Georgia

Westmount Realty Capital, Quilvest Buy 1.2M SF Business Park in Metro Atlanta

by John Nelson January 13, 2016

NORCROSS, GA. — Westmount Realty Capital LLC and Quilvest Private Equity have formed a joint venture to purchase Gwinnett Corporate Center, a 1.2 million-square-foot business park located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross. The companies purchased the asset from the Dexter Cos., which owned and managed the property for more than 30 years, for an undisclosed price. The 115-acre property is situated in Atlanta’s I-85 North industrial submarket in Gwinnett County and features 17 Class A industrial and office buildings. Westmount will provide property management services for the property, which will be rebranded as Gwinnett Commons following tenant improvements. The joint venture has hired Reliant Real Estate Partners to lease the asset. The Corporate Drive assets were 79 percent leased at the time of sale, and the Shackleford Road buildings were 48 percent leased.

January 13, 2016

Chick-fil-A 1100 Northside Drive Atlanta

Georgia Restaurant Retail Southeast

The Boulder Group Brokers Sale of Chick-fil-A in Atlanta for Record Price

by John Nelson January 13, 2016

ATLANTA — The Boulder Group has arranged the $4.8 million sale of a newly built Chick-fil-A restaurant located at 1100 Northside Drive in Atlanta’s West Midtown neighborhood. According to CoStar, the transaction represents the highest priced single-tenant Chick-fil-A property ever sold. The restaurant is situated within a half mile of Georgia Tech and Atlanta’s only IKEA location. Randy Blankstein and Zach Wright of The Boulder Group represented the buyer, a Midwest-based real estate developer, in the 1031 transaction. The seller was a partnership based in the Southeast. The ground lease is for 20 years and features rent escalations every five years, seven five-year renewal option periods and no landlord responsibilities. Founded in 1946, Chick-fil-A is a privately owned company based in Atlanta with more than 1,900 locations throughout the country.

January 13, 2016

Stonecrest Medical Office Building Lithonia DeKalb

Georgia Healthcare Southeast

Stage Equity Partners Acquires Medical Office Building in Metro Atlanta for $6M

by John Nelson January 11, 2016

LITHONIA, GA. — Chicago-based Stage Equity Partners LLC has purchased Stonecrest Medical Office Building, a 31,000-square-foot, hospital-sponsored property in Lithonia, a suburb of Atlanta in DeKalb County. Stage Equity purchased the Class A medical office building from a private investment group for $6 million in an off-market transaction. DeKalb Regional Health System anchors the two-story, multi-tenant property. MB Financial Bank provided acquisition financing for the medical office facility, which is located at 8225 Mall Parkway, across the street from The Mall at Stonecrest.

January 11, 2016

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Continues Historic Pace of Sales, Leasing Activity

by John Nelson January 11, 2016

Atlanta’s industrial market is hotter than the proverbial pistol. Second-quarter activity set a single-quarter record with more than 18.2 million square feet leased or sold. When added to the activity from the previous three quarters, Atlanta strung together more than 59.6 million square feet of completed transactions. This represents the second highest activity level ever recorded for a four-quarter period. There was more than 6.3 million square feet of positive net absorption. Combined with the previous three quarters, Atlanta shows a total of more than 19.7 million square feet of positive net absorption for the last four quarters. For the second quarter, the availability rate dropped one-tenth of a percent to 14 percent — the lowest it has been since the fourth quarter of 2000. And just four to five years ago, the overall availability rate was above 20 percent. Development and construction are absolutely booming. With more than 7 million square feet of new construction recorded during the second quarter, the market also set a record for new construction in a single quarter. When looking at the four-quarter total, we see more than 18.8 million square feet of new construction — a level not seen since 1998. Of that …

January 11, 2016

Georgia Office Southeast

Shorenstein Properties Acquires 1.3 Million SF Bank of America Plaza in Atlanta

by Christina Cannon January 8, 2016

ATLANTA — Shorenstein Properties LLC, acting on behalf of Shorenstein Realty Investors Eleven, has acquired the 1.3-million-square-foot Bank of America tower in Atlanta. According to the Atlanta Business Chronicle, the plaza was appraised at $236.5 million and that someone close to the deal indicated a $220 million purchase price. CWCapital, which acquired the building in 2012 after BentleyForbes lost the tower to foreclosure, was the seller. The 55-story building is currently the 11th tallest building in the United States. Built in 1992, the Bank of America Plaza is located at 600 Peachtree St. NE. The building is currently 45 percent leased and provides over 1,200 parking spaces and floor plates that range from 20,000 to 25,000 square feet. The 1,023-foot building was designed by Kevin Roche John Dinkeloo and Associates. Amenities include a conference center, 4,000-square-foot auditorium, bank with ATMs, Gallery Café and a 17,000-square-foot health club and spa. Shorenstein plans to make investments to the lobby and amenity areas, as well as cosmetic improvements and upgrades throughout the building.

January 8, 2016

Georgia Multifamily Southeast Tennessee

Bell Partners Sells Three Apartment Communities for $123.9M

by John Nelson January 8, 2016

GREENSBORO, N.C. — Bell Partners Inc. has completed the sale of three multifamily communities in late December 2015 for a cumulative sale price of $123.9 million. The properties include Bell BridgeMill in metro Atlanta, Bell Midtown in Nashville and Bell Wheeler Hill in metro Boston. Atlantic Pacific Real Estate Group purchased Bell BridgeMill, Olympus Property purchased Bell Midtown and CBRE Global Investors purchased Bell Wheeler Hill. In 2015, Bell Partners sold 24 properties for $800 million and acquired nine properties comprising 3,218 units for $670 million. This marks the second consecutive year that the Greensboro-based apartment investment and management firm was a net seller.

January 8, 2016

Georgia Office Southeast

Versant Commercial Acquires Two Flex Office Buildings in Metro Atlanta for $9.1M

by John Nelson January 7, 2016

DULUTH, GA. — Versant Commercial Brokerage Inc. has acquired two flex office buildings in Duluth, a suburb of Atlanta, for $9.1 million. The properties total 113,035 square feet and are located at 2425 and 2450 Commerce Ave. The properties’ tenant roster includes Metso Automation USA Inc., Vensure Employer Services, Moreland Altobelli Associates and Videojet Technologies. Asset manager Clear Vista Management and property manager Wiedmayer & Co. assisted Versant in the transaction. Versant acquired the buildings on behalf of a group of former tenant-in-common investors, which own the two adjacent buildings. Versant negotiated the acquisition and assisted in financing the acquisition with low-cost debt.

January 7, 2016

Georgia Mixed-Use Southeast

Atlanta United Selects tvsdesign for New $50M Soccer Training Facility

by John Nelson December 23, 2015

MARIETTA, GA. — Atlanta United has selected Atlanta-based tvsdesign to design its new $50 million training facility in Marietta, a northern suburb of Atlanta. The project will be situated on a 33-acre site off Franklin Road and will feature six soccer fields and a 28,000-square-foot facility that will house the first team and academy players, along with the team’s executive and operations staff. The project is slated to bring roughly 80 high-paying jobs to the area by 2017, when the club will kick off its inaugural season at the new Mercedes-Benz Stadium under construction in downtown Atlanta. Atlanta United, Major League Soccer’s 22nd franchise, plans to hold open training sessions and tournaments at the new complex. The club is owned by Arthur Blank and led by president Darren Eales.

December 23, 2015

Georgia Mixed-Use Southeast

Jamestown Begins Road Reconstruction for Riverview Landing Development in Metro Atlanta

by John Nelson December 21, 2015

SMYRNA, GA. — Atlanta-based Jamestown LP has begun the reconstruction of Riverview Road for its Riverview Landing mixed-use development in Smyrna, roughly 15 minutes from Midtown Atlanta. The mixed-use project will be the only development of its kind in Atlanta with direct access to the Chattahoochee River. The new tree-lined thoroughfare will feature a landscaped median, neighborhood boulevard, bike lanes and sidewalks. Jamestown expects the road reconstruction to wrap up in December 2016. The site for the future Riverview Landing is currently being utilized as a REI Outdoor School outpost. Upon completion, Riverview Landing will feature rental townhomes and apartments, single-family houses, retail and recreational amenities, such as bike trails and river access for kayaking and canoeing.

December 21, 2015

Georgia Office Southeast

CBRE Brokers Sale of Paces West Office Development in Metro Atlanta

by John Nelson December 21, 2015

SMYRNA, GA. — CBRE has brokered the sale of Paces West, a Class A office development that features two office towers totaling 646,471 square feet. The development is located in Smyrna, a city in Atlanta’s Cumberland/Galleria office submarket. Investcorp and Crocker Partners teamed up to purchase the office development from a joint venture between TIER REIT and funds managed by Oaktree Capital Management LP for an undisclosed price. Formerly Home Depot’s corporate headquarters, Paces West was 90 percent leased at the time of sale to tenants such as Piedmont Healthcare, Reliance Worldwide, British Telecom and Project Time & Cost. The office campus recently underwent an $11.7 million renovation. The sales price was undisclosed.

December 21, 2015

Newer Posts

Older Posts