BLOOMINGDALE, GA. — Atlanta-based flooring retailer Floor & Decor has opened a 1.4 million-square-foot distribution center in Bloomingdale, roughly 15 miles west of Savannah. The facility is located within Morgan Business Center, a 250-acre industrial park located near the intersection of Interstates 16 and 95. The center is roughly 11 miles from the Port of Savannah. The retailer will use the facility to store and distribute merchandise to stores across the eastern U.S. Duke Realty developed the project and CBRE handled the center’s leasing assignment. The new facility brings an additional 30 jobs to the Savannah area.
NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.
AUGUSTA, GA. — PMZ Realty Capital LLC has arranged a $17.5 million loan for the refinancing of the Residence Inn by Marriott Augusta located at 1116 Marks Church Road in Augusta. Other terms of the deal and the borrower were not disclosed. The 124-room hotel is located roughly five miles south of Augusta National Golf Club, home of the Masters golf tournament. The hotel features a 483-square-foot meeting room, complimentary breakfast, fitness center and an indoor pool.
ATLANTA — Portman Holdings has secured $150 million in financing to build a 21-story office building in Atlanta’s Technology Square. The 352,000-square-foot, build-to-suit Anthem Technology Center will be situated near Georgia Tech in Midtown. This area is known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus. Healthcare insurance giant Anthem (NYSE: ANTM) will occupy the space. The offices will serve as a hub for approximately 3,000 IT professionals seeking to enhance consumer healthcare experiences, improve the quality of care and lower healthcare costs. The building will feature a 14,000-square-foot terrace area with green space. Anthem placed an emphasis on energy and water efficiency, indoor environmental quality and active design standards. The building will also include 7,000 square feet of retail space and alternating two-story spaces connected by a staircase to promote collaboration. The project’s groundbreaking is scheduled for Feb. 21. Construction is expected to take two years. John Portman & Associates designed the building for Anthem. PCCP contributed equity financing, while SunTrust acted as the lead lender. Regions also served as a lender for the project. SunTrust will open a full-service branch inside Anthem Technology Center. Atlanta-based Portman Holdings is a …
ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.
CANTON, GA. — Trillium Capital Resources LLC has arranged a $37.5 million construction loan for a new 308-unit apartment community in Canton, located roughly 40 miles north of Atlanta. The 40-year loan was structured through the U.S. Department of Housing and Urban Development’s (HUD) 221 (d)(4) program, the agency’s flagship program for funding new construction and redevelopment for market-rate and affordable housing properties. Red Mortgage Capital provided the loan. The name of the borrower was not disclosed. In addition to arranging financing, Trillium arranged the land purchase on behalf of the buyer. The community will feature a furnished clubhouse, business center, resort-style pool, fitness center, sauna, playground, outdoor walking trails, dog parks, garages and grills. Construction on the property is estimated for completion in fall 2019.
Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M
ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.
ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.
BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.
ATLANTA — Atlanta-based Hunter Hotel Advisors has arranged the $68.8 million sale of three Marriott-branded hotels located throughout Florida. Trey Scott, Shamir Patel, Robert Taylor and Steve Taylor of Hunter arranged the transaction on behalf of the seller, an affiliate of Rockwood Capital. An affiliate of Ocean Properties acquired two of the hotels in the portfolio — the 153-room Courtyard Sarasota/Bradenton and the 149-room Springhill Suites Tampa Westshore, both in the Tampa Bay area. An undisclosed private investor acquired the 152-room Courtyard Boynton Beach in Palm Beach County. Ocean Properties will continue to manage all three recently renovated hotels under a long-term management agreement.