Georgia

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

Georgia Mixed-Use Retail Southeast

Dine-In Theater Concept to Anchor NAP’s Colony Square Redevelopment in Midtown Atlanta

by Camren Skelton March 8, 2018

ATLANTA — Dine-in theater concept iPic Theaters will open its first Georgia location at Midtown Atlanta’s Colony Square, a mixed-use destination under redevelopment by North American Properties. Located at the corner of Peachtree and 14th streets, Colony Square was originally built in 1968. Upon completion, the reimagined development will include 260,000 square feet of retail and restaurant space, 262 apartment units, 940,000 square feet of office space, a 466-room hotel and community gathering spaces. The new iPic Theater will operate nine auditoriums seating between 40 and 60, alongside a 6,700-square-foot restaurant/bar. In addition to traditional movies, the theater will feature live shows including magic, comedy and gaming competitions. iPic Theater is expected to open at Colony Square in 2020.

March 8, 2018

Data Centers Georgia Southeast Top Stories

Facebook to Invest $750M in 970,000 SF Data Center Campus in Georgia

by Kristin Harlow March 8, 2018

ATLANTA — Georgia Gov. Nathan Deal announced yesterday that social media giant Facebook Inc. (NASDAQ: FB) will invest $750 million and create at least 100 full-time jobs with its new data center in Stanton Springs, a 1,620-acre industrial park located roughly 30 miles east of Atlanta in Newton County. The Newton Data Center will include two buildings totaling 970,000 square feet and will help Menlo Park, Calif.-based Facebook provide apps and services to more than 2 billion people around the world. The new facility will be Facebook’s ninth data center in the United States. New jobs will include positions in engineering and management, as well as opportunities for data center technicians. The Newton Data Center will be fully powered by clean and renewable energy, and cooled using outdoor air instead of air conditioners. The facility will also house Facebook’s specialized hardware that powers its apps and other services. The buildings are expected to be fully operational in 2020. EJane Caraway, director of life sciences and corporate solutions for the Georgia Department of Economic Development, represented the state’s Global Commerce Division in partnership with the Joint Development Authority of Jasper, Morgan, Newton and Walton counties, Walton EMC, the Metro Atlanta Chamber, Georgia …

March 8, 2018

Georgia Southeast

Dilweg Cos. Acquires Office Building in Midtown Atlanta for $75M

by Camren Skelton March 6, 2018

ATLANTA — The Dilweg Cos. has acquired Pershing Point, a 409,579-square-foot office building located at 1375 Peachtree St. in Midtown Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the building sold for $75 million, or $183 per square foot. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, CBRE Global Investors. CBRE Global Investors was the asset manager on behalf of the California State Teachers Retirement System, according to the Atlanta Business Chronicle. Dilweg plans to invest more than $10 million to improve the building’s exterior, mechanical systems, common areas and tenant amenities. At the time of sale, Pershing Point was 59 percent leased to tenants such as Kaiser Permanente, Huge, Echo Global and CMGRP. CBRE’s Chris Port and Nicole Goldsmith have been retained to handle the building’s leasing assignment.

March 6, 2018

Georgia Loans Office Southeast

Square Mile Provides $121.2M Refinancing for Office Asset in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton March 2, 2018

ATLANTA — Square Mile Capital Management LLC has provided a $121.2 million loan for the refinancing of Towers at Wildwood Plaza, a two-building, 719,000-square-foot office property located at 3200 Windy Hill Road S.E. in Atlanta’s Cumberland/Galleria submarket. Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged the loan on behalf of the borrower, an entity controlled by America’s Capital Partners, which acquired the property in 2014. Built in 1991, the property comprises two interconnected, 15-story towers that were designed by I.M. Pei. Towers at Wildwood Plaza features a 75-seat conference facility, 4,000-square-foot athletic club, bike storage room, Wi-Fi lounge and 2,200 parking spaces. The property was more than 89 percent leased at the time of sale.

March 2, 2018

Georgia Office Southeast

Allen Morris Buys Land in West Midtown Atlanta for $8.5M, Plans 14-Story Office Development

by Camren Skelton March 2, 2018

ATLANTA — The Allen Morris Co. has acquired a 1.7-acre parcel of land in Atlanta’s West Midtown district for $8.5 million, with plans to develop a new 220,000-square-foot office tower. The 14-story building located at 1041 Howell Mill Road will be known as Star Metals Offices. The building will offer 185,000 square feet of office space, 30,000 square feet of ground-floor retail and a 7,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, bike racks and shower facilities. Star Metals Offices is part of the 4.75-acre Star Metals Atlanta development, which includes 409 multifamily units located across Howell Mill Road from the site of the future office building. Jeff Bellamy of JLL is handling the office building’s leasing assignment. Allen Morris expects to begin demolition on the site later this year, with an anticipated completion in spring 2020.

March 2, 2018

Georgia Hospitality Southeast

Waramaug Acquires 97-Room Candlewood Suites Hotel in Athens, Georgia

by Camren Skelton February 28, 2018

ATHENS, GA. — Waramaug LS Hotels LLC has acquired a 97-room Candlewood Suites in Athens, located roughly six miles west of the University of Georgia campus. The name of the seller and sales price were not disclosed. Waramaug plans to renovate the property, which was constructed in 2009, with updated guest rooms, public spaces and exterior. Interstate Hotels & Resorts will manage the property. The hotel features free Wi-Fi, a fitness center, business center, on-site laundry service, outdoor gazebo, grill and picnic tables.

February 28, 2018

Georgia Loans Southeast

SunTrust Awarded $70M in Tax Credit Authority to Finance Community Development Projects

by Camren Skelton February 28, 2018

ATLANTA — Atlanta-based SunTrust Banks Inc. has been selected to receive $70 million in tax credit allocation authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund. The financing is part of the New Markets Tax Credit (NMTC) program, which permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The program is designed to attract private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth and create jobs. SunTrust’s subsidiary, SunTrust Community Development Enterprises, was one of 73 recipients to receive credit from the program. This is the ninth time SunTrust has been selected as a recipient, with awards totaling $578 million in allocation authority.

February 28, 2018

Georgia Retail Southeast

FCA Signs Two New Tenants at 44,500 SF Shopping Center in Atlanta’s Buckhead District

by Camren Skelton February 27, 2018

ATLANTA — Charlotte-based FCA Partners has inked leases with two new tenants at The Exchange, a 44,500-square-foot shopping center located on Peachtree Road in Atlanta’s Buckhead district. Tootsie’s, a Houston-based women’s apparel and accessories retailer, relocated from Buckhead’s Shops Around Lenox to a new 7,000-square-foot location at The Exchange on Feb. 7. OVME Aesthetics, a skincare boutique, will open a 2,500-square-foot location at the center on March 1. The new-to-market concept offers services including Botox, Dysport, dermal fillers and volumizers, microneedling, CoolScuplting, hormone replacement therapy and laser hair removal. Stephanie McCall of The Shopping Center Group arranged the lease transactions on behalf of FCA. The new tenants join The Exchange’s existing retailers including Sephora, SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar. Dancing Goats Coffee Bar is expected to open at The Exchange this spring, and a restaurant concept from the creator of Yeah! Burger and Upbeet is expected to resume construction this spring. The Exchange is currently 83 percent leased.

February 27, 2018

Georgia Industrial Southeast

Colliers Brokers $11.4M Sale of Three-Building Industrial Portfolio in Metro Atlanta

by Camren Skelton February 26, 2018

CONYERS AND COVINGTON, GA. — Colliers International has brokered the $11.4 million sale of the I-20 East Portfolio, a three-building industrial portfolio located in Conyers and Covington. Two of the buildings are located at 1665 and 1715 Dogwood Drive in Conyers, roughly 25 miles east of Atlanta, and the third building is located at 11236 Harland Drive in Covington, roughly 35 miles southeast of Atlanta. Dennis Mitchell and Matt Wirth of Colliers arranged the transaction on behalf of the seller, First Industrial Realty Trust. Plymouth Industrial REIT acquired the buildings. The single-tenant portfolio was fully leased at the time of sale to three long-standing tenants: Bio-Lab Inc., Diversitech Corp. and Clarion Metals Corp.

February 26, 2018

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