Georgia

HFF Secures $30.4M Refinancing for Student Housing Property Near University of Georgia

by Camren Skelton May 23, 2018

ATHENS, GA. — HFF has arranged a $30.4 million loan for the refinancing of River Club Apartments and River Club Townhomes, two student housing assets located roughly two miles from the University of Georgia (UGA) campus in Athens. The adjacent communities operate as a single property, and include a total of 1,134 beds. David Keller and Mark Sixour of HFF arranged the seven-year, floating-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, an entity managed and controlled by The Scion Group. River Club Apartments includes a mix of two- to four-bedroom units with private bathrooms, hardwood-style plank flooring and flat screen TVs. The adjacent River Club Townhomes features three- and four-bedroom floor plans within two-story townhome units. Community amenities at both properties include swimming pools; volleyball, basketball and tennis courts; fitness centers; computer labs; car wash stations; private tanning salons; and on-site bus stops with service to the UGA campus.

May 23, 2018

Development Georgia Office Southeast

Zeller Realty Group Unveils Renovation Plans for 620,000 SF Office Tower in Downtown Atlanta

by Camren Skelton May 23, 2018

ATLANTA — Zeller Realty Group (ZRG) has unveiled its renovation plans for 100 Peachtree, a 620,000-square-foot, Class A office tower in downtown Atlanta. ZRG — which is a tenant at the building — has partnered with architecture firm Gensler to redesign the property’s amenity spaces. Renovations call for a modernized lobby, new outdoor gathering spaces, soft seating, an interactive screen, public art installations, interactive conference center, tenant lounge and an upgraded fitness center. In addition, ZRG will work with Georgia’s Own Credit Union — also a 100 Peachtree tenant — and Skanska USA to bring the first digital building-top signage to Atlanta. The 174-foot long digital sign will display Georgia’s Own Credit Union’s logo on an energy-efficient, LED sign, as well as community-oriented messages promoting local and charitable events. Amenity upgrades at 100 Peachtree are expected to be completed in early 2019, and the new digital building-top signage is set to be unveiled in time to welcome fans to Atlanta for Super Bowl LIII. In addition to ZRG and Georgia’s Own Credit Union, 100 Peachtree is home to The Boston Consulting Group, which occupies 60,000 square feet.

May 23, 2018

Acquisitions Arizona Georgia Retail Southeast Western

Westwood Financial Acquires Two Sprouts-Anchored Centers in Metro Atlanta, Phoenix for $66.2M

by Camren Skelton May 22, 2018

DECATUR, GA. AND CHANDLER, ARIZ. — Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur and Chandler for a combined $66.2 million. The properties were acquired in separate transactions, and the individual sales prices were not disclosed. In Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Atlanta-based Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. HFF arranged an acquisition loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale.

May 22, 2018

Acquisitions Georgia Retail South Carolina Southeast

Marcus & Millichap Brokers $13.4M Sale of Two Walmart-Leased Properties in Georgia, South Carolina

by Camren Skelton May 22, 2018

HEPHZIBAH, GA. AND CAYCE, S.C. — Marcus & Millichap has brokered the $13.4 million sale of two properties leased to Walmart Neighborhood Market in Hephzibah and Cayce. The Hephzibah property is located at 3697 Windsor Spring Road, roughly 14 miles south of Augusta. The property sold for $6.6 million. The Cayce building is located at 1355 Knox Abbott Drive, roughly four miles south of Columbia, and sold for $6.8 million. Both properties span 41,921 square feet and were constructed in 2015. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group arranged the transaction on behalf of the seller, Fletcher Bright Co. Harry Collison Jr. of The Real Estate Consortium represented the buyer, McKinley Cos. LLC.

May 22, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Development Georgia Multifamily Southeast

RADCO, Columbia Ventures Start Construction on 221-Unit Apartment Community in Augusta

by Camren Skelton May 14, 2018

AUGUSTA, GA. — The RADCO Cos., in partnership with Columbia Ventures, has broken ground on The Foundry, a 221-unit apartment community in Augusta. The community is located within walking distance to Augusta University and roughly four miles from Augusta National Golf Club, home of The Masters. RADCO Capital, the equity fundraising arm of RADCO, will contribute $5.3 million of private equity for the project, which is scheduled to open in summer 2019. The Foundry will feature a mix of one-, two- and three-bedroom floor plans averaging 996 square feet. Community amenities will include a resort-style pool, outdoor kitchen area, dog park, clubhouse, fitness center, study lounge, automated package management, valet trash service and electric vehicle charging stations. In addition, the community will house Augusta’s only onsite Zipcar car-sharing service. Members can reserve vehicles through Zipcar’s mobile app, and have on-demand access to drive cars by the hour or day. Pegasus Residential will manage The Foundry upon completion.

May 14, 2018

Development Georgia Multifamily Southeast

Middleburg to Deliver 316-Unit Apartment Community Near Savannah

by Camren Skelton May 10, 2018

POOLER, GA. — Virginia-based Middleburg has unveiled plans to develop Mosby Lakeside, a 316-unit apartment community located near the intersection of Pooler Parkway and Interstate 16 in Pooler, roughly 10 miles west of Savannah. The community will feature a mix of one-, two- and three-bedroom units ranging from 748 square feet to 1,405 square feet. Units will feature stainless steel appliances, granite countertops, patios and balconies, Nest thermostats, wood plank flooring in living areas and nine-foot ceilings. Community amenities will include a clubhouse, fitness center with yoga studio, outdoor fire pit and kitchen, saltwater pool, dog parks and pet spa, community garden, boat house and a hammock garden. Humphreys & Partners Architects LP is the architect of record for the project, DEI is providing interior design services and Thomas & Hutton is the landscape architect and civil engineer. Middleburg plans to break ground on Mosby Lakeside this fall and begin leasing the community in spring 2019.

May 10, 2018

Development Georgia Mixed-Use Southeast Top Stories

Joint Venture Unveils $600M Mixed-Use Project in Savannah, Georgia

by Camren Skelton May 10, 2018

SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …

May 10, 2018

Acquisitions Georgia Industrial Southeast

Griffin Capital Acquires 1 MSF Distribution Center in Savannah for $56.5M

by Camren Skelton May 9, 2018

SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.

May 9, 2018

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