Georgia

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

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

Acquisitions Georgia Multifamily Southeast

JLL Brokers $49.8M Sale of Multifamily Community Near Savannah

by Camren Skelton August 2, 2018

POOLER, GA. — JLL has brokered the $49.8 million sale of Two Addison Place, a 325-unit apartment community in Pooler, roughly 14 miles west of Savannah. David Gutting, Derrick Bloom, Jim Sewell and Andrew Howard of JLL arranged the transaction on behalf of the seller, New York-based Wharton Realty, which originally acquired the property in 2016. Montgomery, Ala.-based B&M Management Co. LLC purchased the asset. Two Addison Place includes a mix of one-, two- and three-bedroom apartment units. The gated community is located less than five miles from the Tanger Outlets and features a saltwater pool, dog park, fitness center with a yoga room and a cyber café.

August 2, 2018

Georgia Leasing Activity Office Southeast

Shorenstein Signs Three Office Tenants at Bank of America Plaza in Midtown Atlanta

by Camren Skelton August 2, 2018

ATLANTA — Shorenstein Properties LLC has signed three tenants totaling 37,399 square feet to Bank of America Plaza in Atlanta’s Midtown district. The 55-story office tower, the tallest in the Southeast, recently underwent a $10 million renovation to the building’s west wing that delivered new workspaces and a food hall. Revel Systems, a San Francisco-based technology firm, signed a 25,547-square-foot, full-floor lease on the building’s 38th floor. The company will move into upgraded, loft-style offices that are part of the tower’s expanding spec suite program. The spec suites include open floor plans, creative lounge space and tech-enabled amenities. The next block of spec suite space, which totals approximately 15,000 square feet, is scheduled to come on line in the fall. Also as part of the spec suite program, Shorenstein signed Groundfloor, a real estate lending marketplace, to 7,746 square feet at the building. The landlord also signed Florence Healthcare, a company focused on improving clinical trial data flow to advance cures through software, to 4,106 square feet. Bank of America Plaza is home to tenants such as Anthem Inc., Display Data, Featurespace and Riskalyze. The tower is located adjacent to the North Avenue MARTA station and within five blocks of …

August 2, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sales of Three Multifamily Assets in Metro Atlanta Totaling $70.5M

by Camren Skelton August 1, 2018

ATLANTA — Cushman & Wakefield has brokered the sales of three multifamily communities in metro Atlanta for a combined $70.5 million. In Cumming, roughly 40 miles northeast of Atlanta, AMF Fountains of Kelly Mill LLC sold the 46-unit Fountains at Kelly Mill for $10.7 million. Constructed in 2017, the property features townhome-style units with 1,620-square-foot floor plans. ALA Sugar Hill LLC sold Sugar Hill Overlook, located 38 miles northeast of Atlanta in Sugar Hill, for $25.8 million. The 131-unit community was completed in 2018 and features townhome-style units with an average size of 1,500 square feet. Nathan Swenson of Cushman & Wakefield arranged the transactions on behalf of the sellers, and Audubon Communities acquired both assets. In Lithia Springs, Cushman & Wakefield arranged the $34 million sale of Sweetwater Creek, a 240-unit community located roughly 18 miles west of Atlanta. Josh Goldfarb, Mike Kemether and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, a joint venture between M. Banks Realty Partners and Sage Equities. InterCapital Partners acquired the property. Constructed in 2002, Sweetwater Creek features a car care center, clubhouse, fitness center, laundry facility, business center, swimming pool, lighted tennis court and a walking/jogging trail.

August 1, 2018

Development Georgia Mixed-Use Southeast

Gateway Ventures, Atlantic Capital to Develop $150M Mixed-Use Project in Atlanta’s West Midtown District

by Camren Skelton July 31, 2018

ATLANTA — Gateway Ventures and Atlantic Capital Partners have unveiled plans to develop 8West, a mixed-use project located at the corner of Howell Mill Road and 8th Street in Atlanta’s West Midtown district. The project will include 175,000 square feet of office space, 10,000 square feet of retail developed in collaboration with Cartel Properties, 264 apartment units developed by Trammell Crow Residential and a 680-space parking garage. Existing retailers fronting 8West will be integrated into the project, including Bocado, Bartaco, Arden’s Garden and A Ma Maniere. In addition, the project will feature a 4,000-square-foot, west-facing art wall. The project developers will partner with Hathaway Gallery to engage local artists through an outreach program for both public art and building artwork. The nine-story development will feature outdoor terraces with 360-degree views of the city, a fitness center, bike storage, common collaborative spaces and conference facilities, an outdoor public plaza and podcast recording rooms. Harvest Capital Group and Ellis, McQuary & Stanley are the project’s equity investors. BL Harbert International is the general contractor, and MSTSD and ASD/Sky are the architects. Stephen Clifton and Zach Wooten of PMRG are handling the project’s leasing assignment. Gateway and Atlantic Capital expect to wrap up …

July 31, 2018

Development Georgia Industrial Southeast

Chesterfield Underway on $100M Industrial Project Near Port of Savannah

by Camren Skelton July 31, 2018

SAVANNAH, GA. — Jacksonville, Fla.-based Chesterfield is underway on a three-building, 1.8 million-square-foot industrial project at the Savannah River International Trade Park, located less than six miles from the Port of Savannah. The Georgia Ports Authority selected Chesterfield to develop the site in late 2017. The total development cost is valued at $100 million. The project includes Lot A, a 1.3 million-square-foot facility for JLA Home, a designer, manufacturer and supplier of home furnishings; Lot B, a warehouse under construction for Averitt Express, a supply chain management company; and Lot C, a 420,000-square-foot speculative, cross-dock facility. Stonemont Financial Group is Chesterfield’s capital partner for the project, which is scheduled for completion in March 2019. Thomas & Hutton is the civil engineer for the entire site. For Lots A and C, Wakefield Beasley Architects is the architect, and Omega Construction is the general contractor.

July 31, 2018

Acquisitions Georgia Office Southeast

Accesso Partners Sells 150,000 SF Office Building Leased to IBM in Metro Atlanta

by Camren Skelton July 31, 2018

SMYRNA, GA. — Accesso Partners LLC has sold 7100 Highlands Parkway, a 150,000-square-foot office building in Smyrna, roughly 14 miles northwest of downtown Atlanta. Exeter Property Group acquired the asset for an undisclosed price. Completed in 1997, the single-story building was designed for IBM Corp. as its Atlanta call center. The technology company still occupies the building as its sole tenant. Jay O’Meara of CBRE arranged the transaction on behalf of Accesso.

July 31, 2018

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