Georgia

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $55.8M

by John Nelson August 18, 2016

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.

August 18, 2016

Georgia Mixed-Use Southeast Top Stories

Georgia State University Finalizes Purchase of Turner Field, Announces Redevelopment Plan

by John Nelson August 18, 2016

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 …

August 18, 2016

Georgia Office Southeast

Dilweg Buys Wells Fargo Office Building in Downtown Decatur for $28.4M

by John Nelson August 17, 2016

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.

August 17, 2016

Georgia Industrial Southeast

LRC Properties Purchases 1.9MSF Distribution Facility in Georgia

by John Nelson August 17, 2016

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.

August 17, 2016

Georgia Retail Southeast

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

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