Georgia

Battle for Market Share: Leading Hotel Companies Expand Via Acquisitions, New Brands

by John Nelson March 22, 2018

ATLANTA — The world’s largest hotel company, Wyndham Hotel Group, made a splash in January when parent company Wyndham Worldwide Corp. purchased La Quinta’s franchise and management business for nearly $2 billion. Speaking at the 30th annual Hunter Hotel Conference in Atlanta Wednesday, Geoff Ballotti, president and CEO of Wyndham Hotel Group, spoke about how the acquisition has helped expand the company’s platform. “It is our 21st brand. We’re the company that operates more hotels than any other company today at 9,100 hotels,” says Ballotti at the three-day conference, which is drawing 1,700 attendees. “La Quinta is a brand that franchises well — 85 percent of La Quinta’s franchisees score four stars or above on TripAdvisor. It’s a great value for our shareholders.” The past few years have seen mega transactions like this, none bigger than Marriott International’s $13 billion acquisition of Starwood Hotels & Resorts in 2016. Joining Ballotti on the stage during the President’s Panel, held at the Atlanta Marriott Marquis in downtown Atlanta, was Patrick Pacious, president and CEO of Choice Hotels International Inc. The Rockville, Maryland-based company is the second-largest hotel group by property count at 6,800 hotels in 40 countries. Similar to Wyndham, Choice Hotels …

March 22, 2018

Development Georgia Hospitality Loans Southeast

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Development Georgia Multifamily Southeast

Prestwick to Build Multifamily Community Along Chattahoochee River in Metro Atlanta

by Camren Skelton March 21, 2018

SMYRNA, GA. — Atlanta-based developer Prestwick Cos. has unveiled plans to build The Eddy at Riverview Landing, a 310-unit apartment community in Smyrna, roughly 17 miles north of downtown Atlanta. The community will be located along the Chattahoochee River within Riverfront Landing, an 82-acre mixed-use project under development by Ardent Cos. The Eddy is one of the first components to rise at the project. The community will offer one- to three-bedroom floor plans ranging in size from 632 to 1,435 square feet, and rents will start at $1,150 per month. Interiors will include granite countertops, hardwood plank flooring, high-end cabinetry and stainless steel appliances. Community amenities will include an infinity pool with cabanas, fitness center, dog wash, resident lounge and on-site bike storage. In addition, The Eddy will include a 12-acre park and 8,000 square feet of retail that will house a coffee shop, restaurant and coworking space. Prestwick Cos. will dedicate the waterfront park to the City of Smyrna upon completion. Residents at the community will have access to Riverview Landing’s amenities, which will include a kayak launch, public dock, observation decks and a community theater. Matrix Residential, a subsidiary of Atlanta-based multifamily investor and developer Pollack Shores, will manage …

March 21, 2018

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.5M Sale of CVS/Pharmacy-Leased Building in Metro Atlanta

by Camren Skelton March 21, 2018

MARIETTA, GA. — Marcus & Millichap has brokered the $3.5 million sale of an 11,370-square-foot property leased to CVS/pharmacy in Marietta. The property is located at 3051 Sandy Plains Road, roughly 26 miles north of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn retail group arranged the sale on behalf of both the buyer, Agree Realty Corp., and the seller, Branch Properties. CVS/pharmacy had 11 years remaining on its lease at the time of sale.

March 21, 2018

Acquisitions Florida Georgia Property Type Retail Southeast

Publix Super Markets Buys Shopping Center Portfolio in Florida, Georgia from Madison, DDR

by John Nelson March 19, 2018

LAKELAND, FLA. — Lakeland-based Publix Super Markets has purchased a portfolio of nine Publix-anchored shopping centers from Madison International Realty and DDRM Properties, an affiliate of DDR Corp. The sales price was not disclosed. The portfolio totals 732,000 square feet, with eight shopping centers located throughout Florida and one located in McDonough, Ga. In 2017, Madison and DDR recapitalized a 52-property portfolio of grocery-anchored shopping centers that DDR Corp. previously owned with other partners for $1.05 billion. Following the nine-property sale, DDRM Properties now has 43 assets spanning 6.3 million square feet left from the original portfolio.

March 19, 2018

Georgia Office Southeast

Mercedes-Benz USA Opens 200,000 SF Office Headquarters in Metro Atlanta

by Camren Skelton March 16, 2018

SANDY SPRINGS, GA. — Mercedes-Benz USA (MBUSA) celebrated the grand opening of its new headquarters in Sandy Springs on Thursday. The 200,000-square-foot office building is located on a 12-acre campus near Ga. 400 in Atlanta’s Central Perimeter office submarket, roughly 14 miles north of downtown Atlanta. This move was years in the making, as MBUSA announced in January 2015 that it was moving its headquarters from Montvale, N.J., to Atlanta. Since that time the German automaker also won the naming rights for the new home of the Atlanta Falcons and Atlanta United, Mercedes-Benz Stadium, which opened in 2017. MBUSA’s new office building, made entirely of glass and supported by steel beams, was designed with a one-to-one ratio of collaborative seats to individual workstations in order to encourage interaction and creativity among MBUSA staffers. Amenities include a conference center, coffee bar with a barista, café, 5,000-square-foot fitness center with trainers, an on-site childcare facility, outdoor playground and a furnished rooftop deck. The building is LEED-Silver certified and uses drip irrigation and energy efficient mechanical systems to reduce water usage. To reduce food waste, the company is partnering with Second Helpings Atlanta Inc., which takes surplus food from metro Atlanta organizations and delivers …

March 16, 2018

Acquisitions Georgia Industrial Southeast

GCP Acquires 411,056 SF Industrial Campus in Atlanta for $17.1M

by Camren Skelton March 15, 2018

ATLANTA — Birmingham, Ala.-based GCP has acquired 6047 and 6049 Fulton Industrial in Atlanta for $17.1 million. The adjacent, rail-served buildings total 411,056 square feet and serve as light manufacturing and distribution warehouses. At the time of sale, the buildings were leased to two national third-party logistics tenants and a furniture distributor. The acquisition increases GCP’s portfolio to more than 7.5 million square feet. The name of the seller was not disclosed.

March 15, 2018

Florida Georgia Hospitality Southeast Virginia

Hampton by Hilton Opens Three New Hotels in Southeast

by Camren Skelton March 15, 2018

MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.

March 15, 2018

Georgia Leasing Activity Office Southeast

Avison Young Arranges 50,900 SF Office Lease for Global Commerce Company in Metro Atlanta

by Camren Skelton March 15, 2018

MARIETTA, GA. — Avison Young has arranged a 50,900-square-foot lease for First Data Corp., a leader in commerce-enabling technology and solutions, at 1600 Terrell Mill Road in Marietta. The office building is located less than three miles from the Atlanta Braves’ new home at SunTrust Park and 15 miles north of downtown Atlanta. Jillian Bailey, Rick Nash and Ben Parker of Avison Young arranged the lease on behalf of the landlord, Zamir Equities. The eight-year lease brings the building to full occupancy.

March 15, 2018

Georgia Multifamily Southeast

Novare, PointOne, BCDC Break Ground on Multifamily Portion of Mixed-Use Project in Metro Atlanta

by Camren Skelton March 14, 2018

NEWNAN, GA. — Novare Group, in partnership with PointOne Holdings Development and Batson-Cook Development Co. (BCDC), has broken ground on a 298-unit multifamily development in Newnan, roughly 40 miles southwest of Atlanta. The development is the first phase of Village Square at Newnan Crossing, a 123-acre, walkable mixed-use development that will feature retail, office, residential and restaurant space, as well as a 10-acre park and a community plaza. The LINC, a 25.5-mile pedestrian pathway, will run directly through the mixed-use project adjacent to the new apartment community. The property will include a mix of rental townhomes; “Big House” style units, half of which will include garages; and traditional garden-style apartment units. Community amenities will include a business center, clubroom, fitness center, pool, outdoor grilling, bocce ball court, community garden, bike storage and a dog park. Humphreys & Partners Architects is the architect for the project, and Kimley-Horn & Associates is the civil engineer and landscape architect.

March 14, 2018

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