Georgia

CBRE Brokers Sale of 450-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 22, 2019

KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.

February 22, 2019

Georgia Loans Multifamily Southeast

Arbor Realty Trust Provides $38.6M Acquisition Loan for Multifamily Project in Metro Atlanta

by Alex Tostado February 22, 2019

NORCROSS, GA. — Arbor Realty Trust Inc. has provided a $38.6 million Fannie Mae loan for the acquisition of Fields at Peachtree Corners, a 490-unit apartment complex in the northern Atlanta suburb of Norcross. The loan carries a 12-year fixed interest rate with six years of interest-only payments and a 30-year amortization schedule. The asset was built in 1973 and offers a fitness center, Olympic-sized swimming pool, tennis and volleyball courts, soccer field, resident clubhouse, a playground and picnic area with barbecue. The borrower was not disclosed.

February 22, 2019

Georgia Multifamily Southeast

CF Real Estate, Origin Investments Sell 283-Unit Apartment Community in Metro Atlanta

by Alex Tostado February 21, 2019

CHAMBLEE, GA. — CF Real Estate Services and Origin Investments have sold Olmsted Chamblee, a 283-unit apartment community in Chamblee. The asset was completed in October 2017 and offers one-, two- and three-bedroom floor plans. The property sits on 5.9 acres about 13 miles north of downtown Atlanta. Olmsted Chamblee was 95 percent occupied at the time of sale and features 9,000 square feet of retail space and rentable office pods within the amenity spaces. Kris Mikkelsen and Elliot Howell of Walker & Dunlop represented the sellers in the transaction. CBRE Global Investors acquired the property. The sales price was not disclosed.

February 21, 2019

Acquisitions Georgia Multifamily Southeast

AREP Completes Renovation of Office Property in Baltimore’s Business District

by Alex Tostado February 21, 2019

BALTIMORE — American Real Estate Partners (AREP) has completed renovations of 700 E. Pratt St. in Baltimore’s central business district. AREP purchased the 12-story office building in 2017 and has been working on renovations for nine months. Hord Coplan Macht, Venable, Johns Hopkins, CenturyLink, Havas Media Group and Verizon Global Services either signed or renewed leases in anticipation of the renovations. Improvements include a new interior, which features polished concrete, reclaimed wood, exposed brick, period lighting and preserved historic elements; boutique-inspired lobby with experiential areas; fitness facility; activated conference area; and direct access to new perimeter retail punctuated with patio seating that opens out onto both Market Place and Pratt Street.

February 21, 2019

Georgia Leasing Activity Office Southeast

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

Development Georgia Industrial Southeast

FCL Builders Delivers 556,000 SF Industrial Facility Near Augusta for Golf Cart Manufacturer

by Alex Tostado February 18, 2019

APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods.

February 18, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Apartment Complex in Metro Atlanta for $29.5M

by Alex Tostado February 14, 2019

AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 14, 2019

Development Georgia Mixed-Use Southeast

Pace Lynch to Break Ground on Mixed-Use Building Within Metro Atlanta’s Pinewood Forest Development

by Alex Tostado February 8, 2019

FAYETTEVILLE, GA. — Pace Lynch Corp. will break ground next month on a 52,824-square-foot mixed-use building in Fayetteville. The site will offer coworking and retail space and is expected to be delivered in January 2020. The building will include ground-level restaurants and retail, three levels of coworking and medical office space and a 2,500-square-foot rooftop with a restaurant and bar. The building will be situated at the 25-acre town center within Pinewood Forest, a master-planned 235-acre development situated about 24 miles south of downtown Atlanta in Fayette County. Wakefield Beasley & Associates designed the building, and Brasfield & Gorrie is the general contractor.

February 8, 2019

Company News Georgia North Carolina Southeast Top Stories

BB&T, SunTrust Agree to Merge in $66B Deal, Creating Sixth Largest U.S. Bank

by Taylor Williams February 7, 2019

ATLANTA AND WINSTON-SALEM, N.C. — In a blockbuster deal, SunTrust Banks Inc. (NYSE: STI) and BB&T Corp. (NYSE: BBT) have entered into an all-stock merger agreement valued at approximately $66 billion. The marriage of these two iconic financial institutions in the Southeast will create the sixth-largest bank in the United States. Under terms of the agreement, SunTrust investors will receive 1.295 shares of BB&T for each SunTrust share they own. That equates to BB&T agreeing to pay $28.1 billion for SunTrust’s equity as of the closing price on Wednesday, Feb. 6. The combined company will operate under a new name and brand and be headquartered in Charlotte, N.C., while maintaining significant operations and investment in Winston-Salem, N.C., and Atlanta. The entity’s headquarters in Charlotte will also feature an innovation and technology center to aid with the transference of digital information. The deal, which is still subject to shareholder approval and other customary regulatory approvals, is expected to close in the fourth quarter of this year. A press release highlighting the agreement says the name of the new entity will be announced prior to the transaction closing. The agreement is being billed by both companies as a “merger of equals.” Shareholders of North …

February 7, 2019

Acquisitions Georgia Office Southeast

Ardent Buys Office Building in Atlanta’s Buckhead District for $58M

by Alex Tostado February 7, 2019

ATLANTA — The Ardent Cos. has purchased Piedmont Center 14, a 300,454-square-foot office building located at 3535 Piedmont Road in Atlanta’s Buckhead district, for $58 million. The building is situated within Piedmont Center, a 2.1 million-square-foot office park in Buckhead located on 52 acres near Ga. Highway 400 and Piedmont Road. According to the Atlanta Business Chronicle, Ardent now owns nearly 1.7 million square feet within Piedmont Center and has the third largest office footprint among Buckhead owners, trailing only Cousins Properties and Highwoods Properties Inc. Built in 1988, Piedmont Center 14 was 79 percent leased at the time of sale to tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of HFF represented the undisclosed seller and procured the buyer in the transaction.

February 7, 2019

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