STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade amenities. The seller was undisclosed.
ATLANTA — Columbia Property Trust has completed more than 92,000 square feet of leases since November 2016 at One Glenlake Parkway, a 351,000-square-foot office building in Atlanta’s Central Perimeter submarket. Five new tenants are moving in with leases ranging from 3,000 square feet to more than 66,000 square feet, bringing One Glenlake’s occupancy to 94 percent. The Atlanta-based REIT recently wrapped up a $3 million modernization of the office building, which is situated off Ga. 400 near the new Mercedes-Benz USA offices. Built in 2003, the 14-story property now features new communal spaces, outdoor seating, an updated lobby, fitness center, conference facility and Salt + Block, a new café managed by Sterling Spoon. The design team included architects Indigo Collective and Gensler.
ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.
CUMMING, GA. — Preferred Apartment Communities Inc. (PAC), a publicly traded REIT based in Atlanta, has purchased Castleberry-Southard, an 80,018-square-foot shopping center located near Ga. 400 in Cumming, a suburb of Atlanta in Forsyth County. Situated at the intersection of Castleberry and Bethelview roads, the shopping center is anchored by a 45,600-square-foot Publix store. PAC purchased the asset for an undisclosed price through its subsidiary New Market Properties LLC, which now has 32 grocery-anchored centers spread across seven Sunbelt states. PAC financed the acquisition using an $11.5 million loan with a fixed 3.99 percent interest rate from Principal Life Insurance Co.
FAYETTEVILLE, GA. — Care Investment Trust LLC has partnered with affiliates of Phoenix Senior Living to purchase Hope Center Memory Care, a 64-unit seniors housing property in Fayetteville, about 22 miles south of Atlanta. Built in 2013, Hope Center provides care and activities for its residents, all of which need specialized memory care. Phoenix Senior Living plans to enhance the living experience of current and future residents through improved programming. The joint venture has hired a team of certified dementia practitioners to lead and deliver all care and services at Hope Center.
SANDY SPRINGS, GA. AND FRANKLIN, TENN. — On the heels of opening seniors housing community Somerby Sandy Springs in the Atlanta suburb of Sandy Springs, Dominion Partners also plans to open Somerby Franklin in the Nashville suburb of Franklin within the next two months. Somerby Sandy Springs includes 128 independent living units, 48 assisted living units and 24 memory care units on a six-acre plot. Details were not released on the Franklin property. Based in Birmingham, Ala., Dominion Partners is a developer and owner of seniors housing properties. Somerby, an operator, is a wholly owned subsidiary of Dominion. The companies own and operate a portfolio of eight communities in Alabama, South Carolina, Georgia, Florida and Tennessee.
SANDY SPRINGS, GA. — CBRE has arranged an 11,000-square-foot lease for Pontoon, a new brewery coming to Northridge Business Center in Sandy Springs, a northern suburb of Atlanta. The brewery will be located across the street from a Coca-Cola bottling plant on Dunwoody Place, situated directly between Ga. 400 and Roswell Road. Set to open in September, the first location for Pontoon will feature a large taproom and dockside décor, as well as tours, tastings, growler and crowler sales, events, live music and tailgates. Wesley Budd and Chris Irby of CBRE represented Pontoon in the lease transaction.
ALPHARETTA, GA. — North American Properties (NAP) has delivered Phase II of Avalon, a massive mixed-use development in the north Atlanta suburb of Alpharetta. Known as Boulevard East, the 1.2 million-square-foot phase adds 20 new retailers and restaurants, as well as a nine-story office building and a 276-unit apartment community known as Veranda at Avalon. The office building, co-developed by Hines and Cousins Properties, is leased to tenants such as Microsoft Corp. and Spaces, a co-working office space provider. Coming in January to Avalon is the $112 million Autograph Collection hotel and conference center, which topped out on April 12. The hotel is the result of a public-private partnership between Stormont Hospitality Group, NAP and the City of Alpharetta, with additional assistance from the Development Authority of Fulton County and the Alpharetta Convention & Visitors Bureau. Fifth Group Restaurants will open South City Kitchen Avalon in a street-level space at the hotel early next year, and Starbucks is also slated to open in January with the hotel. The night before the opening of Phase II, NAP hosted Savor + Celebrate, a black tie fundraising event that raised $100,000 for Atlanta-based charity City of Refuge. NAP matched the amount, bringing the …
PALMETTO, GA. — Port Logistics Realty (PLR) has broken ground on Phase I of Palmetto Logistics Park, a two-phase, 2.6 million-square-foot industrial park in Palmetto, roughly 12 miles southwest of Hartsfield-Jackson Atlanta International Airport. The development, which is PLR’s first project in the Atlanta market, is situated near the CSX/BNSF Intermodal facility and Interstate 85. Slated for completion in the fourth quarter of this year, Phase I will include a 1.1 million-square-foot industrial facility, expandable to 1.3 million square feet, as well as park infrastructure. Phase II will include a 1.3 million-square-foot facility. PLR is developing Palmetto Logistics Park in partnership with Atlanta-based River Oaks Capital Partners. Colliers International will market the property for lease.
ATLANTA — A joint venture between Columbia Ventures LLC and Studioplex LLC has broken ground on the next phase of Studioplex on Auburn, a mixed-use development in Atlanta’s Old Fourth Ward district. Fronting the Atlanta BeltLine near Krog Street Market, the 31,000-square-foot, $26 million project will feature 19 townhomes atop retail space. Retailers signed on at Studioplex on Auburn include Dancing Dogs Yoga, Beetnix Juice Bar, 18.21 Bitters and Hawkers Asian Street Fare. The joint venture opened a parking deck at the project in January and plan to add a new connection to the BeltLine, a 22-mile loop that will ultimately connect 45 intown neighborhoods through multi-use trails, parks and streetcars.