Georgia

Apple Hospitality Acquires Hampton Inn & Suites in Metro Atlanta for $29.5M

by Camren Skelton July 2, 2018

DUNWOODY, GA. — Apple Hospitality REIT Inc. has acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody for $29.5 million, or roughly $223,000 per room. The hotel, which opened in 2016, is located at 4565 Ashford Dunwoody Road, roughly 15 miles north of downtown Atlanta in the city’s Central Perimeter submarket. The name of the seller was not disclosed. The hotel features a business center, meeting rooms, fitness center and a pool. Following the acquisition, Apple Hospitality’s portfolio spans 243 hotels across 34 states.

July 2, 2018

Georgia Market Reports Office Property Type Southeast Southeast Market Reports

KDC Underway on Phase II of Park Center Office Campus in Central Perimeter

by John Nelson July 2, 2018

Park Center is the largest ground-up corporate office project in metro Atlanta’s history. In early 2017, KDC broke ground on Park Center Phase II, which consists of two office towers totaling 1.1 million square feet, including approximately 40,000 square feet of retail space. The office towers will be leased by State Farm, which also leased the 21-story office tower in Phase I. Phase II of Park Center started with the implosion of the existing 240,000-square-foot, 10-story Hammond Exchange building on March 4, 2017. The remainder of 2017 was spent removing the debris from the implosion, blasting and removing over 300,000 cubic yards of rock, site grading, relocation and placement of utilities, and installation of tower cranes. In addition, construction started on the parking structure and building pad for Building 2. Several large culverts were constructed for a new road that will connect Perimeter Parkway in Dunwoody to Peachtree Dunwoody Road in Sandy Springs. Today, seven of the 11 parking levels of Building 2 have been poured, including the lobby level and vehicular-pedestrian plaza in front of it. Completion of the 660,000-square-foot, 22-story Building 2 is slated for the end of 2019. Work is also taking place on Building 3, including …

July 2, 2018

Acquisitions Georgia Multifamily Southeast

NAP Sells 244-Unit Apartment Community in Atlanta’s Old Fourth Ward for Record Price

by John Nelson June 27, 2018

ATLANTA — North American Properties (NAP) has sold Anthem on Ashley, a 244-unit multifamily community in Atlanta’s Old Fourth Ward neighborhood, to Invesco Advisers Inc. Built in 2017 by NAP, the asset sold for $370 per square foot, a record price for wood-framed multifamily development in metro Atlanta. JLL Multifamily Investment Sales team represented NAP in the transaction. Located at the corner of Ashley Avenue and Ralph McGill Boulevard, the Class A community is located two blocks from Atlanta BeltLine’s Eastside Trail and is the only apartment community with direct access to Historic Fourth Ward Park. Community amenities include a saltwater pool with a sundeck and private cabanas; 24-hour fitness center with group classes; poolside club room and sky deck overlooking the park; outdoor grilling stations and a fire pit; clubhouse with bar lounge; bike storage; Wi-Fi enabled micro-offices; and an event stylist who programs resident experiences like wine tastings. NAP is continuing to develop Edge, a nearby apartment community that will open in December. The project will feature a pedestrian bridge over the BeltLine Eastside Trail and include 29,000 square feet of loft office, retail and restaurant space.

June 27, 2018

Development Georgia Multifamily North Carolina Southeast

PointOne Holdings Breaks Ground on Two Apartment Projects Totaling $90M

by John Nelson June 26, 2018

NEWNAN, GA. AND HOLLY SPRINGS, N.C. — PointOne Holdings has broken ground on two multifamily communities in Georgia and North Carolina totaling 614 units. Combined, the projects are valued at $90 million. In the Atlanta metro of Newnan, PointOne started construction on The Promenade at Newnan Crossing, a 298-unit community comprising three-story apartments and townhomes. In the Raleigh-Durham suburb of Holly Springs, the South Florida-based apartment owner and developer has broken ground on The Exchange at Holly Springs, a 316-unit, garden-style property. PointOne expects the first residents of both apartment communities to move in during the second quarter of 2019.

June 26, 2018

Georgia Leasing Activity Office Southeast

Allen Morris Signs Spaces to 56,121 SF Lease at Star Metals Offices in Atlanta’s West Midtown District

by Camren Skelton June 21, 2018

ATLANTA — The Allen Morris Co. has signed Spaces to a 56,121-square-foot lease at Star Metals Offices, the commercial component of the mixed-use Star Metals Atlanta development in Atlanta’s West Midtown district. The coworking company will occupy the seventh and eighth floors of the building, located at 1055 Howell Mill Road. The space will include a 5,642-square-foot ground-floor reception area, private business club and 8,000 square feet of outdoor amenity space for Spaces’ tenants. Benjamin Moss of JLL represented Regus, Spaces’ parent company, in the lease transaction, and JLL’s Jeff Bellamy, Brooke Dewey and Elizabeth Koteles represented Allen Morris Co. Star Metals Offices will offer approximately 230,000 square feet of office space, 25,000 square feet of ground-floor retail and a 5,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, a fitness center and a bike rack. Oppenheim Architecture and Warner Summers Architecture are designing the building, which is slated for completion in spring 2020.

June 21, 2018

Development Georgia Industrial Southeast

Red Rock Underway on 3 MSF Facility at Shugart Farms Industrial Park in Metro Atlanta

by Camren Skelton June 20, 2018

FAIRBURN, GA. — Red Rock Developments is underway on Shugart Farms Phase II, a three-building industrial campus totaling approximately 3 million square feet. The campus is located within Shugart Farms Industrial Park, which will eventually span 16 million square feet and 2,500 acres. The park is located along the Interstate 85 South industrial corridor in Fairburn, roughly 20 miles southwest of downtown Atlanta. Construction is currently underway on a 982,777-square-foot speculative building at the park. Two additional build-to-suit opportunities in Phase II will total roughly 1.5 million square feet and 485,381 square feet. Red Rock expects to wrap up construction on Phase II in the fourth quarter. The first phase of Shugart Farms Industrial Park was delivered last year and included two buildings totaling roughly 2 million square feet. The buildings are leased to Smucker’s and Duracell.

June 20, 2018

Acquisitions Data Centers Georgia Industrial Southeast

Carter Validus Sells Data Center in Metro Atlanta for $64M

by Camren Skelton June 20, 2018

ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.

June 20, 2018

Development Georgia Industrial Southeast

Capital Development, Greenfield Break Ground on $125M Savannah Port Logistics Center

by Camren Skelton June 19, 2018

SAVANNAH, GA. — Capital Development Partners, in a joint venture with Greenfield Partners, has broken ground on the $125 million Savannah Port Logistics Center. The 2.3 million-square-foot campus is being developed to meet the needs of Port of Savannah’s import, export and e-commerce customers. Operated by the Georgia Ports Authority, the Port of Savannah is the largest single-container port in the United States. The 190-acre Savannah Port Logistics Center will offer dual rail service via Norfolk Southern and CSX Tier 1 railroads, and will include two buildings totaling 1.1 million square feet and 1.3 million square feet. Both buildings will feature 40-foot ceiling heights and cross-dock capability. Building I is slated for completion in April 2019, and developers expect to break ground on Building II later this year. Atlanta-based Capital Development Partners is a national developer of industrial infrastructure facilities. Greenfield Partners is a private equity real estate firm headquartered in Westport, Conn., with $3.3 billion in gross assets under management. To date, the company has invested more than $5 billion in equity across multiple sectors, including 25 million square feet of industrial.

June 19, 2018

Development Georgia Industrial Southeast

GE Appliances to Build $55M Distribution Facility in Commerce, Georgia

by Camren Skelton June 18, 2018

COMMERCE, GA. — GE Appliances will invest $55 million to build a new Southeast Region Appliance Distribution Center in Commerce, a city roughly 70 miles northeast of Atlanta. Georgia Gov. Nathan Deal announced Thursday, June 14 that the household appliances manufacturer will create 100 new jobs at the new facility upon completion in April 2019. GE Appliances will have the ability to deliver products in three days or less to 90 percent of U.S. homes from the new center. Louisville, Ky.-based GE Appliances already has a strong presence in Georgia, with 1,960 employees at Roper Corp., a wholly owned subsidiary in LaFayette, and 50 employees supporting its Factory Service Operations based out of Atlanta. GE Appliances’ offerings include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners and water filtration systems.

June 18, 2018

Acquisitions Georgia Office Southeast

CBRE Brokers Sale of Two-Building Office Campus in Atlanta’s Central Perimeter Submarket

by Camren Skelton June 18, 2018

ATLANTA — CBRE has brokered the sale of Glenridge Point, a two-building, Class B office campus located at 100 and 200 Glenridge Point Parkway in Atlanta’s Central Perimeter submarket. Richmond Honan Development acquired the five-story buildings, which total 185,402 square feet. Jay O’Meara, Justin Parsonnet, Will Yowell, Ryan Reethof and Lee Asher of CBRE arranged the transaction on behalf of the seller, a partnership between Pope & Land and Noro. The pair originally acquired the property at 62 percent occupancy in 2015. At the time of sale, the campus was 99 percent leased to tenants including eVestment and Northside Hospital’s IT division. Glenridge Point is located less than a half-mile from the Medical Center MARTA station.

June 18, 2018

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