ATLANTA — Dockerty Romer & Co. has arranged a $34.2 million permanent loan for a Class A, 13-story office building located at 2100 Riveredge Parkway in Atlanta. Situated by the Chattahoochee River National Recreation Area, the 264,374-square-foot building is currently 92 percent leased, with United Healthcare as its anchor tenant. Craig Romer and Chris Romer of Dockerty Romer arranged the two-year, floating-rate loan through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.
MCDONOUGH, GA. — Tory Burch LLC, a women’s accessories and apparel retailer, plans to invest more than $60 million by 2020 for a new distribution center in McDonough, a south Atlanta suburb in Henry County. The distribution center will support Tory Burch’s e-commerce business and is expected to be fully operational by the end of 2017. The new facility is expected to create more than 150 jobs by 2020, including positions in management, administration, transportation, order processing, packaging and shipping. Tory Burch will fully occupy the 753,000-square-foot distribution center located in the Lambert Farms Logistics Park in McDonough. Tory Burch leased the space from the developer, Panatonni Development Co. Inc. Wit Truitt and Reed Davis of JLL represented Panatonni in the lease deal. The industrial facility features an adjacent pad site, which makes the development expandable up to 1.5 million square feet. Tory Burch is headquartered in New York and has 180 boutiques worldwide, including locations in Los Angeles, Shanghai, Milan and Paris, as well as nine e-commerce sites in six languages. The retailer sells clothing, shoes, handbags, accessories, watches, home and beauty items. Tory Burch worked with Josh Stephens of the Georgia Department of Economic Development, the Georgia Ports …
ADAIRSVILLE, GA. — Choate Construction has been selected to build a new inn and conference center at Barnsley Resort, a 3,300-acre resort at the foothills of the Blue Ridge Mountains in Adairsville. Slated to open in the fall of 2017, the new additions will total 73,446 square feet. The three-story inn, known as The Inn at Barnsley Resort, will span 54 guestrooms and feature one boutique retailer. The conference center, known as the Georgian Hall Conference Center, will feature 10,500 square feet of indoor space, including the Savannah Ballroom, Augusta Room, Oglethorpe Room, Dalton Room and an estate lawn. The design team for the new additions includes architect Cooper Carry and interior designer Kent Interior Design.
FLORIDA, N.Y. — Big V Capital LLC, the investment management affiliate of New York-based Big V Properties, has closed on the purchase of three shopping centers in the Southeast for a combined $24 million. The properties include the 74,370-square-foot Village at Myrtle Grove in Wilmington, N.C.; the 180,194-square-foot Lancer Center in Lancaster, S.C.; and the 203,876-square-foot Lanier Plaza Shopping Center in Brunswick, Ga. Village at Myrtle Grove was 87 percent leased at the time of sale to tenants such as Staples; Lancer Center was 89 percent leased to Big Lots, Citi Trends, Pet Sense and Bi-Lo; and Lanier Plaza was 81 percent leased to Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity. With the purchase of these three assets, Big V Properties owns and/or operates 31 Class A and B shopping centers totaling roughly 3 million square feet.
DACULA AND CUMMING, GA. — The Shopping Center Group has brokered the sale of two family lifestyle and sports-centric retail centers located in north metro Atlanta. The transactions include the $5.9 million sale of the 107,000-square-foot Dacula Family Festival in Dacula and the $3.5 million sale of the 62,410-square-foot Midway Family Festival in Cumming. Vishal Dacula LLC purchased both assets. Neal Pringle and the late Mark Cooley of The Shopping Center Group represented the seller, Watkins Real Estate Group, in both transactions. Constructed in 2008, Dacula Family Festival’s tenant roster includes TEBO Dentistry for Kids, Belle Nails, Taekwondo, Green Tea Restaurant and Little Caesars in two buildings. Kids Up Indoor Playground + Party Center, Swim Atlanta and Jack City Sports occupy three additional buildings. Dacula Family Festival also features a 200-foot baseball field, indoor pitching mounds and batting cages, a full-size basketball court and an indoor flag football arena operated by Jack’s City Sports Center. Two new tenants, Mathnasium and Fit Body Boot Camp, are slated to open in late 2016. Built in 2009, Midway Family Festival was fully leased at the time of sale to tenants such as Pepperoni’s Pizza, Vickery Animal Hospital, 7 Tequilas Mexican Restaurant, Johns Creek …
ACWORTH, GA. AND NORTH CHARLESTON, S.C. — Cushman & Wakefield has secured more than $32 million in short-term, floating-rate financing for the acquisition of and capital improvements to two multifamily communities in Georgia and South Carolina. The properties include Stanton Place Apartments, a 240-unit, garden-style community located roughly 30 miles outside of Atlanta in Acworth; and The Reserve at Ashley River, a 280-unit, garden-style community located in North Charleston, S.C. Cushman & Wakefield’s Mike Ryan, Telly Fathaly and Brian Linnihan secured the financing on behalf of The RADCO Cos. through a regional bank. RADCO plans to implement a combined $6.3 million in capital improvements to the communities.
MARIETTA, GA. — Walker & Dunlop has secured the conversion of a $24 million bridge loan to $34.1 million in Fannie Mae-insured financing for Ashford Retreat, a 654-unit multifamily community in the Atlanta suburb of Marietta. Jeff Lawrence and Matthew Baptiste led the Walker & Dunlop team in arranging the 10-year loan, which features three years of interest-only payments for the borrower, The RADCO Companies.
MARIETTA, GA. — Emma Capital Investments Inc. has purchased two apartment communities in Marietta, a northern suburb of Atlanta, for a combined $15.7 million. The two properties include the 144-unit Somerpoint Apartments located at 1788 Austell Road and the 100-unit Brix on Beech located at 16 Beech Road S.E. Emma Capital plans to invest in upgrades for the two properties. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.
ATLANTA — A joint venture between Banyan Street Capital and funds managed by Oaktree Capital Management LP have purchased Atlanta Plaza, a 631,808-square-foot office tower in Atlanta’s Buckhead district, for $137.5 million. The 32-story tower recently underwent $7.5 million of upgrades and renovations, which led to nearly 200,000 square feet of leasing activity over the past two years. Atlanta Plaza’s major tenants include the regional hub for Salesforce.com, Rubicon Global and the corporate headquarters for RentPath. Banyan Street and Oaktree are planning an additional $6 million in common area improvements to the main lobby, tenant elevator landings and corridors, elevator cabs, retail concourse and building signage. The joint venture has retained Chris Port, Nicole Goldsmith and Katherine Lynch of CBRE to lease the asset. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE represented the seller in the transaction. Jeff Ackemann, Jonathan Rice and Porter McDonald of CBRE’s Debt & Structured Finance team sourced acquisition financing on behalf of Banyan Street and Oaktree. Banyan Street will manage the property directly.
PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.
