ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.
SAVANNAH, GA. — Capital Development Partners, in a joint venture with Greenfield Partners, has broken ground on the $125 million Savannah Port Logistics Center. The 2.3 million-square-foot campus is being developed to meet the needs of Port of Savannah’s import, export and e-commerce customers. Operated by the Georgia Ports Authority, the Port of Savannah is the largest single-container port in the United States. The 190-acre Savannah Port Logistics Center will offer dual rail service via Norfolk Southern and CSX Tier 1 railroads, and will include two buildings totaling 1.1 million square feet and 1.3 million square feet. Both buildings will feature 40-foot ceiling heights and cross-dock capability. Building I is slated for completion in April 2019, and developers expect to break ground on Building II later this year. Atlanta-based Capital Development Partners is a national developer of industrial infrastructure facilities. Greenfield Partners is a private equity real estate firm headquartered in Westport, Conn., with $3.3 billion in gross assets under management. To date, the company has invested more than $5 billion in equity across multiple sectors, including 25 million square feet of industrial.
COMMERCE, GA. — GE Appliances will invest $55 million to build a new Southeast Region Appliance Distribution Center in Commerce, a city roughly 70 miles northeast of Atlanta. Georgia Gov. Nathan Deal announced Thursday, June 14 that the household appliances manufacturer will create 100 new jobs at the new facility upon completion in April 2019. GE Appliances will have the ability to deliver products in three days or less to 90 percent of U.S. homes from the new center. Louisville, Ky.-based GE Appliances already has a strong presence in Georgia, with 1,960 employees at Roper Corp., a wholly owned subsidiary in LaFayette, and 50 employees supporting its Factory Service Operations based out of Atlanta. GE Appliances’ offerings include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners and water filtration systems.
ATLANTA — CBRE has brokered the sale of Glenridge Point, a two-building, Class B office campus located at 100 and 200 Glenridge Point Parkway in Atlanta’s Central Perimeter submarket. Richmond Honan Development acquired the five-story buildings, which total 185,402 square feet. Jay O’Meara, Justin Parsonnet, Will Yowell, Ryan Reethof and Lee Asher of CBRE arranged the transaction on behalf of the seller, a partnership between Pope & Land and Noro. The pair originally acquired the property at 62 percent occupancy in 2015. At the time of sale, the campus was 99 percent leased to tenants including eVestment and Northside Hospital’s IT division. Glenridge Point is located less than a half-mile from the Medical Center MARTA station.
KENNESAW, GA. — Varner Developers has submitted plans to the City of Kennesaw for a $65 million mixed-use project located at the current site of Kennesaw Crossing, a shopping center located roughly 27 miles northwest of Atlanta in Kennesaw. The proposed project would include a 140-room hotel, two single-story retail buildings totaling 22,000 square feet, three multifamily buildings with a total of 274 units, two office condominium buildings totaling 9,750 square feet and the positioning of future pedestrian connectivity to the Noonday Trail and other planned pedestrian infrastructure. If approved, Kennesaw Crossing would be completely demolished to make way for the new development. Applications are scheduled to be heard and considered by the mayor and city council for final action on Monday, June 18.
ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.
KENNESAW, GA. — Avison Young has brokered the $9 million sale of 3075 Chastain Meadows Parkway, a 130,250-square-foot warehouse in the northwest Atlanta suburb of Kennesaw. Brent Weitnauer, Chip Watson and Ben Parker of Avison Young arranged the transaction on behalf of the seller, Suzuki. Exeter 3075 Chastain Meadows LLC, an affiliate of Exeter Property Group, acquired the asset. The building has the capability to expand by an additional 2.9 acres.
EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.
PERRY, GA. — Brokers + Engineers (B+E), a newly formed triple-net-lease brokerage firm, has arranged the $11.4 million sale of a Publix-anchored shopping center located at 275 Perry Parkway in Perry. Boston-based Flag Wharf Inc. purchased the 72,200-square-foot shopping center from a private developer based in Florida. Publix Super Markets Inc. has 11 years remaining on its lease.
PEACHTREE CITY, GA. — Atlanta-based Bull Realty has brokered the $9 million sale of a 163,000-square-foot industrial facility located at 416 Dividend Drive in Peachtree City. A private trust purchased the property from Dividend West Partners LLC. Jason Callaway and Davis Finney of Bull Realty represented the buyer, and Mark Wright of Dividend Commercial Real Estate represented the seller. Situated on 20 acres in the Atlanta suburbs, the building is fully leased to Wencor Group, an aviation solutions company. Wencor uses the facility to house its manufacturing and distribution operations for commercial airlines, aerospace repair stations and original equipment manufacturers (OEMs) worldwide.