Georgia

Watercrest, Waypoint to Develop 107-Unit Seniors Housing Community in Metro Atlanta

by Camren Skelton January 19, 2018

NEWNAN, GA. — A joint venture between Watercrest Senior Living Group and Waypoint Residential has unveiled plans for Watercrest Newnan Assisted Living and Memory Care Community in the Atlanta suburb of Newnan. The 107-unit, resort-style seniors housing community will be situated on nine acres. Groundbreaking is scheduled for next month, with an opening slated for spring 2019. Vero Beach, Fla.-based Watercrest specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The project represents Waypoint’s entry into the seniors housing sector, having previously worked as an investor in conventional multifamily and student housing. D2 Architecture designed the 92,000-square-foot project.

January 19, 2018

Georgia Industrial Office Southeast

Granite, Third & Urban Form Development Partnership, Will Redevelop Warehouses in Atlanta’s West Midtown District

by Camren Skelton January 18, 2018

ATLANTA — Granite Properties has formed a long-term partnership with Third & Urban for the recapitalization and development of two warehouse properties in Atlanta’s West Midtown district. The partnership will create a portfolio to include the recapitalization of Complex, an adaptive reuse project Third & Urban unveiled in December 2016. The building is 80 percent leased to tenants including Proof of the Pudding, Bold Monk Brewing, Look Listen and LTX Solutions. The project is on track to be fully leased by June. In addition, the partnership will acquire and develop a group of warehouses located at 1218 and 1236 Menlo Drive, also in the West Midtown district. Similar to Complex, the new development — dubbed Inland Tract — will offer creative flex space for tenants that need both office and warehouse space.

January 18, 2018

Georgia Multifamily North Carolina Southeast

Hudson Capital Acquires Two Multifamily Properties in North Carolina, Georgia for $66.1M

by Camren Skelton January 18, 2018

CARY, N.C. AND NORCROSS, GA. — Hudson Capital Partners (HCP) has acquired two multifamily properties in North Carolina and Georgia for a combined $66.1 million. The New York-based company acquired Cary Reserve at Weston, a 288-unit property in the Raleigh-Durham metro of Cary, for $46.8 million, as well as the 224-unit Willow Trail, a community in the Atlanta suburb of Norcross, for $19.3 million. HCP plans to invest approximately $7 million to renovate both properties, including unit modernization and expanded amenity offerings. Constructed in 1995, Cary Reserve at Weston features carports, garages, a car care center, swimming pool, tennis courts, grilling areas, business center, dog park, playground and a fitness center. Willow Trail features a playground, pool with a sundeck, fitness center, community soccer field and on-site laundry facilities. In addition to renovating the property’s unit interiors, HCP will replace Willow Trail’s current in-place management with its third-party management firm, Dallas-based Westdale.

January 18, 2018

Georgia Hospitality Southeast

Public-Private Partnership Opens 330-Room Hotel at Avalon, Alpharetta Conference Center

by Camren Skelton January 17, 2018

ALPHARETTA, GA. — Developers of the Hotel at Avalon and Alpharetta Conference Center celebrated the grand opening on Tuesday, Jan. 16, marking the final phase of Avalon, the 2.4 million-square-foot mixed-use development in the northern Atlanta suburb of Alpharetta. The $112 million hotel and conference center were developed in a public-private partnership between Stormont Hospitality Group, Long Wharf Capital, North American Properties (NAP) and the City of Alpharetta. The 330-room hotel features a 24-hour fitness center, access to Club Avalon Concierge and proximity to the variety of shops, dining and entertainment venues offered within Avalon. The hotel’s food and beverage options, Fifth Group restaurant’s South City Kitchen Avalon and Starbucks Coffee, will open this month on the ground floor. The Hotel at Avalon and 65,000-square-foot Alpharetta Conference Center offer 44,000 square feet of adaptable event space, including a second-story pool terrace overlooking Avalon Boulevard. In addition, the development includes two ballrooms, an executive boardroom and smaller meeting rooms. Atlanta-based architect Cooper Carry led the design of the hotel, and Chicago-based Perkins + Will designed the hotel and conference center interiors. The Johnson Studio at Cooper Carry designed South City Kitchen Avalon, and Brasfield & Gorrie was the project’s general contractor.

January 17, 2018

Georgia Retail Southeast

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

by Camren Skelton January 16, 2018

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.

January 16, 2018

Georgia Office Southeast

CBRE Closes Sale of 1.2 MSF Office Park in Atlanta

by Camren Skelton January 15, 2018

ATLANTA — CBRE has arranged the sale of University Office Park, a 1.2 million-square-foot office park situated on 78 acres in Atlanta’s Northeast office submarket. Jason Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof of CBRE arranged the transaction on behalf of the seller, DRA Advisors. An Atlanta-based investment group acquired the 21-building campus for an undisclosed price. The Centers for Disease Control, FEMA and the IRS anchor University Office Park. In addition, the park is home to information technology services firm WiPro Limited’s operations hub and training center. CBRE has been retained by the new ownership to lease and manage the office park.

January 15, 2018

Georgia Office Southeast

Mobile Industry Organization Opens 15,000 SF Regional Office in Atlanta’s Armour Yards

by Camren Skelton January 15, 2018

ATLANTA — London-based GSMA, a trade organization that represents the interests of more than 800 mobile operators worldwide, has opened its new North American regional office at 165 Ottley Drive in Atlanta’s Armour Yards development. GSMA operator members in the North American region include companies such as AT&T, Bell Mobility, Digicel, Rogers Communications, Sprint, T-Mobile, Telus and Verizon. GSMA held a ribbon cutting ceremony for the grand opening on Friday, Jan. 11. The new office space features flexible work areas, open collaboration and meeting facilities and access to amenities within the Armour Yards campus. The building will house roughly 90 GSMA employees. Situated near the BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Sprit Works, Fox Bros. Bar-B-Q and East Pole Coffee Co. The loft-office portion is housed within four former industrial buildings and features creative office space.

January 15, 2018

Georgia Office Southeast

Trammell Crow, Partner to Deliver 16-Story Office Tower in Atlanta’s Central Perimeter District

by Camren Skelton January 9, 2018

ATLANTA — Trammell Crow Co. (TCC) and a joint venture partner advised by CBRE Global Investors have unveiled plans for Twelve24, a 16-story, transit-oriented office tower in Atlanta’s Central Perimeter submarket. The building will be directly connected to the Dunwoody MARTA station, and will include 334,000 square feet of office space and 11,000 square feet of ground-floor retail and restaurant space. Insight Global, an Atlanta-based national staffing services firm, has preleased 175,000 square feet at the building, which is expected to break ground in the summer and open in early 2020. Jodi Selvey and Emily Richardson of Colliers International arranged the lease transaction on behalf of Insight Global, and Eric Ross of CBRE represented the joint venture. Twelve24 will feature large, open floor plates with floor-to-ceiling glass, outdoor terraces, a lounge, conference center, fitness center and on-site restaurants. The development team, which includes design architect Duda Paine Architects and architect of record Wakefield Beasley & Associates, is seeking LEED Gold-certification. In addition, TCC is working with Concord Hospitality Enterprises to develop a 10-story, 180-room hotel directly connected to the new office tower.

January 9, 2018

Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista to Deliver 525-Bed Student Housing Asset Near Georgia Tech in Atlanta

by Camren Skelton January 8, 2018

ATLANTA — Peak Campus and investment partner Blue Vista Capital Management LLC have broken ground on Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Midtown Atlanta. The project will feature studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a resort-style pool, rooftop amenity deck, fitness center, business center, study/conference areas, a package locker system and parking and bike storage. Theory West Midtown will also feature 10,500 square feet of ground level retail space along Marietta Street. The development is scheduled to open in fall 2019.

January 8, 2018

Georgia Office Southeast Top Stories

NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson January 8, 2018

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …

January 8, 2018

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