Georgia

MARTA Selects Place Properties, H.J. Russell for $51.3M King Memorial Station Development

by John Nelson March 14, 2017

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Place Properties and H. J. Russell & Co. to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014. The TOD will be co-located at the King Memorial MARTA station, which is located near downtown at 377 Decatur St. S.E. The project will feature a 400-unit apartment community and 10,000 square feet of retail space. The joint venture plans for 20 percent of the property’s units to be reserved as affordable housing. Place Properties has financed, acquired and developed more than 37,000 multifamily beds nationwide, valued at over $1.7 billion. H. J. Russell & Co. has more than 60 years of development experience that includes The Pad on Harvard near the College Park MARTA station, Mercedes-Benz Stadium and the Smithsonian National Museum of African American History and Culture in Washington, D.C.

March 14, 2017

Georgia Office Southeast

KDC Demolishes Office Building to Make Way for Phase II of State Farm Campus in Atlanta

by John Nelson March 13, 2017

DUNWOODY, GA. — KDC has demolished the 10-story Hammond Exchange Building to make way for Phase II of Park Center, State Farm’s 2.2 million-square-foot office campus within Atlanta’s Central Perimeter submarket in Dunwoody. Park Center will also feature 100,000 square-feet of retail, restaurants and entertainment space. Phase II of Park Center comprises two office towers totaling 1.2 million square feet and will feature a pedestrian bridge over Perimeter Center Parkway that will connect the two office towers to the Phase I tower and the Dunwoody MARTA station. Park Center will also link up to a multiuse trail, new pedestrian plaza, a connector road between Perimeter Center Parkway and Peachtree-Dunwoody Road and street-level retail space. The design team includes architect Cooper Carry & Associates for the shell building and interiors and general contractor Holder Construction. KDC expects to deliver the 22- and 19-story office towers in 2020.

March 13, 2017

Georgia Seniors Housing Southeast

Senior Lifestyle, Griffin Fine Living to Develop Seniors Housing Community Near Atlanta

by John Nelson March 13, 2017

SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.

March 13, 2017

Georgia Retail Southeast

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Georgia Seniors Housing Southeast

McShane to Build Affordable Seniors Community Near Atlanta

by John Nelson March 9, 2017

CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.

March 9, 2017

Georgia Loans Office Southeast

MetLife Provides Refinancing for 348,000 SF Office Tower in Atlanta

by John Nelson March 9, 2017

ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.

March 9, 2017

Georgia Retail Southeast

Sprouts Opens New Store in Metro Atlanta, Two More to Open in Second Quarter

by John Nelson March 8, 2017

DECATUR, GA. — Sprouts Farmers Market has opened its newest 30,000-square-foot store at 2551 Blackmon Drive in Decatur, a suburb of Atlanta in DeKalb County. The Phoenix-based natural and organic grocer plans to open two other stores in metro Atlanta: a Tucker location that will open in April and a Woodstock store that will open in June. With these three new stores, Sprouts will have a total of 16 locations in the metro Atlanta area. The grocer currently operates more than 250 stores in 13 states.

March 8, 2017

Georgia Industrial Southeast

Ackerman & Co. Acquires 274,791 SF Industrial Portfolio in Atlanta for $7.6M

by John Nelson March 8, 2017

ATLANTA — Ackerman & Co. has purchased a three-building industrial portfolio within Westgate Business Park in Atlanta from Clarion Partners LLC for $7.6 million. The 274,791-square-foot portfolio is situated at 5215, 5245 and 5260 Westgate Drive in Atlanta’s I-20 West industrial submarket. The three front-load, shallow-bay facilities were fully leased at the time of sale. Stewart Calhoun and Casey Masters of Cushman & Wakefield brokered the transaction. The all-equity transaction was sourced through a partnership with a European private equity group. Ackerman & Co.’s in-house team will provide leasing and management services for the portfolio. The company is also currently developing a 1 million-square-foot bulk distribution center in Atlanta’s I-85 Northeast industrial submarket in Braselton, Ga.

March 8, 2017

Georgia Industrial Southeast

Honda Invests $100M in West Georgia Production Plant

by John Nelson March 7, 2017

TALLAPOOSA, GA. — Honda has invested $100 million for a new assembly line and modifications for production of the auto industry’s first 10-speed automatic transmission for front-wheel-drive vehicles at Honda Precision Parts of Georgia LLC (HPPG) in Tallapoosa, roughly 57 miles west of Atlanta near the Georgia-Alabama border. The amount adds to the more than $3 billion that Honda has invested in its U.S. plants over the past four years. Developed by Honda R&D, the new transmission will appear first in upper grades of the 2018 Honda Odyssey minivan, launching this spring, and will be applied to other light-truck and car models for Honda and Acura in the future. HPPG was established in 2006 and annually produces more than 375,000 transmissions for Honda and Acura automobiles.

March 7, 2017

Florida Georgia Multifamily Southeast

Robbins Electra Acquires Three Multifamily Communities in Jacksonville, Metro Atlanta for $78.4M

by John Nelson March 7, 2017

JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.

March 7, 2017

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