Georgia

Brasfield & Gorrie Breaks Ground on $100M Expansion of Georgia Aquarium in Downtown Atlanta

by Camren Skelton September 14, 2018

ATLANTA — Brasfield & Gorrie has broken ground on a 104,100-square-foot expansion of the Georgia Aquarium in Atlanta. Dubbed Expansion 2020, the project costs will total $100 million, according to the Atlanta Business Chronicle. A 1 million-gallon “interactive and immersive” shark tank exhibit will be the focal point of the expansion. The project will also include a new entrance and exit, office spaces, retail spaces, loading dock and new ticketing services. Since the aquarium’s 2005 opening, Brasfield & Gorrie has completed multiple expansions, including the ballroom renovation, dolphin expansion, multiple marine life holding projects, sea lion exhibit and the café renovation. Birmingham, Ala.-based Brasfield & Gorrie is collaborating with Peckham, Guyton, Alberts & Viets Architects on the project, which is slated for completion in late 2020. The aquarium will remain open during construction.

September 14, 2018

Acquisitions Georgia Multifamily Southeast

American Realty Advisors Acquires High-Rise Apartment Community in Midtown Atlanta

by Camren Skelton September 13, 2018

ATLANTA — American Realty Advisors (ARA) has acquired Azure on the Park, a 329-unit, high-rise apartment community located at 1020 Piedmont Ave. N.E. in Atlanta’s Midtown district. The community overlooks the 189-acre Piedmont Park and is surrounded by more than 150 restaurants, art exhibitions and retail. Community amenities include a fitness center with a yoga and spin studio, rooftop pool, rooftop movie theater, sky club with billiards, bocce ball court, dog spa, dog park and a Starbucks Coffee bar. In addition, an overlook on the 22nd floor features an outdoor kitchen and grilling stations. Kris Mikkelsen of Walker & Dunlop arranged the transaction on behalf of the seller. Other terms of the deal were not disclosed.

September 13, 2018

Development Georgia Industrial Southeast

Trammell Crow, Clarion Buy 109.7 Acres for Third Phase of Industrial Park in Northeast Georgia

by Camren Skelton September 12, 2018

JEFFERSON, GA. — Trammell Crow Co. (TCC) and joint venture partner Clarion Partners LLC have acquired 109.7 acres for the third phase of Jefferson Mill Business Park, an industrial park in the northeast Georgia city of Jefferson. The acquisition represents an assemblage of seven properties held by seven different owners. Price Weaver and Ben Logue of Colliers International represented TCC and Clarion Partners in the transaction. Matt McCord of Norton Commercial, Grant Whitworth of Whitworth Land Corp. and Kim Bowman of Keller Williams represented the various sellers. Phase III of Jefferson Mill Business Park will be a build-to-suit, cross-dock distribution facility that will span between 1.1 and 1.5 million square feet. The first two phases of the industrial park include more than 500 trailer spaces and 1,000 auto parking spaces. All together, Jefferson Mill Business Park spans 232 acres and includes 2.7 million square feet of industrial space. A construction timeline for Phase III was not disclosed.

September 12, 2018

Acquisitions Georgia Office Southeast

Innovatus Capital Buys Newly Built Office Building in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton September 11, 2018

ATLANTA — Innovatus Capital Partners LLC has acquired 3400 Overton, a 172,756-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. TPA Group and USAA Real Estate delivered the seven-story project in October 2017. The all-glass building is situated at the southeast corner of the Interstate 75 and I-285 interchange at the intersection of Akers Mill Road and Cumberland Boulevard. The sales price was not disclosed. The building is 80 percent leased to tenants including Synovus Financial Corp. and McGriff, Seibels & Williams Inc. Lincoln Property Co. is handling the property’s leasing assignment and management services. Onsite amenities at 3400 Overton include a modern lobby, fitness center, Synovus bank branch, café, grab-and-go coffee bar, indoor/outdoor Wi-Fi, covered parking and an open courtyard overlooking the Chattahoochee National Forest. A 140-room hotel planned by Intercontinental Hotels Group is scheduled to open adjacent to the property in 2019.

September 11, 2018

Features Georgia Hospitality Southeast Southeast Feature Archive

Economist: Hotel Sector Benefitting from Strong Consumer Confidence, Uptick in Income and Corporate Profits

by John Nelson September 11, 2018

ATLANTA — Roger Tutterow, director of Kennesaw State University’s Econometric Center, encourages hoteliers to be optimistic about today’s historic level of consumer confidence because it directly impacts the leisure travel side of the hospitality sector. In late August, the consumer confidence index increased to 133.4, its highest level since October 2000, according to The Conference Board. The index gauges consumers’ confidence levels about business and labor conditions. “This is still a consumer-driven economy, and it’s very important that we maintain those confidence levels,” said Tutterow, who was one of the featured speakers at Atlanta Lodging Outlook 2019. The Atlanta Convention & Visitors Bureau, Cornell Hotel Society and the Georgia Hotel & Lodging Association jointly hosted the annual event, which took place on Tuesday, Sept. 4 at the InterContinental Buckhead hotel in Atlanta. Spending Power Impacts Hotel Performance Personal income gains and corporate profits also affect hotel absorption as these determine the spending power of leisure travelers and businesses. According to the Bureau of Economic Analysis, personal income increased by 3.5 percent over the past six months, while corporate profits rose 20 percent during the same period. “You’ve got support both from the personal income and corporate profits side,” said Tutterow …

September 11, 2018

Civic Development Georgia Southeast

City of Atlanta Begins First Phase of 280-Acre Park in Westside Area

by Camren Skelton September 10, 2018

ATLANTA — The City of Atlanta has broken ground on the first phase of Westside Park at Bellwood Quarry in Atlanta’s Westside area. Expected to be the largest park in Atlanta, the first phase will include a signature gateway and trails leading to an overlook area for views of a quarry-turned-reservoir. Upon completion, the park will encompass 280 acres, nearly 100 acres larger than Piedmont Park in Atlanta’s Midtown district. The park will connect the Proctor Creek Greenway and Chattahoochee River Corridor with the Atlanta BeltLine, a loop trail that will eventually span 22 miles and connect 45 intown neighborhoods in Atlanta. Architecture firm HGOR is designing the park. The quarry-turned-reservoir will take on the role of Atlanta’s major emergency water source, increasing the city’s drinking water supply from three days to more than 30 days. The surrounding park will feature elements of green infrastructure, which should enhance water quality and ground water infiltration. HGOR is collaborating on the development with partner leaders Reeves Young and CERM. Other project team members include Portman & Associates, Long Engineering, EcoWorks, Full Circle Communication, Denyse, BioHabitats, Sherwood Design Engineers, S.L. King & Associates and Sykes Consulting. According to The Atlanta Journal Constitution, the park …

September 10, 2018

Acquisitions Georgia Industrial Southeast

Monmouth Acquires New Industrial Building Leased to FedEx in Northeast Georgia for $61.1M

by Camren Skelton September 10, 2018

BRASELTON, GA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building in Braselton, roughly 50 miles northeast of Atlanta, for $61.1 million. Delivered earlier this year, the 373,750-square-foot building is net-leased for 15 years to FedEx Ground Packaging System. The facility is situated on 93 acres at 650 Braselton Parkway off of Interstate 85. New Jersey-based Monmouth’s portfolio includes 111 properties totaling 21.2 million square feet.

September 10, 2018

Development Georgia Retail Southeast

Sembler, Berkley Development Break Ground on 166,465 SF Retail Project in Macon, Georgia

by Camren Skelton September 7, 2018

MACON, GA. — A joint venture between The Sembler Co. and Berkley Development has broken ground on North Macon Plaza, a 166,465-square-foot retail project located in Macon, located roughly 83 miles south of Atlanta. The center will be home to Marshalls/HomeGoods, Michaels, Beall’s Outlet, Old Navy, Five Below, Famous Footwear and Lifeway Christian. North Macon Plaza will be situated adjacent to a 600,000-square-foot Bass Pro Shops retail facility and distribution center, as well as the Shoppes at River Crossing, a 750,000-square-foot shopping center. The new center is scheduled to open in fall 2019. A second phase of the project could accommodate up to 50,000 square feet, according to the developers.

September 7, 2018

Development Georgia Industrial Southeast

Automotive Supplier to Invest $72M to Expand Manufacturing Facility Near Atlanta

by Camren Skelton September 6, 2018

COVINGTON, GA. — Nisshinbo Automotive Manufacturing Inc. (NAMI), a manufacturer and supplier of brake pads, will invest $72 million to expand its facility in Covington, Georgia Gov. Nathan Deal announced on Tuesday, Sept. 4. The expansion will create 100 production and administration jobs at the facility, which is located roughly 35 miles southeast of Atlanta. NAMI, a subsidiary of Japan-based Nisshinbo Group, has maintained a presence in Covington for 20 years. The Covington facility produces friction materials for automotive manufacturers and develops environmentally friendly, copper-free brake pads. According to the governor’s office, Japanese-affiliated companies currently operate more than 500 facilities in Georgia, employing approximately 30,000 people.

September 6, 2018

Development Georgia Office Southeast

Inspire Brands to Locate $32M Global Headquarters in Metro Atlanta

by Camren Skelton September 4, 2018

SANDY SPRINGS, GA. — Multi-brand restaurant company Inspire Brands will locate its global headquarters in Sandy Springs, roughly 20 miles north of Atlanta. The Global Support Center is expected to open in 2019 and will be the corporate hub for Inspire and its portfolio of restaurant brands. Founded in February, Inspire’s portfolio includes more than 4,600 Arby’s, Buffalo Wild Wings and R Taco restaurants worldwide, with combined global system sales of more than $7.6 billion in 2017. The new headquarters is expected to create more than 1,100 jobs in Fulton County over the next six years.

September 4, 2018

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