ACWORTH, GA. — Wellstar Health System, an owner and operator of hospitals and healthcare clinics in Georgia, has received state approval to develop a new $1 billion hospital in Acworth, a northwest suburb of Atlanta in Cobb County. The construction timeline was not disclosed, but The Atlanta Journal-Constitution reported that Wellstar officials said the hospital could open to patients by 2031. The AJC also reported that competing hospitals have the right to appeal the Georgia Department of Community Health’s decision. In June, Wellstar filed for a certificate of need, a formal document that is necessary in the construction for new hospitals. The Marietta, Ga.-based health system plans to develop a 230-bed hospital spanning 675,000 square feet across Cobb Parkway from the existing Wellstar Acworth Health Park. In addition to the new Acworth hospital, Wellstar is underway on $1.4 billion in major construction projects, including expanding its flagship Wellstar Kennestone hospital in Marietta with a new tower and a $300 million expansion of Wellstar Paulding Medical Center in Hiram, Ga., with a new tower totaling 112 beds across two phases.
IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets. JLL arranged the CMBS financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan. The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants. The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses. CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth. JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led …
STOCKBRIDGE, GA. — A joint venture between ShopOne Centers REIT Inc., Pantheon and an undisclosed global institutional investor has purchased Stockbridge Lakes, a 78,605-square-foot shopping center located at 250 E. Atlanta Road in Stockbridge, roughly 20 miles southeast of Atlanta. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports Marietta, Ga.-based Retail Planning Corp. was the seller. Publix anchors the shopping center, which also houses Burn Boot Camp, Great Clips, Dr. Brown Pediatric Dentistry and Domino’s Pizza. Stockbridge Lakes has approximately 9,000 square feet of available space.
WOODSTOCK, GA. — Atlanta-based real estate developer and investor Connolly has begun construction on Woodstock Mill District, a 118,000-square-foot shopping center located in the Atlanta suburb of Woodstock. The property is slated to open in phases throughout the second half of 2026. Ameris Bank is providing construction financing for the project. Scott McGregor and Bo Schill of CBRE represented Connolly in the land acquisition, while John Haynes, also with CBRE, represented the land seller. The project team features Place Maker Design (architect), Robertson Loia Roof PC (civil engineer) and Benning Construction (general contractor). Woodstock Mill District will comprise 90,000 square feet of new retail space, including a 46,791-square-foot Publix grocery store that will serve as the anchor tenant. Additionally, the development will include six freestanding buildings ranging in size from 3,500 to 13,750 square feet. Towne Lake Plaza, an existing 28,000-square-foot shopping center which sits adjacent to Woodstock Mill District, will soon be rebranded to join the new development. Connolly originally acquired Towne Lake Plaza in 2021. Connolly has selected Ed O’Connor and Mindy Elms of Lavista Associates Inc. to handle leasing for Woodstock Mill District.
ATLANTA — Exact Capital has delivered Skyline Apartments, a 250-unit affordable housing community located along the Atlanta Beltline’s Southside Trail in the city’s Peoplestown neighborhood. The property is located at 1090 Hank Aaron Drive SE and represents a $94 million investment. Capital partners on the project included Invest Atlanta (the City of Atlanta’s economic development arm), Goldman Sachs, Stonehenge, LISC and Walker & Dunlop. Exact Capital and joint venture partner Aleem Construction broke ground on Skyline Apartments in 2022 in a ceremony with Atlanta Mayor Andre Dickens. The community features studio, one- and two-bedroom apartments reserved for households earning at or below 60 percent of the area median income (AMI). Amenities include a healthcare center, modern fitness facility, community room, meeting spaces, dog wash station, secure gated entry and covered parking.
ALPHARETTA, GA. — Principal Asset Management has sold a 185,000-square-foot, 15.2-megawatt (MW) data center in Alpharetta, a northern suburb of Atlanta. The buyer and sales price were not disclosed, but the acquisition included developable land adjacent to the data center. A U.S.-based data center fund managed by Principal purchased the facility in 2022 in a joint venture with Lincoln Rackhouse, a division of Lincoln Property Co. The single-story data center was leased to two unnamed companies at the time of sale, one of which is a Fortune 100 financial services firm. The data center was originally built in 2009 as a build-to-suit for a telecommunications tech company.
GRAYSON, GA. — FrostPoint Capital, an investment firm based in West Palm Beach, Fla., has acquired Olde Towne Grayson, a 13,896-square-foot retail strip center in Grayson, a northeast suburb of Atlanta in Gwinnett County. The property, which FrostPoint is rebranding as Grayson Square, was fully leased at the time of sale to tenants including AutoZone, Lendmark Financial, Little Caesars Pizza, JB’s Barbershop and Katie’s Sports Bar & Grill. Marc Irvin and Matthew Welch of Marcus & Millichap brokered the transaction. The seller and sales price were not disclosed.
LAWRENCEVILLE, GA. — Charlotte-based Crescent Communities has welcomed the first residents at HARMON Cedar Run, a 151-unit build-to-rent (BTR) residential community in Lawrenceville. The property represents the first HARMON-branded BTR property in the metro Atlanta area and 13th multifamily project in the market overall for Crescent. HARMON Cedar Run is situated on 38 acres and features three- and four-bedroom townhomes and single-family homes, as well as amenities including a resort-style pool with shaded seating areas, pickleball and basketball courts and green spaces. Monthly rental rates range from $2,550 to $3,245, according to Apartments.com. DRB Group, a Sumitomo Forestry Co. Ltd affiliate company, was the homebuilder of HARMON Cedar Run. Crescent Communities is also an affiliate of Sumitomo Forestry.
AcquisitionsArkansasFloridaGeorgiaIndustrialNorth CarolinaSelf-StorageSouth CarolinaSoutheastVirginia
Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio
CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.
SAVANNAH, GA. — The Savannah-Georgia Convention Center Authority and global hotelier Hilton (NYSE: HLT) have broken ground on Signia by Hilton Savannah, a 444-room hotel situated adjacent to the Savannah Convention Center. The $398 million hotel project is expected to debut in mid-2028 and serve as the headquarters hotel of the 666,000-square-foot convention center, which underwent a $276 million expansion project that wrapped up in February. The Atlanta-Journal Constitution reports that the hotel project was “15 years and three false starts” in the making. The riverfront hotel will sit on Hutchinson Island across the Savannah River from the city’s historic district. The AJC also reports that the 403-room Westin Savannah Harbor is currently the only hotel within walking distance of the convention center. The Savannah-Georgia Convention Center Authority owns the hotel and is developing the project in partnership with the Georgia World Congress Center Authority, an Atlanta-based entity that also manages the Savannah Convention Center. The Georgia World Congress Center Authority recently collaborated with Hilton on the development of Signia by Hilton Atlanta, a 976-room hotel tower situated near the convention center, as well as State Farm Arena and Mercedes-Benz Stadium in downtown Atlanta. “Signia by Hilton Savannah’s signing and groundbreaking represents …