Georgia

CONNOLLY, Terwilliger Pappas Break Ground on Mixed-Use Development in Metro Atlanta

by John Nelson September 17, 2015

CHAMBLEE, GA. — CONNOLLY, its affiliate Spruce Street Partners and Terwilliger Pappas have begun construction on Parkview on Peachtree, a transit-oriented, mixed-use development in Chamblee. The first phase of construction includes the demolition of existing vacant buildings and site grading. Set to open in 2017, Parkview on Peachtree will be located at the intersection of Peachtree Boulevard and Clairmont Road adjacent to the 45-acre Keswick Park. The mixed-use project will feature 40,000 square feet of restaurant and retail space, 14,000 square feet of loft office space and 503 multifamily units. Terwilliger Pappas will develop 303 multifamily units in Phase I at Solis Parkview, with another 200 planned for Phase II. Ed O’Connor of Lavista Associates Inc. and Mindy Elms of Vantage Realty Partners will handle retail and restaurant leasing, and Rob Binion and Brian Burks of Lavista Associates will handle office leasing.

September 17, 2015

Georgia Retail Southeast

Marcus & Millichap Arranges $3.7M Sale of Strip Center in Metro Atlanta

by John Nelson September 17, 2015

SUWANEE, GA. — Marcus & Millichap has brokered the $3.7 million sale of Moore Road Village, a 20,000-square-foot retail strip center located at 991 Peachtree Industrial Blvd. in Suwanee, a northeast suburb of Atlanta. Built in 2008, the property’s tenant roster includes FedEx Office, American Body Works, T-Mobile and Riverside Pizza. Craig Johnson and Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller, a private investor, in the transaction. Johnson and Giambrone also secured the buyer, which was also a private investor.

September 17, 2015

Georgia Multifamily Southeast

Pollack Shores to Break Ground on Multifamily Community in Alpharetta

by John Nelson September 16, 2015

ALPHARETTA, GA. — Pollack Shores Real Estate Group has purchased a development site at 10105 Westside Parkway in Alpharetta for the construction of ECHO at North Point Center. Located near Top Golf, the boutique-style multifamily property will feature 111 residential units and 5,600 square feet of retail space. Each unit will feature shaker-style cabinetry, quartz countertops and plank flooring. Community amenities will include a resort-style pool, bocce ball court and a dog park. ECHO at North Point Center is scheduled to have the first units available in summer 2016. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.

September 16, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Provides $18.4M Loan for Apartment Community in Metro Atlanta

by John Nelson September 16, 2015

SMYRNA, GA. — Walker & Dunlop Inc. has provided an $18.4 million loan for the refinancing of Jasmine at the Galleria Apartments, a 270-unit apartment community in Smyrna, a northwest suburb of Atlanta. The property offers one-, two- and three-bedroom apartment units in 19 apartment buildings. Jasmine at the Galleria’s community amenities include tennis courts, a swimming pool, gated access and a business center. Walker & Dunlop provided the 10-year loan that features five years of interest-only payments to the borrower, Lyon Communities. The loan, which Walker & Dunlop provided using Freddie Mac’s index-lock program, will refinance the Freddie Mac adjustable rate mortgage that was placed on the property 16 months ago.

September 16, 2015

Georgia Multifamily Southeast

RADCO Acquires Two Apartment Communities in Metro Atlanta Totaling $53.4M

by John Nelson September 14, 2015

ATLANTA — The RADCO Cos. has purchased two apartment communities in metro Atlanta totaling 554 units for a combined $53.4 million. The properties include Andover at East Cobb in Marietta and Crossing at McDonough in McDonough. Both properties offer apartments with one, two and three bedrooms. Community amenities include resort-style pools, fitness facilities and business centers with Wi-Fi. Each apartment complex is within one mile of I-75 and provides immediate access to major local corporations such as Dobbins Air Reserve Base in Marietta and Midland Industrial Park in McDonough. Atlanta-based RADCO will invest a combined $6.5 million to upgrade both properties through unit upgrades, amenity enhancements and exterior improvements. Andover at East Cobb will be rebranded as Winterset at East Cobb, and Crossing at McDonough will become Crossings at McDonough. RADCO purchased both assets from Wilkinson Real Estate Advisors Inc., and the two communities are now the third and fourth assets that RADCO and Wilkinson have traded together. CBRE brokered both transactions. RADCO’s portfolio now includes 44 multifamily assets with an additional 1,301 units under contract, which should close in September and October.

September 14, 2015

Georgia Office Southeast

Pattillo, Parkside Partners to Develop Office Project at MARTA Site in Metro Atlanta

by John Nelson September 11, 2015

CHAMBLEE, GA. — Pattillo Industrial Real Estate and Parkside Partners Inc. have formed a joint venture, known as Trackside Partners LLC, to develop a Class A office project in Chamblee, a northeast suburb of Atlanta. The MARTA (Metropolitan Atlanta Rapid Transit Authority) board of directors selected the joint venture to develop the project, known as Trackside, on a 2.2-acre site located at Peachtree and Chamblee Tucker roads. MARTA owns the site, which is located across from the Chamblee MARTA station. Upon completion, the two-phase, 80,000-square-foot Trackside will be Chamblee’s first Class A office development. Trackside will serve as the new headquarters for Pattillo Industrial Real Estate, which will occupy 20,000 square feet of the four-story, 50,000-square-foot Trackside One building. Pattillo will relocate 35 employees in second-quarter 2017 from its current offices in Stone Mountain, Ga., where the firm has been headquartered since 1975. Pattillo’s office space will feature a rooftop deck and a two-level sky lobby with a walkway beneath a glass roof. Trackside Two will be a two-story, 30,000-square-foot office building that also features a single-level parking deck. Both phases will feature first-floor retail and restaurant space. Construction is scheduled to begin in second-quarter 2016 on Trackside One. Chad …

September 11, 2015

Georgia Multifamily Southeast

Mariner Group, Brand Properties Break Ground on $41M Apartment Community in Savannah

by John Nelson September 10, 2015

SAVANNAH, GA. — Co-developers Mariner Group and Brand Properties have begun construction on Mariner Grove, a new luxury apartment community that will be situated less than two miles from Savannah’s Historic District. The $41 million project is expected to be complete by October 2016. The property’s layout options include studios and one- and two-bedroom units, and initial rents are expected to range from $1,000 to $1,600. The project’s unit interiors will feature walk-in closets, stainless steel appliances, washer and dryers, hardwood floors and nine-foot ceilings. Mariner Grove’s amenities will include a fitness center, resort-style pool, business center, conference room, bicycle service station and a dog park. The new community will be situated on a site that features Savannah’s famed live oak trees. Mariner Group and Brand Properties have tapped Thomas and Hutton as the project’s engineer and Choate Construction as the general contractor.

September 10, 2015

Georgia Multifamily Seniors Housing Southeast

SLIB Arranges Sale-Leaseback of Assisted Living Facility in Georgia for $18.3M

by John Nelson September 10, 2015

CUMMING, GA. — Senior Living Investment Brokerage (SLIB) has arranged a sale-leaseback deal for The Oaks at Hampton, an 84-unit assisted living facility in Cumming about 40 miles north of Atlanta, for $18.3 million. Senior Housing Properties Trust, a publicly traded seniors housing REIT, purchased the property and will keep Oaks Senior Living, the seller, as the operator. Bradley Clousing and Jeff Binder of SLIB handled the transaction.

September 10, 2015

Georgia Office Southeast

Blue Cross and Blue Shield of Georgia Opens New Office Building in Columbus

by John Nelson September 4, 2015

COLUMBUS, GA. — Blue Cross and Blue Shield of Georgia (BCBSGa), Georgia’s largest health solutions company, has opened its new office building in the Muscogee Technology Park in Columbus. The new 235,000-square-foot facility will house approximately 1,500 employees and will be BCBSGa’s main hub for servicing its nearly 3 million members. The new three-story facility will replace an existing property that BCBSGa has owned since 1958 and a smaller leased facility in the Muscogee Technology Park. The new property brings together the largest collection of BCBSGa employees of any single location in Georgia. The building has two wings connected by an atrium and features an outdoor patio, fitness center and a 1.2-mile walking path. Public partners on this project included Columbus Consolidated Government, the Development Authority of Columbus and the Greater Columbus Chamber of Commerce. The development team includes developer The Molasky Group, general contractor Batson-Cook Construction and architect Hecht Burdeshaw Architects. More than 150 construction workers were employed at the peak of construction, the vast majority of which through subcontractors from the Columbus area and the state of Georgia.

September 4, 2015

Georgia Retail Southeast

Shane Investment Property Brokers $4.9M Sale of Metro Atlanta Shopping Center

by John Nelson September 4, 2015

LAWRENCEVILLE, GA. — Shane Investment Property Group has brokered the $4.9 million sale of Old Norcross Plaza, a 38,800-square-foot, unanchored shopping center located in Lawrenceville, a northeastern suburb of Atlanta. Comprising two recently built buildings, Old Norcross Plaza was 80 percent leased at the time of sale to local tenants. Jeff Enck of Shane Investment Property Group represented the seller, a private investor based in California, in the transaction. The buyer was an unnamed private fund based in Atlanta.

September 4, 2015

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