Georgia

Ackerman Executes 1 MSF Lease with Uline at Braselton Logistics Center Near Atlanta

by John Nelson June 13, 2017

BRASELTON, GA. — Ackerman & Co. has fully preleased Braselton Logistics Center, a 1 million-square-foot distribution facility in Braselton, roughly 50 miles northeast of Atlanta. Uline, a shipping and packaging supply distributor, has signed a 10-year lease to occupy the entire facility, which will serve as the company’s Southeast U.S. logistics hub. Ackerman & Co. owns Braselton Logistics Center in a joint venture with The Yates Group and JAC Real Estate Investments LLC. Brett Buckner of Ackerman, Todd Yates of the Yates Group and Julian Brown of Transwestern represented the landlord in the lease transaction. Dave Desper and Blaine Kelley of CBRE represented Uline, which will consolidate its nearly 600,000 square feet of operations in nearby Gwinnett County to the new facility. The cross-dock facility will feature 40-foot clear heights, a Ductilcrete warehouse floor slab, white TPO roof with skylights, LED lighting and parking space for 521 trailers and 639 cars. The facility’s office space will also be customized to Uline’s specifications. The ownership plans to deliver the distribution center by the end of the year, and Uline is scheduled to occupy the facility in the first quarter of 2018.

June 13, 2017

Georgia Office Southeast

Crestlight Capital Buys 11-Story Office Building in Midtown Atlanta

by John Nelson June 13, 2017

ATLANTA — Crestlight Capital LLC has purchased an 11-story, 217,090-square-foot office building located at 730 Peachtree St. in Midtown Atlanta. The private real estate investment firm has tapped Hunter Henritze, Michael Howell and Caroline Cole of Lincoln Property Co. Southeast to lease and manage the Class B asset. The property was 92 percent leased at the time of sale and features loft office build-outs with exposed ceilings and modern finishes. The building is situated within walking distance of the Fox Theatre and the North Avenue and Midtown MARTA stations. The seller and sales price were undisclosed.

June 13, 2017

Georgia Multifamily Southeast

Terwilliger Pappas Breaks Ground on Apartment Development in Gwinnett County

by John Nelson June 12, 2017

SUWANEE, GA. — Terwilliger Pappas has begun construction on Solis Town Center, a 240-unit apartment development situated adjacent to Suwanee Town Center in the Atlanta suburb of Suwanee in Gwinnett County. Set on six acres, the property will also feature 12,000 square feet of retail space. Terwilliger Pappas partnered with Carlyle Realty Partners and Cadence Bank on the development. The nearby Suwanee Town Center features a 10-acre, urban-style park, 100,000 square feet of retail space and 87,000 square feet of office space.

June 12, 2017

Georgia Retail Southeast

Preferred Apartment Communities Buys Kroger-Anchored Center in Metro Atlanta

by John Nelson June 8, 2017

STONE MOUNTAIN, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, a suburb of Atlanta. Situated at the intersection of Rockbridge and Five Forks Trickum roads, the shopping center is anchored by a 68,632-square-foot Kroger store. PAC purchased the asset through its subsidiary New Market Properties LLC for an undisclosed price. PAC financed the purchase using a $14.3 million loan provided by The Prudential Insurance Co. of America. The 10-year loan features a fixed interest rate of 3.75 percent. Rockbridge Village marks PAC’s 33rd grocery-anchored shopping center in its portfolio.

June 8, 2017

Georgia Southeast

Lincoln Property Purchases Data Center in Atlanta from Coca-Cola in Sale-Leaseback

by John Nelson June 7, 2017

ATLANTA — Lincoln Property Co. Southeast, in conjunction with its data center division Lincoln Rackhouse and a joint venture partner advised by Bailard Inc., has purchased an 88,000-square-foot data center in Atlanta from The Coca-Cola Co. in a sale-leaseback transaction. Coca-Cola will lease the facility from Lincoln through 2018 as the company continues to migrate its IT apps and data to cloud-based services. The new ownership plans to master lease the data center to a co-location provider once the Coca-Cola lease expires. Located at 40 Perimeter Center E. in Atlanta’s Central Perimeter submarket, the data center has been home to several Coca-Cola divisions over the past 15 years. Lincoln’s Chip Sipple will spearhead leasing locally and will team with Ryan Sullivan of Lincoln Rackhouse to identify national tenants and co-location providers to lease the building. Lincoln has also assumed management of the facility.

June 7, 2017

Georgia Office Southeast

CBRE Secures $61.9M Loan for 318,450 SF Office Building in Midtown Atlanta

by John Nelson June 6, 2017

ATLANTA — CBRE’s Debt & Structured team in Atlanta has secured $61.9 million in financing for 715 Peachtree, a 10-story, 318,450-square-foot office building in Midtown Atlanta. The property is leased to office tenants including Honeywell and Spaces and retail tenants including Land of a Thousand Hills, Stone Summit and Bareburger. Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year bridge loan through KKR & Co. LP on behalf of the borrowers, Carter and PCCP LLC. The loan will enable Carter to pay an existing loan used for renovations and refurbishment to the property, and provides for tenant improvements and leasing capital. Eric Ross, Clark Gore and Sabrina Gibson of CBRE manage leasing for 715 Peachtree on behalf of Carter, and CBRE’s Asset Services team manages the building.

June 6, 2017

Georgia Office Southeast

Dilweg Acquires 418,000 SF Office Development in Atlanta’s Central Perimeter for $46M

by John Nelson June 5, 2017

ATLANTA — The Dilweg Cos. has acquired The Pointe, a two-building office development located in Atlanta’s Central Perimeter submarket. The seller and sales price were not released, but the Atlanta Business Chronicle reports that Dilweg purchased the project for $46 million. The buildings total 418,000 square feet and were built in 1981 and 1985. The Pointe was 66 percent leased at the time of sale to tenants including Cisco, Compass Group and Ecova. Dilweg plans to invest more than $3 million to improve the building’s operating systems, common areas and tenant amenities. The purchase of The Pointe brings Dilweg’s Atlanta office holdings to nearly 2 million square feet. CBRE represented the undisclosed seller in the transaction.

June 5, 2017

Georgia Retail Southeast

Cooper Commercial Brokers $1.7M Sale of Retail Asset Near Chattanooga

by John Nelson June 5, 2017

FORT OGLETHORPE, GA. — The Cooper Commercial Investment Group has brokered the $1.7 million sale of The Forts Shopping Center, a 4,200-square-foot retail asset located in Fort Oglethorpe, about 9 miles south of Chattanooga in Georgia. The property’s tenant roster includes Moe’s Southwest Grill and Supercuts. Bob Havasi and Dan Cooper of Cooper Commercial represented the Tennessee-based seller in the transaction. The Georgia-based buyer purchased The Forts for roughly $411 per square foot.

June 5, 2017

Georgia Southeast

Ziff Properties Sells Parking Garage in Savannah for $20M

by John Nelson June 2, 2017

SAVANNAH, GA. — Ziff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St. Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.

June 2, 2017

Georgia Office Southeast

Hines, Invesco to Build Two Office Developments Within Atlantic Station in Midtown Atlanta

by John Nelson May 31, 2017

ATLANTA — Hines and Invesco Real Estate have formed a joint venture to develop two office projects within Atlantic Station, a 138-acre mixed-use development in Midtown Atlanta. The projects include T3 West Midtown, a 200,000-square-foot heavy timber office building, and Atlantic Yards, a two-building development spanning 500,000 square feet. Hines will work with Hartshorne Plunkard Architecture as the design architect for both T3 West Midtown and Atlantic Yards. DLR Group will be the architect of record for T3 West Midtown, and Wakefield Beasley & Associates will be the architect of record for Atlantic Yards. The project’s amenities will include fitness, dining, rooftop terraces, bike storage and collaboration areas, in addition to the 550,000-square-foot retail village of Atlantic Station.

May 31, 2017

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