Georgia

RADCO Sells Two South Atlanta Apartment Communities for $23.4M

by John Nelson March 23, 2016

UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.

March 23, 2016

Georgia Office Southeast

Rothenberg-Rosenfield Acquires Flex Office Complex in Metro Atlanta for $36.6M

by John Nelson March 21, 2016

NORCROSS, GA. — Rothenberg-Rosenfield, a private real estate investment firm based in New York, has acquired Oakbrook North, a 700,000-square-foot flex office complex in Norcross, a northeast suburb of Atlanta. The buyer purchased the 11-building complex from Irvine, Calif.-based Sperry Equities for $36.6 million. The property is situated on a 50-acre parcel along Oakbrook Parkway. Rothenberg-Rosenfield plans to invest $1.5 million to upgrade the property, which was 74 percent leased at the time of sale to tenants such as American Megatrends, PulteGroup and YesVideo. Colliers International represented Sperry Equities in the transaction. Reinsurance Group of America provided acquisition financing. The buyer has hired David Nash of Nash Commercial Real Estate to lease the asset. With the addition of Oakbrook North, Rothenberg-Rosenfield is now operating over 1.2 million square feet of commercial assets in Atlanta.

March 21, 2016

Georgia Multifamily Southeast

Berkadia Arranges $25.2M Sale of Apartment Community in South Georgia

by John Nelson March 21, 2016

HINESVILLE, GA. — Berkadia has brokered the $25.2 million sale of Tattersall Village, a 222-unit upscale apartment community located in Hinesville, roughly one hour southwest of Savannah. Built in 2010, Tattersall Village is a garden-style community with an average unit size of 1,110 square feet. Pillar Income Asset Management Inc. purchased the property from BF/EBSCO Hinesville LLC. David Oakley, David Etchison, Mark Boyce, Paul Vetter and Andrew Mays of Berkadia represented the seller in the transaction.

March 21, 2016

Georgia Loans Multifamily Southeast

Dekel Capital Arranges $10.6M Acquisition Loan for Apartment Community in Atlanta

by John Nelson March 17, 2016

ATLANTA — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged a $10.6 million loan for the acquisition and renovation of The Villas on Briarcliff, an 82-unit apartment community located in Atlanta’s North Druid Hills neighborhood. The property features a resort-style pool, 24-hour fitness center and detached garages. Dekel Capital arranged the 18-month, interest-only, floating-rate loan through Berkadia Commercial Mortgage.

March 17, 2016

State of the Industry Hunter Hotel Conference

Features Georgia Hospitality Southeast Top Stories

Hotel Experts Preach Opportunistic Mindset at Hunter Hotel Conference

by John Nelson March 17, 2016

ATLANTA — Too often hoteliers are so immersed in executing their business plans they miss golden opportunities that suddenly arise, according to hotel experts speaking at the 28th annual Hunter Hotel Conference. During the “State of the Industry” panel, executives from Blackstone, Starwood Capital Group, Rockbridge, MCR Development LLC and Apple Hospitality REIT took the stage to discuss opportunities they see in the marketplace. Tyler Morse, CEO and managing partner of MCR Development, said the lodging industry in the United States will present ample opportunities in the next couple years. “The hotel space in particular in the U.S. economy is going to be great in 2016 and 2017. The rest of the world is kind of a disaster,” said Morse. “Funds are coming to the U.S. as a flight to quality. The U.S. is where the growth is, and the hotel business is a beneficiary of that.” In a real-world example of being opportunistic, Brian Kim, managing director of real estate at Blackstone, spoke about how the firm’s recent $6.5 billion sale of Strategic Hotels & Resorts to Beijing-based Anbang Insurance Group Inc. wasn’t the original strategy for Blackstone. Having just closed on the Strategic purchase in December 2015, Blackstone’s …

March 17, 2016

Georgia Loans Retail Southeast

Bellwether Enterprise Arranges $2.4M Acquisition Loan for Retail Strip Center in Metro Atlanta

by John Nelson March 16, 2016

MARIETTA, GA. — Bellwether Enterprise has arranged a $2.4 million acquisition loan for Grove Park Plaza, a 30,600-square-foot retail strip center located in Marietta, a northern suburb of Atlanta. The two-building property sits on 5.3 acres at 1812 Powder Springs Road. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the loan through StanCorp on behalf of the borrower, Petinos LLC.

March 16, 2016

Shannon Crossing Shopping Center Kroger Atlanta

Georgia Retail Southeast

SRS Atlanta Brokers $15.6M Sale of Kroger-Anchored Shopping Center in Atlanta

by John Nelson March 15, 2016

ATLANTA — SRS Atlanta has brokered the $15.6 million sale of Shannon Crossing Shopping Center, a Kroger-anchored property located at 4550 Jonesboro Road in Atlanta. The 101,174-square-foot shopping center is situated on 12.4 acres near the intersection of Jonesboro Road and I-85 and features a Kroger Fuel Center. A joint venture between Forge Capital Partners and The Sembler Co. purchased the asset from Schottenstein Realty Co. Kyle Stonis and Pierce Mayson of SRS Atlanta represented the seller in the transaction. The joint venture buyer was self-represented.

March 15, 2016

Georgia Loans Multifamily Southeast

Grandbridge Real Estate Capital Arranges Two Loans Totaling $43.6M for Apartment Communities in Metro Atlanta

by John Nelson March 14, 2016

LITHIA SPRINGS AND MARIETTA, GA. — Grandbridge Real Estate Capital, a subsidiary of BB&T, has closed two loans totaling $43.6 million for two apartment communities in the Atlanta suburbs of Lithia Springs and Marietta. Alan Tapie of Grandbridge arranged both loans through Freddie Mac’s CME (capital markets execution) program. Both loans feature initial periods of interest-only payments, 10-year loan terms and 30-year amortization schedules. The loans include a $20.8 million first mortgage for the 312-unit Brodick Hill Apartments in Lithia Springs and a $22.8 million acquisition loan for the 344-unit Ivy Commons Apartments in Marietta.

March 14, 2016

Georgia Hospitality Southeast

NGKF Hotels Arranges Sale of Microtel Inn Near Atlanta Airport

by John Nelson March 11, 2016

COLLEGE PARK, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the Microtel Inn & Suites by Wyndham Hotels, an 83-room hotel located at 4839 Massachusetts Blvd. in College Park. The three-story hotel is located adjacent to Hartsfield-Jackson Atlanta International Airport and roughly 11 miles south of downtown Atlanta. Georgia-based 64J Hotel Groups LLC bought the Microtel Inn with plans to negotiate a new, long-term franchise agreement and upgrade the property with a planned renovation totaling approximately $400,000. Sam Winterbottom, Bhavesh (B.J.) Patel and Barrett Corwin of NGKF Hotels represented the undisclosed seller in the transaction. In the past eight months, NGKF Hotels has also brokered the sales of the nearby Wellesley Inn and Sleep Inn hotels. Combined, the three hotels have sold for $14 million.

March 11, 2016

Georgia Loans Office Southeast

NorthMarq Arranges $4.2M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson March 10, 2016

ALPHARETTA, GA. — NorthMarq Capital has arranged a $4.2 million acquisition loan for Windward Forest, a 67,000-square-foot office building located at 960 North Point Parkway in Alpharetta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the five-year, fixed-rate loan with a 25-year amortization schedule through a local bank. The borrower used the proceeds to purchase Windward Forest in a 1031 exchange.

March 10, 2016

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