Completes $42M Expansion in Marietta

by Alex Tostado May 7, 2019

MARIETTA, GA. — Georgia Tech Research Institute (GTRI) has completed a $42 million expansion that includes two buildings spanning 350,000 square feet in Marietta. The facilities are part of GTRI’s South Cobb Campus. In 20167, GTRI acquired four buildings on an unused, 52-acre Lockheed Martin site next to Dobbins Air Reserve Base. Renovations included transforming 205,500 square feet of retired office space into a research facility featuring computing and electronics laboratories. It also included the 144,500-square-foot renovation of a 403,500-square-foot high-bay industrial warehouse, which GTRI will also use for research. This space incorporates two, 10-ton cranes and a 30-ton crane to handle heavy equipment. The design team included McCarthy Building Cos. and Flad Architects. JLL’s project and development services division managed the design and construction phases.

May 7, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Community in Savannah for $13.2M

by Alex Tostado May 7, 2019

SAVANNAH, GA. — Carter Multifamily has acquired Ascend at Savannah, a 159-unit community in Savannah, for $13.2 million. Ascend at Savannah was built in 1970 on 8.9 acres, seven miles south of downtown Savannah. Carter Multifamily plans to update unit interiors and communal areas including the swimming pool, clubhouse and recreational areas, as well as add a fenced-in pet park and dog spa, fitness center, internet café and outdoor gathering areas. The property offers one-, two- and three-bedroom floor plans ranging in size from 744 to 1,050 square feet. The seller was not disclosed.

May 7, 2019

Acquisitions Georgia Office Southeast

Newmark Knight Frank Arranges Sale of Office Building in Metro Atlanta for $10.8M

by Alex Tostado May 7, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the $10.8 million sale of an 88,000-square-foot office building in Alpharetta. The property, situated at 5925 Cabot Parkway 25 miles north of downtown Atlanta, was built in 1999 and renovated in 2007. The asset offers 48 private offices, about 130 work stations, 11 conference rooms, two lounge areas and a full-service catering kitchen. Jason Schrago and Frank Clementi of NKF represented the seller, JM Family Enterprises, in the transaction. Tom Kirbo of SK Commercial Realty represented the buyer, The Woodbury Group.

May 7, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RADCO Sells Multifamily Portfolio in Newnan, Georgia for $104.9M

by John Nelson May 7, 2019

NEWNAN, GA. — The RADCO Cos. has sold a three-property apartment portfolio in the southwest Atlanta suburb of Newnan for $104.9 million. Totaling 789 units, the three properties posted an average occupancy rate of 94 percent at the time of sale. Dallas-based McDowell Properties purchased the largest community in the portfolio, the 561-unit Creekside at White Oak. Colorado-based Vukota Capital Management acquired the other two assets — Woodlands at White Oak and Ashford at Brown Ridge, both of which hold 114 units. Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger of CBRE represented RADCO in the transaction. “Newnan remains one of Atlanta’s most desired submarkets with nearly 3,000 jobs added in the specialized healthcare field since 2010 and a surging industrial corridor,” says Campbell, senior vice president at CBRE. “This is a great investment in an area with limited supply of new apartments on the horizon.” The buyers have the potential to significantly renovate the portfolio’s unit interiors. RADCO, a multifamily investment firm based in Atlanta, left about two-thirds of the portfolio’s units in “classic condition,” according to CBRE. RADCO purchased Creekside at White Oak in late 2015 from ECI Group for $53 million. A couple months later, the …

May 7, 2019

Acquisitions Georgia Office Southeast

KBS to Acquire Office Campus in Metro Atlanta for $91M

by Alex Tostado May 6, 2019

ALPHARETTA, GA. — KBS Strategic Opportunity REIT Inc. has entered into an agreement to acquire Georgia 400 Center, a three-building, 416,463-square-foot office campus situated on 24.4 acres in Alpharetta, for $91 million. Georgia 400 Center was built between 1998 and 2001 and is currently 85 percent leased to 31 tenants. The property is located at 2300 Lakeview Parkway, 25 miles north of downtown Atlanta. A date for the expected closing and the seller were not disclosed.

May 6, 2019

Georgia Healthcare Leasing Activity Southeast

Cushman & Wakefield Arranges 16,000 SF Medical Office Lease in Atlanta

by Alex Tostado May 6, 2019

ATLANTA — Cushman & Wakefield has arranged a 16,000-square-foot lease for Piedmont Internal Medicine P.C., a private healthcare practice based in Atlanta, to join Northwest Medical Center in Atlanta’s Buckhead district. Harrison Street and HealthAmerica Realty Group began renovations on Northwest Medical Center, which is situated at 3280 Howell Mill Road, in 2015. Piedmont Internal Medicine is expected to move into the space this September. The first-floor space will include access to wheelchair ramps, patient drop-off and covered pathways from the parking garage. George Olmstead and Brandon Wallace of Cushman & Wakefield represented the tenant in the lease negotiations. Tommy Tift III, James McClintock and Wheeler Briggs of HealthAmerica Realty represented the landlord internally.

May 6, 2019

Acquisitions Georgia Industrial Southeast

Americold Acquires Georgia-Based Lanier Cold Storage for $82M, Adds 14 Million Cubic Feet to Portfolio

by Alex Tostado May 3, 2019

ATLANTA — Americold Realty Trust has acquired Lanier Cold Storage for $82 million. Lanier Cold Storage has two temperature-controlled facilities northeast of Atlanta along Interstate 985. The two facilities total 14 million refrigerated cubic feet and have 51,000 pallet positions. The assets are designed to serve poultry and other products to markets across the country. According to GeorgiaInfo, an online almanac, the poultry industry contributes more than $18.4 billion to the state’s economy each year. Atlanta-based Americold currently has a 3.8 million-cubic-foot facility in Gainesville, one of its 155 temperature-controlled warehouses in the United States, Australia, New Zealand, Canada and Argentina.

May 3, 2019

Development Georgia Industrial Southeast

Savannah’s Industrial Market, Port Among Fastest Growing in Nation, Says Local Economic Development Head

by John Nelson May 3, 2019

SAVANNAH, GA. — The Port of Savannah and the surrounding industrial market are both growing exponentially. That trend was reinforced with the $172 million investment announced last week by Plastic Express to build two new manufacturing facilities in nearby Pooler. “They’re going to export plastic resins out of our port to the tune of 100,000 TEUs (twenty-foot equivalent units) per year,” said Hugh “Trip” Tollison, president and CEO of Savannah Economic Development Authority (SEDA). “Plastic Express has instantaneously become one of the port’s largest customers.” Tollison was one of the featured speakers at a luncheon hosted by SEDA on Wednesday, May 1 at 5Church restaurant in Midtown Atlanta’s Colony Square. The event brought together several of Savannah’s top businesses, including Savannah Bourbon, Visit Tybee Island, Georgia Grown, The Salt Table and Leopold’s Ice Cream, which is turning 100 years old this year. Tollison highlighted many economic drivers in the Savannah region, including aerospace giant Gulfstream Aerospace Corp. hiring its 12,000th employee; healthcare system St. Joseph’s/Candler opening a new hospital in Pooler last month; and the film industry that last year doubled its 2017 economic spend thanks to productions of films like the upcoming “Gemini Man” starring Will Smith. The straw …

May 3, 2019

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