KENNESAW, GA. — PMZ Realty Capital LLC has arranged a $12.8 million loan for Hilton Garden Inn Kennesaw, a 123-room hotel located one mile from Town Center Mall in Kennesaw, a northern suburb of Atlanta. The undisclosed borrower will use the loan to refinance an existing CMBS loan that was coming due. The hotel features complimentary Wi-Fi, a 24-hour business center, fitness center, restaurant and 3,300 square feet of meeting space.
ATLANTA AND WASHINGTON, D.C. — Arcapita, a global investment management firm based in Bahrain, has acquired a portfolio of three senior living communities near Atlanta and Washington, D.C., for $110 million. The Arbor Co. will operate the three communities following the sale. Although Arcapita did not disclose details on the properties, CBRE recently arranged Arcapita’s purchase of two Atlanta-area properties — Arbor Terrace Peachtree City and Arbor Terrace at East Cobb. Combined with an $87 million portfolio purchase in Colorado earlier this year, Arcapita has invested nearly $200 million in U.S. seniors housing in 2016, totaling six properties and 506 units of independent living, assisted living and memory care.
STATESBORO, GA. — HFF has arranged a $33.5 million permanent loan for The Hamptons, a recently built, 668-bed student housing community located within walking distance of Georgia Southern University in Statesboro. Delivered in fall 2015, The Hamptons features 117 Tudor-style cottages with a mix of two-, three-, four- and five-bedroom floor plans, as well as 120 one- and two-bedroom residential flats. Community amenities include a 10,000-square-foot clubhouse with a café, business center, study room, fitness center, steam rooms, cardio room, game room, bicycle rentals and tanning beds. Other amenities include a resort-style swimming pool with an 80-yard lazy river, sand volleyball court, bocce ball court, two dog parks and a separate study lounge. Jeremy Sain led HFF’s debt placement team in arranging the 10-year, fixed-rate loan through a national bank on behalf of the borrower, IMS Development.
MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.
NORCROSS, GA. — A joint venture between PointOne Holdings and Biscayne Atlantic has sold Steeple Chase Apartments, a 306-unit, garden-style multifamily community in Norcross, for $26 million. The joint venture originally purchased the property in March 2013 for $13.3 million. During the joint venture’s ownership, the companies invested roughly $1.8 million in capital improvements at Steeple Chase to upgrade interiors, improve the infrastructure and enhance curb appeal. During that time occupancy increased from 92 percent to 97 percent and average effective rental rates increased by 29 percent from $673 to $868 monthly. Monthly net operating income jumped 75 percent during that time frame from $82,100 to $143,900. The name of the buyer was undisclosed.
LAWRENCEVILLE, GA. — The Shopping Center Group has arranged the $7.9 million sale of Duluth Highway Shops, a 17,500-square-foot, unanchored retail center located on eight acres at State Route 120 and Lawrenceville-Suwanee Road in Lawrenceville. The Gwinnett County property was fully leased prior to construction to tenants such as Jason’s Deli, Pacific Dental Services, Willy’s Mexican Grill, AT&T Wireless, Penn Station East Coast Subs, Sport Clips Haircuts and BurgerFi. Neal Pringle and the late Mark Cooley of The Shopping Center Group secured the buyer, a private, West Coast-based investor. The seller was NLA Lawrenceville Inc. The Shopping Center Group also secured construction and equity financing for Duluth Highway Shops.
ATLANTA — Master developers Majestic Realty Co. and Carter have announced plans for a $350 million mixed-use project at Hartsfield-Jackson Atlanta International Airport. Phase I of the project will include an 11-story, 440-room hotel that features a restaurant in the lobby, 80,000 square feet of conference/meeting space, a skybar on the 10th floor that overlooks the airport’s runway, 750 parking spaces and an additional 60,000 square feet of Class A office space. Visitors and hotel guests will have direct access to MARTA and the airport’s SkyTrain service. Majestic Realty and Carter are currently in discussions with InterContinental Hotels Group to serve as the operator of the four-star facility, which will be situated directly west of the domestic terminal. The hotel will be connected to the domestic terminal via a new plaza. Phase II of the project will feature two additional hotels built on 13 acres just west of Phase I. The design stage is expected to begin in 2017 with construction slated to start by early 2018. In 2015, Majestic Realty and Carter signed a 50-year lease for the 26.5-acre site with the city of Atlanta. The master development is part of the airport’s $6 billion ATLNext Initiative.
ATLANTA — Skanska USA has topped out the vertical construction of 3400 Overton, a 175,000-square-foot, Class A office building in Atlanta’s Cumberland/Galleria office submarket. Skanska USA is constructing the property on behalf of the developers, TPA Group and USAA Real Estate Co. Situated at the corner of Akers Mill Road and Cumberland Boulevard, the seven-story building will overlook SunTrust Park and the Battery Atlanta, which are both set to open in April 2017. Heery International Design designed 3400 Overton to feature open floor plates and floor-to-ceiling glass. Skanska USA is on track to deliver the office building in June 2017.
NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.
ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Realty Co. will develop the project on a 250-acre industrial site west of the city’s downtown. The facility will be the largest in the UPS global network and will process 100,000 packages per hour. Development costs will total $400 million. The site’s location near Fulton County Airport-Brown Field, otherwise known as Charlie Brown Airport, offers easy access from I-285, I-20 and Fulton Industrial Boulevard. Majestic Realty will also provide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million operations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majestic Realty, InvestAtlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the public/private partnership. Majestic Realty recently completed a five-year entitlement process for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned business parks in the United States. — Kristin Hiller
