Georgia

Greystone Provides $58M Loan for Apartment Community in Metro Atlanta

by John Nelson October 14, 2015

MARIETTA, GA. — Greystone has provided a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb, a 510-unit apartment property in Marietta, a northern suburb of Atlanta. The apartment community features two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a pet park. Keith Hires and Greg Krafcik of Greystone originated the three-year bridge loan on behalf of the borrower, Cortland Partners. Mike Galla and David Collie of iCap Realty Advisors arranged the loan, which Cortland Partners will use to repay current debt, recapitalize membership interests and position for permanent financing.

October 14, 2015

Georgia Retail Southeast

Lincoln Property Co. Southeast, SRS Broker $23M Sale of Regional Power Center in Georgia

by John Nelson October 14, 2015

WARNER ROBINS, GA. — Lincoln Property Co. Southeast and SRS Real Estate Partners have arranged the $23 million sale of City Crossing, a 298,933-square-foot regional power center located at 2620 Watson Blvd. in Warner Robins, roughly 20 miles south of Macon, Ga. The property was 86 percent leased at the time of sale to tenants such as The Home Depot (not part of the transaction), Ross Dress for Less, HomeGoods, Old Navy and Michaels. D&J Real Estate Management purchased the property from Wells Fargo Bank NA. Tony Bartlett and Chris Sipple of Lincoln, along with Kyle Stonis and Pierce Mayson of SRS, represented the seller in the transaction. Wells Fargo engaged Lincoln Property Co. Southeast in 2012 as the receiver of the asset, and the Dallas-based firm leased and managed the asset during that time.

October 14, 2015

Georgia Industrial South Carolina Southeast

Covington Group Sells 900,000 SF of Industrial Space in Spartanburg, Atlanta

by John Nelson October 12, 2015

SPARTANBURG, S.C. AND ATLANTA — Dallas-based Covington Group Inc. and its affiliates have sold more than 900,000 square feet of industrial property in Spartanburg and Atlanta. The real estate development and investment firm sold the 240,000-square-foot Logistics Pointe: Spartanburg to Austin, Texas-based AIC Ventures. Grice Hunt of NAI Earle Furman represented Covington in the sale. Covington also sold the 657,000-square-foot Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. The former SUPERVALU grocery distribution center was 95 percent leased at the time of sale. Brian Budnick of CBRE Capital Markets Atlanta represented Covington in the transaction. The sales prices for both transactions were undisclosed.

October 12, 2015

Renaissance Atlanta Airport Gateway Hotel

Georgia Hospitality Southeast

Grove Street Partners to Develop New Marriott Hotel Connected to Atlanta Airport

by John Nelson October 9, 2015

ATLANTA — Grove Street Partners has closed financing for and will soon break ground on Renaissance Atlanta Airport Gateway Hotel in Atlanta. The 204-room hotel will be one of three hotels connected to Hartsfield-Jackson Atlanta International Airport. The other two, a Marriott and SpringHill Suites, were developed by Grove Street Partners in 2010. Marriott International will manage all three hotels, which are located adjacent to the Georgia International Convention Center and the ATL SkyTrain, an elevated train that connects the airport’s passenger terminal to the rental car center. Upon completion in March 2017, the hotel will feature 6,500 square feet of meeting space, a 3,200-square-foot ballroom, restaurant and bar.

October 9, 2015

Georgia Office Southeast

Highwoods Properties Acquires Monarch Centre in Buckhead for $303M

by John Nelson October 8, 2015

ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.

October 8, 2015

Phase II King Mill Distribution South Atlanta

Georgia Industrial Southeast

Trammell Crow, Allstate to Develop Phase II of Industrial Park in South Atlanta

by John Nelson October 8, 2015

ATLANTA — Trammell Crow Co. and Allstate have acquired an additional 56.8 acres of land along I-75 in Henry County, part of the South Atlanta industrial submarket. CBRE Global Investors advised Trammell Crow and Allstate in the transaction. The land is adjacent to the venture’s 44-acre land site, which will house the King Mill Distribution Park, an 846,496-square-foot, Class A distribution center. The new 56.8-acre site will house Phase II of King Mill Distribution Park, which will comprise a 759,495-square-foot, Class A warehouse property. Phase II will feature 36-foot clear heights, trailer storage and employee vehicle parking, two separate entrances and a design that can accommodate multiple tenants served by separate entrances. Bill Hare of Burke Holdings represented the seller in the transaction. Mark Hawks and Trey Barry of CBRE will be the leasing team for Phase II of King Mill Distribution Park.

October 8, 2015

Georgia Retail Southeast

SEDA Arranges $11.5M Sale of Retail Center in Savannah

by John Nelson October 8, 2015

SAVANNAH, GA. — SEDA (Southeastern Development Associates), formerly Blanchard & Calhoun, has brokered the $11.5 million sale of Fort Howard Square, a 113,00-square-foot retail center located in Savannah. The property was 96 percent leased at the time of sale to tenants such as Goody’s, Fred’s, rue 21 and Hibbett Sports. Walmart shadow anchors the center. Ryan McArdle, David Rivers and Steve Collins of SEDA’s investment sales team represented the buyer, a publicly traded REIT, and the seller in the transaction.

October 8, 2015

Georgia Southeast Student Housing

RREEF Buys University of Georgia Off-Campus Student Housing Property for $27M

by John Nelson October 6, 2015

ATHENS, GA. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A, 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million. The fully leased property offers an amenity package including an indoor basketball court, multiple lounges, resort-style pool, 24-hour fitness center and on-site parking. The property is located less than a quarter-mile from the University of Georgia campus and less than one mile from Sanford Stadium in Athens. The university recently approved an expansion of the North Oconee River Greenway trail, a 3.7-mile walking and biking path that will provide The Flats residents direct pedestrian access to additional parts of campus. Travis Prince of Colliers International’s Student Housing team represented the buyer and seller in the transaction.

October 6, 2015

Town Center at Atlantic Station Midtown Atlanta

Georgia Retail Southeast

North American Properties, CBRE Global Investors Sell Town Center at Atlantic Station

by John Nelson October 5, 2015

ATLANTA — North American Properties (NAP) and CBRE Global Investors have sold Town Center at Atlantic Station in Midtown Atlanta to an institutional investor advised by Hines. The Houston-based real estate firm will serve as asset and property manager of the 586,000-square-foot retail center that anchors Atlantic Station, a mixed-use development comprising retail space, restaurants, entertainment venues, three office towers, a hotel and a freestanding Ikea, Target and Dillard’s. The development also houses events such as Cirque du Soleil and Bodies: The Exhibition. The sales price was undisclosed but media outlets value the sale at roughly $200 million. NAP and CBRE Global Investors purchased the retail center, some office space and land for future development in 2010 for $173 million. According to media outlets, the buyer advised by Hines is an investment fund with ties to Morgan Stanley.

October 5, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $22.9M

by John Nelson October 5, 2015

SANDY SPRINGS, GA. — The RADCO Cos. has purchased the 192-unit Spalding Bridge apartment community in Sandy Springs, a northern suburb of Atlanta. RADCO purchased the asset from JMG Realty for $22.9 million. JLL brokered the sale. RADCO financed the acquisition with private capital and debt from Community and Southern Bank. Built in 1984, the apartment complex is situated on Trowbridge Road near Sandy Springs’ main thoroughfare Roswell Road and four miles from I-285. The community is also within two miles of Mercedes-Benz USA’s new headquarters in Atlanta’s Central Perimeter office submarket. RADCO plans to invest roughly $2.3 million to renovate the property’s clubhouse and leasing center. Upon completion of the capital improvements, RADCO will rebrand Spalding Bridge with the company’s Ashford moniker. Including this transaction, RADCO owns 46 multifamily assets totaling 13,255 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.

October 5, 2015

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