Georgia

SWH Residential Partners Acquires Land Near Atlanta Beltline to Develop Luxury Apartment Community

by John Nelson July 10, 2015

ATLANTA — SWH Residential Partners (SWHR) has purchased 3.3 acres of land adjacent to the Atlanta Beltline in Atlanta’s Old Fourth Ward neighborhood for $5.3 million. The land is an assemblage of three tracts that front North Avenue and is adjacent to the Historic Fourth Ward Park. The sellers include the Atlanta Development Authority (d/b/a Invest Atlanta), The Atlanta Beltline Inc. and Southeast Capital Cos. (SEC). SWHR and SEC are co-developing an eight-story, 220-unit luxury apartment building and a 4,500-square-foot restaurant at the site. On the north side of the land assemblage, SEC intends to repurpose two existing mill buildings as part of a 24,000-square-foot adaptive reuse. SWHR is a partnership between Worthington Hyde Partners, Soundview Real Estate Partners and John Tirrill.

July 10, 2015

Georgia Office Southeast

Roseview-PMRG Fund I Acquires Nine-Story Office Building in Buckhead for $21.3M

by John Nelson July 10, 2015

ATLANTA — Roseview-PMRG Fund I LLC has purchased Peachtree Lenox, a Class A, nine-story office building in Atlanta’s Buckhead submarket, for $21.3 million. The 125,669-square-foot office building is located along Peachtree Street between the W and Westin hotels. Built in 1964, the office building was 81 percent leased at the time of sale to tenants such as BB&T; Bosley Medical; Randstad Staffing; Martenson, Hasbrouck & Simon; and Withrow, McQuade & Olsen. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group. Peachtree Lenox is the first acquisition in Atlanta for the fund, which will invest several million dollars to renovate the lobby, common areas and HVAC and elevator systems.

July 10, 2015

Georgia Office Southeast

Hines Purchases Development Site in Atlantic Station for 200,000 SF Office Project

by John Nelson July 9, 2015

ATLANTA — Hines has purchased a commercial property site in Atlantic Station in Midtown Atlanta from CBRE Global Investors for an undisclosed amount. Hines plans to develop a 200,000-square-foot creative office building at the site. The Class A project will include bicycle lockers, a rooftop patio, collaborative lobby space and oversized windows. According to CBRE Global Investors, Atlantic Station has become an epicenter for technology companies in recent years, and Hines hopes to attract more tech and creative companies to the new office building. Construction is scheduled to begin in the first quarter of 2016 and is expected to be completed in the second quarter of 2017.

July 9, 2015

Glenfield Capital Peachtree Corners Concentrix

Georgia Office Southeast

Global Tech Firm Leases 55,000 SF in Metro Atlanta

by John Nelson July 9, 2015

PEACHTREE CORNERS, GA. — Glenfield Capital has inked a long-term office lease with global tech firm Concentrix Corp. for 55,000 square feet. The technology business solutions provider will occupy office space at 3795 Data Drive in Peachtree Corners, a northeast suburb of Atlanta. The building is part of the Lakeside at Spalding Triangle campus, which Glenfield Capital purchased in March 2014. Formerly an Avaya call center, the building is outfitted with Georgia Power’s Hi-Reli system that runs underground. Clint Glover of CBRE represented Glenfield Capital in the lease transaction.

July 9, 2015

Georgia Retail Southeast

Earth Fare to Open First Store in Atlanta

by John Nelson July 6, 2015

ATLANTA — Earth Fare, a specialty organic and natural foods grocery chain, is set to open its first Atlanta store on Wednesday, July 8. The new 24,782-square-foot store is located at 1578 Avenue Place in Emory Point, a mixed-use development in Atlanta’s Druid Hills neighborhood. This is Earth Fare’s second location in the Atlanta metro area and fourth in Georgia. The store will feature Earth Fare’s first-ever urban concept design, which puts an emphasis on freshly prepared foods such as sandwiches, wraps, juices, smoothies, salads, coffee and in-house sushi. The location will also have a 50-seat indoor/outdoor café with free Wi-Fi. Ray Uttenhove, Steve Gunning and Sarah Williams of SRS Real Estate Partners represented Earth Fare in its lease. Darryl Bonner is the in-house representative for the landlord, Cousins Properties.

July 6, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Shopping Center in Metro Atlanta

by John Nelson July 6, 2015

ROSWELL, GA. — Marcus & Millichap has brokered the $10.4 million sale of Crossville Village, a 74,790-square-foot shopping center located in Roswell, a northern suburb of Atlanta. Built in 1978 and remodeled in 2004, the shopping center is located at the intersection of Alpharetta Highway and Holcomb Bridge Road. The buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc., assumed existing CMBS financing in the transaction. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team represented the seller and procured the buyer.

July 6, 2015

Georgia Market Reports Office Southeast Southeast Market Reports

Surging Atlanta Office Market Attracts Heightened Investor Interest

by John Nelson July 6, 2015

The Atlanta office market continues to gain steam. Although Atlanta was slower to rebound from the recession than many U.S. markets, it was only a matter of time before the city’s numerous strengths — including its low cost of living, pro-business environment, excellent labor pool, above-average household income and strong university systems — placed it on a path of sustained recovery. The Atlanta office market has posted 13 consecutive quarters of occupancy gains. Strong absorption and limited development are exerting upward pressure on rental rates, particularly in the Class A market. There are also some significant new trends. While there was previously a clear “flight to quality” that enabled tenants to take advantage of rent bargains and concessions at Class A properties, diminishing space options and the pricier rental rate environment are causing tenants to consider Class B properties as a more economically viable alternative. Still, it is yet another sign of the overall recovery in Atlanta’s office sector that we are seeing an increase in rental rates and a decrease in landlord concessions in the Class B sector as well. The rebound of Atlanta’s office sector is not lost on investors. Strong tenant demand and the rise in rental …

July 6, 2015

Georgia Hospitality Southeast

Square Mile Capital-Led Partnership Sells W Hotel Atlanta Downtown to Ashford for $56.8M

by John Nelson July 2, 2015

ATLANTA — A partnership led by Square Mile Capital Management LLC has sold the W Hotel Atlanta Downtown to Ashford Hospitality Trust for roughly $56.8 million. The 237-room hotel anchors the Allen Plaza mixed-use complex in downtown Atlanta and is within walking distance of the MARTA Civic Center Metro station, Georgia Aquarium and the World of Coca-Cola. The partnership acquired the W Hotel in 2010 via deed in lieu of foreclosure. Since 2010, the hotel’s net operating income has tripled, with average occupancy currently at 73 percent and the average daily room rate above $200. Concurrent with the completion of the acquisition, Ashford Hospitality Trust financed the hotel with a $40.5 million non-recourse mortgage loan. The hospitality REIT has also retained Starwood Hotels to manage the property.

July 2, 2015

201 17th Street Atlantic Station Midtown Atlanta

Georgia Office Southeast

CBRE Global Investors Fund Sells Atlantic Station Office Building in Midtown Atlanta

by John Nelson July 1, 2015

ATLANTA — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold a 17-story office building located at 201 17th St. in Atlantic Station, a mixed-use district in Midtown Atlanta. Since acquiring the property in 2012, the fund has increased the building’s occupancy from 48 percent to 91 percent. Technology companies migrating to Midtown Atlanta comprise the majority of the newly added tenants at the office tower, according to CBRE. In December, Worldpay US, an online card processing services firm based in London, leased six floors at 201 17th St. for its U.S. headquarters.

July 1, 2015

Georgia Mixed-Use Southeast

Fort McPherson Board OKs 330-Acre Land Sale to Tyler Perry for $30M

by John Nelson June 29, 2015

ATLANTA — The McPherson Implementing Local Redevelopment Authority (MILRA) board has approved a land sale of 330-acres at the former Fort McPherson in southwest Atlanta to media mogul Tyler Perry. MILRA is a civilian authority board tasked with overseeing the redevelopment of the former army post. As part of the agreement, MILRA will purchase the 488-acre former army base for $26 million and subsequently sell 330 acres to Tyler Perry for $30 million for a movie/TV studio. MILRA plans to add a mixed-use development, anchored by the new studio. MILRA is collaborating with the state and city governments, as well as Urban Land Institute (ULI) to determine market needs going forward.

June 29, 2015

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