BRASELTON, GA. — Havertys has renewed its 808,000-square-foot lease for its distribution center at 1090 Broadway in Braselton. The Atlanta-based retailer of residential furniture and accessories sells home furnishings online and through its 120 stores in 16 states. Lee Cardwell and Price Weaver of Colliers International’s Atlanta office represented Havertys in the lease transaction. Doug Smith and Joseph Kriss of Seefried Properties represented the landlord, UBS Realty Investors LLC.
ATLANTA — The Shopping Center Group has signed two tenants to join the renovated Ford Factory Lofts along the Atlanta BeltLine’s Eastside Trail. The addition of Rina’s Kitchen and Ponce Dental Group brings the project’s occupancy rate to 70 percent. Ford Factory Lofts is on the street and trail side of the BeltLine and adjacent to the Kroger redevelopment. Rina’s Kitchen signed a 10-year lease for 2,425 square feet of space facing the BeltLine. The restaurant will serve Israeli street food. Ponce Dental Group also signed a 10-year lease for 3,300 square feet of space facing the new Kroger. Construction has begun on both spaces. Other tenants at Ford Factory Lofts include Xfinity, Chin Chin, Carriage Cleaners and Heavenly Foot Massage. Originally built by the Ford Motor Co. in 1914, the four-story building along Ponce de Leon Avenue was once home to one of the earliest automotive assembly plants in the Southeast, building classic cars such as the Ford Model T. The 150,000-square-foot building was later used by the U.S. Army Department of Defense before its conversion into residential lofts in 1987.
AUGUSTA, GA. — The Palomar Group has arranged the $15 million sale of a single-tenant Walmart Supercenter in Augusta. The 217,068-square-foot property is situated within Village Plaza shopping center, located about five miles from Augusta National Golf Club. Palomar Group represented the seller, a national real estate investment group, in the transaction. Jordan Trotter Commercial represented the 1031 exchange buyer.
ATLANTA — Stuart Shapiro has joined Associated Agencies Inc. as an account executive on the sales team. Shapiro will be in Atlanta to expand the firm’s presence in the Southeast. Shapiro has spent the past five years as vice president of leasing for Phillips Edison & Co. in Atlanta, where he managed a team of commercial leasing agents. Shapiro received his bachelor’s degree in business administration from the University of Florida. He resides in Atlanta with his wife, Stacey, and two children, Avery, 7, and Ethan, 5. Associated Agencies is an independent insurance brokerage founded in 1980 and headquartered in Rolling Meadows, Ill. The privately held firm manages property and casualty, employee benefits and personal lines for business and individuals.
ATLANTA — Loudermilk Cos. has partnered with Knox | Redan to restore 309 Paces Ferry, a 12-story office building in Atlanta’s Buckhead district. Loudermilk also closed on the refinancing of the 103,000-square-foot building with assistance from Patterson Real Estate Advisory Group. Built in the 1960s, 309 Paces Ferry was 90 percent leased at the time of the closing to tenants including Chicago-based coworking firm Industrious. Aegon USA Realty Advisors provided the refinancing loan.
ALPHARETTA, GA. AND TAMPA, FLA. — Highwoods Properties has sold Two Point Royal, a 124,000-square-foot building in Alpharetta, and Highwoods Preserve I, a 199,000-square-foot building in northeast Tampa, for a combined $54.5 million. The office buildings were 91 percent leased at the time of the sale. The undisclosed buyer has retained Highwoods as property manager of Highwoods Preserve I.
Driven by continued job and population growth, metro Atlanta’s multifamily market remains strong. Rarely a week goes by without an announcement of another corporate relocation or expansion somewhere throughout the metro area. This, in addition to an increasing population seeking the region’s quality of life, relative affordability and dynamic economy, has sustained the current cycle of development in the multifamily market. Investors appear to share this conclusion and have made Atlanta a top destination for acquisitions over the past several years. Despite some potential challenges on the horizon, namely rising construction costs, metro Atlanta’s apartment market is poised to continue its expansion over the near term. Market Fundamentals While new supply has outpaced absorption, most data providers still show metro Atlanta’s overall occupancy rate above 94 percent. Many market observers estimate that the multifamily market is on the cusp of, or has just moved past, its short-term peak of deliveries. Spiraling land and construction costs, coupled with the current labor shortage being felt across the economy, are acting governors of future supply expansion. These increases in costs are also translating into much higher required rents, which are testing the size of the renter pool capable of affording them. Despite concerns …
MARIETTA, GA. — Edens, a retail REIT based in Columbia, S.C., has sold Sandy Plains Centre, a 124,546-square-foot shopping center in Marietta, to Chicago-based InvenTrust Properties Corp. for $44.2 million. The Kroger-anchored shopping center is situated about 25 miles north of downtown Atlanta. The shopping center underwent a $2.3 million renovation in 2015. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the transaction.
ATLANTA — Areu Bros. Studio has purchased an Atlanta movie studio that was formerly used by Tyler Perry. A spokesperson for the seller’s realtor, Atlanta Fine Home Sotheby’s International Realty, said the complex sold for $18.5 million. Miami-based LV Lending provided the undisclosed acquisition financing. The 205,751-square-foot building is situated in southwest Atlanta on 24 acres with an excess 33 acres on the property. Areu Bros. Studio is the first Latino-owned and operated major film and TV studio in the United States. Ozzie Areu was the president of Tyler Perry Studios for 12 years.
The vitality of Downtown Atlanta is exciting. In response to a wave of revitalization efforts and substantial investment from corporations, universities and the public sector, the submarket’s fundamentals are rapidly strengthening. As tenants have reprioritized their desires for office locations to include access to public transportation, walkable retail and proximity to cultural attractions and an educated workforce, Downtown has gained tremendous traction in demand and re-emerged as an affordable and authentic urban work setting. Model Project: 100 Peachtree While new development activity is primarily focused on housing, much of the bustle in Downtown Atlanta’s office market is focused on redevelopment, renovations and repositioning. For instance, our team is transforming 100 Peachtree, a 32-story office tower, into a modern, transportation-oriented workplace destination with upgraded amenities, enhanced connectivity with Woodruff Park and new community activations. 100 Peachtree’s timeless Meisian design functionality provides a workplace for tenants ranging from traditional corporate headquarters to tech startups. Changes at 100 Peachtree reflect a broader story about shifting expectations for workplace environments. Employees increasingly desire to work at a “go-to” office building with access to transit in an amenity-rich setting. Office amenities have evolved from providing convenience like a café or sundry shop to blurring the …
