MCDONOUGH, GA. — Atlanta-based tire manufacturer Kumho Tire USA has fully leased 210 Interstate South Drive, a 428,160-square-foot cross-dock industrial facility located in the south Atlanta suburb of McDonough. Price Weaver and Hooper Wilkinson of Colliers represented the tenant in the lease negotiations. Bob Currie, Brad Pope, Reed Davis and Hannah Dillard of JLL represented the landlord, Dermody Properties. The distribution center is located less than one mile from I-75 and 24 miles from Hartsfield-Jackson Atlanta International Airport. The facility features 28-foot clear heights, 101 dock-high doors, 147 trailer storage spaces and ESFR sprinklers. The property was built in 2000, according to LoopNet Inc.
Georgia
SNELLVILLE, GA. — JLL has arranged the sale of Presidential Commons, a 264,271-square-foot shopping center located in Snellville, a northeast suburb of Atlanta. Kroger anchors the property, which was 89 percent leased at the time of sale. Other tenants at the center include Petco, Ulta Beauty, Burlington, Five Below and Aaron’s. SITE Centers sold the property to Sterling Organization for an undisclosed price. Jim Hamilton, Brad Buchanan, Andrew Michols and Anton Serafini of JLL represented the seller in the transaction.
SUGAR HILL, GA. — Ackerman & Co. has formed a partnership with Novare Group to develop an unanchored retail center in Sugar Hill, a northeast suburb of Atlanta in Gwinnett County. The project will comprise two buildings spanning 6,035 square feet and 7,240 square feet adjacent to Novare’s 306-unit Conclave Sugar Hill multifamily community, which was delivered recently. Kelly Wilson of Ackerman Retail, a division of Ackerman & Co., will spearhead the leasing efforts for the project, which will be developed on a four-acre site on Hillcrest Drive. Ackerman Retail will target homegrown and regional restaurants, fast-casual eateries, boutiques and shops for the project, with flexible space options starting at 1,260 square feet.
SUGAR HILL, GA. — Novare Group and BCDC have delivered Conclave Sugar Hill, a 306-unit apartment community in metro Atlanta. The property is located off Ga. Highway 20 at 1375 Hillcrest Drive, directly across from Sugar Hill’s town center. The property includes studio, one-, two- and three-bedroom apartments, as well as townhomes with private garages and patios. Monthly rental rates range from $1,455 to $2,915, according to Apartments.com. The gated community interfaces with the 11.5-mile Sugar Hill Greenway and also features a two-story club room with a library and lounge and a two-story fitness center. Other amenities include a resort-style pool with a sun shelf and tanning ledge, fire pits, lounge spaces, greenspaces, coworking spaces and a dog park.
AUSTIN, TEXAS — American Campus Communities (ACC) has delivered new student housing projects totaling $855 million this year. Together, the six communities — which include Meadows Apartments at Princeton University, Casa del Valle at Arizona State University, The Ridge Graduate & Professional Housing at Emory University, xučyun ruwway Graduate Student Apartments at University of California Berkeley, East Campus Graduate Apartments at The University of Texas at Austin and Graduate Junction at MIT — feature 3,867 beds. Austin, Texas-based ACC is the third-party developer and manager for Graduate Junction (676 beds), East Campus Graduate Apartments (784 beds), The Ridge Graduate & Professional Housing (535 beds) and Meadows Apartments (604 beds). Amenities at Meadows Apartments at Princeton University include a communal kitchen, children’s playroom and a market and café. In addition to a communal kitchen, The Ridge Graduate & Professional Housing at Emory University features a fitness center, study areas and a parking garage. At Graduate Junction at MIT, amenities include study areas, a recreation center and gym and indoor bike storage. ACC is the owner, developer and manager of Casa del Valle at Arizona State University, which offers 507 suite-style beds with social lounges, Zen areas and landscaped outdoor amenities. ACC …
WARNER ROBINS, GA. — Parkland Residential has secured a $57 million loan for the financing of Grover Landing, a build-to-rent (BTR) residential community underway in Warner Robins, roughly 20 miles south of Macon, Ga. The loan will be used to refinance completed homes at the development, which will total 317 units. Residences at the community range from two to four bedrooms in size. Amenities at the development include a swimming pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged the financing through Encore Finance. Additionally, Synovus Bank will provide construction financing for newly built homes.
FloridaGeorgiaMarket ReportsNorth CarolinaSouth CarolinaSoutheastSoutheast Market ReportsStudent Housing
Universities, Student Housing Properties in Southeast Contend with Hurricane Helene
by John Nelson
Hurricane Helene made landfall in Northwestern Florida on Thursday, Sept. 26, after being upgraded to a major Category 3 storm that afternoon. Widespread damage across a number of Southeastern states followed in its wake, with many areas experiencing flooding, downed trees, power outages and road closures. At least 175 people have died across six states, according to reports by CNN and The New York Times, and officials fear that the death toll is likely to rise with many remaining missing. Hundreds of roads remain closed across the Southeast — especially in Western North Carolina and East Tennessee, which were hit particularly hard by the hurricane — hampering the delivery of supplies, and more than 2 million customers remain without power. Student Housing Business reached out to universities, owners, operators and students across the Southeast to check in on how they fared during the storm and their experience in the aftermath. Owners, Operators Weigh In Denver-based Cardinal Group tracked its communities in Alabama, Arkansas, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia through Hurricane Helene. “Of those communities, four experienced power outages and several had minor roof leaks and flooding, with the largest impact felt in Asheville and Boone, North Carolina,” says Jenn Cassidy, president of property operations …
Scammers lurk in the background of virtually every industry, and the multifamily sector is no exception. Some renters will leap at the chance to exploit loopholes in the system and take advantage of unprepared landlords. “As a baseline definition, we classify rent fraud as any act of intentional deception by a renter to deceive the property owners to gain financial or personal benefit,” says Josh Albrechtsen, senior vice president and general manager of front office solutions at RealPage. “Fraud is evolving constantly. This is not a one-and-done problem solve. The trends and behaviors of the fraudsters indicate an ongoing chess match.” Unfortunately, renter fraud is increasingly common. In January, the National Multifamily Housing Council (NMHC) released the results of a fraud survey, which collected responses from 75 property owners, developers and managers. A whopping 93 percent of survey respondents stated that they had experienced fraud over the past 12 months. Additionally, 71 percent of respondents had encountered increased fraud activity in the last year. Snappt, which specializes in assisting apartment property managers with document fraud detection, reported that of the nearly 3.3 million application documents its platform scanned in 2023, approximately 177,000 were fraudulent. That represents an average fraud rate …
WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.
LAWRENCEVILLE, GA. — Souto Foods, a locally based food distributor and subsidiary of Alex Lee, has leased 200,000 square feet of cold storage and warehouse space at Sugarloaf Logistics Hub, a 2.2 million-square-foot industrial development underway in Gwinnett County. The nearly 300-acre development is located along Sugarloaf Parkway in Lawrenceville within a couple miles of the interchanges of I-85 and Ga. Highway 316. The tenant, which specializes in Latin American and Caribbean food distribution, plans to invest $28 million into the site and hire 70 new positions. Reed Davis of JLL and Stephen Bridges of OnPace Partners represented the landlords, Foxfield LLC and AEW Capital Management, in the lease transaction. Bill Kee of NAI Brannen Goddard represented Souto Foods. In addition to the lease, Foxfield and AEW have sold a 13-acre parcel at Sugarloaf Logistics Hub to Atlanta-based Westplan Investors for a new 330-unit multifamily development. Construction is expected to commence in second-quarter 2025. Scott Cullen of JLL represented the landlords in the land sale.