Georgia

MARIETTA, GA. — NexPoint Residential Trust Inc. has acquired Rockledge, a 708-unit apartment community located in the Atlanta suburb of Marietta, for $113.5 million. NexPoint Residential Trust acquired the property as part of a reverse 1031 exchange with cash on hand, borrowings of approximately $113.5 million under a bridge facility with KeyBank National Association and a new first mortgage with the Federal Home Loan Mortgage Corp. Rockledge is situated on 78 acres and has average monthly rental rates of $1,153. Located approximately one mile from the new Atlanta Braves stadium, SunTrust Park, the property features seven swimming pools, an indoor basketball court, tennis courts, grilling area, volleyball court, indoor track, fitness center, yoga studio and access to the Chattahoochee River National Recreation Area. The community was 93.6 percent occupied at the time of sale. The seller was not disclosed.

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ATLANTA — Colliers International has arranged $81 million in refinancing for a 40-property industrial portfolio in Atlanta. The portfolio is owned by a joint venture advised by New York-based Clarion Partners LLC. Kevin Troy and Hank Hall of Colliers International arranged the financing through Principal Global Investors on behalf of Clarion Partners. The portfolio, which includes 3.7 million square feet of Class A and Class B industrial buildings, was fully leased at the time of sale.

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The Atlanta industrial market continues to grow in popularity when it comes to real estate investors’ appetite. Industrial assets are “hot items” in current investment sales transactions as the region’s economic momentum continues to position Atlanta as one of the healthiest industrial markets in the Southeast. Some of the major local and macro-economic trends affecting the industrial market include the ongoing growth of infrastructure, logistics and manufacturing industries. Furthermore, the Port of Savannah’s new Post Panamax facilities, its ongoing investment and expansion plans and its increasing activity are also beneficial to the Atlanta industrial market. Investment sales professionals, especially individual investors, remain attracted to Atlanta’s industrial market as e-commerce continues to transform how and where products are stored and shipped, not to mention the simplicity of owning and managing industrial properties, compared to retail and office. In 2016, the Atlanta industrial market experienced over 17 million square feet of net absorption. The forecasted absorption for 2017 ranges between 12 and 14 million square feet, with approximately 12 million square feet of new product being delivered this year. Over 90 percent of the new product comprises warehouse/distribution product, and less than 10 percent consists of new flex and shallow-bay buildings. Most …

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AUGUSTA, GA. — Starbucks has unveiled plans to expand its soluble plant in Augusta. The $120 million expansion will add 140,000 square feet to the current 180,000-square-foot facility, nearly doubling the size of the operation. Starbucks opened the plant in July 2012. It is the first company-owned facility in the world to produce Starbucks soluble products. Located roughly 20 miles south of Fort Gordon, the plant currently employs 185 Starbucks partners, one in six of which are armed forces veterans or military spouses. The expansion will bring up to 100 new jobs to the facility. Construction on the property is slated for completion in fall 2019. On the retail front, Starbucks plans to add 12,000 stores globally by 2021, bringing the total number to 37,000.

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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.

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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.

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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.

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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.

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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 …

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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.

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