Georgia

Alliance Residential Opens Apartment Community in Buckhead

by John Nelson October 22, 2015

ATLANTA — Alliance Residential Co. has opened Broadstone Court, a six-story, 250-unit apartment community located in Atlanta’s Buckhead district. The property is situated on Maple Drive, roughly a block between Peachtree and Piedmont roads and within walking distance of the Buckhead MARTA station. The apartment community’s units feature 9-foot ceilings, walk-in closets, white quartz countertops, stainless steel appliances, full-size washers and dryers, private balconies and open floor plans for studio, one- and two-bedroom residences. Community amenities include a resort-style swimming pool, cabana, fireplace, sundeck, outdoor bar, entertainment kitchen, clubroom with nine TVs, dog spa and a fitness center with a yoga room and spin studio.

October 22, 2015

Georgia Retail Southeast

Crossman & Co. Brokers $5.5M Sale of Retail Center in Metro Atlanta

by John Nelson October 19, 2015

AUSTELL, GA. — Crossman & Co. has brokered the $5.5 million sale of the East West Shoppes, an 85,565-square-foot neighborhood retail center in Austell, a northwest suburb of Atlanta in Cobb County. The five-building property is situated on a 15.7-acre parcel at 1025 East-West Connector. The property was 75 percent leased at the time of sale to tenants such as Starbucks Coffee, Discount Tires, American Family Insurance and Apex Animal Hospital. Brian Carolan, Bruce Lyons and John Zielinski of Crossman & Co. represented the seller, a Miami-based special servicer, in the transaction. The buyer, a private investor based in Boca Raton, Fla., has retained Crossman & Co. to lease and manage East West Shoppes.

October 19, 2015

Georgia Retail Southeast

Sterling Organization Purchases Shopping Center in Metro Atlanta for $12.3M

by John Nelson October 16, 2015

NORCROSS, GA. — Sterling Organization has purchased Peachtree Parkway Plaza, a 95,509-square-foot shopping center located in Norcross, a northeast suburb of Atlanta in Gwinnett County. Sterling purchased the asset from DLC Management Corp. via the firm’s institutional fund Sterling Value Add Partners II LP for $12.3 million. Located at the intersection of Peachtree Parkway and Spalding Drive, the shopping center was 83 percent leased at the time of sale to tenants such as Goodwill, Dollar General and Youfit Health Clubs. Peachtree Parkway Plaza was originally developed in 1986. A new Taco Bell restaurant was recently built at the property, and other national businesses at the property include Blimpie Subs & Salads, Wendy’s and Arby’s.

October 16, 2015

The Battery Atlanta Braves SunTrust Park

Georgia Mixed-Use Southeast

Atlanta Braves Reveal Name, Tenant Roster of Mixed-Use Project Adjacent to SunTrust Park

by John Nelson October 15, 2015

ATLANTA — The Atlanta Braves have revealed the name and several tenants of the new mixed-use development surrounding SunTrust Park, the team’s new ballpark set to open in Cobb County in 2017. The name of the project is The Battery Atlanta and the first wave of restaurants include Antico Pizza, Cru Food and Wine Bar, Tomahawk Taproom featuring Fox Bros. Bar-B-Q, Superica and a steak house concept with chef Linton Hopkins, the owner of Atlanta’s Holeman & Finch restaurants. In addition to restaurants and retail, The Battery Atlanta will be home to One Ballpark Center, Comcast’s regional office headquarters housing the new Innovation Lab. The Battery Atlanta is being developed by the Atlanta Braves along with retail partner Fuqua Development, office developer Pope & Land Enterprises and Pollack Shores Real Estate. The development will also house an Omni hotel and The Roxy Theatre, a 53,000-square-foot indoor entertainment venue co-developed by The Atlanta Braves and Live Nation.

October 15, 2015

St. Andrews Apartments Johns Creek Atlanta

Georgia Multifamily Southeast

The Shoptaw Group Acquires Upscale Apartment Community in Metro Atlanta

by John Nelson October 15, 2015

JOHNS CREEK, GA. — The Shoptaw Group (TSG) has purchased St. Andrews Apartments, a 228-unit luxury multifamily community located in the affluent Atlanta suburb of Johns Creek. The company plans to renovate the property’s interior units upon completion of the purchase. Patterson Real Estate Advisory Group arranged a $27 million, floating rate acquisition loan through MetLife on behalf of TSG.

October 15, 2015

Georgia Loans Multifamily Southeast

Greystone Provides $58M Loan for Apartment Community in Metro Atlanta

by John Nelson October 14, 2015

MARIETTA, GA. — Greystone has provided a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb, a 510-unit apartment property in Marietta, a northern suburb of Atlanta. The apartment community features two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a pet park. Keith Hires and Greg Krafcik of Greystone originated the three-year bridge loan on behalf of the borrower, Cortland Partners. Mike Galla and David Collie of iCap Realty Advisors arranged the loan, which Cortland Partners will use to repay current debt, recapitalize membership interests and position for permanent financing.

October 14, 2015

Georgia Retail Southeast

Lincoln Property Co. Southeast, SRS Broker $23M Sale of Regional Power Center in Georgia

by John Nelson October 14, 2015

WARNER ROBINS, GA. — Lincoln Property Co. Southeast and SRS Real Estate Partners have arranged the $23 million sale of City Crossing, a 298,933-square-foot regional power center located at 2620 Watson Blvd. in Warner Robins, roughly 20 miles south of Macon, Ga. The property was 86 percent leased at the time of sale to tenants such as The Home Depot (not part of the transaction), Ross Dress for Less, HomeGoods, Old Navy and Michaels. D&J Real Estate Management purchased the property from Wells Fargo Bank NA. Tony Bartlett and Chris Sipple of Lincoln, along with Kyle Stonis and Pierce Mayson of SRS, represented the seller in the transaction. Wells Fargo engaged Lincoln Property Co. Southeast in 2012 as the receiver of the asset, and the Dallas-based firm leased and managed the asset during that time.

October 14, 2015

Georgia Industrial South Carolina Southeast

Covington Group Sells 900,000 SF of Industrial Space in Spartanburg, Atlanta

by John Nelson October 12, 2015

SPARTANBURG, S.C. AND ATLANTA — Dallas-based Covington Group Inc. and its affiliates have sold more than 900,000 square feet of industrial property in Spartanburg and Atlanta. The real estate development and investment firm sold the 240,000-square-foot Logistics Pointe: Spartanburg to Austin, Texas-based AIC Ventures. Grice Hunt of NAI Earle Furman represented Covington in the sale. Covington also sold the 657,000-square-foot Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. The former SUPERVALU grocery distribution center was 95 percent leased at the time of sale. Brian Budnick of CBRE Capital Markets Atlanta represented Covington in the transaction. The sales prices for both transactions were undisclosed.

October 12, 2015

Renaissance Atlanta Airport Gateway Hotel

Georgia Hospitality Southeast

Grove Street Partners to Develop New Marriott Hotel Connected to Atlanta Airport

by John Nelson October 9, 2015

ATLANTA — Grove Street Partners has closed financing for and will soon break ground on Renaissance Atlanta Airport Gateway Hotel in Atlanta. The 204-room hotel will be one of three hotels connected to Hartsfield-Jackson Atlanta International Airport. The other two, a Marriott and SpringHill Suites, were developed by Grove Street Partners in 2010. Marriott International will manage all three hotels, which are located adjacent to the Georgia International Convention Center and the ATL SkyTrain, an elevated train that connects the airport’s passenger terminal to the rental car center. Upon completion in March 2017, the hotel will feature 6,500 square feet of meeting space, a 3,200-square-foot ballroom, restaurant and bar.

October 9, 2015

Georgia Office Southeast

Highwoods Properties Acquires Monarch Centre in Buckhead for $303M

by John Nelson October 8, 2015

ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.

October 8, 2015

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