Georgia

Dilweg Acquires Centennial Tower in Downtown Atlanta for $69M

by John Nelson August 18, 2015

ATLANTA — Durham, N.C.-based The Dilweg Cos. has purchased Centennial Tower, a 652,092-square-foot office tower located at 101 Marietta St. in downtown Atlanta. Dilweg bought the 36-story, Class A office tower from Jackson Corporate Real Estate for $69 million, according to the Triangle Business Journal. Built in 1975 and renovated in 1998, the property was 75 percent leased at the time of sale to tenants such as Turner Broadcasting, Peer 1 Hosting, Oracle and the Atlanta Hawks. Dilweg plans to invest more than $7 million to upgrade the buildings’ operating systems, common areas and tenant amenities to reposition the property. Jay O’Meara of CBRE represented the seller in the transaction. Dilweg has tapped CBRE to lease and manage Centennial Tower.

August 18, 2015

Georgia Retail Southeast

GLL Real Estate Partners Purchases TOWN Brookhaven

by John Nelson August 17, 2015

BROOKHAVEN, GA. — GLL Real Estate Partners has acquired TOWN Brookhaven, a 460,609-square-foot shopping center located at 4330 N.W. Peachtree Road E. in Brookhaven, an affluent suburb of Atlanta. The mixed-use property was 94 percent leased at the time of sale, with anchors including Cinebistro, Costco, LA Fitness, Marshalls and Publix. In addition to retailers and restaurants, TOWN Brookhaven features 22,000 square feet of office space. GLL Real Estate Partners purchased the property from a partnership between The Sembler Co. and Bell Partners. Eastdil Secured’s Atlanta office brokered the transaction. The sales price was undisclosed but media outlets are reporting TOWN Brookhaven sold for $162 million. TOWN Brookhaven is the retail and office component of a $400 million mixed-use development featuring 949 existing luxury apartment units and 374 units under construction.

August 17, 2015

Georgia Retail Southeast

Blanchard & Calhoun Brokers $19.5M Sale of Two Publix-Anchored Centers in Metro Atlanta

by John Nelson August 11, 2015

ALPHARETTA AND LOCUST GROVE, GA. — Blanchard & Calhoun Commercial has brokered the $19.5 million sale of two Publix-anchored shopping centers in metro Atlanta. The properties include the 82,905-square-foot Birmingham Village in Alpharetta and the 89,567-square-foot Shoppes at Locust Grove in Locust Grove. Birmingham Village was 78 percent leased and Shoppes at Locust Grove was 71 percent leased at the time of sale. Blanchard & Calhoun represented the buyer, an international REIT, in the transaction. The seller was the original developer of the two shopping centers.

August 11, 2015

Georgia Industrial Southeast

Performance Food Group Begins Expansion of Food Distribution Center in Georgia

by John Nelson August 11, 2015

OAKWOOD, GA. — Performance Food Group (PFG) has begun the expansion of its Performance Foodservice – Milton’s food distribution facility in Oakwood, a city in Hall County near Gainesville. PFG’s expansion project includes the construction of a new 174,000-square-foot building located at 3501 Old Oakwood Road. The new facility will feature a freezer, meat cutting operation, maintenance areas and space for fleet operations. The project is scheduled for completion in 2016 to be followed by the conversion of PFG’s existing freezer into a three-zone cooler section.

August 11, 2015

Georgia Retail Southeast

Chick-fil-A, Villa Savannah to Open Locations in Atlanta’s West Midtown District

by John Nelson August 7, 2015

ATLANTA — Chick-fil-A and Villa Savannah, a boutique fashion and home decor retailer based in Savannah, have signed on to open new locations in Atlanta’s West Midtown district. Frank Buonanotte, founder of The Shopping Center Group, and Jeff Stein, founder of Stein Investment Group, are the landowners of the two sites in West Midtown. Chick-fil-A will open a 4,500-square-foot store with double drive-thru access at the intersection of Northside Drive and Ethel Street, just south of 14th Street. Buonanotte and Stein acquired the site in October 2014. Villa Savannah has signed a lease for a new 2,700-square-foot store at Westside Ironworks, bringing the mixed-use development to 92 percent occupancy before completion. Chick-fil-A plans to open its new restaurant in December, and Villa Savannah plans to open in October. Other Westside Ironworks retailers opening in the near future include Dixon Rye, Tom+Chee, O-Ku and Barcelona.

August 7, 2015

Georgia Hospitality Southeast

MIG Real Estate Acquires Two Hilton-Branded Hotels in Savannah

by John Nelson August 6, 2015

SAVANNAH, GA. — MIG Real Estate has purchased two Hilton-branded hotels in Savannah’s midtown neighborhood for an undisclosed price. The two hotels, Hilton Garden Inn Savannah Midtown and Hampton Inn & Suites Savannah Midtown, are located on Abercorn Street roughly 3.5 miles from Savannah’s Historic District. Opened in 2007, the Hilton Garden Inn has nearly 3,500 square feet of meeting space and a heated outdoor pool and whirlpool, fitness center, restaurant and bar. The Hampton Inn & Suites opened in 2009 and offers 2,000 square feet of meeting space, as well as a fitness center and an indoor pool and spa. MIG has tapped Raleigh, N.C.-based Concord Hospitality Enterprises to operate the two hotels. Hodges Ward Elliott represented the seller, Atlanta-based North Point Hospitality, in the transaction.

August 6, 2015

Georgia Office Southeast

Grubb Properties Acquires Three Office Buildings in Atlanta’s Central Perimeter Submarket for $32.7M

by John Nelson August 5, 2015

ATLANTA — Grubb Properties has purchased three mid-rise office buildings in Atlanta’s Central Perimeter submarket from Atlanta Property Group for $32.7 million. The buildings, known as The Park at Perimeter Center East, total 284,500 square feet and are located north of I-285 and east of Ashford Dunwoody Road. Grubb Properties plans to invest $5.2 million in capital improvements for the office assets. This is the first office acquisition in the Atlanta area for Grubb Properties.

August 5, 2015

Georgia Office Southeast

Regent Partners Arranges 80,000 SF of New Leases at Concourse Corporate Center in Atlanta

by John Nelson August 3, 2015

ATLANTA — Atlanta-based Regent Partners has arranged 80,000 square feet of new leases at Concourse Corporate Center, a 64-acre, 2.2 million-square-foot office campus in Atlanta’s Central Perimeter submarket. The owner, Building and Land Technology (BLT), tapped Regent Partners to manage and lease the campus, which includes the famous “King and Queen” buildings. The center’s new tenants include 35,000 square feet for Amtrak for its North American IT headquarters. Since purchasing Concourse in April, BLT has made capital improvements to the property, including enhancements to restrooms, common areas, lobbies and public spaces, as well as additional capital for spec suites and tenant improvements.

August 3, 2015

Georgia Mixed-Use Southeast

The Elrod Group Brokers $2.9M Sale of Mixed-Use Project in Athens

by John Nelson August 3, 2015

ATHENS, GA. — The Elrod Group, a division of Coldwell Banker Commercial Upchurch Realty, has brokered the $2.9 million sale of Franklin House, a 21,000-square-foot mixed-use building located at 480 E. Broad St. in Athens. Built in 1845, the Franklin House encompasses 3,100 square feet of retail space, 5,700 square feet of office space and seven apartment residences. Brian Elrod and Daniel Bennett of The Elrod Group represented both the seller and the buyer in the transaction.

August 3, 2015

Georgia Industrial Southeast

Duke Realty to Develop 614,880 SF Spec Warehouse Near Atlanta Airport

by John Nelson July 31, 2015

EAST POINT, GA. — Duke Realty’s Atlanta office plans to develop a 614,880-square-foot speculative warehouse in Camp Creek Business Center. Duke Realty owns the 400-acre industrial park, located off I-285 near Hartsfield-Jackson Atlanta International Airport. The property will be located at 4909 N. Commerce Drive in East Point and will feature 36-foot clear heights, 125 dock doors, 337 automobile parking spaces, 125 trailer parking spaces. The development also includes land that can be used for tenants to build concrete truck courts. Duke Realty plans to deliver the asset in January 2016.

July 31, 2015

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