Georgia

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

Georgia Southeast Top Stories

John Portman, Renowned Atlanta Architect, Dies at 93

by Camren Skelton January 2, 2018

ATLANTA — John Portman, the architect and developer who revolutionized hotel design and shaped the skylines of Atlanta and cities abroad, died Friday, Dec. 29 at the age of 93. Portman was the founder and chairman of Atlanta-based real estate development firm Portman Holdings LLC, and architectural and engineering firm John Portman & Associates. Portman pioneered the role of architect as developer by developing, owning and designing major projects around the world, making him a rarity among contemporaries. Born in Walhalla, S.C., in 1924, Portman spent the majority of his life in metro Atlanta — a city he came to transform. Portman gave the city the sprawling 14-block Peachtree Center, demonstrating his commitment to the downtown business district. Peachtree Center began in 1961 with the opening of the Atlanta Merchandise Mart, and would come to include eight office towers, three hotels and retail shops. The Portman-owned-and-operated Mart has since grown to become AmericasMart, the world’s largest contiguous wholesale marketplace, according to various media reports. In addition, Portman designed and developed four downtown Atlanta hotels: the Hyatt Regency Atlanta, The Westin Peachtree Plaza, the Atlanta Marriott Marquis and the Hotel Indigo Atlanta Downtown. Groundbreaking project With the opening of the Hyatt Regency Atlanta …

January 2, 2018

Georgia Office Southeast

BLT Sells Three Office Buildings Within Atlanta’s Concourse Corporate Center

by Camren Skelton December 22, 2017

ATLANTA — Building and Land Technology (BLT) has sold Concourse Buildings I, II and IV within Concourse Corporate Center, a 63-acre office development located in Atlanta’s Central Perimeter submarket. CBRE Global Investors acquired the two eight-story buildings and one four-story building, which encompass nearly half of the 2.2 million-square-foot development. Stamford, Conn.-based BLT originally acquired Concourse Corporate Center in 2015 for nearly $500 million, according to the Atlanta Business Chronicle, and was seeking offers on the project for as much as $580 million. The final sales price was not disclosed. BLT invested in capital improvements to the buildings including lobby and elevator renovations, new conference facilities and added outdoor amenity areas. BLT will retain ownership of the iconic “King and Queen” towers located within Concourse Corporate Center, with plans to implement additional enhancements. BLT has retained Atlanta-based Regent Partners to lease and manage the Concourse buildings on behalf of BLT.

December 22, 2017

Georgia Retail Southeast

Franklin Street Brokers $13.9M Sale of Kroger-Anchored Center in Metro Atlanta

by Camren Skelton December 22, 2017

DACULA, GA. — Franklin Street has arranged the $13.9 million sale of Mountain Crossing, a 93,396-square-foot retail center in Dacula, roughly 25 miles northeast of downtown Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the buyer, Phillips Edison Grocery Center REIT II Inc., and the seller, Mountain Crossing Associates LLC. Kroger anchors the center, which was 97 percent leased at the time of sale to tenants including Great Clips, The UPS Store, Wells Fargo, a nail salon, cleaners and restaurants.

December 22, 2017

Georgia Multifamily Southeast

CBRE Arranges $49.6M Sale of Apartment Community in Metro Atlanta

by Camren Skelton December 21, 2017

LAWRENCEVILLE, GA. — CBRE has arranged the $49.6 million sale of 1760 Apartment Homes, a 239-unit multifamily community located at 1760 Lakes Parkway in Lawrenceville, approximately 30 miles northwest of downtown Atlanta. Shea Campbell, Paul Berry and Steve Newbern of CBRE arranged the transaction on behalf of the seller, LIV Development. Charleston, S.C.-based Blaze Partners acquired the property, which was constructed earlier this year. The community features a clubhouse with teaching kitchen, game room, cyber café, resort-style pool and a fitness center.

December 21, 2017

Georgia Retail Southeast

IKEA to Open New Location in Metro Atlanta

by Camren Skelton December 21, 2017

MARIETTA, GA. — IKEA U.S. will submit plans to the City of Marietta for its second Atlanta-area store. Situated roughly 15 miles northwest of downtown Atlanta, IKEA Marietta is expected to be built on 34 acres on the western side of Interstate 75 on Franklin Gateway, between the Marietta Parkway and Delk Road exit interchanges. A construction timeline for the new store has not been determined. The Swedish home furnishings retailer currently operates a store in Midtown near Atlantic Station.

December 21, 2017

Data Centers Georgia Industrial Southeast

CyrusOne to Enter Metro Atlanta Market with $206M Data Center Campus

by Camren Skelton December 20, 2017

DOUGLASVILLE, GA. — CyrusOne, a Dallas-based global data center REIT, has unveiled plans to expand into the Atlanta-area market with a 44-acre campus in Douglasville. The $206 million project will be located near the home of Google’s 2 million-square-foot server farm, according to the Atlanta Business Chronicle. At full build-out, the project will include three data centers totaling 440,000 square feet, and 50 megawatts of critical power. Construction is scheduled to begin in the first quarter of 2018, with completion of the first building slated for the summer of 2018. CyrusOne’s Atlanta centers will have access to multiple cloud providers and will be linked to the CyrusOne National Internet Exchange, which delivers interconnection between other CyrusOne locations across the country. The company currently operates 44 data center facilities across the United States, Europe and Asia.

December 20, 2017

Georgia Multifamily Southeast Student Housing

Landmark, CityLife Acquire Land Near Georgia Tech to Develop 780-Bed Student Housing Community

by Camren Skelton December 19, 2017

ATLANTA — A joint venture between Landmark Properties and CityLife Development Partners has acquired a 1.1-acre site near the Georgia Institute of Technology in Midtown Atlanta for the development of a 28-story student housing community. The 425,000-square-foot development — dubbed The Mark at Atlanta — will offer 780 beds and 7,000 square feet of commercial space. The property is set to feature one- to six-bedroom, fully furnished units. Community amenities will include an on-site parking garage, rooftop pool and hot tub, fitness center, yoga room, bike storage center, clubhouse, study lounges, a computer lab, golf simulator, sky lounge with adjoining outdoor terrace, a sauna and tanning beds. The property is set to open in August 2020.

December 19, 2017

Georgia Healthcare Southeast

Brookhaven City Council OKs New $1.3B Children’s Healthcare of Atlanta Hospital

by Camren Skelton December 14, 2017

BROOKHAVEN, GA. — The Brookhaven City Council has approved a community investment agreement that will allow Children’s Healthcare of Atlanta (CHOA) to move forward with a new pediatric campus in the city of Brookhaven, roughly 11 miles north of downtown Atlanta. CHOA unveiled plans for the $1.3 billion project earlier this year. The new campus will include a 446-bed replacement hospital, support buildings, a physical plant, more than 20 acres of greenspace and the Center for Advanced Pediatrics, a 260,000-square-foot outpatient facility currently under construction. After construction of the new hospital is complete, CHOA will cease operations at the inpatient facility at Egleston Hospital in Atlanta. Construction on the campus’ first building will break ground next year. The project is slated for completion in 2025.

December 14, 2017

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