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.
Georgia
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.
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.
Hines, Invesco to Build Two Office Developments Within Atlantic Station in Midtown Atlanta
by John Nelson
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.
ATLANTA — Five Mile Capital Partners and Equitable Real Estate Partners have sold 100 Peachtree, a 33-story, 622,084-square-foot office tower in downtown Atlanta. Zeller Realty Group purchased the asset, which was 82 percent leased at the time of sale to tenants such as CallRail, Accenture, Koch Industries, Georgia’s Own Credit Union, McGuireWoods law firm and the Atlanta BeltLine. The sales price was undisclosed, but the Atlanta Business Chronicle reports that Zeller likely paid between $135 to $145 per square foot, or $83 million to $90 million. The previous ownership’s renovations to 100 Peachtree over the last five years included complete window replacement with LEED compliance, a restored lobby, re-energized plaza area, tenant buildouts and major mechanical replacements. Will Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented the sellers in the transaction. Bill Rogalla and Mark Vollbrecht represented Zeller internally.
Transwestern Corporate Properties to Acquire State Farm Office Tower in Atlanta in Sale-Leaseback Deal
by John Nelson
DUNWOODY, GA. — Transwestern Corporate Properties I has reached an agreement to purchase Park Center I, a 13-story office tower in Atlanta’s Central Perimeter submarket. Situated on four acres adjacent to the Dunwoody MARTA station, the 602,000-square-foot asset is fully occupied by State Farm Auto Insurance. KDC developed Park Center I, the first office building delivered within State Farm’s three-building, 2.2 million-square-foot campus. Transwestern will purchase the asset for an undisclosed price in a sale-leaseback transaction with State Farm. Transwestern also recently acquired the 2.2 million-square-foot State Farm campus in Richardson, Texas, which was also developed recently by KDC.
STOCKBRIDGE, GA. — CBRE has brokered the $47 million sale of a multifamily portfolio in Stockbridge, about 20 miles south of Atlanta. The two adjacent properties, Carrington Ridge and The Retreat at Eagles Landing, total 490 units. Mesa Capital Partners purchased the communities from TIC Properties Management. Shea Campbell, Kevin Geiger and Ashish Cholia of CBRE’s Southeast Multifamily Group represented TIC Properties Management in the sale. Richard Jordan and Matt Forgione of CBRE’s Debt and Structured Finance team arranged acquisition financing on behalf of Mesa Capital Partners.
ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.
ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.
DECATUR, GA. — Terwilliger Pappas has broken ground on Solis Decatur, a 290-unit apartment community that will be situated within the North Decatur Square mixed-use development in Decatur, a suburb of Atlanta. The property will be the multifamily component of the development, which will feature 89,000 square feet of retail and restaurant space leased to tenants including 365 by Whole Foods. Terwilliger Pappas partnered with SJ Collins Enterprises to develop Solis Decatur on an 11-acre parcel about a mile outside of downtown Decatur. JP Morgan and Atlantic Creek provided construction financing.