Georgia

IPA Arranges $15M Sale of Office Building in Alpharetta

by John Nelson January 18, 2016

ALPHARETTA, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $15 million sale of Woodside Terrace, a 123,672-square-foot, Class A office building located at 3755 Mansell Road in Alpharetta, a northern suburb of Atlanta. Ravi Zacharias International Ministries purchased the office building from the undisclosed seller. Built in 1998, Woodside Terrace is a five-story, midrise office property that features masonic construction, two atriums, ribbon windows, a parking field, café, lakeside patio area and a fitness center. Bob Johnson, Gary Lee, Paul Johnson and Korey Prefontaine of IPA represented the buyer and procured the seller.

January 18, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Tech Firms are Bringing Atlanta’s Office Market Into the Modern Age

by John Nelson January 18, 2016

Atlanta’s office market offers key factors that are harder to come by in other top markets: stability and top universities. Because the city is so diverse, it is not reliant on any one type of business for survival. It’s less volatile, which is one factor that has allowed us to come back from the Great Recession, although slowly, in a more firm and healthy fashion. In line with the majority of the country, Atlanta is currently a landlord’s market. With continued occupancy gains and a shortage of new product, rents are increasing and will continue to do so until additional Class A product delivers and the price gap between existing buildings and new construction gets smaller. Overall office vacancy in Atlanta is as its lowest point in 14 years, with strong growth in rental rates. However, Atlanta still offers the best deal overall, as tenants, developers, owners and investors are able to take advantage of its low cost of living and operating costs, excellent quality of life and a rich local talent pool. Driving the Atlanta office market, we see the technology, advertising, media and information (TAMI) sector. CBRE recently released two tech-related reports that rank the top tech talent …

January 18, 2016

Georgia Office Southeast

Accesso Partners Buys Office Park in Alpharetta from Cousins for $92.2M

by John Nelson January 15, 2016

ALPHARETTA, GA. — Accesso Partners LLC has purchased North Point Center East, a four-building, Class A office park in Alpharetta, from Cousins Properties for $92.2 million. Located on 33 acres adjacent to North Point Mall, the 540,137-square-foot suburban office development was 88 percent leased at the time of sale. The park’s tenant roster includes Surgical Information Systems, Merrill Lynch, Wells Fargo Bank, Wells Fargo Wealth Management, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co. and Nokia. Jay O’Meara, Will Yowell, John Shlesinger and Justin Parsonnet of CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 15, 2016

The Bricks Perimeter Center 302 Perimeter Center North Atlanta

Georgia Loans Multifamily Southeast

Grandbridge Closes $52M Acquisition Loan for Apartment Community in Atlanta

by John Nelson January 15, 2016

ATLANTA — Grandbridge Real Estate Capital has arranged a $52 million acquisition loan for The Bricks Perimeter Center, a 448-unit apartment community located at 302 Perimeter Center North in Atlanta. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the fixed-rate, non-recourse loan through BB&T Real Estate Funding, Grandbridge’s proprietary lending program. After the planned renovation, The Bricks will feature a new clubhouse, landscaping, common area improvements and upgraded unit interiors.

January 15, 2016

Georgia Industrial Southeast

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

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