HIRAM, GA. — Trez Forman Capital Group has provided a $13.5 million construction loan for the development of Greystone, a 115-unit apartment community in Hiram, roughly 26 miles northwest of Atlanta. Greystone Development Partners LLC is developing the community, which will feature townhome-style units. Community amenities will include a pool, outdoor cooking station, dog park, fitness center and a WiFi café. Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group, is projected to complete more than $400 million in deals in 2018.
POOLER, GA. — Capital Development Partners Inc. plans to develop the Savannah Port Logistics Center, a 2.3 million-square-foot industrial project situated on 197 acres in Pooler, less than 10 miles from the Port of Savannah. The $125 million development will be built in two phases and will offer space for lease with modern specifications, transload capabilities, cross-dock, high cube and trailer storage facilities. Capital Development will break ground on Phase I of the project, totaling 537,000 square feet, in April. The facility will be on the GWRR rail line servicing the port and will be ready for occupancy in April 2019. The second phase will include a 1.3 million-square-foot build-to-suit facility, which will also be on the rail line. Construction is expected to begin on Phase II this year. Savannah Port Logistics Center will offer direct connection onsite to dual Class I railroads via CSX and Norfolk Southern, as well as easy access to the 1,200-acre Georgia Ports Authority Garden City Terminal, the largest and busiest single-container site in North America. Colliers International’s Savannah office and Atlanta-based NAI Brannen Goddard will handle the facility’s leasing assignment, which will offer spaces ranging from 300,000 square feet to 2.3 million square feet.
ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.
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.
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.
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 …
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.
Square Mile Provides $121.2M Refinancing for Office Asset in Atlanta’s Cumberland/Galleria Submarket
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.
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.
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.