Georgia

Pacolet Milliken Acquires Apartment Community in Buckhead for $50.5M

by John Nelson November 7, 2016

ATLANTA — Pacolet Milliken Enterprises Inc. has purchased The Haynes House, a 186-unit luxury apartment community in Atlanta’s Buckhead district. The company bought the Class A asset from a partnership between AIG Global Real Estate Investment Corp. and Alliance Residential Co. for $50.5 million. Built in 2015, The Haynes House is located on a 2.5-acre site on Peachtree Road near Peachtree Battle Avenue at the entrance to Atlanta’s historic Haynes Manor neighborhood. The property features a clubhouse, resort-style swimming pool, fitness studio, library and a lounge. Greg Engler and Kris Mikkelsen led Walker & Dunlop’s investment sales team in representing the sellers in the transaction. Pacolet Milliken was self-represented. Haynes House was more than 90 percent occupied at the time of sale.

November 7, 2016

Georgia Office Southeast

Gamma, Meltzer Properties Buy Hurt Building in Downtown Atlanta for $33.6M

by John Nelson November 7, 2016

ATLANTA — Manhattan-based Gamma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Building, an 18-story, 436,337-square-foot office building in downtown Atlanta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 million. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking distance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site parking spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation.

November 7, 2016

Georgia Industrial Southeast

Coldwell Banker Eberhardt & Barry Arranges Sale of 433,000 SF Industrial Property in Georgia

by John Nelson November 4, 2016

THOMASTON, GA. — Coldwell Banker Commercial Eberthardt & Barry Inc. has brokered the sale of a 433,000-square-foot industrial property in Thomaston. The buyer, Australasia Holdings LLC, plans to lease the building to a third-party logistics provider servicing nearby cabinet manufacturers, as well as a national appliance manufacturer. Situated on an 80-acre site beside the Upson County Reservoir, the property was originally built in 1994 as a textile manufacturing and distribution facility for Thomaston Mills. Atlantic Lakeside Properties, a paper products company, purchased the asset in 2004 and leased it to manufacturers for the next 10 years before closing its doors in 2014. Art Barry III of Coldwell Banker Commercial Eberthardt & Barry brokered the transaction.

November 4, 2016

Georgia Multifamily Southeast

Praedium Group Acquires Apartment Community in Metro Atlanta for $43.2M

by John Nelson November 2, 2016

WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.

November 2, 2016

Hawks-Philips-Arena-renovation-rendering

Georgia Retail Southeast Top Stories

Atlanta Hawks, City of Atlanta Plan $192.5M Renovation of Philips Arena

by Haisten Willis November 2, 2016

ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also committed to an 18-year lease extension to remain in downtown Atlanta through 2046. “When our group became owners almost a year-and-a-half ago, we pledged to work diligently with the city of Atlanta to ensure that the club remained downtown,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the city of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the mayor is a significant step toward this goal.” The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play …

November 2, 2016

Georgia Mixed-Use Southeast

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

Georgia Multifamily Southeast

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Georgia Industrial Southeast

Clarion Partners, Seefried Break Ground on $25M Industrial Project in Metro Atlanta

by John Nelson October 31, 2016

BUFORD, GA. — Clarion Partners and Seefried Properties have started construction on Buford Mill Distribution Center, a $25 million industrial development in Buford, a northeast suburb of Atlanta. Situated on 43.1 acres near the Highway 20/I-985 interchange, the project will feature two distribution buildings totaling 422,140 square feet with 32-foot minimum clear heights, T-5 lighting and trailer parking. Clarion is co-developing the project on behalf of a commingled fund it manages.

October 31, 2016

Georgia Multifamily Southeast

Novare, Batson-Cook to Open 32-Story High-Rise in Midtown Atlanta

by John Nelson October 28, 2016

ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.

October 28, 2016

Georgia Hospitality Southeast

Monarch Private Capital, BNA Associates Break Ground on Hotel Clermont Redevelopment in Atlanta

by John Nelson October 28, 2016

ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.

October 28, 2016

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