Georgia

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Development Georgia Multifamily Southeast

RADCO, Columbia Ventures Start Construction on 221-Unit Apartment Community in Augusta

by Camren Skelton May 14, 2018

AUGUSTA, GA. — The RADCO Cos., in partnership with Columbia Ventures, has broken ground on The Foundry, a 221-unit apartment community in Augusta. The community is located within walking distance to Augusta University and roughly four miles from Augusta National Golf Club, home of The Masters. RADCO Capital, the equity fundraising arm of RADCO, will contribute $5.3 million of private equity for the project, which is scheduled to open in summer 2019. The Foundry will feature a mix of one-, two- and three-bedroom floor plans averaging 996 square feet. Community amenities will include a resort-style pool, outdoor kitchen area, dog park, clubhouse, fitness center, study lounge, automated package management, valet trash service and electric vehicle charging stations. In addition, the community will house Augusta’s only onsite Zipcar car-sharing service. Members can reserve vehicles through Zipcar’s mobile app, and have on-demand access to drive cars by the hour or day. Pegasus Residential will manage The Foundry upon completion.

May 14, 2018

Development Georgia Multifamily Southeast

Middleburg to Deliver 316-Unit Apartment Community Near Savannah

by Camren Skelton May 10, 2018

POOLER, GA. — Virginia-based Middleburg has unveiled plans to develop Mosby Lakeside, a 316-unit apartment community located near the intersection of Pooler Parkway and Interstate 16 in Pooler, roughly 10 miles west of Savannah. The community will feature a mix of one-, two- and three-bedroom units ranging from 748 square feet to 1,405 square feet. Units will feature stainless steel appliances, granite countertops, patios and balconies, Nest thermostats, wood plank flooring in living areas and nine-foot ceilings. Community amenities will include a clubhouse, fitness center with yoga studio, outdoor fire pit and kitchen, saltwater pool, dog parks and pet spa, community garden, boat house and a hammock garden. Humphreys & Partners Architects LP is the architect of record for the project, DEI is providing interior design services and Thomas & Hutton is the landscape architect and civil engineer. Middleburg plans to break ground on Mosby Lakeside this fall and begin leasing the community in spring 2019.

May 10, 2018

Development Georgia Mixed-Use Southeast Top Stories

Joint Venture Unveils $600M Mixed-Use Project in Savannah, Georgia

by Camren Skelton May 10, 2018

SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …

May 10, 2018

Acquisitions Georgia Industrial Southeast

Griffin Capital Acquires 1 MSF Distribution Center in Savannah for $56.5M

by Camren Skelton May 9, 2018

SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.

May 9, 2018

Development Georgia Industrial Southeast

Core5 to Build $52M Industrial Facility, Corporate Headquarters for Beverage Distributor in Metro Atlanta

by Camren Skelton May 4, 2018

AUSTELL, GA. — Atlanta-based Core5 Industrial Partners has unveiled plans to construct a 601,350-square-foot build-to-suit facility for Empire Distributors at 685 Hartman Road in Austell, roughly 18 miles west of Atlanta. Total project costs are estimated at more than $52 million. Upon completion of the property in the fourth quarter, the beverage distributor will relocate to the new facility from its current 300,000-square-foot location at Atlanta Industrial Park. The new climate-controlled facility will house Empire’s corporate headquarters and regional distribution operations, and will include 80,000 square feet of two-story office space. Empire will move more than 440 employees to the new facility, with anticipated growth to more than 510 employees within 10 years. Randall Paulson Architects and Southeast Engineering Inc. are designing the building, Plateau Excavating is the site work contractor, and KBDG Inc. is the general contractor. Bilijack Bell of Wilson, Hull & Real Estate represented Core5 in the land acquisition, and Blaine Kelley of CBRE represented Empire in the acquisition of the facility.

May 4, 2018

Acquisitions Georgia Industrial Self-Storage Southeast

Marcus & Millichap Arranges $19.4M Sale of Self-Storage Property in Metro Atlanta

by Camren Skelton May 4, 2018

ROSWELL, GA. — Marcus & Millichap has arranged the $19.4 million sale of Space Shop Self Storage, a 1,174-unit self-storage property in Roswell, located roughly 23 miles north of Atlanta. Stacey Gorman of Marcus & Millichap arranged the transaction on behalf of the seller, Stein Investment Group, and procured the buyer, a regional self-storage operator. Space Shop Self Storage was constructed in 1995 and was recently renovated and expanded. The property is situated on six acres along Alpharetta Highway.

May 4, 2018

Acquisitions Georgia Retail Southeast

HFF Brokers Sale of 103,711 SF Kroger-Anchored Center in Metro Atlanta

by Camren Skelton May 2, 2018

ACWORTH, GA. — HFF has brokered the sale of Cherokee Commons, a 103,711-square-foot shopping center in Acworth, roughly 30 miles northwest of Atlanta. Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, PMAT Cos. Collett Capital acquired the asset for an undisclosed price. Kroger anchors Cherokee Commons, which was 89 percent leased at the time of sale.

May 2, 2018

Acquisitions Georgia Retail Southeast Tennessee

PAC Acquires Two Publix-Anchored Centers in Atlanta, Nashville Metros

by Camren Skelton May 1, 2018

ACWORTH, GA. AND GALLATIN, TENN. — Preferred Apartment Communities (PAC) has acquired two Publix-anchored shopping centers totaling 139,000 square feet in Acworth and Gallatin. Atlanta-based PAC acquired the portfolio through its wholly owned subsidiary, New Market Properties. The name of the seller and sales price were not disclosed. In Acworth, PAC acquired Governors Towne Square, which is located roughly 32 miles northwest of Atlanta. In Gallatin, a suburb located 30 miles northeast of Nashville, PAC acquired Greensboro Village.

May 1, 2018

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