Georgia

Parkside Partners, Payscape to Purchase, Renovate Office Building in Midtown Atlanta

by John Nelson July 15, 2016

ATLANTA — Parkside Partners has formed a joint venture with Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, to purchase and renovate a 43,430-square-foot office building in Midtown Atlanta. The companies will renovate the two-story asset located at 1438 W. Peachtree St. for Payscape’s new headquarters. Payscape will triple its square footage following its move from its current location at 729 Lambert Drive in Atlanta. The joint venture purchased the property from Lyrasis, which signed a long-term lease prior to the sale for 9,200 square feet of office space at the property. Additionally, AlliedBarton Security Services currently occupies 11,475 square feet in a long-term lease. The asset will be 80 percent leased when Payscape takes occupancy in the fall. MSTSD is the architect of the $8 million renovation, which is expected to wrap up by the first quarter of 2017. The renovations include painting the building’s brick exterior, transforming the office suites to a loft-style design, renovating the lobby, installing skylights on the second floor and landscaping the grounds. Howard Boyd of Hailey Realty represented the joint venture in the purchase, and Iberia Bank provided acquisition financing on behalf of the new ownership. …

July 15, 2016

Georgia Seniors Housing Southeast

LTC Purchases Assisted Living Community in Athens for $14.3M

by John Nelson July 14, 2016

ATHENS, GA. — LTC Properties Inc., a seniors housing and healthcare REIT, has acquired Village at Athens, a 70-unit assisted living and memory care community in Athens, for $14.3 million. The seller, Atlanta-based developer and operator Thrive Senior Living, finished construction of the community in May. Thrive will stay on to operate under the new ownership. This is the third seniors housing partnership between LTC and Thrive, and the companies expect to open two more developments by year’s end. Village at Athens features 50 assisted living units and 20 memory care units. Home of the University of Georgia, Athens is located approximately 70 miles east of Atlanta.

July 14, 2016

Georgia Industrial Southeast

Coldwell Banker Upchurch’s Elrod Group Brokers $4.1M Sale of 746,735 SF Industrial Facility in Georgia

by John Nelson July 12, 2016

LAVONIA, GA. — The Elrod Group, a brokerage division with Athens, Ga.-based Coldwell Banker Commercial Upchurch Realty, has arranged the $4.1 million sale of an industrial facility in Lavonia. The 746,735-square-foot warehouse development is situated on 55.8 acres along I-85. Brian Elrod of The Elrod Group represented the seller, Heritage Global Inc., in the transaction. The buyer was an unnamed automotive logistics user.

July 12, 2016

Georgia Restaurant Southeast

Newk’s Eatery Signs Atlanta Area Development Agreement for Six New Locations

by John Nelson July 11, 2016

ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.

July 11, 2016

Georgia Loans Multifamily Southeast

Capital One Arranges $7.5M CMBS Acquisition Loan for Apartment Complex in Georgia

by John Nelson July 11, 2016

NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.

July 11, 2016

Georgia Southeast

SunTrust Names Kathy Farrell as Head of Commercial Real Estate Business

by John Nelson July 11, 2016

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has named Kathy Farrell as head of the bank’s commercial real estate line of business, effective Aug. 1. Farrell will succeed Walt Mercer, who is retiring after nearly 10 years with the bank and more than 40 years in real estate banking and advisory. Farrell will be responsible for delivering banking and capital markets solutions to commercial real estate developers and investors in the SunTrust Commercial Real Estate lines of business, including regional real estate, REITs, institutional real estate, affordable housing and residential builders. Farrell will report to Mark Chancy, an executive with SunTrust Wholesale Banking. Farrell has more than 25 years of real estate finance and banking experience throughout the country, including origination, underwriting, capital markets, work out strategies and risk management. She has been with SunTrust since 2013, most recently serving as the executive risk officer for commercial real estate. Prior to joining SunTrust, Farrell was executive vice president and credit executive of commercial real estate for PNC Bank for four years. She also served as the managing director of debt capital markets at National City Bank for three years. Previously, she was vice president of real estate capital markets at …

July 11, 2016

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Passes a New Milestone, Again

by John Nelson July 11, 2016

It looks like 2016 is carrying on where 2015 left off. During 2014 and 2015, Atlanta set record after record for activity, positive net absorption and new construction; and the first quarter of 2016 didn’t disappoint. Activity during the first quarter of 2016 was over 13.5 million square feet, which contributed to a four-quarter total of 59.3 million square feet — the highest four-quarter total for activity ever seen in the Atlanta industrial market. We also witnessed the 16th consecutive quarter of positive net absorption with 3.1 million square feet of space absorbed during the quarter. Added to the last three quarters, net absorption totaled 16.5 million square feet of positive net absorption. Even with a large industrial inventory of 642 million square feet, that’s a significant achievement. Demand for warehouse and distribution space is fueled by Atlanta’s continued economic growth and employment. Unemployment in the Atlanta metro area is 6.1 percent and down from 6.3 percent that we reported last October (U.S. Bureau of Labor Statistics). Although construction slowed during the fourth quarter of 2015 with only 1.5 million square feet launched, it was only a short lull. New construction moved forward again for the first quarter of 2016 …

July 11, 2016

Georgia Hospitality Southeast

Apple Hospitality REIT Purchases Home2 Suites by Hilton in Atlanta for $24.6M

by John Nelson July 8, 2016

ATLANTA — Apple Hospitality REIT has closed on the previously announced acquisition of a 128-room Home2 Suites by Hilton in downtown Atlanta. The purchase price was $24.6 million, or approximately $192,000 per room. Located at 87 Walton St., the hotel is situated near Centennial Olympic Park, CNN Center, World of Coca-Cola, College Football Hall of Fame, Georgia Aquarium, Philips Arena, the Georgia Dome, Georgia State University, Georgia Tech and the upcoming Mercedes-Benz Stadium. Following the purchase, Apple Hospitality REIT’s portfolio includes 180 hotels spanning 23,000 guestrooms in 32 states.

July 8, 2016

Georgia Loans Multifamily Southeast

Colliers Arranges $19.6M Acquisition Loan for Apartment Community in Central Georgia

by John Nelson July 6, 2016

WARNER ROBINS, GA. — The Colliers Philadelphia Capital Markets team has arranged a $19.6 million acquisition loan for Sandpiper Apartments, a 530-unit apartment complex in Warner Robins. The 30-year loan features an interest rate of LIBOR plus 2.44 percent. The Colliers team also arranged a joint venture equity partner to co-invest with the borrower, an investor new to the Warner Robins apartment market.

July 6, 2016

Georgia Industrial Southeast

Lockheed Martin Sells Four Buildings, 52 Acres in Metro Atlanta to Georgia Tech

by John Nelson June 28, 2016

MARIETTA, GA. — Lockheed Martin has sold four buildings and 52 acres on its south campus in Marietta to the Georgia Institute of Technology. Collocated with five buildings occupied by the Georgia Tech Research Institute, the school will use the additional buildings and land to expand its research and development enterprise. The buildings previously housed the offices and operation of the F-22 Raptor program, which shuttered in 2013. The transaction between Lockheed Martin and Georgia Tech could bring as many as 500 jobs to Cobb County.

June 28, 2016

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