LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.
STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.
LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …
ROSWELL, GA. — Pollack Shores Real Estate Group has purchased a site at 11060 Alpharetta Highway in Roswell, roughly 23 miles north of Atlanta, with plans to develop a new multifamily community. The project is part of a greater mixed-use development that Pollack Shores is building in partnership with Fuqua Development. The site currently houses a strip shopping center that will be razed this fall to make way for the new development. Dubbed Sun Valley, the community will include 300 multifamily units developed by Pollack Shores and 115,000 square feet of retail that Fuqua will develop, according to the Atlanta Business Chronicle. The Atlanta-based firms had a similar arrangement at The Battery Atlanta, where Pollack Shores developed the multifamily portion, dubbed Home at The Battery Atlanta, and Fuqua developed the retail and restaurants. The residential portion of the Roswell project will include a mix of one- to three-bedroom units with granite countertops, stainless steel appliances, a mix of vinyl-plank wood flooring and carpet flooring and walk-in closets. Community amenities will include a dog park, pet washing station, pool, lounge area and a fitness center with a yoga room. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.
ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.
ATLANTA — TriBridge Residential, in partnership with Sefira Capital, has acquired Ivy Hall Apartments, a 110-unit multifamily community located at 625 Piedmont Ave. N.E. in Atlanta’s Midtown district. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports Ivy Hall Apartments of Atlanta LP sold the asset for $35.8 million. Constructed in 2010, Ivy Hall includes a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings, crown molding, granite countertops, stainless steel appliances and private balconies. Atlanta-based TriBridge and Miami-based Sefira plan to immediately upgrade the community’s two dog parks, poolside fitness center and all indoor and outdoor amenity spaces.
ATLANTA — Multifamily investors are anticipating another solid year for U.S. apartment sales. Annual transaction volume is robust, price per unit is increasing and fundamentals like rent growth and occupancy are strong, leaving buyers confident that apartment properties remain a safe investment. “Investors are so sophisticated now, and they have the option of going into whatever sector, whatever geography, with whatever strategy they want, and they are scanning it all,” said Malcolm McComb, vice chairman of CBRE. “But what’s coming out again and again for many years in a row now is multifamily and industrial are stealing the show.” McComb’s comments were made during the opening presentation at the Atlanta Apartment Association’s (AAA) “2018 Apartment Market Outlook: Disruption in the Apartment Industry.” The conference was held on Friday, Aug. 10, at the Cobb Galleria Centre in Atlanta. Back on the Upswing After a slight decrease in total transaction volume in 2017 — the first time since 2009 that U.S. multifamily annual sales volume didn’t surpass the preceding year — 2018 transaction volume is on track to match or slightly surpass last year’s output. Through the first half of 2018, apartment investment sales totaled $69.9 billion, a 7.9 percent increase compared to …
MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.
SAVANNAH, GA. — Jaguar Land Rover Classic will open a new operations hub in Savannah, creating 75 new jobs, Georgia Gov. Nathan Deal announced Wednesday. The industrial facility —the British automobile company’s first outside of Europe — will be located near Savannah/Hilton Head International Airport and the Port of Savannah. The new facility will house a range of authentic Jaguar and Land Rover Classic cars, as well as offer services, parts and guest experiences. In addition, the facility will include a 42-bay workshop for vehicle health checks, service and repairs for all Jaguar and Land Rover vehicles out of production for a decade or more. The investment in the new facility will be more than $10 million and is expected to generate more than $45 million in revenue, according to the Atlanta Business Chronicle. Construction on the operations hub is scheduled to begin in fall 2019.
