DULUTH, GA. — Bull Realty has brokered the $6.9 million sale of The Walk at Johns Creek, a 43,112-square-foot retail strip center located in Duluth, a northeast suburb of Atlanta. The property is part of a larger mixed-use development, Johns Creek Walk, which comprises apartments and a bank. The strip center’s tenant roster includes Another Broken Egg, Coldwell Banker, Palomilla’s Grille and Maverick’s Steakhouse. John Harrison of Bull Realty represented the buyer, South Coast Commercial LLC, in the transaction. Jill Tanner of Tanner Real Estate represented the sellers, John’s Walk at John’s Creek LLC and Bob’s Walk at John’s Creek LLC.
DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.
ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.
RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.
ALPHARETTA, GA. — Institutional Property Advisors, a division of Marcus & Millichap representing institutional and major private real estate investors, has brokered the $24.3 million sale of Old Alabama Square, a 103,268-square-foot shopping center located at 3005 Old Alabama Road in Alpharetta, a northern suburb of Atlanta. Fresh Market and Walgreens have anchored the shopping center since it opened in 2000. Lori Schneider of IPA represented the seller, a private investor, in the transaction. The buyer was Philips Edison Grocery Center REIT II Inc. Michael Fasano of Marcus & Millichap’s Atlanta office assisted in the transaction.
Atlanta’s healthy multifamily market exhibits strong fundamentals, such as rising rental rates, and continued job creation. Last year alone, the city added more than 100,000 jobs and 2015 seems to be on track to surpass 2014 based on weekly announcements of companies moving to Atlanta. A decent amount of multifamily inventory hit the for-sale market in the first quarter of 2015, and those deals are now in the process of closing. We are seeing a lull in the number of listings across the market early in the second quarter. As owners attempt to capitalize on top-line collection, an increase in listings is expected in the latter portion of the second quarter in conjunction with the spring leasing months coming to an end. As most know, commercial real estate has peaks and valleys, with our last peak in 2007 and the valley landing somewhere in 2010. From 2010 to early 2015, investors were presented with a great opportunity to capitalize quickly from the rising rental rates even without implementing any value-add platforms. This quick rise in rental rates coupled with historically low interest rates has been the catalyst for the surge in trades. That said, as the REO bucket has all …
ATLANTA — Cushman & Wakefield has arranged the $13.5 million refinancing of 109 of the 155 apartment units at ATLofts at Atlantic Station in Atlanta. Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan through GE Capital on behalf of the undisclosed owner, which will use the funding to refinance existing debt on the property, as well as purchase additional units at ATLofts. Atlantic Station is 1.4 million-square-foot mixed-use development in Midtown Atlanta that features Class A office towers, retail space, restaurants, entertainment venues, student housing, apartment residences, condominiums and a hotel.
DULUTH, GA. — Pike Nurseries, a popular garden and lawn retailer, has relocated its corporate headquarters to Duluth Office Center, an office building located at 3555 Koger Blvd. in Duluth, an eastern suburb of Atlanta in Gwinnett County. The garden chain will lease 9,000 square feet that will serve as its support center for its 15 stores in metro Atlanta, growing facility in Marietta, Ga., and its store in Charlotte, N.C. Pike’s former corporate headquarters was in the Park Summit building located at 2675 Breckinridge Blvd. in Duluth. Bennett Gottlieb and John Thornton of CBRE represented Pike Nurseries in the lease transaction. Stream Realty Partners represented the undisclosed landlord.
MCDONOUGH, GA. — Compass Self Storage, a member of the Amsdell family of companies, has purchased a 72,000-square-foot self storage facility at 2140 Jodeco Road in McDonough, a southern suburb of Atlanta. Compass Self Storage will continue to operate the property, which features drive up access, indoor climate controlled units, digital surveillance, electronic access, online payments, outdoor parking and a line of moving and packing supplies. The facility is the eighth Compass Self Storage location in the metro Atlanta area and the sixth store that Compass has opened under the Compass flag in 2015.
KENNESAW, GA. — CBRE Capital Markets has secured $78 million in acquisition and construction financing for Kennesaw Marketplace, a 288,000-square-foot retail shopping center located in Kennesaw, a northern suburb of Atlanta. Located at the intersection of Barrett Parkway and Georgia Highway 41, Kennesaw Marketplace will bring Whole Foods, Academy Sports and a mix of national and local tenants to the area. Construction is expected to commence immediately and will be completed by the third quarter of 2016. Jeffrey Ackemann, Jonathan Rice and Robert LaChapelle of CBRE’s Atlanta office arranged the three-year, non-recourse loan through Heitman Real Estate on behalf of a joint venture between Fuqua Development and Batson-Cook Development.