Georgia

HFF Brokers $96.5M Sale of Office Tower in Atlanta’s Buckhead District

by Camren Skelton August 23, 2018

ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.

August 23, 2018

Georgia Leasing Activity Office Southeast

Avison Young Arranges 41,288 SF Office Sublease for Instacart at Ponce City Market in Atlanta

by Camren Skelton August 23, 2018

ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.

August 23, 2018

Acquisitions Georgia Multifamily Southeast

TriBridge, Sefira Capital Acquire Apartment Community in Midtown Atlanta for $35.8M

by Camren Skelton August 22, 2018

ATLANTA — TriBridge Residential, in partnership with Sefira Capital, has acquired Ivy Hall Apartments, a 110-unit multifamily community located at 625 Piedmont Ave. N.E. in Atlanta’s Midtown district. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports Ivy Hall Apartments of Atlanta LP sold the asset for $35.8 million. Constructed in 2010, Ivy Hall includes a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings, crown molding, granite countertops, stainless steel appliances and private balconies. Atlanta-based TriBridge and Miami-based Sefira plan to immediately upgrade the community’s two dog parks, poolside fitness center and all indoor and outdoor amenity spaces.

August 22, 2018

Features Georgia Multifamily Southeast

2018 Multifamily Investment Volume to Surpass Last Year, Say Apartment Association Panelists

by Camren Skelton August 21, 2018

ATLANTA — Multifamily investors are anticipating another solid year for U.S. apartment sales. Annual transaction volume is robust, price per unit is increasing and fundamentals like rent growth and occupancy are strong, leaving buyers confident that apartment properties remain a safe investment. “Investors are so sophisticated now, and they have the option of going into whatever sector, whatever geography, with whatever strategy they want, and they are scanning it all,” said Malcolm McComb, vice chairman of CBRE. “But what’s coming out again and again for many years in a row now is multifamily and industrial are stealing the show.” McComb’s comments were made during the opening presentation at the Atlanta Apartment Association’s (AAA) “2018 Apartment Market Outlook: Disruption in the Apartment Industry.” The conference was held on Friday, Aug. 10, at the Cobb Galleria Centre in Atlanta. Back on the Upswing After a slight decrease in total transaction volume in 2017 — the first time since 2009 that U.S. multifamily annual sales volume didn’t surpass the preceding year — 2018 transaction volume is on track to match or slightly surpass last year’s output. Through the first half of 2018, apartment investment sales totaled $69.9 billion, a 7.9 percent increase compared to …

August 21, 2018

Acquisitions Georgia Multifamily Southeast

CBRE Brokers Sale of 680-Unit Apartment Community in Metro Atlanta

by Camren Skelton August 17, 2018

MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.

August 17, 2018

Development Georgia Industrial Southeast

Jaguar Land Rover Classic to Build First U.S. Facility in Savannah

by Camren Skelton August 16, 2018

SAVANNAH, GA. — Jaguar Land Rover Classic will open a new operations hub in Savannah, creating 75 new jobs, Georgia Gov. Nathan Deal announced Wednesday. The industrial facility —the British automobile company’s first outside of Europe — will be located near Savannah/Hilton Head International Airport and the Port of Savannah. The new facility will house a range of authentic Jaguar and Land Rover Classic cars, as well as offer services, parts and guest experiences. In addition, the facility will include a 42-bay workshop for vehicle health checks, service and repairs for all Jaguar and Land Rover vehicles out of production for a decade or more. The investment in the new facility will be more than $10 million and is expected to generate more than $45 million in revenue, according to the Atlanta Business Chronicle. Construction on the operations hub is scheduled to begin in fall 2019.

August 16, 2018

Civic Development Georgia Southeast

City of Atlanta, Atlanta BeltLine Acquire Land from CSX to Expand Multi-Use Trail

by Camren Skelton August 10, 2018

ATLANTA — The City of Atlanta and Atlanta BeltLine Inc. (ABI) have acquired 1.8 miles of former railroad corridor from freight rail operator CSX on Atlanta’s Westside to expand the city’s BeltLine urban trail. Upon full build-out in 2030, the 22-mile loop trail will connect 45 intown neighborhoods. The $6.3 million acquisition of the stretch of track formerly known as “the Kudzu Line” represents the final purchase of inactive rail corridor in the Atlanta BeltLine loop. The purchase will provide points of contact for potential spur trails that would connect the neighborhoods of Bankhead, English Avenue, Knight Park and Howell Station. In addition, the corridor will allow access to the Bankhead MARTA station, Maddox Park, the future Westside Park at Bellwood Quarry and the newly opened Proctor Creek Greenway. The funds to pay for the land came from TSPLOST, a transportation sales tax Atlanta voters approved in 2016. Under the purchase agreement, the City of Atlanta and ABI control approximately 80 percent of the corridor needed to construct the BeltLine trail and transit loop. The other 20 percent includes railroad and non-railroad properties. Over the next six months, CSX will remove the rails. ABI also recently acquired 2.5 acres at …

August 10, 2018

Acquisitions Georgia Office Southeast

Bridge Acquires AT&T-Leased Office Campus in Atlanta’s Buckhead District for More than $200M

by Camren Skelton August 9, 2018

ATLANTA — Bridge Office Fund Manager LLC, a subsidiary of Salt Lake City-based Bridge Investment Group, has acquired Lenox Park, a 32-acre office campus located in Atlanta’s Buckhead district. The 1 million-square-foot development includes five buildings and serves as the corporate hub for AT&T. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports Bridge acquired the campus from an affiliate of Fortress Investment Group for at least $225 per square foot, or up to $225 million. Bridge plans to renovate the recently vacated 1277 Lenox Park Blvd., a seven-story, 153,093-square-foot building located on the site. David Tennery of JLL arranged the transaction on behalf of the seller. Kevin Lott, Kim Caswell and Stewart Thrash of Bridge Commercial Real Estate — the office operating subsidiary of Bridge Investment Group — will handle Lenox Park’s leasing assignment.

August 9, 2018

Acquisitions Georgia Office Southeast

NKF Capital Markets Brokers $73.3M Sale of Office Campus in Metro Atlanta

by Camren Skelton August 9, 2018

KENNESAW, GA. — NKF Capital Markets has brokered the $73.3 million sale of TownPark Commons, a 350,000-square-foot office campus in Kennesaw, located roughly 27 miles northwest of Atlanta. Matt Tritschler of NKF Capital Markets arranged the transaction on behalf of the buyer, Adventus Opportunity Fund. Eastdil Secured represented the seller, TSP TownPark LLC. TownPark Commons includes four, four-story buildings located within the TownPark mixed-use development. The buildings were constructed in 1997 and 1998. TownPark Commons was 99 percent leased at the time of sale to tenants such as Enercon Services, INVISTA and HCC Life Insurance Co.

August 9, 2018

Development Georgia Hospitality Southeast

Braves Development, Encore to Build 140-Room Aloft Hotel at The Battery Atlanta

by Camren Skelton August 9, 2018

ATLANTA — Braves Development Co. (BDC), in partnership with Encore Hospitality LLC, has unveiled plans to construct a 140-room Aloft Hotel at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. BDC owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Aloft is a contemporary hotel brand that operates under the Marriott International Inc. flag. Construction on the new hotel should start this fall, with completion scheduled for third-quarter 2020, according to the Atlanta Business Chronicle. The hotel development comes on the heels of the recently announced Silverspot Cinema and Savi Provisions, a market that will be located on the ground floor of Aloft. In July, German elevator maker Thyssenkrupp announced plans to build its 420-foot-tall headquarters complex at The Battery. Combined, BDC and its partners have provided approximately $850 million in private investment across the total development.

August 9, 2018

Newer Posts

Older Posts