ATLANTA — NXT Capital has provided a $13.6 million acquisition loan for the purchase of Northridge Plaza, a six-story, Class B office building in Atlanta. The 128,000-square-foot property is located at the intersection of GA 400 and Northridge Road.
ATLANTA — Brasfield & Gorrie has completed the construction of Sixty 11th, a 20-story high-rise apartment tower located on the corner of 11th Street and Crescent Avenue in Midtown Atlanta. The 320-unit property is the fourth phase of 12th and Midtown, a master-planned, mixed-use development owned by a joint venture between Daniel Corp., Selig Enterprises and MetLife. Sixty 11th features a five-level parking deck, 28,000-square-foot elevated amenity and pool deck and 17,000 square feet of ground-level retail space. Architect Rule Joy Trammel + Rubio designed the property to achieve LEED certification.
CANTON, GA. — South Coast Commercial has acquired Riverstone Mill, a 43,350-square-foot shopping center located in the Atlanta suburb of Canton, for $5.7 million. ALDI anchors the 87 percent occupied center, which was developed in 2002. Fred Victor of Transwestern represented the seller, Coro Realty Advisors LLC, in the transaction.
ATLANTA AND DULUTH, GA. — Atlanta Property Group (APG), an Atlanta-based real estate investment firm, has acquired two office buildings in metro Atlanta totaling 151,000 square feet. The sales price was not disclosed. The projects include the 65,000-square-foot 5871 Glenridge Building in Atlanta’s Central Perimeter submarket and the 86,000-square-foot Waterford Centre building located at 5555 Triangle Parkway in Duluth’s Peachtree Corners submarket. Both assets span four stories and were built in 1985. Waterford Centre was 88 percent leased at the time of sale, and 5871 Glenridge was 61 percent leased. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the single seller in the transaction. These acquisitions bring APG’s total portfolio of owned and third-party assignments to 12 properties spanning over 3.3 million square feet.
ROSWELL, GA. — The Integral Group has selected a joint venture between McShane Construction Co. and IBG Construction to build The Veranda at Groveway, a 102-unit affordable seniors housing community in the Atlanta suburb of Roswell. The four-story. 109,714-square-foot apartment building is under construction on a three-acre site. The Integral Group, which is developing the project, is aiming for a July 2017 opening. Each unit will include an emergency call system. Amenities at the property will include a wellness center, fitness center, yoga/aerobics room, business center, game room, sunroom and a rooftop deck. The U.S. Department of Housing and Urban Development (HUD) and the Georgia Department of Community Affairs are partially funding the construction. REES Architects is providing the architectural services. This is the second affordable community in the Atlanta area for which Integral, McShane and IBG have partnered.
LITHIA SPRINGS, GA. — PointOne Holdings has purchased Crestmark Apartments, a 334-unit garden-style apartment community in Lithia Springs, a suburb of Atlanta. The South Florida investor purchased the asset for $29.1 million. Built in two phases in 1993 and 1997 along Thornton Road, Crestmark Apartments was 97 percent occupied at the time of sale. The property’s apartment units average 1,079 square feet and feature garden tubs, a laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets. Community amenities include two swimming pools, a resort-style clubhouse and business center, fitness center, outdoor kitchens, sports court, children’s playground and a walking trail. PointOne Holdings plans to invest $1.4 million in capital improvements to the property, including upgrades to unit interiors and adding a children’s playground, dog park and outdoor barbecue grills to the second pool area. PointOne Holdings assumed an existing Freddie Mac loan and obtained a supplemental loan from Freddie Mac to complete the acquisition.
MARIETTA, GA. — Steadfast Apartment REIT Inc. has purchased 1250 West, a 468-unit apartment community in Marietta, about 20 miles north of downtown Atlanta, for $55.8 million. Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 to 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. Community amenities, include two swimming pools with sun decks, a 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The previous owner initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools. With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area. It is the REIT’s second apartment community in Marietta, and joins the 180-unit Rosemont at East Cobb, just 15 minutes east. The REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.
ATLANTA — The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Atlanta Mayor Kasim Reed and Georgia State University president Mark Becker held a press conference this morning at Turner Field, current home of the Atlanta Braves and former site of the track and field events at the 1996 Summer Olympic Games. Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. The terms of the sale were not disclosed, but the Atlanta Journal Constitution reports the sales price as $30 million. Georgia State and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The Atlanta Fulton County Recreation Authority passed a resolution in December naming Georgia State and development partners as the preferred bidders for the project. The university has been working with Carter since 2014 following the Atlanta Braves announcement in late 2013 to develop SunTrust Park, the team’s new ballpark set to open in April 2017 in Cobb County. The Braves will not renew its 20-year lease at Turner Field following the 2016 season. “The acquisition of the Turner …
DECATUR, GA. — The Dilweg Cos. has purchased 250 E. Ponce, a 141,582-square-foot office building located in downtown Decatur. The seller, Rialto Capital Management, sold the asset to Dilweg for $28.4 million. Built in 1962, the eight-story building features signage of Wells Fargo Bank, one of its major tenants. The property was 83.5 percent leased at the time of sale to tenants such as Utility and ELS Educational Services. Jay O’Meara and Paul Berry of CBRE brokered the transaction. Dilweg has selected Stream Realty to lease and manage 250 E. Ponce. Dilweg now owns more than 1.5 million square feet of office space in greater Atlanta, including Centennial Tower in downtown Atlanta, Royal Centre in Alpharetta and The Paddocks in Johns Creek.
NEWNAN, GA. — LRC Properties has purchased a 1.9 million-square-foot distribution facility located at 60 Herring Road in Newnan for an undisclosed price. The company also recently signed Variety Wholesalers to a long-term lease at the facility for 1.4 million square feet. LRC plans to upgrade the facility’s roof and parking lot and renovate the interior to accommodate multiple tenants. The former Kmart distribution center is LRC’s first purchase in Georgia. The company now manages roughly 5 million square feet of industrial space on the East Coast.