Georgia

Tanger Outlet Centers Buys Out Ben Carter Enterprises’ Ownership Stake in Tanger Outlets Savannah

by John Nelson August 16, 2016

POOLER, GA. — Tanger Outlet Centers Inc. has bought out partner Ben Carter Enterprises’ (BCE) ownership stake in Tanger Outlets Savannah, a 420,000-square-foot upscale outlet mall adjacent to the Savannah International Airport in Pooler. The property was 99 percent leased at the time of the transaction. As the sole owner, Tanger Outlets, a Greensboro, N.C.-based REIT, will continue the outlet mall’s Phase III expansion, which will include Texas Roadhouse, Rise Pies and Metro Diner. As part of the transaction, BCE acquired full ownership of the 56 acres of outparcels surrounding Tanger Outlets Savannah, including the existing Applebee’s and Panda Express sites. Tanger Outlet Centers contributed the outparcel land and $15 million in cash in exchange for BCE’s ownership stake in the outlet center. BCE will develop more than 500,000 square feet of commercial space around the outlet mall, including a Holiday Inn and Suites hotel and Vaden Chevrolet of Pooler dealership, both of which are set to open in 2017. BCE also plans to develop a 151,000-square-foot shopping center leased to Dick’s Sporting Goods, Hobby Lobby, Home Goods and Ulta Beauty.

August 16, 2016

Georgia Loans Multifamily Southeast

Pillar Provides $18M Loan for The Flats at Atlantic Station Near Georgia Tech

by John Nelson August 16, 2016

ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.

August 16, 2016

Georgia Multifamily Southeast Top Stories

Simpson Housing Acquires 370-Unit Luxury Apartment Complex in Atlanta for $136.5M

by Katie Sloan August 16, 2016

ATLANTA — Simpson Housing LLLP has acquired The Residence Buckhead Atlanta, a 370-unit, high-rise apartment complex located in the Buckhead neighborhood of Atlanta, for $136.5 million. OliverMcMillan developed the property in conjunction with the company’s 300,000-square-foot mixed-use project, Buckhead Atlanta. The Residence encompasses two 20-story towers featuring a resort-style pool, fitness center, theater, study, conference room, demonstration kitchen and concierge service. The Buckhead Atlanta mixed-use development, located just around the corner, is largely focused on high-end fashion. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. The project also contains 100,000 square feet of boutique office space serving as the corporate headquarters for Spanx Inc. Jason Nettles, Trey Morsbach and Megan Thompson of HFF represented the seller, OliverMcMillan, in the transaction. HFF previously worked on behalf of the developer to arrange construction financing for the project in 2013. OliverMcMillan has designed and developed more than 8 million square feet of projects, and currently has approximately $3 billion under development. Simpson Housing LLLP is a privately held developer and manager of residential properties throughout the U.S. — Katie Sloan

August 16, 2016

Conference Coverage Features Georgia Retail Southeast Top Stories

Retailers Embracing Mixed-Use Projects, Technology to Reach Their Customers, Says CREW Atlanta Panel

by John Nelson August 16, 2016

Around Atlanta and the rest of the country, there are few retail developments in the pipeline that aren’t attached to office or residential uses. During CREW Atlanta’s panel discussion titled “The Evolution of Retail,” experts agreed that retailers are embracing mixed-use projects out of necessity. “I’m not sure if in the near-term there will be any more retail-only projects. Retail alone can’t sustain a single development, it needs other users,” said Tisha Maley, founder and principal of The Maley Co., a retail real estate advisory company that spearheads the leasing efforts for Ponce City Market in Atlanta’s Old Fourth Ward district. The 2 million-square-foot adaptive reuse project is the gold standard of how retailers are integrating into larger multi-use developments to great effect. “Ponce City Market as an anchor of the BeltLine has changed Old Fourth Ward forever. What retailers are attracted to is that shoppers show up to Ponce City Market for one reason or another multiple times a week,” said Maley, referring to the office component of the development, as well as The Suzuki School and Core Power Yoga. “It’s about creating a place where retailers and restaurants can feel that they can do business.” In addition to …

August 16, 2016

Georgia Multifamily Southeast Tennessee Top Stories

Mid-America Apartment Communities to Acquire Post Properties in $4B Multifamily REIT Merger

by Nellie Day August 15, 2016

MEMPHIS, TENN., AND ATLANTA — Mid-America Apartment Communities (NYSE: MAA) has agreed to acquire Post Properties (NYSE: PPS) in an all-stock deal that values Post, a developer and operator of upscale multifamily communities, at nearly $4 billion. The merger will create a Sunbelt-focused, publicly traded multifamily REIT. The acquisition brings together two multifamily portfolios totaling approximately 105,000 multifamily units in 317 properties. The combined company plans to focus on urban and suburban locations in large and secondary markets within the Sunbelt region, which stretches from coast to coast along the southern United States. The combined company’s 10 largest markets by unit count will be Atlanta; Dallas, Fort Worth, Austin and Houston, Texas; Charlotte and Raleigh, N.C.; Orlando and Tampa, Fla.; and Washington, DC. Each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock, per the agreement. Former MAA equity holders will maintain about 67.7 percent of the combined company’s equity, while former Post equity holders will hold the remaining 32.3 percent on a pro-forma basis. The all-stock merger is intended to be a tax-deferred transaction. The combined company is expected to have a pro-forma equity market capitalization of about $12 billion, as …

August 15, 2016

Georgia Office Southeast

Pope & Land, Dilweg Sell 15-Acre Office Park in Metro Atlanta

by John Nelson August 12, 2016

KENNESAW, GA. — Pope & Land and The Dilweg Cos. have sold Barrett Summit, a 15-acre office park comprising three fully leased office buildings within the Barrett development in Kennesaw, roughly 25 miles north of Atlanta. Pope & Land developed the 182,000-square-foot portfolio in the early 2000s and brought on Dilweg Cos. as a joint venture partner in 2012, marking the company’s first acquisition in the Atlanta area. Justin Parsonnet, Will Yowell and Jay O’Meara of CBRE represented Pope & Land and Dilweg in the sale. Atlanta-based Brookwood Investment Group LLC purchased Barrett Summit for an undisclosed price.

August 12, 2016

Georgia Office Southeast

Franklin Street Properties Buys Pershing Park Plaza in Midtown Atlanta for $45.5M

by John Nelson August 11, 2016

ATLANTA — Franklin Street Properties Corp., a Wakefield, Mass.-based office REIT, has purchased Pershing Park Plaza in Midtown Atlanta for $45.5 million. The nine-story, 160,000-square-foot, Class A office building is located at 1420 Peachtree St. N.E. Franklin Street Properties plans to invest $1.8 million in capital improvements for Pershing Park Plaza, which is currently 97 percent leased to three tenants. International law firm Jones Day occupies roughly 88 percent of the office building’s rentable square footage. The acquisition brings Franklin Street Properties’ Midtown Atlanta office portfolio to more than 780,000 square feet.

August 11, 2016

adidas-speedfactory-atlanta-cherokee-county

Georgia Industrial Southeast Top Stories

Adidas to Open Shoe Factory in Metro Atlanta, Move Production from Asia

by Haisten Willis August 10, 2016

ATLANTA — German sportswear brand Adidas has announced plans to open a new footwear production site in the Atlanta area in 2017, eventually bringing part of the company’s manufacturing from Asia to the United States. The facility, which will be known as adidas Speedfactory, is designed to allow the company to create products more quickly and closer to U.S. consumers using a highly automated process. The 74,000-square-foot facility will be located in Cherokee County, a suburban area roughly 30 miles northwest of Atlanta. It is scheduled to open in the second half of 2017 and will produce 50,000 pairs of shoes a year while employing 160. The U.S. factory will complement another Speedfactory facility operating in Germany. Adidas’ strategic partner Oechsler will operate both the U.S. and German facilities. Adidas is headquartered in a small town in Bavaria. The company is publicly traded on the Frankfurt Stock Exchange under the symbol ADS. Its parent company, Adidas Group, includes several other sports-goods brands such as Reebok and TaylorMade. — Haisten Willis

August 10, 2016

Georgia Mixed-Use Southeast

Coro Realty Advisors Sells Village Place Brookhaven

by John Nelson August 9, 2016

BROOKHAVEN, GA. — Atlanta-based Coro Realty Advisors LLC has sold Village Place Brookhaven, a mixed-use development located on Dresden Drive in Brookhaven. The fully occupied property features nearly 35,000 square feet of ground-level retail space with luxury residential and office condominiums above. Tenants include restaurants Kaleidoscope and Verde. Chris Decoufle and Kevin Reavey of CBRE represented Coro Realty in the sale. Westwood Financial purchased Village Place Brookhaven from Coro Realty for an undisclosed price.

August 9, 2016

Georgia Multifamily Southeast

Franklin Street Arranges $4.2M Sale of Apartment Community in Metro Atlanta

by John Nelson August 8, 2016

MORROW, GA. — Franklin Street has brokered the $4.2 million sale of Regal Forest Apartments, a 116-unit, Class C multifamily complex located in Morrow, roughly 15 miles south of Atlanta. Built in 1971, Regal Forest Apartments features a playground and laundry facility and is within walking distance of Clayton State University. Jake Reid and Ricky Jones of Franklin Street represented the seller, a local entity, in the transaction. Minnesota-based Regal Forest Apartments LLC was the buyer.

August 8, 2016

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