Georgia

Equitable Building 100 Peachtree Atlanta

Principal Global Investors Provides $43.3M Loan for Equitable Building in Atlanta’s CBD

by John Nelson March 30, 2016

ATLANTA — Principal Global Investors has provided a $43.3 million loan for 100 Peachtree, a 625,424-square-foot, Class A office tower in Atlanta’s central business district (CBD). Known locally as the Equitable Building, the 32-story office tower features a conference center with a boardroom, three conference rooms, a mock courtroom, fitness center, dry cleaner, florist, FedEx-Kinko’s, Dunkin’ Donuts, Starbucks and parking for 928 vehicles. The asset was 61 percent leased at the time of sale to tenants such as Koch Properties, Accenture, Fulton County Public Defender, Atlanta BeltLine Inc. and McGuire Woods LLP. Mark Sixour and Gregg Shapiro of HFF arranged the four-year, floating-rate loan on behalf of the borrower, an affiliate of Five Mile Capital Partners LLC, which plans to refinance an existing loan and provide funds for capital improvements, tenant improvements and leasing commissions.

March 30, 2016

Georgia Office Southeast

Carter Validus Mission Critical REIT II Buys Data Center in Metro Atlanta for $15.8M

by John Nelson March 29, 2016

ALPHARETTA, GA. — Carter Validus Mission Critical REIT II Inc. has purchased Alpharetta Data Center III in Alpharetta, a northern suburb of Atlanta, for approximately $15.8 million. The property is a single-story, 77,322-square-foot colocation data center situated within 1,500 feet of a Georgia Power substation. The property is fully leased to Sungard Availability Services LP, an IT and cloud information services provider based in Wayne, Pa.

March 29, 2016

Creekside at Langford Distribution Corridor

Georgia Industrial Southeast

Solution Property Group to Build 538,500 SF Distribution Center in Metro Atlanta

by John Nelson March 28, 2016

EAST POINT, GA. — Atlanta-based Solution Property Group has purchased a former General Services Administration warehouse in East Point, a town roughly seven miles south of Atlanta, for an undisclosed price. The company plans to demolish the 55-year-old building and replace it with a new 538,500-square-foot project known as Creekside at Langford Distribution Corridor. The industrial property will be the closest bulk distribution center to Atlanta’s central business district, according to Solution Property Group, which plans to deliver the facility in the early fall of this year. Solution Property Group has selected Pat Murphy, Ray Stache and Spencer Green of Cushman & Wakefield to lease Creekside at Langford Distribution Corridor.

March 28, 2016

Georgia Seniors Housing Southeast

Enlivant Buys Two-Property Seniors Housing Portfolio in Georgia for $10M

by John Nelson March 28, 2016

ROME AND CEDARTOWN, GA. — Enlivant has purchased two assisted living and memory care communities, both located in rural Georgia, from affiliates of Winthrop Senior Living for $10 million. The two properties are Winthrop West in Rome and Winthrop at Polk in Cedartown. The two towns are near to each other, approximately 70 miles northwest of Atlanta. Winthrop West was built in 1999 and comprises 42 memory care units in a 25,591-square-foot facility on 3.7 acres. Winthrop at Polk was built in 1991 and added 20 memory care units in 2014 to its existing 29 assisted living units. The 27,715-square-foot community is situated on 2.4 acres. Senior Capital Advisors, a brokerage firm based in Florida, represented the seller in the deal. Enlivant is a Chicago-based owner/operator. These acquisitions expand its regional presence to seven communities between Chattanooga, Tenn., and Atlanta.

March 28, 2016

Georgia Hospitality Loans Southeast

Alpha Alternatives Secures $13M Loan for New Cambria Suites Hotel in Downtown Atlanta

by John Nelson March 24, 2016

ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.

March 24, 2016

Features Georgia Hospitality Southeast Top Stories

Hospitality Experts Offer Five Tips for Running a Successful Full-Service Hotel

by Christina Cannon March 24, 2016

ATLANTA — When it comes to successfully operating a full-service hotel there is no silver bullet for achieving success, but there are some smart steps owners and operators should take, say industry experts who spoke at the 28th annual Hunter Hotel Conference. The three-day event at the Marriott Marquis drew 1,300 attendees, up 8 percent from a year ago, according to conference organizers. In a panel titled “The Evolution of Full-Service Hotels,” professionals from Horwath HTL, GF Management, Davidson Hotels and Resorts, Legacy Ventures and Hyatt Hotel Corp. emphasized time and again that full-service hotels are in no way dying. They are simply evolving, and owners and operators must also evolve if they have hopes of being successful. “It’s still a street corner business,” said Thom Geshay, senior vice president of business development for Davidson Hotels and Resorts. “You have to look at the market you’re in, you have to define and profile your customer and give them what they need.” 1. Get Creative in Controlling Costs — Full-service hotels have a slew of amenities, and each amenity presents a new place to create revenues. “Our job is to find something that is broken or not maximized in some way …

March 24, 2016

Georgia Loans Multifamily Southeast

NXT Capital Provides $44.8M Acquisition Loan for Apartment Community in Metro Atlanta

by John Nelson March 23, 2016

MARIETTA, GA. — NXT Capital has provided a $44.8 million acquisition loan for Lincoln Hills Apartments, a 680-unit, Class B apartment complex in Marietta, a northern suburb of Atlanta. The garden-style community is located near Cumberland Mall, Cobb Galleria Centre and SunTrust Park, the Atlanta Braves’ ballpark set to open in April 2017. The unnamed borrower plans to construct a 3,000-square-foot clubhouse at the property and renovate the leasing center and swimming pools. Robert Kadoori and Robert LaChapelle of CBRE’s Atlanta office arranged the loan.

March 23, 2016

Georgia Multifamily Southeast

RADCO Sells Two South Atlanta Apartment Communities for $23.4M

by John Nelson March 23, 2016

UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.

March 23, 2016

Georgia Office Southeast

Rothenberg-Rosenfield Acquires Flex Office Complex in Metro Atlanta for $36.6M

by John Nelson March 21, 2016

NORCROSS, GA. — Rothenberg-Rosenfield, a private real estate investment firm based in New York, has acquired Oakbrook North, a 700,000-square-foot flex office complex in Norcross, a northeast suburb of Atlanta. The buyer purchased the 11-building complex from Irvine, Calif.-based Sperry Equities for $36.6 million. The property is situated on a 50-acre parcel along Oakbrook Parkway. Rothenberg-Rosenfield plans to invest $1.5 million to upgrade the property, which was 74 percent leased at the time of sale to tenants such as American Megatrends, PulteGroup and YesVideo. Colliers International represented Sperry Equities in the transaction. Reinsurance Group of America provided acquisition financing. The buyer has hired David Nash of Nash Commercial Real Estate to lease the asset. With the addition of Oakbrook North, Rothenberg-Rosenfield is now operating over 1.2 million square feet of commercial assets in Atlanta.

March 21, 2016

Georgia Multifamily Southeast

Berkadia Arranges $25.2M Sale of Apartment Community in South Georgia

by John Nelson March 21, 2016

HINESVILLE, GA. — Berkadia has brokered the $25.2 million sale of Tattersall Village, a 222-unit upscale apartment community located in Hinesville, roughly one hour southwest of Savannah. Built in 2010, Tattersall Village is a garden-style community with an average unit size of 1,110 square feet. Pillar Income Asset Management Inc. purchased the property from BF/EBSCO Hinesville LLC. David Oakley, David Etchison, Mark Boyce, Paul Vetter and Andrew Mays of Berkadia represented the seller in the transaction.

March 21, 2016

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