Georgia

GLL Purchases Office Tower in Buckhead from Cousins Properties

by John Nelson January 3, 2017

ATLANTA — GLL Real Estate Partners has purchased The Forum at West Paces, a nine-story, 220,000-square-foot office tower located at 3290 Northside Parkway in Atlanta’s Buckhead submarket. The Munich-based real estate fund management group bought the Class A asset from Atlanta-based Cousins Properties for an undisclosed price. Built in 2001, The Forum at West Paces was 96 percent leased at the time of sale to tenants including healthcare and financial institutions, wealth managers, attorneys, investment funds and other professional services. The building features tenant balconies on every floor, onsite security, a fitness center and an adjacent five-story parking garage. CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 3, 2017

Georgia Retail Southeast

Wheeler REIT Purchases Shopping Center in Macon for $37.3M

by John Nelson January 3, 2017

MACON, GA. — Wheeler Real Estate Investment Trust Inc. has purchased Rivergate Shopping Center, a 205,811-square-foot, Publix-anchored development located in Macon. The shopping center was 95.5 percent leased at the time of sale to tenants such as Dollar Tree, T-Mobile and H&R Block. The property features eight outparcels, including a standalone Starbucks Coffee, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings leased to FedEx/Panera Bread, Dunkin’ Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. Wheeler REIT financed the acquisition using a three-year bank loan that features one year of interest-only payments, 25-year amortization schedule for years two and three, a floating interest rate and 65 percent LTV.

January 3, 2017

Georgia Seniors Housing Southeast

Caddis Breaks Ground on Seniors Housing Community in Metro Atlanta

by John Nelson December 23, 2016

FAYETTEVILLE, GA. — Caddis has broken ground on Heartis Fayetteville, a 168-unit independent living, assisted living and memory care community in Fayetteville, approximately 20 miles south of Atlanta. The community will comprise three buildings totaling 157,029 square feet that will house 80 independent living units, 56 assisted living apartments and 32 memory care units. This is the first entry into Georgia for Caddis, a healthcare real estate firm based in Dallas, though the company is also planning another Heartis-branded community in nearby Suwanee. Portland, Ore.-based Frontier Management will operate Heartis Fayetteville upon completion, which Caddis expects to be in late 2017. Chicago-based investment firm Singerman Real Estate is a joint venture development partner on the project. The Atlanta office of Choate Construction will be the general contractor.

December 23, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Atlanta for $60M

by John Nelson December 22, 2016

ATLANTA — The RADCO Cos. has purchased Legends of Dunwoody, a 532-unit, Class B apartment community located in Atlanta, for $60 million. The Atlanta-based multifamily investment firm will invest roughly $8.7 million on capital improvements and rebrand the property Radius Sandy Springs, the second community under RADCO’s Radius brand. RADCO Residential will manage the property, which is the 24th community that RADCO owns in metro Atlanta. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. The renovations will include unit interior upgrades, building repairs, a remodeled clubhouse, pool deck expansion, new pool, new dog park additions, exterior lighting upgrades, landscaping and a refurbished tennis court. Built in 1980, Radius Sandy Springs is situated in Atlanta’s Central Perimeter office submarket, home of State Farm’s new East Coast hub and the corporate relocation of Mercedes-Benz USA.

December 22, 2016

Georgia Mixed-Use Southeast

Portman Holdings Breaks Ground on $400M Coda at Tech Square Project in Midtown Atlanta

by John Nelson December 21, 2016

ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.

December 21, 2016

Georgia Office Southeast

Sumitomo Corp. of Americas Acquires Atlanta Financial Center in Buckhead for $222.5M

by John Nelson December 21, 2016

ATLANTA — Sumitomo Corp. of Americas has closed its $222.5 million purchase of Atlanta Financial Center, a three-building, Class A office asset in Atlanta’s Buckhead district. The 914,774-square-foot property is located on Peachtree Road and sits directly atop the Buckhead MARTA station and has the GA 400 highway run directly underneath. Atlanta Financial Center was 85 percent leased at the time of sale to tenants such as SunTrust Bank and Morris, Manning and Martin. Situated blocks from Lenox Square mall and Phipps Plaza, the property includes a nine-level parking garage with 2,335 parking spaces. Sumitomo Corp. of Americas, a New York-based subsidiary of global Japanese investment firm Sumitomo Corp., plans to upgrade Atlanta Financial Center’s common areas, amenities and building systems and equipment, as well as re-landscape an on-site park. Eastdil Secured brokered the sale.

December 21, 2016

Georgia Multifamily Seniors Housing Southeast

Wingate, Columbia Residential Open Affordable Seniors Housing Community in Atlanta

by John Nelson December 20, 2016

ATLANTA — A joint venture between Wingate Cos. and Columbia Residential has opened City Lights Apartment Homes, an 80-unit affordable seniors housing community in the Old Fourth Ward neighborhood of Atlanta. The units, all one-bedroom, are reserved for residents over the age of 62. Prudential Mortgage Capital Co. provided construction financing for City Lights, which comprises a four-story building spanning 93,333 square feet. Financial partners on City Lights included Community Affordable Housing Equity Corp., Sugar Creek Capital, Georgia Department of Community Affairs, The City of Atlanta, InvestAtlanta and the U.S. Department of Housing and Urban Development (HUD). The design team included architect JHP Architecture/Urban Design and general contractor Agile Construction. The project is part of a redevelopment plan for Village of Bedford Pine, and Wingate has announced Phase II of the redevelopment, a 96-unit affordable community called Station 464, which will not have any age restrictions. Four existing buildings will be torn down to make way for construction of the five-story Station 464. Wingate plans to start construction of that project as early as 2017.

December 20, 2016

Georgia Industrial Southeast

Seefried, Cabot Properties to Develop 281,000 SF Spec Industrial Property in Metro Atlanta

by John Nelson December 19, 2016

AUSTELL, GA. — A joint venture between Seefried Industrial Properties and Cabot Properties has closed on its purchase of 27.5 acres of land at Cobb West Business Park in Austell for the development of a new 281,000-square-foot spec industrial facility. NAI Brannen Goddard represented the seller, Jadow Realty Co., in the land sale. Seefried-Cabot has selected Mike Chambers, Jack Haden and Brad Pope of NAI Brannen Goddard to market the property for lease. The joint venture plans to deliver the facility in the third quarter of 2017.

December 19, 2016

Georgia Loans Multifamily Southeast

SunTrust Banks Closes on Acquisition of Pillar Financial’s Multifamily Business

by John Nelson December 16, 2016

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has closed on its previously announced acquisition of all of the assets of the operating subsidiaries of Pillar Financial LLC, which includes receiving Fannie Mae, Freddie Mac and Federal Housing Administration Agency license transfer approvals. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. The Pillar team has joined SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. SunTrust Robinson Humphrey served as financial advisor to SunTrust Banks for this transaction. Beekman Advisors acted as the strategic advisor for Pillar.

December 16, 2016

Georgia Mixed-Use Southeast

Third & Urban, Trillium Management to Redevelop Property Along Atlanta BeltLine’s Eastside Trail

by John Nelson December 16, 2016

ATLANTA — Third & Urban and Trillium Management plan to redevelop the former Western Electric Building at 820 Ralph McGill Blvd. in Atlanta. The 85,000-square-foot asset is situated along the Atlanta BeltLine’s Eastside Trail and currently houses Two Urban Licks. Third & Urban and Trillium have signed a lease with a partnership between Mitch Steele, Carey Falcone and Bob Powers for a 20,000-square-foot brewery and restaurant that will include a BeltLine-facing biergarten and a rooftop bar. Steele is the former brewmaster at Stone Brewing, a brewery headquartered in Southern California. The co-developers have also signed a 7,000-square-foot lease with The Diligence Co., a hospitality concept that will be opening a Latin-inspired brasserie, or informal restaurant, at the project. Third & Urban and Trillium are marketing the remaining 23,000 square feet for office, retail or entertainment uses. The project features 600 linear feet of frontage on the BeltLine and is situated across from Fourth Ward Park. Architect ai3 is leading the design of the redevelopment, which will feature a BeltLine-facing façade and park space. The co-developers will break ground on the redevelopment in February with completion scheduled for next summer.

December 16, 2016

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