Georgia

Related Group Selects Balfour Beatty US to Build Whole Foods Store in Midtown Atlanta

by John Nelson February 1, 2017

ATLANTA — The Related Group has selected Balfour Beatty US to construct a multi-level Whole Foods Market store in Midtown Atlanta. Situated on 2.2 acres at West Peachtree and 14th streets, the new store will anchor The Related Group’s Apogee Midtown, a 39-story high-rise apartment tower that Balfour Beatty US is also constructing. The new 72,000-square-foot store will feature a microbrewery and a rooftop patio bar. Phillips Partnership Inc. designed the new Whole Foods, which The Related Group expects to deliver in the first quarter of 2018.

February 1, 2017

Affordable Housing Georgia Loans Multifamily Seniors Housing Southeast

Capital One Provides $14.4M HUD Loan to Build Affordable Housing Community in Metro Atlanta

by John Nelson January 31, 2017

DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …

January 31, 2017

Georgia Office Southeast

Childress Klein, MidCity to Develop 370,000 SF Office Project in Atlanta’s Central Perimeter

by John Nelson January 27, 2017

SANDY SPRINGS, GA. — A joint venture between Childress Klein and MidCity Real Estate Partners has purchased 3.7 acres of land in Sandy Springs for the development of NorthPlace, a two-building office campus totaling 370,000 square feet. Situated within Atlanta’s Central Perimeter office submarket, the office development will sit at the intersection of Barfield Road and Mount Vernon Highway, one block from the new Mercedes-Benz U.S. headquarters and two blocks from the Sandy Springs MARTA station. Comprising a 250,000-square-foot building and 120,000-square-foot building, NorthPlace will offer signage visibility along Ga. 400. Childress Klein and MidCity will co-develop the property, and MidCity will oversee day-to-day construction responsibilities and will market the project to prospective corporate and medical tenants. A timeline for construction has not been announced at this time.

January 27, 2017

Georgia Multifamily Southeast

Berkadia Arranges $38.1M Sale of Two Apartment Communities in Metro Atlanta

by John Nelson January 27, 2017

NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.

January 27, 2017

Georgia Mixed-Use Southeast Top Stories

Batson-Cook, Regent Partners to Develop $400M Mixed-Use Project in Atlanta’s Buckhead Financial District

by Kristin Harlow January 27, 2017

ATLANTA — Batson-Cook Development Co. (BCDC) has formed a joint venture partnership with Regent Partners LLC to acquire a parcel in the Buckhead financial district of Atlanta and develop a $400 million mixed-use project. The office, retail and multifamily development will be located at 3354 and 3356 Peachtree Road, near State Route 400 and Buckhead’s MARTA train station. The four-acre property will consist of two buildings with more than 550,000 square feet of office and retail space, 60 condominiums and 300 multifamily units. Construction is expected to begin in 2018. The project will feature outlet roads leading to Peachtree Road, Piedmont Road and the Buckhead Loop. The new MARTA pedestrian bridge spanning Georgia 400 gives the project direct access to public transit. The Buckhead Community Improvement District has also proposed a nine-acre park on top of a half-mile stretch of Georgia 400 from the Buckhead Loop to Peachtree Road. Upon completion, the $245 million park will serve as the entrance to the joint venture’s new project. BCDC is a wholly owned subsidiary of Kajima USA, based in Atlanta. The company provides development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeast. Atlanta-based Regent Partners is …

January 27, 2017

Georgia Southeast

Avison Young Acquires Atlanta-Based Rich Real Estate Services

by John Nelson January 25, 2017

ATLANTA — Avison Young has acquired Rich Real Estate Services Inc., an Atlanta-based real estate brokerage firm. Established in 2001, Rich Real Estate Services specializes in third-party, landlord representation advisory services and provides brokerage and consulting services covering commercial and residential properties throughout the U.S. The company has represented more than 12 million square feet of commercial space over the past 15 years. Rich Real Estate Services now operates as Avison Young, and founder and president Kirk Rich has taken a post as principal of Avison Young. Also joining Avison Young from Rich Real Estate Services is Laurie Goin as a marketing assistant. Rich will work closely with Steve Dils, a principal of Avison Young and managing director of the firm’s Atlanta office, on expanding Avison Young’s landlord representation and agency leasing services locally, nationally and internationally.

January 25, 2017

Georgia Office Southeast

Spaces to Open Co-Working Office Locations in Midtown Atlanta, The Battery Atlanta

by John Nelson January 25, 2017

ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday to the business club.

January 25, 2017

Georgia Loans Multifamily Southeast

Bellwether Enterprise Secures $18.7M Refinancing for Multifamily Portfolio in Metro Atlanta

by John Nelson January 25, 2017

ATLANTA — Bellwether Enterprise has arranged the $18.7 million refinancing of a 12-property, 458-unit multifamily portfolio in the metro Atlanta area. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the financing on behalf of the borrower, Nelkin Real Estate. The financing includes a fixed-to-float hybrid lending structure, fixed 4.07 percent interest rate for 10 years and three years of interest-only payments.

January 25, 2017

Georgia Office Southeast

Spaces to Open Co-Working Office Locations in Midtown Atlanta, The Battery Atlanta

by John Nelson January 24, 2017

ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday of the business club.

January 24, 2017

Georgia Retail Southeast

Burroughs & Chapin Acquires Broughton Street Retail Property in Downtown Savannah

by John Nelson January 24, 2017

SAVANNAH, GA. — Burroughs & Chapin, a retail investment REIT based in Myrtle Beach, S.C., has acquired an 8,800-square-foot retail property located at 5-15 W. Broughton Street in downtown Savannah’s Historic District. Originally built in the 19th century, the property is fully leased to tenants including Ann Taylor LOFT, FedEx Office and Flying Monk, an Asian restaurant. The seller and sales price were undisclosed.

January 24, 2017

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