Georgia

SAVANNAH, GA. — Chesterfield and Stonemont Financial Group have unveiled development plans for Georgia International Trade Center (GITC), a 1,150-acre, Class A industrial park in Savannah. The rail-served park will be located within 10 miles of the Georgia Ports Authority’s Garden City Terminal, which is part of the Port of Savannah. At full buildout, the logistics campus will feature up to 7.2 million square feet of light industrial and manufacturing warehouse space. The first two speculative buildings, Buildings 1A and 1B, are slated for completion in late 2019. Building 1A will span 407,000 square feet and include clear heights of 36 feet, while the 155,000-square-foot Building 1B will feature 32-foot clear heights. “The Georgia ports continue to drive import, export and e-commerce traffic throughout the entire Southeast region,” says Zack Markwell, founder and CEO of Stonemont. “The Port [of Savannah] has seen tremendous growth in recent years, but it needs more distribution and warehouse capacity to support customers’ increasing needs.” Over the next 10 years, the Georgia Ports Authority will grow the Port of Savannah’s annual capacity to 8 million 20-foot equivalent container units, according to Griff Lynch, executive director for the organization. GITC will provide direct access to Interstates …

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WARNER ROBINS, GA. — Palomar Group and Berkeley Capital have brokered the sale of Crossroads Marketplace, a retail property located on Watson Boulevard in Warner Robins, about 19 miles south of Macon. A Georgia-based 1031 exchange buyer acquired the property from a Charlotte-based regional investment group for $11.6 million. Best Buy and Bed Bath & Beyond anchor the 78,832-square-foot retail center. Ryan McArdle, David Rivers, Steve Collins, Jefferson Knox and Lee Malchow of Palomar Group, along with Berkeley Capital, handled the transaction.

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POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state. Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and market pantry. The sponsor used its own capital to fund the first half of the development, and due to liquidity constraints, needed a creative source of capital to fund the remaining portion of the development.

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DECATUR, GA. — FCP, along with partner Croatan Investments, has completed the sale of The Clarion, a 217-unit apartment community in Decatur, about six miles northeast of Atlanta. Gamma Real Estate acquired the property for an undisclosed price. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the sellers, which recently completed renovations to individual units along and improvements to the building exteriors, common areas and community amenities. Built in 1990, The Clarion is situated near Emory University, the Centers for Disease Control and Prevention (CDC) and DeKalb Medical Center. Rents range from $1,115 to $2,165, according to Apartments.com. Community amenities include on-site laundry facilities, a clubhouse, tennis court, fitness center and a swimming pool with a sundeck.

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NEWNAN, GA. — The Praedium Group has acquired Trees of Newnan, a multifamily property located in Newnan, for $79.5 million, or $159,000 per unit. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer plans to rebrand the 500-unit property as The Willows at Ashley Park. On-site amenities include a fitness facility, resort-style pool, bark park pet playground and walking/jogging paths with natural wooded areas.

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SANDY SPRINGS, GA. — Mimms Enterprises has sold two adjacent shopping centers totaling 334,787 square feet in Sandy Springs, a suburb of Atlanta. Jamestown purchased the portfolio free and clear of existing debt for an undisclosed price. The portfolio includes The Exchange at Hammond, located at 5930-5992 Roswell Road. The 176,376-square-foot property is fully leased to tenants including Whole Foods Market, Marshalls, Office Depot, Petco and Dollar Tree. The other asset is Parkside Shops, located at 5920 Roswell Road. The 158,411-square-foot shopping center is leased to tenants including The Cinema Springs & Taphouse, Battle and Brew, Tuesday Morning, Jump Start Gym, Chipotle Mexican Grill, Egg Harbor Café, Subway and il Giallo Osteria & Bar. Jim Hamilton, Brad Buchanan, Michael Allison and Shea Patrick of HFF represented Mimms in the deal.

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ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.

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TUCKER, GA. — Ackerman & Co. has sold an industrial building, located at 2232 Mountain Industrial Blvd. within Stone Mountain Industrial Park in Tucker. Mequity Cos. purchased the property for $5.3 million. The buyer, an Atlanta-based real estate development and investment firm, is redeveloping the 105,800-square-foot warehouse into a build-to-suit project for CubeSmart. The climate-controlled self-storage facility is slated for completion by year’s end. Brett Buckner, Jimmy Stevens and Major Martin of Ackerman & Co. provided in-house representation for the seller. Ackerman & Co. originally acquired the 4.1 million-square-foot Stone Mountain industrial portfolio in 2015.

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LOCUST GROVE, GA. — Columbus, Ohio-based Coastal Ridge Real Estate Partners and Miami-based Sefira Capital have acquired Eagle’s Brooke, an apartment community located on 31 acres at 100 Malago Way in Locust Grove. An undisclosed seller sold the metro Atlanta asset for $34 million. This transaction marks the 12th acquisition in 2018 for Coastal Ridge and its first in a new joint venture with Sefira. Built in 2009, Eagle’s Brook features 120 one-bedroom/one-bath units, 104 two-bedroom/two-bath units and 24 three-bedroom/two-bath units, with rents ranging from $957 to $1,396. Units include patios/balconies, ceiling fans, nine-foot ceilings, garden tubs, linen closets, separate dining areas and walk-in closets. On-site community amenities include a residents’ kitchen/lounge, swimming pool and controlled access gates.

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ATLANTA — State Farm Arena, located at 1 State Farm Drive in downtown Atlanta, has opened its doors following a $192 million renovation program, the second largest renovation in NBA history. The Atlanta Hawks Basketball Club committed to an 18-year lease extension to remain in downtown Atlanta at the city-owned arena through 2046. The former Philips Arena features the NBA’s third-largest center-hung scoreboard and fan-friendly food pricing. Restaurant and entertainment options include Zac Brown’s Social Club, Topgolf Swing Suites, Killer Mike’s Swag Shop and a baseline bar and club known as Courtside Club. The Atlanta Hawks celebrated the arena with its home opener against the Dallas Mavericks on Wednesday, Oct. 24. With a sold-out crowd, the Hawks beat the Mavericks 111 to 104. The arena hosts approximately 200 events and nearly 2 million guests annually.

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