Georgia

CBRE to Launch $6M Renovation of Three Office Buildings in Atlanta’s Central Perimeter

by Camren Skelton February 21, 2018

ATLANTA — CBRE Global Investors has unveiled plans for its $6 million renovation of three office buildings at Concourse Corporate Center in Atlanta’s Central Perimeter office submarket. CBRE Global Investors, the investment management arm of CBRE Inc., acquired Concourse Buildings I, II and IV from BLT in December for $145 million, according to the Atlanta Business Chronicle. The three buildings under CBRE’s ownership total 751,093 square feet. As part of the renovation, CBRE will rename the center “The Collective at Concourse,” and will add the buildings to its’ “5-Star Worldwide” program. Full lobby renovations are planned for Buildings II and IV, along with 5-star conference centers, a new speculative suite program and front-of-house enhancements. The renovated, atrium-style lobbies will feature biophilic design elements including natural light, indoor water features and plant life. In addition, a new outdoor greenspace will be added for community events. Available floor plates range from 37,000 to 41,000 square feet and will include loft suites with open floor plans. The buildings are 87 percent leased to tenants such as SecureWorks, T-Mobile, Elavon and Amtrak. In addition to Concourse Buildings I, II and IV, the center is home to Atlanta’s iconic “King and Queen” towers that are separately …

February 21, 2018

Georgia Loans Multifamily Southeast

Berkadia Arranges $19.1M Sale, $14.3M Financing for Apartment Asset in Metro Atlanta

by Camren Skelton February 19, 2018

DORAVILLE, GA. — Berkadia has arranged the $19.1 million sale of Azalea Ridge, a 281-unit apartment community located at 3214 Valley Bluff Drive in Doraville, roughly 25 miles northeast of downtown Atlanta. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the sale on behalf of the seller, Alexander Property Group. Berkadia’s Richard Levine originated a $14.3 million Freddie Mac loan on behalf of the buyer, Zavala Capital. The seven-year loan features a floating interest rate, 30-year amortization schedule and a 75 percent loan-to-value ratio. Azalea Ridge offers one- and two-bedroom units and features a pool, community picnic area and a fitness center.

February 19, 2018

Georgia Retail Southeast

Three New Tenants to Join Shops Around Lenox in Atlanta’s Buckhead District

by Camren Skelton February 16, 2018

ATLANTA — Three new tenants will join Shops Around Lenox, an open-air shopping center in Atlanta’s Buckhead district, in the coming months. New York-based fitness company SoulCycle will open its first Atlanta location at the center in late April, and healthy food concept Flower Child will open its first location in the city in mid-summer. West Elm will also open a new location at the center this summer. The new tenants join recent additions to Shops Around Lenox including Draper James, which opened in November 2017; Blo Blow Dry Bar, which opened in 2016; and Kendra Scott, which opened in 2014. Additional tenants at the center include South Moon Under, Crate & Barrel, Paper Source, lululemon athletica, Suit Supply, fab’rik and Seven Lamps. Retail consultant Tisha Maley and JLL were retained to update and manage the new tenant lineup. Originally constructed in 1979, Shops Around Lenox was updated in 2009 with refreshed facades, new community gathering spaces and new artwork. The center is located within walking distance to more than 10 million square feet of office space, seven hotels and Lenox Square, an enclosed regional mall owned and operated by Simon.

February 16, 2018

Georgia Healthcare Office Southeast

Caddis Acquires Urban Medical Office Building Near Atlanta for $27.6M

by Camren Skelton February 15, 2018

BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. Built in 2016, Brookhaven Medical Center was fully leased at the time of sale, with Walgreens occupying the ground floor and Piedmont Healthcare occupying the top two floors.

February 15, 2018

District of Columbia Georgia Industrial North Carolina Southeast

Brennan, Arch Street Acquire 2.3 MSF Industrial Portfolio Across Four States in Sale-Leaseback Deal

by Camren Skelton February 13, 2018

CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.

February 13, 2018

Georgia Hospitality Southeast Tennessee

Apple Hospitality REIT Acquires Two Hilton-Branded Hotels in Atlanta, Memphis for $63M

by Camren Skelton February 7, 2018

ATLANTA AND MEMPHIS, TENN. — Apple Hospitality REIT, a lodging investment firm based in Richmond, Va., has acquired two Hilton-branded hotels in downtown Atlanta and downtown Memphis for a combined $63 million. The Atlanta asset is the 119-room Hampton Inn & Suites by Hilton Atlanta-Downtown, located at 161 Ted Turner Drive N.W. The hotel is situated within walking distance to Centennial Olympic Park, the CNN Center, the World of Coca-Cola, the Georgia Aquarium and the Mercedes-Benz Stadium. The Memphis property is the 144-room Hampton Inn & Suites by Hilton Memphis-Beale Street, located at 175 Peabody Place. The hotel is located near the Beale Street Entertainment District, FedEx Forum, AutoZone Park, the Memphis Cook Convention Center, the Orpheum Theatre, the National Civil Rights Museum and Graceland.

February 7, 2018

Georgia Retail Southeast

Avison Young Brokers $35M Sale of Four-Property Shopping Center Portfolio in Metro Atlanta

by Camren Skelton February 7, 2018

ATLANTA — Avison Young has brokered the $35 million sale of a four-property retail portfolio in metro Atlanta. Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young’s Atlanta office arranged the transaction on behalf of the seller, Ginsburg Development Cos. Harbour Retail Partners acquired the portfolio. The transaction included Dacula Village, a 69,300-square-foot shopping center in Dacula, roughly 25 miles northeast of Atlanta in Gwinnett County; Publix at Mt. Zion, a 79,000-square-foot center in Morrow, roughly 15 miles south of Atlanta in Clayton County; and Stockbridge Lanes, a 78,600-square-foot retail center in Stockbridge, roughly 20 miles south of Atlanta in Henry County. Publix anchors all three of the centers. In addition, Harbour Retail Partners acquired an 80,700-square-foot, Planet Fitness-anchored center — McDonough West — in the south Atlanta metro of McDonough in Henry County. At the time of sale, the four properties had a combined occupancy of 92.5 percent.

February 7, 2018

Georgia Industrial Southeast

Crow Holdings Breaks Ground on Two Industrial Buildings in Atlanta, Northeast Georgia

by Camren Skelton February 7, 2018

ATLANTA AND JEFFERSON, GA. — Crow Holdings Industrial (CHI), the industrial development affiliate of Dallas-based Crow Holdings, has broken ground on two industrial buildings in Atlanta and northeast Georgia. In Atlanta, the firm is constructing Southside Logistics Center, a 135,000-square-foot building located roughly three miles from Hartsfield-Jackson Atlanta International Airport. The building features 30-foot clear heights, 52-by-52-foot column spacing, 224 parking spaces and an ESFR sprinkler system. Mike Sutter and Rick Tumlin of Lee & Associates are handling the building’s leasing assignment. In Jefferson, roughly 60 miles northeast of Atlanta in Jackson County, CHI is underway on New Salem 85 Logistics Center. The cross-dock building totals 636,000 square feet and will feature up to 239 trailer spaces. Located less than a mile from Interstate 85, the building is suited for distribution and fulfillment users. Wit Truitt and Bob Currie of JLL are handling the property’s leasing assignment. In addition to the two new developments, CHI is also underway on Royal 85 Business Center in Union City, roughly eight miles from the Atlanta airport, and Braselton Point Logistics Center in the northeast Georgia city of Braselton. Once completed, CHI will have developed more than 1.5 million square feet of industrial space across …

February 7, 2018

Georgia Loans Office Retail Southeast

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Georgia Restaurant Retail Southeast Top Stories

Arby’s Completes $2.9B Acquisition of Buffalo Wild Wings, Launches New Company

by Kristin Harlow February 6, 2018

ATLANTA — Arby’s Restaurant Group Inc. has completed its $2.9 billion acquisition of Buffalo Wild Wings Inc. As part of the transaction, the company launched a new restaurant company known as Inspire Brands Inc. The company will oversee the growth of Arby’s, Buffalo Wild Wings and an emerging brand, R Taco. More than 4,600 company-owned and franchised restaurants across 15 countries are within Inspire’s portfolio. The combined global sales of its restaurants in 2017 exceeded $7.6 billion. “We believe the time is right to create a different kind of restaurant company — one with a broad portfolio of distinct brands across a full spectrum of restaurant occasions,” says Paul Brown, CEO of Inspire Brands. “Our goal is to build an organization that leverages the benefits of scale, not only to save cost, but also to enable outsized investments in long-term growth initiatives.” Inspire is designed to enable each individual brand to benefit from and build off the strengths of the others. Brown of Arby’s and Neal Aronson of Roark Capital Group, a private equity firm, co-founded Inspire. The company’s headquarters will be based in Atlanta with a support center in Minneapolis. Founded in 1964, Atlanta-based Arby’s is a sandwich restaurant …

February 6, 2018

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