Georgia

KeyBank Secures $20.6M Loan for Student Housing Community Near University of West Georgia

by Camren Skelton September 1, 2017

CARROLLOTON, GA. — KeyBank Real Estate Capital has arranged a $20.6 million loan for Haven West, a 568-bed student housing property situated roughly one mile from the University of West Georgia. Trevor Ritter of KeyBank secured the seven-year Freddie Mac loan with two years of interest-only payments and a 30-year amortization schedule. Constructed in 2014, Haven West comprises eight, four-story buildings and totals 160 units. Community amenities include a fitness center, volleyball court, tanning salon, grilling areas and walking and biking trails.

September 1, 2017

Georgia Industrial Southeast

Newmark Knight Frank Negotiates 1 MSF Industrial Lease with UK Fashion Retailer in Metro Atlanta

by Camren Skelton August 31, 2017

UNION CITY, GA. — Newmark Knight Frank (NKF), in collaboration with British counterpart Knight Frank, has negotiated a 1 million-square-foot industrial lease for ASOS, a London-based fashion retailer, in Union City, roughly 18 miles south of Atlanta. The online fashion retailer is investing approximately $40 million in the new fulfillment center at Majestic Airport Center IV along South Fulton Parkway. The facility will create 1,600 jobs upon completion and have a 10 million-unit capacity. Catered toward the millennial shopper, ASOS carries over 850 brands and features 85,000 products online, with 5,000 new items added each week.

August 31, 2017

Georgia Office Southeast

Redline Acquires 98,000 SF Office Building in Metro Atlanta

by Camren Skelton August 31, 2017

PEACHTREE CORNERS, GA. — Redline Property Partners has purchased 2 Sun Court, a 98,000-square-foot office building in Peachtree Corners, a city roughly 23 miles north of Atlanta. The sales price was not disclosed. MidCap Financial provided financing for the acquisition. Redline plans to rebrand and renovate the property, including developing additional amenity space on the property’s excess land. Grover Corlew will manage the property, and Matt Davis and Matt Fergus of Lincoln Property Co. will handle the leasing assignment. The acquisition marks Atlanta-based Redline’s first investment in its home market.

August 31, 2017

Georgia Multifamily Southeast

Atlanta Multifamily Developer Byron Cocke, Wife Catherine Die in Plane Crash

by John Nelson August 30, 2017

ATLANTA — Byron Cocke, co-CEO of Atlanta-based CF Real Estate Services, and his wife, Catherine Cocke, owner of design firm Catherine Cocke Interiors, were killed Monday morning when the small plane they were aboard crashed near Savannah. Byron, 42, and Catherine, 39, are survived by their five children, whom will be cared for by extended family members. The pilot, Randy Hunter, was also killed in the accident, according to The Atlanta Journal Constitution. The newspaper reports that the aircraft was a single-engine Beechcraft Bonanza, and that the National Transportation Safety Board is currently investigating the cause of the crash. “We are devastated by this tragic loss,” said Brett Finkelstein, co-CEO of CF Real Estate Services, in a statement issued by the company. “They were philanthropic, creative, intelligent, caring and entrepreneurial.” Before co-founding Cocke Finkelstein in 2004, Byron had worked as an investment and merchant banker with Burke Capital Group. He specialized in mergers and acquisitions in the financial services sector, with an expertise in community banks. Byron attended the University of Virginia and graduated with a bachelor’s degree in commerce, with concentrations in accounting and finance. Catherine was a prominent interior designer, with her 18-month renovation of the family’s midcentury …

August 30, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $15M Sale of Multifamily Asset in Augusta, Georgia

by Camren Skelton August 29, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $15 million sale of Woodhill, a 182-unit apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the sellers, Intermark Management and King Management, in the sale to New York-based JEM Holdings. Constructed in 1986, Woodhill features a resort-style pool, fitness center, tennis courts and a clubhouse. JEM will implement capital improvements including upgraded unit interiors and an enhanced amenity package.

August 29, 2017

Georgia Healthcare Southeast

SG Property Buys Two Medical Buildings in Metro Atlanta for $11.9M

by Camren Skelton August 25, 2017

JOHNS CREEK AND ALPHARETTA, GA. — SG Property Services, an Atlanta-based real estate firm, has acquired Johns Creek Medical and The Swan Building for a combined $11.9 million. The properties are located at 6918 McGinnis Ferry Road in Johns Creek and 4165 Old Milton Parkway in Alpharetta, respectively. Both properties are roughly 30 miles north of Atlanta, and together total 55,664 square feet. Jodi Selvey of Colliers International represented the physician owner of Johns Creek Medical and Lee Asher of CBRE represented the owner of the Swan Building. At the time of sale, Johns Creek Medical was 100 percent leased to a single tenant. The Swan Building was leased to a mix of medical practices including a plastic surgery center. SG Property Services plans to fill remaining vacancies at The Swan Building with medical users and renew existing tenants with long-term leases.

August 25, 2017

Features Georgia Southeast Top Stories

Growth in CapEx Spending Bodes Well for Economic Future, Says GSU’s Rajeev Dhawan

by John Nelson August 24, 2017

ATLANTA — When businesses loosen their purse strings and increase their capital expenditures (CapEx), good things tend to follow. U.S. businesses this year have already doubled the volume of CapEx recorded for all of 2016, which has contributed positively to the nation’s real gross domestic product (GDP), according to Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business. Speaking at his quarterly economic forecast, which was held on Wednesday, Aug. 23 at GSU’s Centennial Hall Auditorium, Dhawan says that the 5.2 percent growth of nonresidential fixed investment in the second quarter over the prior quarter has boosted his outlook for the U.S. economy. “Compared to February, my forecast is way more optimistic,” says Dhawan. “I don’t usually change my opinion that quickly until all the evidence comes in. I’ve always said ‘investment today, jobs tomorrow.’” CapEx spending was down in 2016 leading up to the U.S. presidential election, which Dhawan says was due to both oil prices coming down and the uncertainty surrounding the election’s outcome. “Everyone was waiting to see which way the election was going to go,” says Dhawan. “Since the election, CapEx spending has rebounded sharply.” Dhawan …

August 24, 2017

Florida Georgia Retail Southeast

Phillips Edison Acquires 280,060 SF Publix-Anchored Portfolio in Florida, Georgia

by Camren Skelton August 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has acquired three Publix-anchored shopping centers located throughout Florida and Georgia totaling 280,060 square feet. The portfolio includes St. John’s Plaza, a 117,507-square-foot center in Titusville, roughly 40 miles east of Orlando; Ormond Beach Mall, a 94,275-square foot shopping center in Ormond Beach, a Central Florida town near Daytona Beach; and Golden Park Village, a 68,278-square-foot shopping center in Buford, roughly 40 miles northeast of Atlanta. St. John’s Plaza is home to Hair Cuttery, Sally Beauty Supply, Dollar Tree and Cricket Wireless. Ormond Beach Mall features tenants including Wells Fargo and Dollar Tree. In addition to Publix, Golden Park Village houses Great Clips and The UPS Store. The sales price and seller of the portfolio were not disclosed.

August 23, 2017

Georgia Retail Southeast

InvenTrust Acquires Publix-Anchored Center in Atlanta’s Midtown District for $31.8M

by Camren Skelton August 22, 2017

ATLANTA — InvenTrust Properties Corp. has purchased The Plaza Midtown, a 70,000-square-foot, Publix-anchored retail center in Atlanta’s Midtown district, for $31.8 million. The property is located roughly half a mile from the Georgia Institute of Technology. In addition to Publix, The Plaza Midtown is home to restaurants, fitness concepts and beauty retailers. The seller was not disclosed. With this acquisition, Downers Grove, Ill.-based InvenTrust owns and manages 85 retail properties totaling 15.2 million square feet.

August 22, 2017

Georgia Southeast

Ardent Buys Five-Building Office Portfolio in Atlanta’s Buckhead District for $144M

by Camren Skelton August 21, 2017

ATLANTA — The Ardent Cos. has purchased five buildings within the 14-building Piedmont Center office park in Atlanta’s Buckhead district for $144 million. David Meline, Stewart Calhoun and Samir Idris of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Gil Burstiner of Hartman Simons, a commercial real estate law firm, represented Ardent in the negotiations. KKR’s Real Estate Finance team financed the acquisition. Atlanta-based Ardent will invest in renovations to the portfolio, including enhancements to amenities and common areas, as well as increased connectivity and accessibility. Ardent acquired The Fountains at Piedmont Center, a four-building office portfolio within Piedmont Center, in October 2016 for $76.5 million. Ardent also owns an office building site within the center that is zoned for additional development.

August 21, 2017

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