DUNWOODY, GA. — Hilton Worldwide has opened Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody, a 132-room hotel located at 4565 Ashford Dunwoody Road in Dunwoody. Hotel Equities manages the hotel, which features free Wi-Fi, a 24-hour business center, 500-square-foot meeting space, indoor pool and a fitness center. The hotel is situated about 23 miles from Hartsfield-Jackson Atlanta International Airport.
ATLANTA — Avison Young has advised Adventus Realty Trust in its off-market acquisition of 1000 Parkwood, a 212,500-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. The seller, Atlanta Property Group, sold the 10-story property to Adventus for $38.9 million. Built in 1985, 1000 Parkwood was 92 percent leased at the time of sale to tenants including global chemical company Kemira. Matt Tritschler of Avison Young advised Adventus in the transaction, and CBRE represented Atlanta Property Group.
SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.
MARIETTA, GA. — Franklin Street has brokered the $7 million sale of Whitlock Village, a 61,180-square-foot shopping center in Marietta. The center was 96 percent leased at the time of sale to tenants such as Goodwill, Dollar Tree and Hibbett Sporting Goods. John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Co., in the transaction. The buyer is a private local investor, Snellville Plaza LLLP, a partnership controlled by Atlanta-based M&P Shopping Centers. The buyer was represented internally by Simon Engler and Jeremy Rosenthal.
ATLANTA — The Atlanta Braves and development partner Fuqua Development have revealed eight new retail, dining and entertainment concepts coming to The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park. The concepts are set to open by Opening Day 2017, when the Atlanta Braves will first take the field at their new 41,500-seat ballpark, which is situated in Cobb County near the intersection of I-75 and I-285. The new concepts include Wahlburgers, a chef-driven burger concept from Mark, Donnie and Paul Wahlberg; Kings Bowl, a retro bowling and entertainment destination; Live!, a dining and entertainment destination developed by The Cordish Cos. and and designed by Jeffrey Beers International; Goldbergs Bagel Co. & Deli, an Atlanta-based bagel and sandwich shop; Mountain High Outfitters, an outdoor specialty store; Sugarboo Designs, a household items and gifts retailer; DressUp, a women’s fashion boutique retailer; and a retail-only Harley-Davidson store. Cordish operates Live! venues at major ballparks across the country, including Xfinity Live! at the Philadelphia Flyers’ Philadelphia Stadium Complex and Ballpark Village with the St. Louis Cardinals. At The Battery Atlanta, Cordish will develop a two-level venue that will feature a 40-foot diagonal, high-definition LED screen as a back-drop for social games …
LITHONIA, GA. — Wendover Housing Partners plans to begin construction in August on Granite Crossing, a $14.7 million, 75-unit apartment community that will anchor Lithonia Plaza in downtown Lithonia, a southern suburb of Atlanta. According to Wendover, the multifamily property will be the first major construction in the city since 2009. To make way for Granite Crossing, demolition has begun on an 80,000-square-foot, city-owned building that has been vacant since 2009. Wendover Housing partnered with the state of Georgia, Lithonia Downtown Development Authority, the city of Lithonia and Bainbridge GP LLC on the project. Residents are expected to occupy Granite Crossing next summer. The property will comprise one-, two- and three-bedroom apartments with monthly rents ranging from $620 to $800. Amenities will include a clubhouse with a fitness center, computer lab and an activity room for after-school programming. Other amenities include an outdoor splash park and playground equipment.
MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.
SAVANNAH, GA. — The Southeastern Investment Sales Team has brokered the $49 million sale of Market Walk, a 255,000-square-foot shopping center in Savannah. Built in 2015, the center was 94 percent leased at the time of sale to tenants including Kroger Marketplace, Dick’s Sporting Goods, Buffalo Wild Wing, Jason’s Deli, Chipotle Mexican Grill, Edwin Watts and West Marine. Ryan McArdle, Steve Collins and David Rivers of Southeastern represented the undisclosed seller in the transaction.
SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.
ATLANTA — AloStar has provided two loans for an office building and shopping center in metro Atlanta totaling $23.6 million. The bank funded both loans through its commercial real estate platform, AloStar Real Estate Finance. The financing included a $19 million loan for 1100 Circle 75, a 16-story office building in Atlanta’s Cumberland/Galleria submarket, and a $4.6 million loan for Shoppes at Trickum, a 49,900-square-foot, Walmart-anchored shopping center in Woodstock that is also leased to Dollar Tree and rue21. AloStar provided the acquisition financing for Shoppes at Trickum to Shoppes at Trickum LLC, an affiliate of SunCap Real Estate Investments.
