PERRY, GA. — Brokers + Engineers (B+E), a newly formed triple-net-lease brokerage firm, has arranged the $11.4 million sale of a Publix-anchored shopping center located at 275 Perry Parkway in Perry. Boston-based Flag Wharf Inc. purchased the 72,200-square-foot shopping center from a private developer based in Florida. Publix Super Markets Inc. has 11 years remaining on its lease.
PEACHTREE CITY, GA. — Atlanta-based Bull Realty has brokered the $9 million sale of a 163,000-square-foot industrial facility located at 416 Dividend Drive in Peachtree City. A private trust purchased the property from Dividend West Partners LLC. Jason Callaway and Davis Finney of Bull Realty represented the buyer, and Mark Wright of Dividend Commercial Real Estate represented the seller. Situated on 20 acres in the Atlanta suburbs, the building is fully leased to Wencor Group, an aviation solutions company. Wencor uses the facility to house its manufacturing and distribution operations for commercial airlines, aerospace repair stations and original equipment manufacturers (OEMs) worldwide.
MARIETTA, GA. — StoneBridge Investments has acquired Avia East Cobb, a 200-unit apartment community located in the northwest Atlanta suburb of Marietta, for $23.5 million. Kevin Geiger of CBRE arranged the transaction on behalf of the seller, an entity controlled by Harbor Group International. The community includes a mix of one- to three-bedroom units and features a resort-style pool, outdoor grills and a renovated clubhouse in a historic stone mill. In addition, the community is located roughly three miles from SunTrust Park, the home ballpark of the Atlanta Braves. StoneBridge will invest $3.2 million in capital improvements, renaming the property Landry at East Cobb Apartments. Planned renovations include enhanced community amenities, conversion of the existing dog park into an artificial grass sport court, exterior paint, façade renovation and upgraded unit interiors. ZRS Management will manage the community.
ATLANTA — Greystone Brown Real Estate Advisors has arranged the sale of the Presidential Tower, a 15-story commercial building located at 4001 Presidential Parkway in Atlanta. Taylor Brown of Greystone Brown arranged the transaction on behalf of the seller, Hays Financial Consulting LLC. Known for its cylindrical shape, the building is visible from one of the city’s main traffic corridors — Spaghetti Junction, which is situated at the intersection of Interstates 285 and 85. Originally constructed in 1973, Presidential Tower was the former Presidential Hotel. Over the last several years, the property fell into disrepair. Peacock Partnership Inc. acquired the building for an undisclosed price, with plans to convert the property into a seniors housing community. Once complete, the complex will be one of the largest seniors housing communities in Atlanta, according to Greystone Brown. A construction timeline for the project was not disclosed.
ATLANTA — Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit multifamily portfolio located across Alabama, Georgia and Mississippi. Tampa-based Blue Rock Partners acquired the properties from Atlanta-based Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield’s Atlanta office arranged the transaction on behalf of the seller. The sold portfolio includes the 184-unit Madison Square in Dothan, Ala.; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Ga.; the 188-unit Orchard Cove in Covington, Ga.; and the 232-unit Gardens of Canal Park in Robinsonville, Miss. Community amenities across the portfolio include swimming pools, playgrounds, business centers, laundry facilities and fitness centers.
KENNESAW, GA. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million. Atlanta-based Fuqua Development delivered the center in 2017. Whole Foods Market anchors the development, which was 99 percent leased at the time of sale to tenants including Starbucks Coffee, MOD Pizza, PNC Bank, AT&T, Sports Clips, Del Taco, Zoe’s Kitchen, Newk’s Eatery and Navy Federal Credit Union.
ATLANTA — Cushman & Wakefield has secured $37.8 million in construction financing for the development of Vue at the Quarter, a 271-unit multifamily community that will be located at 2048 Bolton Drive N.W. in Atlanta’s Upper Westside submarket. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged a $32.8 million senior loan through Ameris Bank and $5 million in preferred equity through RSE Capital Partners on behalf of the project developer, GJ Enterprises Acquisitions. The 359,000-square-foot community will include five four- and five-story buildings. GJ Enterprises expects to wrap up construction on the project in May 2020.
LILBURN, GA. — Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located at the intersection of Five Forks Trickum and Oak roads in Lilburn, roughly 20 miles northeast of Atlanta. Kimco Realty sold the asset for $10.5 million, or $142 per square foot. A 62,000-square-foot Kroger anchors the center. Additional tenants include Great Clips, The UPS Store and Coast Dental. Five Forks Crossing is Palm Beach, Fla.-based Sterling Organization’s seventh property in Georgia.
ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on a fourth building at Airport-West Distribution Center, an industrial development located roughly five miles from Hartsfield-Jackson Atlanta International Airport. The facility — dubbed Building 400 — totals 108,202 square feet. Approximately 88,000 square feet is preleased to Pitney Bowes Presort Services Inc. The mail sorting and distribution services company will move from its current location at Airport-West’s Building 100 to the new facility upon its completion in November. Chick-fil-A, which already occupies 30,000 square feet at the industrial park, will fill the space currently occupied by Pitney Bowes. With the addition of Building 400, the four-building industrial park will total 507,000 square feet. LPC Southeast leads the land acquisition, development, leasing/marketing and disposition for Airport-West Distribution Center.
ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.
