Georgia

Retailers Ramp Up Industrial Presence to Service Their Stores, Customers, Say InterFace Panelists

by Camren Skelton September 4, 2018

ATLANTA — While the development pipeline for industrial real estate is at peak capacity, retail’s new store inventory is taking a back seat. Paul Xhajanka, division real estate manager of Kroger, said that his company is breaking from the past when it would open hundreds of stores a year. “If you look at our store count for the next three to five years, we’re only going to open 20 to 25 stores across our various platforms,” said Xhajanka, referring to Kroger’s portfolio of grocery brands, which include Mariano’s, Harris Teeter and Ralphs. “Target is opening 10 to 20 smaller stores a year, and even Walmart is down to 10 stores a year. All of us are shrinking our inventory of new stores down. Retailers are building more distribution centers, not stores.” Xhajanka’s comments were made during the “Industrial Brokers and Expanding Retailers” panel at the first annual Intersection of Industrial and Retail in the Southeast conference, held Thursday, Aug. 23 at the Westin Buckhead in Atlanta. Sponsored by InterFace Conference Group and Southeast Real Estate Business, the half-day event drew more than 170 industrial and retail real estate professionals across the Southeast. Retailers, along with global companies like Amazon and Wayfair, are the …

September 4, 2018

Development Georgia Industrial Southeast

German Manufacturer to Build $45M Facility in Northeast Georgia

by Camren Skelton August 31, 2018

BANKS COUNTY, GA. — SELIT North America, a manufacturer of polystyrene foams and the U.S. affiliate of SELIT Europe, will invest $45 million to build a new manufacturing facility in northeast Georgia’s Banks County. The new facility will create 100 manufacturing and administrative positions. Based in Germany, SELIT Europe produces foams for acoustic and thermal insulation of floating flooring solutions like laminate, parquet and vinyl floors. SELIT North America is family-owned and holds the largest market share in its North American niche market. SELIT’s products are designed for top-tier flooring manufacturers, as well as do-it-yourself customers. A construction timeline for the Banks County facility was not disclosed.

August 31, 2018

Development Georgia Industrial Southeast

Ware Malcomb Completes Design of 615,572 SF Industrial Project Near Atlanta

by Camren Skelton August 31, 2018

BUFORD, GA. — Architecture firm Ware Malcomb has completed design on the new 985 Lanier Logistics Center located on Georgia State Road 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. McCraney Property Co. is developing the project, and Evans General Contractor is building the facility. Construction has begun on the project, which will include three buildings totaling 615,572 square feet. The project will be able to accommodate tenants ranging in size from 25,000 to 236,000 square feet. The buildings will feature 32-foot clear heights, 38- to 42-foot dock high doors, tilt-up concrete panels, glass and a framed metal canopy at the building entrance. The project also includes 160 tractor-trailer stalls.

August 31, 2018

Acquisitions Georgia Multifamily Southeast

Berkadia Secures $50M Sale of Apartment Portfolio in Metro Atlanta

by Camren Skelton August 30, 2018

BROOKHAVEN, GA. — Berkadia has arranged the $50 million sale of the Briarwood Park portfolio, a three-property apartment portfolio in Brookhaven, roughly 11 miles north of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia arranged the transaction on behalf of the seller, Atlanta-based Marquis Investments. Richard Levine of Berkadia arranged a $38 million Fannie Mae loan for the acquisition on behalf of the buyer, Washington-based Wilkinson Corp. The portfolio includes Northeast Plaza and Terraces at Brookhaven, which Wilkinson will combine into one property and rename The Commons at Briarwood. Located at 3506-3510 Buford Highway, the 344-unit property includes a mix of one- to three-bedroom floor plans and features a swimming pool, playground and laundry facilities. The third property, Epic Gardens, is located at 3460 Buford Highway, adjacent to The Commons at Briarwood, and includes 112 units with a mix of one- to three-bedroom floor plans. The community features private balconies or patios, two swimming pools and laundry facilities.

August 30, 2018

Georgia Leasing Activity Retail Southeast

Braves Development Signs Four New Tenants at The Battery Atlanta

by Camren Skelton August 30, 2018

ATLANTA — Braves Development Co. (BDC) has signed four new tenants to The Battery Atlanta in Cobb County. The 1.5 million-square-foot mixed-use development surrounds SunTrust Park, home ballpark of the Atlanta Braves that opened in April 2017. The VOID, a social activity that combines virtual reality technology, physical stages and multi-sensory effects, will open a 9,000-square-foot space adjacent to the Coca-Cola Roxy music venue. Scheduled to open in 2019, the space will mark The VOID’s first location in Georgia. Chattanooga, Tenn.-based Rock/Creek, an outdoor industry retailer, will open a 17,000-square-foot store that carries gear for sports such as kayaking, rock climbing, camping and hiking. Rock/Creek is scheduled to open at the development in 2019. Escape room concept The Escape Game will open a 5,000-square-foot space along Battery Avenue in 2019. The fourth tenant, Allure Nail Bar, will open a 3,100-square-foot location next to Select Shades. Gary Lewis of Gary Lewis & Associates Real Estate represented BDC in the lease transactions with The VOID, Rock/Creek and The Escape Game. JLL assisted with the Allure Nail Bar lease. The new signings come on the heels of the recently announced additions of Silverspot Cinema, Aloft Hotel and Savi Provisions, as well as the announcement …

August 30, 2018

Development Georgia Multifamily Southeast

Mill Creek Opens 269-Unit Apartment Community in Atlanta’s Vinings District

by Camren Skelton August 29, 2018

ATLANTA — Mill Creek Residential has opened a 269-unit apartment community in Atlanta’s Vinings district. Located at 3205 Cumberland Blvd., Modera Vinings is located roughly 11 miles northwest of downtown Atlanta and less than three miles from SunTrust Park, the new home ballpark of the Atlanta Braves. The community overlooks a private body of water, dubbed Crossroads Pond, and includes a mix of studio to three-bedroom units atop 5,316 square feet of ground-floor retail space. In addition to the recently announced Kale Me Crazy, the development will house Highland Bakery. The Atlanta-based breakfast, brunch and lunch chain is expected to open in early 2019, marking the restaurant’s 11th location in the city. Community amenities at Modera Vinings include an open-air event space, swimming pool with sundeck, courtyard with fire pits, dog park, pet spa and a fitness center with a yoga studio and personal training sessions. Resident move-ins began earlier this month at the complex. Monthly rental rates at the community range from $1,510 for a one-bedroom unit to $3,648 for a three-bedroom, according to Apartments.com.

August 29, 2018

Acquisitions Georgia Retail Southeast

SRS Arranges $5.3M Sale of Crunch Fitness-Leased Building in Metro Atlanta

by Camren Skelton August 29, 2018

LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.

August 29, 2018

Acquisitions Georgia Retail Southeast

CBL Properties Sells Shopping Center in Southeast Georgia for $21.5M

by Camren Skelton August 28, 2018

STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.

August 28, 2018

Acquisitions Georgia Midwest Minnesota Retail Southeast Texas Top Stories

CBRE, Brookfield Property Partners Buy Three Super-Regional Malls from GGP for More Than $1B

by Camren Skelton August 28, 2018

LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …

August 28, 2018

Development Georgia Mixed-Use Multifamily Southeast

Pollack Shores to Build Residential Component of Mixed-Use Project in Metro Atlanta

by Camren Skelton August 24, 2018

ROSWELL, GA. — Pollack Shores Real Estate Group has purchased a site at 11060 Alpharetta Highway in Roswell, roughly 23 miles north of Atlanta, with plans to develop a new multifamily community. The project is part of a greater mixed-use development that Pollack Shores is building in partnership with Fuqua Development. The site currently houses a strip shopping center that will be razed this fall to make way for the new development. Dubbed Sun Valley, the community will include 300 multifamily units developed by Pollack Shores and 115,000 square feet of retail that Fuqua will develop, according to the Atlanta Business Chronicle. The Atlanta-based firms had a similar arrangement at The Battery Atlanta, where Pollack Shores developed the multifamily portion, dubbed Home at The Battery Atlanta, and Fuqua developed the retail and restaurants. The residential portion of the Roswell project will include a mix of one- to three-bedroom units with granite countertops, stainless steel appliances, a mix of vinyl-plank wood flooring and carpet flooring and walk-in closets. Community amenities will include a dog park, pet washing station, pool, lounge area and a fitness center with a yoga room. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.

August 24, 2018

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