Georgia

Continental Realty Acquires Apartment Community in Atlanta’s West Midtown District for $80M

by Camren Skelton November 22, 2017

ATLANTA — Continental Realty Corp. (CRC) has acquired Millworks, a 345-unit apartment community located at 1888 Emery St. in Atlanta’s West Midtown district, for $80 million. The Baltimore-based company acquired the asset on behalf of Continental Realty Fund IV LP, a $164 million fund focused on the acquisition of retail and multifamily properties throughout the Mid-Atlantic and Southeast. Derrick Bloom, David Gutting and Brandon Beaty of JLL arranged the transaction on behalf of the seller and developer, Atlanta-based Pollack Shores. Delivered earlier this year, Millworks offers a mix of one- to three-bedroom floor plans ranging in size from 647 to 1,470 square feet. Unit interiors feature quartz countertops, stainless steel appliances, nine-foot ceilings, vinyl plank wood flooring and balconies or porches. Community amenities include a saltwater pool with an outdoor lounge area, bocce ball court, bar lounge, fitness studio with yoga space and an art studio area.

November 22, 2017

Georgia Retail Southeast

Studio Movie Grill Opens 11-Screen Theater in Metro Atlanta

by Camren Skelton November 22, 2017

MARIETTA, GA. — Studio Movie Grill, a privately owned dine-in theater concept based in Dallas, has opened its newest theater at 40 Powers Ferry Road in Marietta, a northern suburb of Atlanta in Cobb County. The 11-screen SMG Marietta is backfilling a former Sports Authority store in a shopping center that was once anchored by Harry’s Farmers Market, a subsidiary of Whole Foods Market. SMG Marietta is Studio Movie Grill’s third location in Georgia and its 29th nationwide. The property features a spacious lounge, wraparound bar, outdoor patio and luxury recliners in each theater. The theater employs roughly 200 people, according to Marietta Mayor Steve Tumlin. SMG Marietta is a participating theater in the company’s Special Needs Screenings and Chefs for Children programs.

November 22, 2017

Georgia Retail Southeast

Palomar Group Brokers $24.7M Sale of Shopping Center in Augusta, Georgia

by Camren Skelton November 21, 2017

AUGUSTA, GA. — The Palomar Group has brokered the $24.7 million sale of National Hills, a 159,855-square-foot shopping center in Augusta, located across from the Augusta National Golf Club. The Fresh Market anchors the center, which was 94 percent occupied at the time of sale by tenants including Electrolux, Sprint, Sally Beauty Supply, Legend’s Club and Merle Norman. The Palomar Group arranged the transaction on behalf of the seller, a regional investor, and the buyer, an international REIT.

November 21, 2017

Georgia Office Southeast

Coworking Provider Industrious Signs 28,000 SF Lease in Atlanta’s Central Perimeter

by Camren Skelton November 21, 2017

SANDY SPRINGS, GA. — CBRE Global Investors has signed a 28,000-square-foot lease with Industrious, a coworking office space provider, at 7000 Central Park, an 18-story office tower in Atlanta’s Central Perimeter submarket. The 12-year lease marks Industrious’ fifth location in Atlanta and the company’s first foray into the market’s suburbs. The building is located in Sandy Springs, roughly 15 miles north of downtown Atlanta. Industrious will occupy the entire 11th floor of the building, and will accommodate approximately 200 members, ranging from small and midsize businesses to Fortune 500 companies. The 423,775-square-foot 7000 Central Park is in the final stages of a renovation that will deliver enhanced amenities, shared coworking space, community events, a fitness center, expanded café area and a new outdoor living room. In addition, CBRE Global Investors’ shuttle service offers a two-minute drive to the Sandy Springs MARTA station, as well as several mixed-use communities within close proximity. Industrious will move into the new space in early 2018.

November 21, 2017

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta’s Disciplined Retail Market Ready to Face Headwinds from REITs, Amazon

by John Nelson November 20, 2017

A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The formula for developers was to scrape every tree from a piece of land, cover it with asphalt and an inexpensively constructed building, then fill it with whatever tenants they could find. The result was largely a glut of properties with poor intrinsic values: mid-block sites, odd shaped layouts, challenging access, uninspired, non-credit tenants with high rents. This would, of course, turn out to be unsustainable. To be fair, not every property was developed in this fashion. Atlanta was and still is home to many excellent retail developers that know how to create amazing projects. But many look back to the 2000s in Atlanta as a time of cookie cutter development with inexperienced builders playing a game of …

November 20, 2017

Georgia Multifamily Seniors Housing Southeast

Speak Life Management Breaks Ground on $73.7M Active Adult Community in Metro Atlanta

by Camren Skelton November 17, 2017

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

November 17, 2017

Georgia Hospitality Southeast

Legacy Ventures Completes $16M Renovation of Historic Hotel in Downtown Atlanta

by Camren Skelton November 16, 2017

ATLANTA — Legacy Ventures has completed the $16 million renovation of The American Hotel, a 315-room hotel operating as a DoubleTree Hilton in downtown Atlanta. Originally constructed in 1962, the hotel has hosted public figures including Elvis Presley, Carol Channing, Jimmy Carter, James Brown, Nelson Rockefeller and Dr. Martin Luther King Jr. The renovation embraces mid-century modern furnishings and design and includes 60s car-themed headboards and an Airstream trailer serving as the poolside bar. The hotel’s renovated meeting and banquet space can accommodate up to 500 guests, and the updated fitness facilities include virtual fitness classes. The American Hotel is also home to The Cloakroom Kitchen & Bar, which pays tribute to the Cold War. In addition, the hotel is situated within walking distance to the Tabernacle concert hall, Centennial Olympic Park and the new Mercedes-Benz Stadium.

November 16, 2017

Georgia Hospitality Mixed-Use Restaurant Retail Southeast

Nobu Hotel, Restaurant to Headline Phipps Plaza Expansion in Atlanta’s Buckhead District

by Camren Skelton November 15, 2017

ATLANTA — Simon has unveiled plans to transform Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district, into a mixed-use destination. The additional uses coming to Phipps Plaza include a 150-room Nobu Hotel, 10,000-square-foot Nobu Atlanta Restaurant, 90,000-square-foot Life Time Athletic fitness center and a 12-story office building. The hotel will feature a rooftop pool, conference space and spa facilities, and the restaurant will offer Japanese-style cuisine. Life Time will develop an athletic club in a three-level space that will feature studio, yoga and cycle classes, personal training, a café, rooftop pool, beach club and a bistro. The new buildings will join recent additions to Phipps Plaza including the 166-room AC Hotel Atlanta Buckhead and the 319-unit Domain at Phipps Plaza, an upscale apartment community. Construction is scheduled to begin in 2018, with a phased opening beginning in spring 2020.

November 15, 2017

Georgia Multifamily Seniors Housing Southeast

Brickmont, Sage Equities Break Ground on 137-Bed Seniors Housing Community in Metro Atlanta

by Camren Skelton November 14, 2017

ACWORTH, GA. — Brickmont Assisted Living, in partnership with Sage Equities, has broken ground on Brickmont of Acworth, a 137-bed seniors housing community in Acworth, roughly 32 miles northwest of Atlanta. Patterson Real Estate Advisory Group arranged construction financing through Credit Union Business Services for the project. Upon completion, Brickmont of Acworth will include 85 assisted living and 35 memory care units, with an average size of 447 square feet. Units will include kitchenettes.

November 14, 2017

Georgia Industrial Southeast

Eye Care Manufacturer Alcon to Invest $97M in Metro Atlanta Expansion

by Camren Skelton November 10, 2017

JOHNS CREEK, GA. — Eye care manufacturing company Alcon will invest $97 million to expand its production capacity in Johns Creek, roughly 27 miles north of Atlanta. The expansion will create about 100 new jobs at Alcon’s nearly 1 million-square-foot manufacturing campus, according to the Atlanta Business Chronicle. In 2015, Georgia Gov. Nathan Deal announced the company had created 550 jobs and invested $500 million in the Johns Creek community since 2013. Since the beginning of the growth project four years ago, Alcon has expanded the size of its manufacturing facility by 70,000 square feet. The multi-year project will expand the company’s production capacity for DAILIES TOTAL1 contact lenses.

November 10, 2017

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