Georgia

Origin Investments Acquires New Apartment Community in Atlanta for $50.3M

by Camren Skelton October 6, 2017

ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo. Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock …

October 6, 2017

Florida Georgia Loans Retail Southeast Tennessee

HFF Arranges $110M in Financing for Six-Property Grocery-Anchored Portfolio Across Southeast

by Camren Skelton October 3, 2017

ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.

October 3, 2017

Georgia Mixed-Use Southeast

Banyan Street Capital Unveils Plans for Peachtree Center in Downtown Atlanta

by Camren Skelton October 3, 2017

ATLANTA — Banyan Street Capital has unveiled plans to revitalize Peachtree Center, a mixed-use development in downtown Atlanta, with new restaurants, retail and entertainment tenants. The project will transform Peachtree Center’s three-story retail center and outdoor courtyard, rebranding the new space as “The Hub.” Atlanta-based developer and architect John Portman Jr. originally designed Peachtree Center, which comprises six buildings centrally located over the MARTA Peachtree Center Station. The development is home to 6,000 office tenants and connected to 4,000 hotel rooms via sidewalks and sky bridges. The Beck Group, an Atlanta-based construction firm, will modernize the 1960s-era development by redesigning the courtyard to better accommodate pedestrian foot traffic, upgrading all finishes and furnishings, updating lighting to brighten the space and modernizing entrances with backlit glass panels and steel canopies. Along with the renovations, The Hub will feature a new lineup of restaurants, shops, entertainment experiences and boutique services such as fitness and grocery. Amy Fingerhut of CBRE is overseeing the project’s retail leasing assignment. The project is slated for completion in spring 2019.

October 3, 2017

Georgia Industrial Southeast

PNK Group to Build 3 MSF Industrial Development South of Atlanta

by Camren Skelton October 3, 2017

MCDONOUGH, GA. — PNK Group, an international industrial real estate developer, has unveiled plans to develop Southern Gateway at Lambert Farms, a 3 million-square-foot speculative industrial development in the south Atlanta suburb of McDonough. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment. PNK Group has 22 logistics and industrial parks in Europe, Russia and the U.S., including its second U.S. development under construction in Savannah, Ga.

October 3, 2017

Georgia Loans Multifamily Southeast

PAC Receives $20.1M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton October 3, 2017

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.

October 3, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Two Multifamily Properties in Metro Atlanta

by Camren Skelton September 29, 2017

SANDY SPRINGS, GA. — CBRE has arranged the sale of two adjacent multifamily properties in Sandy Springs: The Falls at Sandy Springs and The Mosaic at Sandy Springs. Both properties are located roughly 16 miles north of Atlanta. Kevin Geiger of CBRE represented the sellers, The Family Office and Titan Real Estate Investment Group, in the transaction. Covenant Capital Group LLC purchased the assets for an undisclosed price. Located at 5555 Roswell Road, The Falls at Sandy Springs includes 309 units and was 92 percent occupied at the time of sale. Community amenities include a business center, pool, fitness center, dog park and a picnic area with grills. Located at 5675 Roswell Road N.E., The Mosaic at Sandy Springs includes 505 units and was 96 percent occupied at the time of sale. The community features a lounge, fitness center, pool, tennis court and a playground.

September 29, 2017

Georgia Industrial Southeast

Nestlé Purina to Build $320M Manufacturing Facility in Northeast Georgia

by Camren Skelton September 28, 2017

HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to deliver a $320 million manufacturing facility and distribution center in Hartwell, a city in northeast Georgia. Purina, a global producer of pet products, currently employs more than 8,000 individuals in the U.S., including an existing factory southwest of Atlanta in Fairburn. The Hartwell site will be the company’s first new U.S. factory in 20 years and will create up to 240 jobs over the next five years. Joshua Stephens of the Georgia Department of Economic Development represented the organization’s Global Commerce division throughout the project. Stephens worked in collaboration with the Hart County Industrial Development Authority and Georgia Power. Nestle Purina’s distribution center operations are expected to begin in 2018, with production to follow in 2019. Leading Purina brands include Purina ONE, Dog Chow, Friskies, Tidy Cats and Pro Plan.

September 28, 2017

Georgia Multifamily Southeast

Hanover to Deliver Upscale Apartment Tower in Atlanta’s Buckhead District

by Camren Skelton September 27, 2017

ATLANTA — Houston-based real estate developer Hanover Co. is nearing completion of Hanover Buckhead Village, a 353-unit apartment community in Atlanta’s Buckhead district. The 20-story tower is located next to the historic Buckhead Theatre at the corner of Roswell Road and Irby Avenue N.W., and is situated within walking distance to a Whole Foods Market, West Village and The Shops at Buckhead Atlanta. Community amenities include a screening room, business center, 24-hour TechnoGym, rooftop pool deck and outdoor dining and fireplace areas. Individual units feature oversized glass windows, wood-style flooring and granite countertops. Hanover Buckhead Village also includes 13 penthouse units that will feature wraparound windows and views of the Buckhead and Midtown skylines. In addition, the tower will include approximately 12,500 square feet of first-floor retail space. The property is slated to open this fall.

September 27, 2017

Georgia Industrial Self-Storage Southeast

Stein Sells Three Self-Storage Properties in Metro Atlanta Totaling 300,000 SF

by Camren Skelton September 25, 2017

CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.

September 25, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $76.5M Sale of Three Multifamily Assets in Metro Atlanta

by Camren Skelton September 20, 2017

NORCROSS AND PEACHTREE CORNERS, GA. — Cushman & Wakefield has arranged the $76.5 million sale of three apartment communities in Gwinnett County near Atlanta. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the seller, Audubon Communities, in the transaction. Sabra Property Management acquired Bella, a 318-unit community in Norcross; Hathaway Development LLC acquired Center at Peachtree Corners, a 272-unit community in Peachtree Corners; and Zavala Properties acquired Summit at Dawson, a 162-unit community also in Norcross. Each property has a full suite of modern amenities and features oversized floor plans.

September 20, 2017

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