Georgia

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

by Camren Skelton January 16, 2018

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.

January 16, 2018

Georgia Office Southeast

CBRE Closes Sale of 1.2 MSF Office Park in Atlanta

by Camren Skelton January 15, 2018

ATLANTA — CBRE has arranged the sale of University Office Park, a 1.2 million-square-foot office park situated on 78 acres in Atlanta’s Northeast office submarket. Jason Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, DRA Advisors. An Atlanta-based investment group acquired the 21-building campus for an undisclosed price. The Centers for Disease Control, FEMA and the IRS anchor University Office Park. In addition, the park is home to information technology services firm WiPro Limited’s operations hub and training center. CBRE has been retained by the new ownership to lease and manage the office park.

January 15, 2018

Georgia Office Southeast

Mobile Industry Organization Opens 15,000 SF Regional Office in Atlanta’s Armour Yards

by Camren Skelton January 15, 2018

ATLANTA — London-based GSMA, a trade organization that represents the interests of more than 800 mobile operators worldwide, has opened its new North American regional office at 165 Ottley Drive in Atlanta’s Armour Yards development. GSMA operator members in the North American region include companies such as AT&T, Bell Mobility, Digicel, Rogers Communications, Sprint, T-Mobile, Telus and Verizon. GSMA held a ribbon cutting ceremony for the grand opening on Friday, Jan. 11. The new office space features flexible work areas, open collaboration and meeting facilities and access to amenities within the Armour Yards campus. The building will house roughly 90 GSMA employees. Situated near the BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Sprit Works, Fox Bros. Bar-B-Q and East Pole Coffee Co. The loft-office portion is housed within four former industrial buildings and features creative office space.

January 15, 2018

Georgia Office Southeast

Trammell Crow, Partner to Deliver 16-Story Office Tower in Atlanta’s Central Perimeter District

by Camren Skelton January 9, 2018

ATLANTA — Trammell Crow Co. (TCC) and a joint venture partner advised by CBRE Global Investors have unveiled plans for Twelve24, a 16-story, transit-oriented office tower in Atlanta’s Central Perimeter submarket. The building will be directly connected to the Dunwoody MARTA station, and will include 334,000 square feet of office space and 11,000 square feet of ground-floor retail and restaurant space. Insight Global, an Atlanta-based national staffing services firm, has preleased 175,000 square feet at the building, which is expected to break ground in the summer and open in early 2020. Jodi Selvey and Emily Richardson of Colliers International arranged the lease transaction on behalf of Insight Global, and Eric Ross of CBRE represented the joint venture. Twelve24 will feature large, open floor plates with floor-to-ceiling glass, outdoor terraces, a lounge, conference center, fitness center and on-site restaurants. The development team, which includes design architect Duda Paine Architects and architect of record Wakefield Beasley & Associates, is seeking LEED Gold-certification. In addition, TCC is working with Concord Hospitality Enterprises to develop a 10-story, 180-room hotel directly connected to the new office tower.

January 9, 2018

Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista to Deliver 525-Bed Student Housing Asset Near Georgia Tech in Atlanta

by Camren Skelton January 8, 2018

ATLANTA — Peak Campus and investment partner Blue Vista Capital Management LLC have broken ground on Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Midtown Atlanta. The project will feature studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a resort-style pool, rooftop amenity deck, fitness center, business center, study/conference areas, a package locker system and parking and bike storage. Theory West Midtown will also feature 10,500 square feet of ground level retail space along Marietta Street. The development is scheduled to open in fall 2019.

January 8, 2018

Georgia Office Southeast Top Stories

NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson January 8, 2018

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …

January 8, 2018

Georgia Industrial Southeast

JLL Income Property Trust Buys New Industrial Building in Metro Atlanta for $31M

by Camren Skelton January 5, 2018

BUFORD, GA. — JLL Income Property Trust has acquired Mason Mill Distribution Center, a 340,000-square-foot industrial property in Buford, roughly 38 miles northeast of Atlanta, for $31 million. The newly constructed building is fully leased to a publicly traded global pharmaceutical distribution company through 2027. Mason Mill Distribution Center features 32-foot ceiling heights, an ESFR sprinkler system, LED lighting, a cross-dock design and 376 parking spaces. In addition, the facility is fully air-conditioned.

January 5, 2018

Georgia Office Southeast

ATPS Realty Partners Acquires Office Building in Atlanta’s Buckhead District for $50M

by Camren Skelton January 4, 2018

ATLANTA — ATPS Realty Partners, a joint venture between Israel-based Sage Equities and Atlanta-based Anchor Capital Partners, has acquired Live Oak Square, a 201,488-square-foot office building in Atlanta’s Buckhead district. The Atlanta Business Chronicle reports HighBrook Investors sold the asset for approximately $50 million. Justin Parsonnet, Jay O’Meara, Will Yowell and Ryan Reeth of of CBRE arranged the transaction on behalf of the seller. The 10-story building is located at the intersection of Peachtree and Lenox roads, across the street from both Lenox Square mall and Phipps Plaza and within walking distance of the Lenox MARTA Station. The University of Georgia’s Terry College of Business anchors the building, which was 74 percent leased at the time of sale to tenants including Merchant E-Solutions, MRI Software and The Bucket Shop Café. Kevin Lott and Claire Ross of JLL will oversee the building’s leasing assignment, and JLL’s Stacy Goldworn will manage the property.

January 4, 2018

Georgia Industrial Southeast

Trammell Crow, Allstate Sell 760,256 SF Industrial Facility in Metro Atlanta

by Camren Skelton January 4, 2018

MCDONOUGH, GA. — Trammell Crow Co. (TCC) and its partner, Allstate, have sold Phase II of King Mill Distribution Park, an approximately 1.6 million-square-foot industrial park in McDonough, roughly 30 miles southeast of Atlanta. Canadian REIT Pure Industrial Real Estate Trust (PIRET) acquired the 760,256-square-foot warehouse, located at 150 Distribution Drive. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the joint venture. Other terms of the deal were not disclosed. The building features 36-foot clear heights, ample trailer storage, employee vehicle parking, ingress/egress with two separate entrances and the flexibility to accommodate multiple tenants. In May, TCC and Allstate sold the first phase of the development to American Realty Advisors. The 846,496-square-foot building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor.

January 4, 2018

Georgia Multifamily Southeast

Passco Buys 320-Unit Multifamily Community Near Downtown Savannah for $62.6M

by Camren Skelton January 3, 2018

SAVANNAH, GA. — Passco Cos. has acquired Mariner Grove, a 320-unit multifamily property located at 2010 E. President St. in Savannah, roughly three miles east of Savannah’s historic downtown district. Robert Stickel and Alex Brown of Cushman & Wakefield arranged the $62.6 million transaction on behalf of the seller, Brand Properties, which developed the property in 2016 in a joint venture with Mariner Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the newly built asset on behalf of Passco. Other terms of the transaction were not disclosed. The three-story community was designed around a 300-year-old live oak grove, and features a saltwater pool with a sundeck and cabanas, fitness center with a yoga studio and a pet park.

January 3, 2018

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