Georgia

Connolly Signs Seven New Tenants to Join Mixed-Use Development in Metro Atlanta

by Camren Skelton July 7, 2017

CHAMBLEE, GA. — Real estate development firm Connolly has added seven new tenants to the 45,000 square feet of restaurant and retail space at Parkview on Peachtree, a new mixed-use development in the Atlanta suburb of Chamblee. Children’s Healthcare of Atlanta, a pediatric clinical care provider, will open a 10,000-square-foot facility with 12 exam rooms and two procedure rooms at the development. The Alden, a 2,275-square-foot upscale-casual restaurant, and Bad Daddy’s Burger Bar, a 3,700-square-foot burger chain, will also join as the project’s newest restaurants. The other four tenants include Noire The Nail Bar, Atlanta Spine and Wellness, The Piedmont Bank and Cookie Cutters Haircuts for Kids. Parkview on Peachtree is slated to open later this year.

July 7, 2017

Georgia Office Southeast

Atlanta Property Group Acquires Office Buildings in Florida, Carolinas and Pennsylvania

by Camren Skelton July 6, 2017

ATLANTA — Atlanta-based real estate investment firm Atlanta Property Group has acquired six office properties in Florida, North Carolina, South Carolina and Pennsylvania. The deal marks Atlanta Property Group’s first acquisitions outside metro Atlanta and adds nearly 1.3 million square feet of space to its portfolio. The properties include the 164,766-square-foot Baldwin Point and the 226,548-square-foot 11950 Corporate Blvd. in Orlando, Fla.; the 254,808-square-foot Tampa Commons in Tampa, Fla.; the 226,865-square-foot LakePointe Corporate Center, Buildings 3 and 5 in Charlotte, N.C.; the 175,145-square-foot Edgewater Corporate Center One in Fort Mill, S.C.; and the 234,859-square-foot 2000 Park Lane in Pittsburgh. The buildings were acquired in a single transaction, the terms of which were not disclosed.

July 6, 2017

Georgia Hospitality Southeast

Ashford Hospitality Trust Completes $88.7M Sale of Hotel in Atlanta

by Camren Skelton July 5, 2017

ATLANTA — Ashford Hospitality Trust Inc. has completed the $88.7 million sale of the Crowne Plaza Ravinia, a 495-room hotel located at 4355 Ashford Dunwoody Road in Atlanta. The sales price represents a trailing 12-month cap rate of 5.6 percent ending on May 31, 2017. The hotel had an existing allocated debt balance of roughly $65.6 million that was paid off, along with an additional $13.1 million of debt pay down used to release the asset from the loan pool. After debt payoff and transaction costs, the net proceeds were approximately $9 million. The hotel features an indoor pool, fitness center, four on-site restaurants, business center and complimentary shuttle service.

July 5, 2017

Georgia Industrial Office Southeast

Lincoln Property Closes $3.5M Sale of Office, Industrial Building in Metro Atlanta

by Camren Skelton July 5, 2017

NORCROSS, GA. — Lincoln Property Co. has completed the $3.5 million sale of a 56,600-square-foot office and industrial building located at 4261 Communications Drive in Norcross, roughly 20 miles north of Atlanta. The property features 11,597 square feet of office and showroom space, as well as a 44,389-square-foot warehouse featuring 24-foot clear heights and drive-in, dock-high loading. Young Georgia Properties LLC acquired the asset, and Chip Sipple and Jeff Henson of Lincoln represented the seller, Flooring International Distribution Inc., in the transaction.

July 5, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Retailers are Seizing the Opportunity to Backfill Shuttered Stores in Atlanta

by John Nelson July 3, 2017

It’s long been known that Atlanta, along with many other markets in the United States, is over-retailed. However, not all retailers are “overstored.” With the recent number of store closings announced (Sports Authority, hhgregg, Kmart, Sears, JC Penney, to name a few), it’s understandable that some have concerns over the current state of retail. That said, for many retailers, these closures become opportunities to enter certain markets or grab better positions within an existing market. As some retailers forfeit locations, these Atlanta vacancies will be absorbed. Burlington Stores recently backfilled the former Sports Authority adjacent to the Mall of Georgia in Buford, and will do the same with the former Best Buy adjacent to The Mall at Stonecrest in Lithonia. Ashley HomeStore will backfill the former Staples in Snellville. In Alpharetta, American Signature Furniture opened in the former Sports Authority box, and entertainment destination Dave & Buster’s is set to open in a former AMC Theatres. The retail industry is undergoing a shift as a result of the emergence of e-commerce and morphing consumer habits. It’s the retailers that are able to adapt and evolve along with changes in technology and consumer attitudes that will thrive, as very few are …

July 3, 2017

Georgia Hospitality Southeast

Atlanta Hawks Break Ground on $192.5M Renovation of Philips Arena in Downtown Atlanta

by Camren Skelton June 30, 2017

ATLANTA — The Atlanta Hawks Basketball Club has broken ground on the transformation of Philips Arena, the NBA team’s home venue in downtown Atlanta. The $192.5 million renovation will include a new center-hung scoreboard, concourses with 360-degree connectivity, 250-seat master conference room with four additional breakout rooms and added dining and beverage options. Zac Brown, Atlanta native and lead singer of Zac Brown Band, will open Zac Brown’s Social Club, a Southern gourmet-style restaurant with a live music stage. Sports entertainment company Topgolf will offer Swing Suites to be rented by the hour for groups of up to 15, featuring two Topgolf simulators, HDTVs, lounge seating, food and beverage service and a view into the arena. Rapper, actor and activist Killer Mike will open one of his signature SWAG Shop barbershops, giving fans the opportunity for full hair service while watching the game. HOK is the leading architect on the project. Construction on the city-owned arena is slated for completion during the 2018-2019 NBA season. The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.

June 30, 2017

Georgia Loans Multifamily Southeast

Grandbridge Real Estate Capital Secures $47.5M for Refinancing of Multifamily Communities in Metro Atlanta

by Camren Skelton June 29, 2017

MARIETTA AND COLLEGE PARK, GA. — Grandbridge Real Estate Capital has secured a $29.5 million first mortgage loan for Ivy Common Apartments, a 344-unit multifamily community in Marietta, and an $18 million first mortgage loan for the Parc at 1875, a 352-unit property in College Park. Alan Tapie and Thomas Wiedeman of Grandbridge arranged the 10-year, interest-only loans with 30-year amortization schedules through Freddie Mac’s Capped ARM loan product. The deals closed with interest rates in the low 3 percent range. Ivy Commons is located at 3555 Austel Road S.W. in Marietta, roughly 20 miles north of Atlanta, and features tennis courts, a pool and a fitness center. The Parc at 1875 is located at 1875 E. Pleasant Hill Road in College Park, and features a fitness center, playground, tennis court and a pool.

June 29, 2017

Georgia Industrial Southeast

Lidl to Develop $100M Regional Headquarters, Distribution Center in Metro Atlanta

by Camren Skelton June 27, 2017

CARTERSVILLE, GA. — Lidl, a discount German grocery chain, has unveiled plans for a new $100 million regional headquarters and distribution center in Cartersville, roughly 40 miles north of Atlanta. The facility will create 250 jobs over the next five years. Lidl is focusing first on the Southeast and Mid-Atlantic in its U.S. expansion plans, with its first 20 stores set to open this summer in Virginia, North Carolina and South Carolina. To date, Lidl operates more than 10,000 grocery stores in 28 countries.

June 27, 2017

Georgia Industrial Southeast

Core5 Industrial Partners Sells Logistics Center in Metro Atlanta for $62M

by Camren Skelton June 27, 2017

FAIRBURN, GA. — Core5 Industrial Partners has sold Core5 Logistics Center at Shugart Farms, an 873,800-square-foot industrial facility located in Fairburn, roughly 20 miles south of Atlanta, for $62 million. Chris Riley, Frank Fallon and Trey Barry of CBRE represented Atlanta-based Core5 in the sale to a private institutional investor. The logistics facility was constructed in early 2017 and was fully leased to The Duracell Co. at the time of sale.

June 27, 2017

Georgia Multifamily Southeast

5 Cap Realty, RREIC Advisors Acquire Multifamily Asset in Metro Atlanta for $21.6M

by Camren Skelton June 26, 2017

STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.

June 26, 2017

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