Georgia

Armada Hoffler Announces Two Mixed-Use Developments in Baltimore, Atlanta

by John Nelson July 31, 2018

BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …

July 31, 2018

Development Georgia Loans Mixed-Use Multifamily Southeast

Allen Morris Receives $90M Loan for Residential Component of Mixed-Use Project in Atlanta’s West Midtown District

by Camren Skelton July 30, 2018

ATLANTA — The Allen Morris Co. has received a $90 million construction loan for Star Metals Residences, the residential component of Star Metals Atlanta, the company’s planned mixed-use community in Atlanta’s West Midtown district. Square Mile Capital Management LLC and Pacific Western Bank provided the loan for the 409-unit community, which will also feature 16,300 square feet of ground-floor retail. Located at 1050 Howell Mill Road, Star Metals Residences will feature a private outdoor dog run, interior dog wash area, Uber drop-off room for residents, package delivery to the resident’s door and a library with fireplace. The rooftop area will feature lounge/meeting rooms; a bar and lounge; game room area with a pool table; gaming systems and arcade games; outdoor ping-pong and bocce ball; a glass-box fitness center; swimming pool; grilling area; movie projection area and fire pits. At full build-out, Star Metals Atlanta will also include a 14-story office tower with 35,000 square feet of retail and restaurants. Construction has begun on the residential portion of the project, which is scheduled for a spring 2020 completion. Oppenheim Architecture, Dwell Design Studio and Square Feet Studio are designing the community, and Juneau Construction is the general contractor. Brasfield & Gorrie …

July 30, 2018

Development Georgia Multifamily Seniors Housing Southeast

Columbia Residential to Open Transit-Oriented Seniors Housing Community Near Atlanta

by Camren Skelton July 27, 2018

DECATUR, GA. — Columbia Residential is set to open Columbia Senior Residences at East Decatur, a mixed-income seniors housing community located adjacent to the Avondale MARTA station in Decatur, roughly eight miles east of downtown Atlanta. Columbia Residential partnered with the DeKalb County Community Development Department, the Housing Authority of DeKalb County and the Development Authority of DeKalb to transform the former parking lot adjacent to the MARTA station into a seniors housing community. The five-story building features 92 units dedicated to seniors 62 and older. Amenities include a dining and dancing room, business center, movie theater, fitness center, onsite laundry facilities and a courtyard with a gazebo. The site’s main pedestrian walk provides access to the Avondale MARTA bus and transit station. East Decatur is part of MARTA’s latest transit-oriented development at Avondale Station. In addition to the 92 seniors housing units, the Development Authority of Decatur, Columbia Ventures and Cortland Partners will deliver 377 market-rate apartments, 34 condos and more than 40,000 square feet of retail space. Upon completion, each portion of the project will be connected by a central plaza. DeKalb County and the Housing Authority of DeKalb County provided a first mortgage loan for East Decatur. Enterprise …

July 27, 2018

Georgia Loans Multifamily Southeast

Bancorp Bank Provides $7.8M Acquisition Loan for Two Apartment Communities in Southeast Georgia

by Camren Skelton July 27, 2018

KINGSLAND AND ST. MARY’S, GA. — The Bancorp Bank has provided a $7.8 million loan for the acquisition of two apartment communities in Southeast Georgia: Willow Way Apartments in Kingsland and Hickory Plantation in St. Mary’s. Both communities are located near the Georgia-Florida state line, roughly 35 miles north of Jacksonville. Judah Aderet of Eastern Union arranged the three-year, floating-rate loan with Bancorp’s Jonathan Kohan on behalf of the buyer, Wicamia Creek Investments. Greg Braciak of Bancorp underwrote the transaction. Bancorp Bank funded up to 80 percent of the acquisition costs plus 100 percent of the renovation costs. Willow Way Apartments features 60 units with a mix of one- and two-bedroom floor plans, and Hickory Plantation features 100 units with a mix of one- to three-bedroom floor plans.

July 27, 2018

Development Georgia Office Southeast Top Stories

German Elevator Maker to Build 420-Foot-Tall Headquarters Near Massive Shopping, Sports Complex in Atlanta

by Kristin Harlow July 27, 2018

ATLANTA — Thyssenkrupp Elevator, one of the world’s largest elevator companies, has unveiled plans to build a new headquarters complex near The Battery Atlanta in Cobb County. The German company will develop the facility in collaboration with the Braves Development Co. (BDC). BDC is the owner and operator of The Battery, the 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The Thyssenkrupp headquarters, dubbed The Innovation Complex, will feature three buildings anchored by a 420-foot tall elevator qualification and test tower — the tallest of its kind in the country and one of the tallest in the world, according to Thyssenkrupp. According to the Atlanta Business Chronicle, the Development Authority of Cobb County agreed to issue up to $264 million in bonds for the new building last month. With 18 shafts, the Innovation Complex test tower will be used to evaluate new concepts and product pilots, including high-speed elevators; TWIN, a two-cabins-per-shaft elevator system; and MULTI, the world’s first rope-less and sideways-moving elevator system. In addition, the test tower will conduct tests to ensure compliance with safety requirements on standard elevators. Atlanta is already home to the first TWIN elevator system in North America. The technology is …

July 27, 2018

Development Georgia Mixed-Use Southeast

Joint Venture Breaks Ground on $200M Mixed-Use Project in Metro Atlanta

by Camren Skelton July 25, 2018

LAWRENCEVILLE, GA. — A joint venture between George Berkow Inc., Novare Group and Batson-Cook Development Co. (BCDC) has broken ground on SouthLawn, a $200 million mixed-use project in Lawrenceville, roughly 32 miles northeast of Atlanta. The project will include more than 600 multifamily units, 15,000 square feet of retail space and a town green near the city’s downtown square. SouthLawn will create a walkable environment by connecting City Hall and the police station with Lawrenceville Lawn, a city park. The residential component, led by George Berkow, will include three- and four-story apartments and townhomes, as well as single-family detached homes. The apartment component will include two offerings: SouthLawn Luxury Apartment Residences, which will feature an elevated pool area overlooking the entire development, and Conclave, which will feature larger residences, a private pool, club and a fitness center. Citizens Bank is providing financing for the project, along with ELV Associates, BCDC and Novare Group. Phillips Partnership is the architect, Kimley-Horn is the civil engineer and Fortune-Johnson is the general contractor. A construction timeline for the development was not disclosed.

July 25, 2018

Acquisitions Georgia Retail Southeast

CBRE Negotiates $12.3M Sale of Walgreens-Anchored Center in Atlanta

by Camren Skelton July 24, 2018

ATLANTA — CBRE has negotiated the $12.3 million sale of Shops at Cascade & Fairburn, a 45,279-square-foot shopping center located at 3752 Cascade Road and 1195 Fairburn Road in Atlanta. Chris Decouflé, Craig Taylor, Kevin Reavey and Kevin Hurley of CBRE represented the seller, GDC Cascade LLC, in the transaction. The buyer was 1195 Fairburn Road LLC. A freestanding Walgreens anchors the Shops at Cascade & Fairburn, which was constructed in 2004. The center was 91.2 percent leased at the time of sale to tenants including Workout Anytime, Great Expressions Dental, Metro PCS and Domino’s Pizza.

July 24, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

Development Georgia Industrial Southeast

Five Below to Open $70M Distribution Center in Georgia’s Monroe County

by Camren Skelton July 19, 2018

FORSYTH, GA. — Discount retailer Five Below will invest $70 million to build a new distribution center in Monroe County, roughly 60 miles southeast of Atlanta. According to local media reports, the facility will be located within Meridian 75 Logistics Center, a 186-acre master-planned business park in Forsyth. The new building will create 130 new jobs. The initial investment includes $42 million in land and building, and approximately $28 million in machinery and equipment. Additional investment will occur over the next five years. Founded in 2002, Philadelphia-based Five Below sells products that cost $5 or less. The chain operates more than 650 stores across 32 states, and plans to open 125 new stores this year. A construction timeline for the Monroe County facility was not disclosed.

July 19, 2018

Georgia Hospitality Loans Southeast

PMZ Realty Capital Arranges $32M Refinancing of Three-Property Hotel Portfolio in Georgia

by Camren Skelton July 18, 2018

NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.

July 18, 2018

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