Georgia

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

Georgia Multifamily Seniors Housing Southeast

McShane, IBG Complete Construction on Assisted Living Community in Atlanta

by John Nelson December 17, 2015

ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.

December 17, 2015

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $53.9M Sale of Apartment Community in Metro Atlanta

by John Nelson December 16, 2015

DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

December 16, 2015

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51.4M

by John Nelson December 16, 2015

SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

December 16, 2015

Georgia Industrial Southeast

Reliant Real Estate Brokers $9.9M Sale of 201,403 SF Distribution Center in Metro Atlanta

by John Nelson December 15, 2015

CONYERS, GA. — Atlanta-based Reliant Real Estate Partners has brokered the $9.9 million sale of Conyers Logistics Center, a 201,403-square foot distribution facility in Conyers. The property is located at 2107 Eastview Parkway. Conyers Logistics Center was 100 percent leased at the time of sale to Cellofoam North America and Pioneer Plastics. An affiliate of STAG Industrial Inc. purchased the distribution center from Kansas City-based Block Real Estate Funds. Bob Burdell and J.R. Wright of Reliant Real Estate Partners represented both the buyer and seller in the transaction.

December 15, 2015

524 West Peachtree Street Midtown Atlanta

Georgia Office Southeast

Avison Young Brokers $4.4M Office Sale in Midtown Atlanta for Hotel Conversion

by John Nelson December 15, 2015

ATLANTA — Avison Young has brokered the $4.4 million sale of a 63,000-square-foot office building at 524 W. Peachtree St. in Midtown Atlanta. The new owner, 524 Peach LLC, plans to convert the office building into a 175-room, upper midscale hotel. Originally built in 1928, the new eight-story hotel is expected to be operational in the summer of 2017. Matt Tritschler, Phil Barry and Hilton Barry of Avison Young represented the sellers, Marconi Park LLC and Quarry LLC, in the transaction.

December 15, 2015

Georgia Office Southeast

Parkside Partners to Redevelop Boutique Office Property in Midtown Atlanta

by John Nelson December 14, 2015

ATLANTA — Parkside Partners plans to redevelop a 40,000-square-foot property located at 1280 W. Peachtree St. in Midtown Atlanta. The new $12 million project, known as 16th Station, will be a Class A, boutique office asset located at the southwest corner of West Peachtree and 16th streets. The property will feature exposed brick and concrete beams, large floor-to-ceiling warehouse windows, concrete floors, covered and outdoor patio space and a rooftop terrace with a lounge and firepit. MTSD Inc. designed the loft-style office project, which is schedule for an early 2017 completion. The property’s location within the Midtown Opportunity Zone gives tenants the opportunity to receive job-creation credits of $3,500 per year for each new job created for five years.

December 14, 2015

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