Georgia

Federal Capital, Westbridge Break Ground on Stockyards Adaptive Reuse Project in Atlanta

by John Nelson September 9, 2016

ATLANTA — Federal Capital Partners (FCP) and Westbridge Partners have broken ground on Stockyards, an adaptive renovation of three historic warehouses in Atlanta’s West Midtown district. Expected to open in the first quarter of 2017, Stockyards is more than 65 percent pre-leased to office and retail tenants including The Painted Duck, a sister entertainment concept to The Painted Pin; Fitzgerald & Co., an Atlanta-based advertising agency; Momentum Worldwide, an Atlanta-based sports marketing firm; Weber Shandwick, a global communications firm; Mannington Mills Inc., a flooring and carpeting showroom; and a new restaurant concept from Charleston-based The Indigo Road. Stockyards will occupy three acres on the corner of 10th Street and Brady Avenue. Designed by architectural firm ai3, the development will total 95,000 square feet of Class A office space, 13,000 square feet of street-level restaurant space, 25,000 square feet of retail space on the lower level and a 400-space parking deck. Gay Construction is Stockyards’ general contractor, Cushman & Wakefield is handling the office leasing and SunTrust Bank, represented internally by Mark Hancock, is the project’s senior lender.

September 9, 2016

Georgia Multifamily Southeast

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Georgia Industrial Southeast Top Stories

Sentury Tire to Build $530M Manufacturing Plant in Georgia

by Jeff Shaw September 9, 2016

LAGRANGE, GA. — Sentury Tire, a China-based tire manufacturer, has announced plans to build a $530 million tire factory in LaGrange, approximately 65 miles southwest of Atlanta. Sentury expects the plant to create more than 1,000 jobs in production, sales, marketing, warehousing and distribution, and support the company’s U.S. operations. The company expects to start production in 2018, with a projected output of 12 million passenger and light truck tires per year. Sentury was drawn to Georgia by a tax incentive package, but details were not disclosed, according to the Atlanta Journal-Constitution. Sentury Tire products are sold under the Sentury, Landsail and Delinte brands. The company focuses on light truck and airplane tires. Approximately 70 percent of the company’s sales are in the European and U.S. markets. Sentury Tire’s parent company, Qingdao Sentury Tire Co., is based in Qingdao, China. “The state of Georgia has had a strategic office in China since 2007 and an office in Qingdao since 2013, helping foster business connections between Georgians and Chinese professionals,” says Chris Carr, commissioner of the Georgia Department of Economic Development. “This project is a great example of the relationships that have been forged through active communication and engagement in China.” …

September 9, 2016

Georgia Industrial Southeast

Dollar General Breaks Ground on 1 MSF Distribution Center in Georgia

by John Nelson September 8, 2016

JACKSON, GA. – Construction is underway on Dollar General’s 15th distribution center in the United States in Jackson, which straddles both Butts and Spalding counties. The 1 million-square-foot industrial facility is expected to create more than 500 new jobs at full capacity and to be operational by fall 2017. Dollar General has more than 13,000 retail locations and 119,000 employees, with more than 700 stores and over 5,000 employees in Georgia. The new distribution center is expected to serve more than 1,000 stores in the Southeast. Dollar General’s 14 other distribution centers are located in Alabama, California, Florida, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.

September 8, 2016

Georgia Retail Southeast

SRS Real Estate Partners Brokers Sale of Savannah Mall

by John Nelson September 7, 2016

SAVANNAH, GA. — SRS Real Estate Partners’ Southeast investment sales team has brokered the sale of Savannah Mall, a 940,408-square-foot enclosed mall in Savannah. The property is located on a 75.5-acre site at 14045 Abercorn St., which is situated at the northwest corner of Abercorn Street and Apache Avenue. Bass Pro Shops, Target, Dillard’s, Burlington Coat Factory and Virginia College anchor Savannah Mall. The seller, SSF Savannah Properties LLC, sold the mall for an undisclosed price to Savannah Mall Realty Holding LLC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

September 7, 2016

Georgia Retail Southeast

InvenTrust Properties Acquires Kroger-Anchored Center in Alpharetta for $27.7M

by John Nelson September 2, 2016

ALPHARETTA, GA. — InvenTrust Properties, a retail REIT based in Oak Brook, Ill., has purchased Windward Commons, a 117,234-square-foot, Kroger-anchored shopping center in Alpharetta, for $27.7 million. The property is located at 12850 Highway 9 near the intersection of Windward Parkway and North Main Street. The shopping center was 99 percent leased at the time of sale to tenants such as Hallmark, Roasters and Ippolito’s Italian Restaurant.

September 2, 2016

Georgia Multifamily Southeast

Greystone Provides $62M Freddie Mac Loan for Apartment Complex in Metro Atlanta

by John Nelson September 1, 2016

MARIETTA, GA. — Greystone has provided a $62 million permanent loan for Watermark at East Cobb, a 510-unit multifamily community in Marietta, a northwest suburb of Atlanta. The property features two resort-style swimming pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a dog park. Mike Galla and David Collie of iCap Realty Partners arranged the seven-year, floating-rate loan through Freddie Mac with two years of interest-only payments followed by a 30-year amortization schedule. Keith Hires and Greg Krafcik of Greystone originated the loan on behalf of the borrower, Cortland Partners.

September 1, 2016

Georgia Hospitality Southeast

Carey Watermark Investors 2 Acquires Renaissance Atlanta Midtown Hotel

by John Nelson September 1, 2016

ATLANTA — Carey Watermark Investors 2 Inc. (CWI 2), a hospitality-focused REIT, has purchased the Renaissance Atlanta Midtown Hotel, a 304-room, 21-story hotel located at the northwest corner of West Peachtree Street and Abercrombie Place in Atlanta’s Midtown district. The seller and sales price were not disclosed. Davidson Hotels & Resorts, an Atlanta-based hotel management company that operates 38 hotels throughout the United States, will manage the hotel. Built in 2009 and converted to Marriott International’s Renaissance brand in 2011, the hotel has undergone more than $3 million of capital improvements between 2011 and 2015. The hotel’s restaurant, Community Smith, reopened in January 2015. Other amenities include 8,600 square feet of meeting space, a rooftop bar and lounge, 24-hour spa and fitness center and a 24-hour business center. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 2 and manage its overall portfolio.

September 1, 2016

Georgia Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Roswell for $29.5M

by John Nelson August 31, 2016

ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apartment community in Roswell, a suburb of Atlanta. The $29.5 million transaction is FCP’s fourth acquisition in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community’s renovation program.

August 31, 2016

Florida Georgia Southeast Student Housing

Pierce Education Properties Buys Two Student Housing Communities in Florida, Georgia

by John Nelson August 31, 2016

ATHENS, GA. AND TALLAHASSEE, FLA. — Pierce Education Properties LP has acquired two student housing communities located in Florida and Georgia. The acquisitions include The Commons at Tallahassee, a 732-bed community located just north of the Florida State University campus in Tallahassee; and The Reserve at Athens, a 612-bed community located near the University of Georgia campus in Athens. KeyBank Real Estate provided debt financing for both acquisitions. Amenities at The Commons at Tallahassee include a resort-style swimming pool and hot tub, lighted tennis court, 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed wireless internet. Amenities at The Reserve at Athens include a resort-style saltwater swimming pool with a hot tub and sun deck, cook-out and lounge areas, 24-hour fitness center, outdoor basketball court, lighted tennis court, game room, dedicated “Night Life Shuttle” service to downtown Athens and high-speed wireless internet.

August 31, 2016

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