Georgia

Westminster to Build $10M Memory Care Community in Metro Atlanta

by John Nelson November 15, 2016

NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.

November 15, 2016

Georgia Industrial Southeast Top Stories

UPS Unveils Plans for $400M, 1.5 MSF Distribution Center in Atlanta

by Kristin Harlow November 11, 2016

ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Realty Co. will develop the project on a 250-acre industrial site west of the city’s downtown. The facility will be the largest in the UPS global network and will process 100,000 packages per hour. Development costs will total $400 million. The site’s location near Fulton County Airport-Brown Field, otherwise known as Charlie Brown Airport, offers easy access from I-285, I-20 and Fulton Industrial Boulevard. Majestic Realty will also provide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million operations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majestic Realty, InvestAtlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the public/private partnership. Majestic Realty recently completed a five-year entitlement process for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned business parks in the United States. — Kristin Hiller

November 11, 2016

Georgia Multifamily Southeast

Emma Capital Purchases Apartment Community in Metro Atlanta for $25.7M

by John Nelson November 10, 2016

LAWRENCEVILLE, GA. — Emma Capital Investments Inc. has purchased 3400 Club Apartments, a 300-unit, garden-style apartment community located at 3400 Club Lake Parkway in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. Emma Capital acquired the asset for $25.7 million. Built in 1984, 3400 Club features six different floor plans averaging 1,140 square feet. Community amenities include a swimming pool and tennis court. Emma Capital plans to renovate the interiors of a majority of the units, as well as expand tenant amenities with features such as outdoor fitness equipment and enhancements to the clubhouse. This is Emma Capital’s 19th purchase in the United States and brings Emma Capital’s total acquisitions to date to more than $300 million and over 4,500 apartment units.

November 10, 2016

Georgia Hospitality Southeast

Legacy Ventures Completes Phase I of $9M Renovation of Downtown Atlanta Hotel

by John Nelson November 9, 2016

ATLANTA — Legacy Ventures has completed Phase I of the $9 million renovation underway at the Embassy Suites Atlanta by Hilton at Centennial Olympic Park, a 321-room hotel in downtown Atlanta. Phase I of the renovations included an upgrade of all suites, including new case goods, window treatments, lighting, artwork, wall coverings and new bathroom tile and mirrors. The corridors also received new carpet, wall covering, paint and lighting, and the lobby and atrium received new furniture. Additionally, the hotel’s restaurant, Ruth’s Chris Steak House, was updated with a reconfigured bar with more seating, and a new Starbucks Coffee was built at the hotel. Phase II, which will focus on upgrading the hotel’s meeting and pre-function rooms, is slated to begin later this year and will include new carpet, paint, lighting and wall coverings, as well as a new bar in the atrium. Legacy Ventures developed and manages the hotel, which opened in June 1999 as the first new-build hotel in downtown Atlanta in 15 years. Situated adjacent to Centennial Olympic Park, the hotel is within walking distance of the Georgia World Congress Center, the Georgia Aquarium, the World of Coca Cola Museum, the CNN Center, the College Football Hall …

November 9, 2016

Georgia Mixed-Use Southeast

Avison Young Arranges $13M Sale of Mixed-Use Development in Downtown Augusta

by John Nelson November 8, 2016

AUGUSTA, GA. — Avison Young has arranged the $13 million sale of Enterprise Mill, a 179,122-square-foot mixed-use development located on nine acres at 1450 Greene St. in downtown Augusta. The project features 118,928 square feet of office and retail space and 60 loft-style apartment residences. Enterprise Mill was approximately 90 percent occupied at the time of sale. AJ Belt III and David Duckworth of Avison Young represented the seller, Melaver/Enterprise Mill LLC, in the transaction. The buyer was Enterprise Mill LLC, a private investment group based in Coral Gables, Fla.

November 8, 2016

Georgia Multifamily Southeast

Mill Creek Residential Breaks Ground on Phase II of Modera by Mill Creek-Morningside in Atlanta

by John Nelson November 7, 2016

ATLANTA — Mill Creek Residential has started construction on Phase II of Modera by Mill Creek-Morningside, which will add 21 apartment residences to the existing 300-unit community in Atlanta’s Morningside neighborhood. Phase II will face Piedmont Avenue and will also include 4,700 square feet of ground-floor retail space, which will add to the development’s 32,500 square feet of existing retail space anchored by a 26,755-square-foot Sprouts Farmers Market. Phase II will feature loft-style residences with 12-foot ceilings and a private patio or rooftop terrace featuring outdoor lighting, woven wood trellises and planters. The two phases of Modera by Mill Creek-Morningside will be connected via a pedestrian bridge.

November 7, 2016

Georgia Multifamily Southeast

Pacolet Milliken Acquires Apartment Community in Buckhead for $50.5M

by John Nelson November 7, 2016

ATLANTA — Pacolet Milliken Enterprises Inc. has purchased The Haynes House, a 186-unit luxury apartment community in Atlanta’s Buckhead district. The company bought the Class A asset from a partnership between AIG Global Real Estate Investment Corp. and Alliance Residential Co. for $50.5 million. Built in 2015, The Haynes House is located on a 2.5-acre site on Peachtree Road near Peachtree Battle Avenue at the entrance to Atlanta’s historic Haynes Manor neighborhood. The property features a clubhouse, resort-style swimming pool, fitness studio, library and a lounge. Greg Engler and Kris Mikkelsen led Walker & Dunlop’s investment sales team in representing the sellers in the transaction. Pacolet Milliken was self-represented. Haynes House was more than 90 percent occupied at the time of sale.

November 7, 2016

Georgia Office Southeast

Gamma, Meltzer Properties Buy Hurt Building in Downtown Atlanta for $33.6M

by John Nelson November 7, 2016

ATLANTA — Manhattan-based Gamma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Building, an 18-story, 436,337-square-foot office building in downtown Atlanta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 million. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking distance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site parking spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation.

November 7, 2016

Georgia Industrial Southeast

Coldwell Banker Eberhardt & Barry Arranges Sale of 433,000 SF Industrial Property in Georgia

by John Nelson November 4, 2016

THOMASTON, GA. — Coldwell Banker Commercial Eberthardt & Barry Inc. has brokered the sale of a 433,000-square-foot industrial property in Thomaston. The buyer, Australasia Holdings LLC, plans to lease the building to a third-party logistics provider servicing nearby cabinet manufacturers, as well as a national appliance manufacturer. Situated on an 80-acre site beside the Upson County Reservoir, the property was originally built in 1994 as a textile manufacturing and distribution facility for Thomaston Mills. Atlantic Lakeside Properties, a paper products company, purchased the asset in 2004 and leased it to manufacturers for the next 10 years before closing its doors in 2014. Art Barry III of Coldwell Banker Commercial Eberthardt & Barry brokered the transaction.

November 4, 2016

Georgia Multifamily Southeast

Praedium Group Acquires Apartment Community in Metro Atlanta for $43.2M

by John Nelson November 2, 2016

WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.

November 2, 2016

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