Georgia

ICSC Panelists Say Government Involvement is Key in Thwarting ‘Retail Apocalypse’

by John Nelson November 2, 2017

ATLANTA — Tim Keane, commissioner of planning and community with the City of Atlanta, didn’t mince words when it came to his thoughts on the government’s role with new retail development. “Everyone in this room should have higher expectations for their cities and towns,” says Keane, addressing the crowd during the ICSC Southeast Conference & Deal Making event held at the Cobb Galleria Centre in Atlanta in mid-October. The panel discussion, dubbed “Debunking the Retail Apocalypse,” centered on why retail isn’t a dying industry but one that is evolving on a daily basis. For as much discussion about how food and entertainment are helping change the dynamic for retail real estate, the panel agreed that a concerted effort between the public and private sectors is the only way the retail industry can truly adapt with the times. Keane, who previously worked with the City of Charleston, says it’s the local government’s responsibility to allow developers to build the projects that people want. “It’s crazy for developers to have to go through this gauntlet before they can build what everyone wants them to build,” said Keane, who was interrupted by an applause break. Lacy Beasley, president and chief operating officer of …

November 2, 2017

Georgia Restaurant Retail Southeast

Five New Restaurants to Join The Hub in Downtown Atlanta’s Peachtree Center

by Camren Skelton November 1, 2017

ATLANTA — Five new eateries have inked leases at The Hub, the retail portion of downtown Atlanta’s Peachtree Center. The new restaurants are part of a project from Banyan Street Capital to renovate and modernize the mixed-use destination’s retail center. Amy Fingerhut of CBRE arranged leases with the new tenants, which will open on a rolling schedule beginning later this year and into early 2018. The new tenants include Salata, a build-your-own salad chain that will open its third location in Atlanta; Bep Eatery, a first-to-market Vietnamese concept; Beni’s Cubano, a Cuban eatery from the Southern Proper Hospitality team behind Tin Lizzy’s Cantina; Taste of India, which will offer a mix of northern and southern Indian cuisine; and Southern Candy Co., which will expand from a pop-up location in The Hub into a permanent space. All five new restaurants will open on the Gallery Level of The Hub, located directly under the courtyard and at the center of the renovation project, joining restaurants including Aviva By Kameel, Panbury’s, Chick-fil-A and Yami Yami. Construction on The Hub is slated for completion in spring 2019.

November 1, 2017

Georgia Industrial Southeast

Amazon to Open 1 MSF Fulfillment Center in Macon, Georgia

by Camren Skelton October 31, 2017

MACON, GA. — Amazon has unveiled plans to open a 1 million-square-foot fulfillment center in Macon. The new center will create more than 500 new full-time jobs upon opening, and will be the company’s fourth warehouse and distribution hub in Georgia. The e-commerce giant currently operates facilities in Braselton, Lithia Springs and Union City. Employees at the new facility will pick, pack and ship large-sized items, including household furniture, sporting equipment and gardening tools. New jobs will include warehouse, management and supervisory positions. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. The Macon-Bibb County Industrial Authority entitled and sold the property.

October 31, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $29.8M Land Sale in Atlanta for Future Mixed-Use Development

by Camren Skelton October 31, 2017

ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.

October 31, 2017

Georgia Multifamily Southeast

Berkadia Arranges $27.9M Sale of Three-Property Multifamily Portfolio in Jacksonville

by Camren Skelton October 26, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $27.9 million sale of three apartment communities in Jacksonville. Tal Frydman, Greg Rainey and Cole Whitaker of Berkadia represented the seller, Nova Eagle, in the transaction. Infinity Acquisitions LLC acquired the assets. The portfolio includes: Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expressway; Magnolia I, a 276-unit community located at 2045 Jammes Road; and Magnolia II, a 112-unit community located at 2401 Jammes Road. Constructed in 1970, Reserve at Water’s Inlet features one- and two-bedroom apartment units. Community amenities include laundry facilities, a fitness center, business center and a pool. Magnolia I, constructed in 1965, includes one- to three-bedroom units and features barbecue/picnic areas, a clubhouse, on-site laundry facility and a swimming pool. Constructed in 1973, Magnolia II offers one- and two-bedroom units and features laundry facilities, 24-hour security camera monitoring, a swimming pool and a playground.

October 26, 2017

Georgia Multifamily Southeast

Starlight Buys Newly Built, 330-Unit Multifamily Community in Metro Atlanta

by Camren Skelton October 26, 2017

DULUTH, GA. — Starlight U.S. Multifamily has acquired The Heights at Sugarloaf, a 330-unit apartment community in Duluth, roughly 30 miles northeast of Atlanta. The sales price was not disclosed. Constructed this year by The Worthing Cos., The Heights at Sugarloaf is situated within the Sugarloaf Market development, a 30-acre mixed-use project. Upon completion, Sugarloaf Market will feature 80,000 square feet of commercial space including a national grocery retail anchor tenant and a future seniors housing community. The Heights at Sugarloaf includes five three- and four-story buildings. Community amenities include a fitness center, business center, package concierge system, resort-style swimming pool, gas grilling stations and a courtyard with park benches and a dog park.

October 26, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $55.4M Sale of Two Multifamily Assets in Metro Atlanta

by Camren Skelton October 24, 2017

NORCROSS, GA. — Cushman & Wakefield has brokered the $55.4 million sale of two apartment communities in Norcross, roughly 25 miles northeast of Atlanta. The portfolio includes the 386-unit Sienna Heights, which sold for $32.2 million, and the 301-unit Hickory Grove, which sold for $23.2 million. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented the seller, Schorr Investments, in the transaction. Comunidad Realty Partners acquired both properties. Constructed in 1972, Sienna Heights features a business center, playground, fitness center, soccer field and biking, hiking and jogging trails. Built in 1979, Hickory Grove features a picnic area, laundry facility, pool, playground and a sports court.

October 24, 2017

Georgia Restaurant Retail Southeast

New Food Hall to Open at Coda Development in Midtown Atlanta’s Tech Square

by Camren Skelton October 24, 2017

ATLANTA — The Collective, a new food hall concept, is set to join the forthcoming Coda development underway at 771 Spring St. in Midtown Atlanta’s Tech Square. The Collective will include eight to 10 eateries with communal seating areas opening up into a 20,000-square-foot outdoor space. The historic three-story Crum & Forster building located on the property will serve as an 8,000-square-foot, full-service restaurant with patio seating that will transition to the outdoor space. In addition to several prospective dining options, preliminary plans include a full-service central bar that will enable patrons to take advantage of open carry that will be permitted at Coda. Under development by Portman Holdings, Coda will feature 645,000 square feet of office space, an 80,000-square-foot data center, 30,000 square feet of street-level retail and the new food hall upon completion. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners are spearheading restaurant leasing for The Collective at Coda, which is slated to open in February 2019. Portman Holdings is also developing the neighboring Anthem Technology Center, a new 21-story, 352,000-square-foot building that will rise at the corner of 4th and West Peachtree streets.

October 24, 2017

Georgia Multifamily Southeast Student Housing

Stratus Delivers 148-Bed Student Housing Community Near Kennesaw State University

by Camren Skelton October 23, 2017

KENNESAW, GA. — Stratus Development has delivered The Haven at Kennesaw, a 148-bed student housing community roughly one and a half miles from Kennesaw State University and 30 miles north of Atlanta. The apartment units feature private outdoor spaces, granite countertops, stainless steel appliances, premium fixtures and bedroom-bathroom parity. Community amenities include a pool and sundeck, clubhouse with coffee bar and business center, bike racks and greenspace throughout the community. Athens Real Estate Group is managing the property, which opened for move-in in August at full occupancy.

October 23, 2017

Georgia Office Southeast

Ackerman & Co. Sells 334,675 SF Office Park in South Atlanta for $22M

by Camren Skelton October 20, 2017

ATLANTA — Ackerman & Co. has sold nine buildings within Phoenix Office Park in South Atlanta for $22 million. Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield represented Ackerman & Co. in the transaction. WePartner, an Atlanta-based firm, purchased the assets, which total 334,675 square feet. The properties included in the portfolio were Two Crown Center, located at 1745 Phoenix Blvd.; four buildings located at 1800 Phoenix Blvd.; South Pointe located at 1691 Phoenix Blvd.; 1640 Phoenix Blvd.; and 1680 Phoenix Blvd. Ackerman & Co. originally acquired the 100-acre, 11-building Phoenix Office Park in 2005 and invested in capital improvements. The properties that sold to WePartner were the remaining assets in the portfolio. Located within the Airport South Community Improvement District (CID), the office park is roughly three miles from Hartsfield-Jackson Atlanta International Airport. At the time of sale, the portfolio was 86 percent leased to tenants including LogistiCare, the State of Georgia and the U.S. Department of Veterans Affairs.

October 20, 2017

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