Georgia

Pope & Land Acquires Siemens Office Building in Metro Atlanta

by John Nelson July 26, 2016

ALPHARETTA, GA. — Pope & Land Enterprises Inc., with assistance from capital advisor Patterson Real Estate Advisory Group, has purchased a five-story, 113,000-square-foot office building located on a 10.2-acre parcel at 3333 Old Milton Parkway in Alpharetta. Siemens, which will be vacating the property in August, sold the asset to Pope & Land for an undisclosed price. Patterson arranged debt financing through The Brand Banking Co. for the office acquisition. The building is situated adjacent to 27 acres of land that Pope & Land owns, as well as a mile from Avalon and GA 400. Siemens has owned and operated the office asset since the company built it in 1987.

July 26, 2016

Georgia Mixed-Use Southeast

Avison Young Brokers $14.4M Sale of Mixed-Use Property in Metro Atlanta

by John Nelson July 25, 2016

CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.

July 25, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Talent, Innovation Are Driving Today’s Real Estate Decisions in Atlanta

by John Nelson July 25, 2016

There has been a seismic shift in the way that companies throughout America make their relocation decisions, and it applies to Atlanta as well as its competitors. Companies are driven to locations that can provide a robust pipeline of talent and tight-knit innovative communities. This focus has created new demands on cities that want to build and sustain competitive economies. Companies have always taken talent into consideration but ultimately there was a belief that the talent would follow the company. This is no longer true. Millennials first choose where they want to live and then where they want to work. Today’s sought-after talent is closely tied to a city’s ability to provide a high quality of life. This means a connected transportation system, plenty of entertainment activities and accessible, affordable housing. All of this can be found in Atlanta. Companies that have recently chosen to call Atlanta home are a testament to this. From NCR (3,600 employees) to Kaiser Permanente (900 employees) to Worldpay (1,266 employees), all of these prestigious business newcomers have emphasized the critical role that access to highly qualified talent played in their decision to relocate here. Tight-knit, innovative communities do not just appear and cannot be …

July 25, 2016

Georgia Retail Southeast Top Stories

PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

by Nellie Day July 25, 2016

ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all in various stages of construction. The retail and office components of Avalon are fully leased, while the apartments are 98 percent leased. PGIM Real Estate plans to also purchase a second phase of the development, which will include about 90,000 square feet of retail and 276 luxury apartment units. The second phase is under construction with a planned completion date of mid-2017. “Avalon is one of the premier mixed-use development projects in the United States,” says Kevin Smith, head of Americas at PGIM. “The acquisition provides our investors …

July 25, 2016

Georgia Mixed-Use Southeast

Development Team Reveals Plans for 234-Acre Mixed-Use Project Adjacent to Pinewood Atlanta Studios

by John Nelson July 22, 2016

FAYETTEVILLE, GA. — A development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has revealed plans for a new master-planned development located adjacent to Pinewood Atlanta Studios, a major movie studio spanning 700 acres and 12 sound stages. Dubbed Pinewood Forrest, the 234-acre mixed-use project will feature more than 1,300 residences, 300 hotel rooms and 275,00 square feet of commercial offices, street-level retail space and restaurants. In addition to Cathy and Pace, the development team includes town planner Lew Oliver of Whole Town Solutions; construction manager Rick Halbert of Halbert Development; and project director Bill Lynch of Pace Lynch Corp. Pinewood Forrest will be situated 24 miles from downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fayetteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines, Rinnai and Porsche Cars North America. The residential component will comprise single-family homes, micro cottages, multifamily flats, townhomes and “tree homes” developed from natural materials. The project will also feature more than 15 miles of trails and pathways, 118 total acres of public green space, community gardens, pools, playgrounds, a dog park, wellness center and shared …

July 22, 2016

Georgia Mixed-Use Multifamily Southeast

Carroll Organization, Bluerock REIT Buy Apartment Community in Atlanta’s West Midtown for $74.5M

by John Nelson July 22, 2016

ATLANTA — A joint venture between Carroll Organization and Bluerock Residential Growth REIT (BRG) has purchased Tenside Apartments, a mixed-use apartment complex in Atlanta’s West Midtown district, for $74.5 million. Built in 2008, the Class A community features 336 residences averaging 900 square feet, nearly 40,000 square feet of ground-floor retail space and a seven-level parking garage. The joint venture financed its acquisition using a $52 million Fannie Mae loan and an equity investment totaling $22 million from BRG, which will have a 90 percent ownership stake in the project. Carroll Organization purchased its 10 percent stake in Tenside through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP. Carroll’s management division, Carroll Management Group, will manage Tenside, which will be rebranded as Arium Westside. The asset is situated near Georgia Tech and Georgia State University, as well as major employers such as Turner Broadcasting, Coca-Cola and SunTrust Bank.

July 22, 2016

Georgia Hospitality Loans Southeast

U.S. Bank Provides $58.5M Construction Loan for Omni Hotel at The Battery Atlanta

by John Nelson July 19, 2016

ATLANTA — Through HFF’s debt placement division, U.S. Bank has provided a $58.5 million construction loan for the development of the Omni Hotel at The Battery Atlanta. The 16-story, 264-room hotel will anchor the $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark set to open in April 2017 in Cobb County. The hotel will feature 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. Whitaker Johnson and Jim Curtin led the HFF team in arranging the 42-month loan through U.S. Bank on behalf of the borrowers, TRT Holdings Inc. and Braves Development Co. LLC. The loan features two one-year extension options. Dallas-based TRT Holdings is the parent company of Omni Hotels & Resorts, and Braves Development Co. is owned by Liberty Media Corp.

July 19, 2016

Georgia Retail Southeast

Preferred Apartment Communities Buys Sprouts-Anchored Shopping Center in Metro Atlanta

by John Nelson July 19, 2016

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Lakeland Plaza, a 301,711-square-foot shopping center located at the intersection of Georgia 400 and Highway 20 in Cumming. The shopping center is anchored by a 29,855-square-foot Sprouts Farmers Market and an 86,479-square-foot Belk. PAC acquired Lakeland Plaza through its wholly owned subsidiary New Market Properties LLC. Protective Life Insurance Co. provided a 10-year acquisition loan on behalf of PAC that features a fixed 3.85 interest rate. The seller and sales price were not disclosed.

July 19, 2016

Florida Georgia Loans Retail Southeast

Ready Capital Closes Two Loans in Florida, Georgia Totaling $31M

by John Nelson July 19, 2016

JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …

July 19, 2016

Georgia Multifamily Southeast

Atlanta’s Growth Puts Pressure on Affordable Rental Housing

by John Nelson July 18, 2016

With Atlanta’s recent growth in population and workforce, the city has all the attributes of a strong multifamily market. Last year saw peaks in all major metrics: occupancy, absorption and rent. With no end in sight for either trend, developers and investors have focused on urban submarkets — leaving a dearth of inventory in the suburbs and looming questions. Can Atlanta continue to provide affordable communities for its growing middle class or is a housing shortage imminent? A Balancing Act Development has always been a balancing act between the availability of land/zoning, construction costs and the rents a new property can demand. In recent years, almost all new apartment construction has been in high density “urban core” locations. Today, urban locations have matured and are commanding the highest rents in the market due to fundamental changes in perceptions of urban living. Steep rents help offset high construction costs and developers often find more receptive audiences during their zoning hearings in urban areas. While there are pockets of new development in suburban “core” markets, the low levels of activity in the last 10 years don’t compare to Atlanta’s past. For this reason alone, expect to see a long period of rental …

July 18, 2016

Newer Posts

Older Posts