ROSWELL, GA. — Newmark Knight Frank (NKF) has brokered the $19.8 million sale of Roswell Distribution Center, a two-building, 259,641-square-foot industrial park in Roswell. Longpoint Realty Partners acquired the asset from an undisclosed institutional investor. Matt Tritschler and Peter Everett of NKF represented the seller in the transaction. Built in 2006 on Hembree Park Drive, the distribution center was 55 percent leased at the time of sale to tenants such as Room & Board Inc., Central EMS and Ferguson Enterprises. Located along Hembree Park Drive, the office building includes 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet.
POOLER, GA. — Plastic Express has announced plans to expand its operations at the Port Logistics Center near the Port of Savannah with two new manufacturing facilities. The $172 million investment is expected to create 166 new jobs. Located in Pooler, the 172-acre Port Logistics Center is owned and developed by Capital Development Partners Inc. Plastic Express is based in California and operates trucking terminals, warehouses, docks and packaging plants across the country. Griff Lynch, executive director of the Georgia Ports Authority, said in a statement that the project will help establish the Port of Savannah as a leader in the exportation of plastic resins to the oil and gas industry. Genesee & Wyoming will provide rail service for the facility via its Georgia Central Railway. Plastic Express expects to occupy its new facilities in October.
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.
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.
Banyan Street, Greystar Receive Construction Loan for $125M Multifamily Building in Downtown Atlanta
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.
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.
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.
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.
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.
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.