VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.
Georgia
BUFORD, GA. — McCraney Property Co. has acquired 44.3 acres in metro Atlanta for the development of 985 Lanier Logistics, a 612,572-square-foot, speculative industrial project. Bilijack Bell of Wilson, Hull & Neal represented McCraney in the transaction, and Frank Simpson of The Simpson Co. of Georgia Inc. represented the seller, Northeast Georgia Health System Inc. The development site is located at the intersection of Georgia State Route 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. The industrial park will include three buildings: Building 100, totaling 209,252 square feet; Building 200, totaling 167,080 square feet; and Building 300, totaling 236,240 square feet. The facilities will feature 30- to 32-foot clear heights, 38 to 42 dock-high doors and a total of 160 tractor-trailer stalls. The park will target end-users requiring freight forwarding, third-party logistics and fulfillment needs.
ATLANTA — Despite possible headwinds from Capitol Hill, the hospitality industry is poised for a healthy 2018. The combination of a strong economy, tax cuts and rising consumer confidence is boosting demand for hotels across the country. Meanwhile, lenders are tightening their purse strings when it comes to new development, leaving hoteliers confident that the industry is on solid footing. Those points were among the big takeaways stemming from two separate panel discussions held last Friday morning, March 23, during the Hunter Hotel Conference. The 30th annual event drew 1,700 attendees to the famed Atlanta Marriott Marquis hotel downtown designed by the late John C. Portman. In February, the unemployment rate remained unchanged at 4.1 percent, a 17-year low. The Consumer Confidence Index is at its highest level since 2000. “Domestically, things are great,” said Chip Rogers, president and CEO of the Asian American Hotel Owners Association (AAHOA). “This past holiday season was the most traveled holiday season on record.” Rogers said some credit goes to the low cost of gasoline. The price per gallon has been under $3 for four consecutive years, he pointed out. “You can see a direct relationship between how willing people are to travel and the …
STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will offer advanced equipment and technology, classrooms, seminar and conference rooms, computer labs and administrative offices. JE Dunn is serving as the project’s construction manger, and Stevens & Wilkinson/SmithGroupJJR is the architect. The development team will break ground on the CEAR building in January 2019, with completion scheduled for the 2020 fall semester.
ATLANTA — The Atlanta office of Cushman & Wakefield has secured the $108.6 million refinancing of a 2.2 million-square-foot, eight-property industrial portfolio located across the United States. Mike Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the floating-rate loan on behalf of the borrower, Industrial Properties America III LLC, a joint venture between IDI Logistics and institutional investors advised by J.P. Morgan Asset Management. The portfolio includes 2124 Skyview Drive in Lithia Springs, Ga.; 11600 Miramar Parkway in Miramar, Fla.; 2501 S.W. 160th Ave. in Miramar; and 8425 Airways Blvd. in Southhaven, Miss. The other properties are located in Illinois, Ohio, Texas and California. At the time of sale, the portfolio was fully leased to 23 tenants.
ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on Union 85 Distribution Center, a 243,540-square-foot speculative warehouse/distribution center in Atlanta. The facility will be located at 3725 Royal South Parkway, less than a half-mile from Interstate 85 within Atlanta’s I-85 South industrial submarket. The building will feature 32-foot clear heights, 38 dock-high doors, two drive-in doors, front-load configuration and 40 existing spaces for excess trailer storage. LPC Southeast will handle the project’s leasing assignment upon completion, which is scheduled for later this year. The company delivered Flat Shoals 85 Distribution Center at the end of 2017. The building is fully leased to Future Forwarding Co.
GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
STOCKBRIDGE, GA. — U-Haul Co. has acquired a 324,000-square-foot warehouse located at 471 Eagles Landing Parkway in Stockbridge, roughly 19 miles southeast of downtown Atlanta. Other terms of the deal were not disclosed. U-Haul Mobility & Storage at Eagles Landing will be repurposed to offer 1,800 indoor self-storage units for rent. The facility will include a mix of climate-controlled and non-climate-controlled units and security features. In addition, the warehouse will house a new regional office for U-Haul. The company’s operations will encompass 108,000 square feet, and the remaining 216,000 square feet will be available for lease. The facility will employ approximately 20 people when fully operational, and will feature a sidewalk expansion for customers who arrive by golf cart, an electrical charging station for golf carts and a walking and biking path. In the coming weeks, U-Haul will allocate warehouse space to store more than 300 U-Box portable moving and storage containers and lot space to accommodate 40 U-Haul truck boxes, providing immediate storage solutions for customers while self-storage rooms are under construction. A construction timeline was not disclosed.
AUSTELL, GA. — Resource Apartment REIT III Inc., through a wholly owned subsidiary, has acquired Tramore Village, a 324-unit apartment community in Austell, roughly 17 miles northwest of Atlanta. Constructed in 1999, the community features two swimming pools, a fitness center and a lighted tennis court. The sales price and name of the seller were not disclosed.
ROME, GA. — Colliers International has brokered the $8.6 million sale of West Town Square, an 84,828-square-foot shopping center in Rome, a city in north Georgia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, Eck-Phoenix LLC. Attic XII Self Storage LLC acquired the center. The three-tenant West Town Square was fully leased at the time of sale to Bargain Hunt, Harbor Freight Tools and Redmond Regional Medical Center Medical Complex.