Georgia

Avison Young Brokers $6.8M Sale of The Mall at Waycross in Georgia

by John Nelson August 1, 2016

WAYCROSS, GA. — Avison Young’s Atlanta office has brokered the $6.8 million sale of The Mall at Waycross, a 380,982-square-foot regional mall located on Memorial Drive in Waycross. Built in 1973, The Mall at Waycross was 90.6 percent leased at the time of sale to tenants including JC Penney, Belk, T.J. Maxx, Hibbett Sports, Staples and Georgia Theatre Co. The single-story regional mall is the only anchored shopping mall within a 50-mile radius of Waycross. The shopping center is located on a 37-acre parcel situated between Brunswick and Jacksonville highways near downtown Waycross. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the transaction. The buyer was RCG Ventures.

August 1, 2016

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Experiences Demand in Hottest Submarkets

by John Nelson August 1, 2016

The Atlanta retail market continues to be robust, with vacancy tightening in key submarkets and rents trending upward. Overall vacancy fell slightly from 7.1 percent during the fourth quarter of 2015 to 7 percent in the first quarter of 2016, according to CoStar. However, the decline is greater in hot submarkets such as Buckhead and Central Perimeter that boasted vacancy rates as low as 2.8 percent and 3.2 percent, respectively, in the first quarter. Demand Up, Supply Tightens There is still a disconnect between supply and demand, especially in strong trade areas, and many retailers that wish to enter or expand in the market are finding it difficult to do so. Rents are escalating by 10 percent to 15 percent because of the increased competition for space and the high cost to build new developments is attributable to escalating land costs. During the first quarter, 21 buildings totaling 300,174 square feet were delivered, according to CoStar, and at the end of the first quarter, 1.73 million square feet of retail space was under development. As Atlanta can deliver more of the space that’s under construction and open up availability, rent is expected to continue to climb. Health and Fitness Food …

August 1, 2016

Georgia Healthcare Southeast

Brand Properties to Build 12-Story Northside Midtown Medical Facility in Atlanta

by John Nelson July 29, 2016

ATLANTA — Brand Properties plans to develop Northside Midtown Medical, a 12-story, 170,000-square-foot medical office building in Midtown Atlanta. Located at 1130 W. Peachtree St. near 13th Street, the Class A building will be anchored by Northside Hospital, which will operate the Northside Imaging Center, primary care offices, cardiology services and an urgent care outfit at the property. Brand Properties plans to deliver Northside Midtown Medical in mid-2018. Northside is a healthcare delivery system with three not-for-profit hospitals in Atlanta, Cherokee County and Forsyth County and more than 150 outpatient services across Georgia.

July 29, 2016

Georgia Retail Southeast

Ten-X, Hale Retail Group Arrange $17M Sale of Grocery-Anchored Shopping Center in Metro Atlanta

by John Nelson July 28, 2016

DULUTH, GA. — Ten-X, formerly Auction.com, has teamed up with Hale Retail Group to market and sale Gwinnett Prado Shopping Center, a 361,715-square-foot, supermarket-anchored shopping center in Duluth. A subsidiary of Insignia LLC purchased the asset for $17 million using the Ten-X Commercial platform. Built in 1988, the shopping center is situated on 32 acres at 2250 and 2300 Pleasant Hill Road in metro Atlanta’s Gwinnett County. Gwinnett Prado is anchored by a 102,000-square-foot Great Wall supermarket. Other tenants include Office Max and T-Mobile. Philip Kates, Adam Sklaver and Dean Lewis of Ten-X, along with Sam Hale of Hale Retail Group, marketed and sold the shopping center on behalf of the seller, an individual investor. Gwinnett Prado marks the third-largest transaction on the Ten-X platform since its launch in 2009 as Auction.com.

July 28, 2016

Georgia Mixed-Use Southeast

Hunt Development, Oakwood to Build $150M Mixed-Use Project in Atlanta

by John Nelson July 27, 2016

ATLANTA — The Atlanta Housing Authority’s Board of Commissioners has selected Hunt Development Group and Atlanta-based Oakwood Development Group to redevelop the Herndon Homes site in Atlanta. The $150 million master plan calls for a mixed-use, mixed-income development that features 700 multifamily units of varying housing types, as well as retail and community spaces and a new fitness center. The site is located on 12 acres along Northside Drive, about one mile north of Mercedes-Benz Stadium, the future home of the Atlanta Falcons and Atlanta United FC. The development team has selected Moss to serve as the construction manager for the project.

July 27, 2016

Georgia Mixed-Use Southeast

Columbia Ventures to Break Ground on Mixed-Use Project Near MARTA Station in Atlanta

by John Nelson July 26, 2016

ATLANTA — Columbia Ventures LLC plans to break ground this week on Spoke, a transit-oriented, mixed-use development situated at the Edgewood/Candler Park MARTA station in Atlanta’s Edgewood neighborhood. Demolition has begun on the site, which is currently a parking lot on La France Street. Spoke is the first of several MARTA station activation projects to break ground under the leadership of MARTA CEO Keith Parker. Upon completion in 2018, Phase I of Spoke will feature a 224-unit luxury apartment building, neighborhood park, local restaurant and a headquarters and performing arts center for Moving in the Spirit, a local youth development organization. Perkins + Will designed the Moving in the Spirit building. Future phases will include additional housing and commercial uses. Chip Sykes of HFF arranged construction financing through Mutual Bank of Omaha on behalf of Columbia Ventures.

July 26, 2016

Georgia Office Southeast

Pope & Land Acquires Siemens Office Building in Metro Atlanta

by John Nelson July 26, 2016

ALPHARETTA, GA. — Pope & Land Enterprises Inc., with assistance from capital advisor Patterson Real Estate Advisory Group, has purchased a five-story, 113,000-square-foot office building located on a 10.2-acre parcel at 3333 Old Milton Parkway in Alpharetta. Siemens, which will be vacating the property in August, sold the asset to Pope & Land for an undisclosed price. Patterson arranged debt financing through The Brand Banking Co. for the office acquisition. The building is situated adjacent to 27 acres of land that Pope & Land owns, as well as a mile from Avalon and GA 400. Siemens has owned and operated the office asset since the company built it in 1987.

July 26, 2016

Georgia Mixed-Use Southeast

Avison Young Brokers $14.4M Sale of Mixed-Use Property in Metro Atlanta

by John Nelson July 25, 2016

CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.

July 25, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Talent, Innovation Are Driving Today’s Real Estate Decisions in Atlanta

by John Nelson July 25, 2016

There has been a seismic shift in the way that companies throughout America make their relocation decisions, and it applies to Atlanta as well as its competitors. Companies are driven to locations that can provide a robust pipeline of talent and tight-knit innovative communities. This focus has created new demands on cities that want to build and sustain competitive economies. Companies have always taken talent into consideration but ultimately there was a belief that the talent would follow the company. This is no longer true. Millennials first choose where they want to live and then where they want to work. Today’s sought-after talent is closely tied to a city’s ability to provide a high quality of life. This means a connected transportation system, plenty of entertainment activities and accessible, affordable housing. All of this can be found in Atlanta. Companies that have recently chosen to call Atlanta home are a testament to this. From NCR (3,600 employees) to Kaiser Permanente (900 employees) to Worldpay (1,266 employees), all of these prestigious business newcomers have emphasized the critical role that access to highly qualified talent played in their decision to relocate here. Tight-knit, innovative communities do not just appear and cannot be …

July 25, 2016

Georgia Retail Southeast Top Stories

PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

by Nellie Day July 25, 2016

ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all in various stages of construction. The retail and office components of Avalon are fully leased, while the apartments are 98 percent leased. PGIM Real Estate plans to also purchase a second phase of the development, which will include about 90,000 square feet of retail and 276 luxury apartment units. The second phase is under construction with a planned completion date of mid-2017. “Avalon is one of the premier mixed-use development projects in the United States,” says Kevin Smith, head of Americas at PGIM. “The acquisition provides our investors …

July 25, 2016

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