SENOIA, GA. — Walker & Dunlop Inc. has originated a $2.6 million loan for Starr’s Mill Academy Preschool and Childcare in Senoia, roughly 35 miles south of Atlanta. Warren Factor led Walker & Dunlop’s team to originate the refinancing through Wells Fargo’s U.S. Small Business Administration 7A loan program. The 25-year loan was structured at 85 percent loan-to-value and features a fixed 5.05 percent interest rate.
Atlanta is experiencing an influx of human capital, corporate relocations and development of distribution networks that are combining to create a robust expansionary cycle in our real estate markets. One of the most positive elements of this expansion is that it appears the underlying structure of the growth is creating stability for our city and state well into the future. It is the structure of the growth that will be a long-term difference maker. CNBC annually conducts a study and ranks the top states for doing business. These rankings are a result of assessing various criteria, including but not limited to the cost of doing business, workforce quality, access to capital and business friendliness. CNBC’s results in 2014 were very telling. Four of the top 10 states are located in the south. The South’s top 10 finalists in CNBC’s study were Georgia (1), Texas (2), North Carolina (5) and Virginia (8). In addition to these empirical studies, major corporations are voting as well. The verdict is that many organizations are choosing to relocate corporate headquarters to Atlanta. Recently, marquee brands such as Mercedes-Benz USA and State Farm all have made plans to open or expand major corporate centers in our …
HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.
JULIETTE, GA. — Goodlettsville, Tenn.-based Dollar General Corp. has opened its 12,000th store in the small, historic town of Juliette. Dollar General anticipates opening 730 new stores in 2015 and plans to remodel or relocate an additional 875 stores. “It is exciting to open our 12,000th store and move into new communities where we can serve customers with everyday low prices, convenience and great service,” says Rick Dreiling, Dollar General’s chairman and CEO. With 12,000 stores in 43 states, Dollar General has more retail locations than any retailer in America.
ATLANTA — NorthMarq Capital has arranged permanent debt financing for Intellicenter, a 150,000-square-foot, LEED Silver-certified office property located at 2531 Sever Road in Atlanta. Warren Hitchcock of NorthMarq’s Houston office arranged the 12-year loan with a 30-year amortization schedule through an undisclosed life insurance company on behalf of the borrower, Susquehanna Holdings Ltd. The office building was fully leased at the time of the loan transaction.
JOHNS CREEK, GA. — Grandbridge Real Estate Capital has arranged a $10 million acquisition loan for a 109,586-square-foot shopping center in Johns Creek, an affluent northern suburb of Atlanta. Publix anchors the shopping center and has roughly five years remaining on its lease. Gerry Robbins of Grandbridge originated the loan through an unnamed insurance company lender on behalf of the undisclosed buyer, which purchased the lender-owned asset at auction.
SAVANNAH, GA. — HOS Management has begun construction on the new Fairfield Inn & Suites-Historic Savannah at 135 Martin Luther King Jr. Blvd. in downtown Savannah. The Savannah-based developer has also begun building a public parking garage located adjacent to the hotel. The hotel will feature 140 guest rooms and meeting space that can accommodate up to 385 people. HOS Management expects to deliver the hotel and parking garage in July 2016. The company is also in the design/development stage for a new Aloft hotel in Savannah’s Historic District and has a future hotel in the pipeline at 321 Montgomery St. in Savannah.
CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.
ST. SIMONS ISLAND, GA. — Westwood Financial Corp. (WFC) has acquired Retreat Village, a 108,600-square-foot grocery-anchored shopping center located at 220 Retreat Village in St. Simons Island. WFC purchased the Winn Dixie-anchored center from Pace Properties LLC and Somera Capital Management LLC for an undisclosed price. The property is currently 97 percent occupied by tenants including H&H Lifestyles, Bonefish Grill, Edwin Watts Golf, AT&T, Great Clips, Subway, Burger King and Verizon Wireless. Richard Reed of HFF represented the sellers in the transaction.
SAVANNAH, GA. — CenterPoint Properties will break ground on a new 315,810-square-foot speculative industrial facility in Savannah. The new development will be located within CenterPoint Intermodal Center-Savannah on a 26-acre lot with direct access to the Georgia Port Authority and NS Dillard Yard, as well as direct rail service from Norfolk Southern. John Neely of Colliers International will market the property.
