BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.
ATLANTA — The Trillist Cos. Inc. has begun construction on YOO on the Park, a 25-story apartment tower located adjacent to Piedmont Park in Midtown Atlanta. The Trillist Cos. partnered with London-based YOO Studio on the 245-unit multifamily project, which will be located at 207 13th St. between Juniper Street and Piedmont Avenue. The property’s amenity package will include multiple resident lounges, game rooms, a virtual golf simulator, indoor and outdoor fitness facilities, resort-style pool and lounge, 24-hour concierge services, bike fix-it station and pet facilities with dog grooming stations. Trillist Cos. and YOO Studio are expecting a summer 2016 completion.
ATLANTA — HFF has arranged $8.3 million in acquisition financing for Midtown West, a portfolio of two industrial warehouses and an adjacent 3.2-acre parcel in Midtown Atlanta. The borrower, a joint venture between Stream Realty Partners and a private joint venture partner, plan to convert the two buildings, which total 75,000 square feet, and the adjacent parcel into loft office space. The properties are located at 1460, 1494 and 1510 Ellsworth Industrial Blvd. N.W. Stream plans to reintroduce the project as Ellsworth in June 2015. The conversion will create speculative office studios ranging from 1,500 to 6,000 square feet at 1494 Ellsworth, while 1510 Ellsworth will be marketed for single-tenant use. Travis Anderson, Gregg Shapiro and Cory Fowler of HFF negotiated the financing on behalf of the borrower.
SUWANEE, GA. — CBRE has brokered the $7.5 million sale of Suwanee Depot, a 68,409-square-foot shopping center in Suwanee, a northern suburb of Atlanta in Gwinnett County. The shopping center is 91 percent leased to a 20,000-square-foot Office Depot, 22,000-square-foot Georgia Fitness, Jackson Hewitt, Lenny’s Subs, Sylvan Learning and a mix of local service and restaurant tenants. Craig Taylor of CBRE’s Atlanta office represented the sellers, Atlanta-based Columbia Properties and New York-based Red Starr. Taylor brokered the sale in conjunction with Auction.com. The buyer was Mahesh Marjani.
ALPHARETTA, GA. — Lincoln Property Co. Southeast has brokered Volkswagen Group of America’s long-term renewal of its 16,557-square-foot office lease in Alpharetta. The automaker renewed its lease at Two Northwinds, a six-story, 146,972-square-foot Class A office building located at 2520 Northwinds Parkway in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast represented the landlord, Equity Office, in the lease transaction. Shannon Newell of JLL represented Volkswagen.
FOREST PARK, GA. — HREC Investment Advisors has brokered the sale of the 79-guestroom Ramada Limited in Forest Park, roughly 11 miles south of Atlanta down I-75 and approximately five miles south of the Hartsfield-Jackson Atlanta International Airport. The buyer, HR Hotel Management Inc., purchased the hotel for an undisclosed amount. Monty Levy, Jeff Brown and Scott Stephens of HREC Investment Advisors represented the seller, VFC Properties LLC.
SAVANNAH, GA. — Rockbridge plans to develop a 173-room boutique hotel in Savannah’s Historic District on River Street. With a projected opening in late 2016, the hotel will include a ground-floor restaurant and retail space, 4,000 square feet of meeting space, an upscale swimming pool experience, rooftop bar and on-site parking. Rockbridge will implement its all-king concept for this property, with 82 double king rooms, 66 kings and 25 suites. The hotel is located on the site of the oldest bottleworks factory in America and will incorporate historic bricks and bottles from the site in the development. Rockbridge has been working with city leaders to design and construct the first public, ADA-accessible pedestrian stairway and elevator to the river adjacent to the property. Plans include very wide, safe stairs and an elevator with new streetscaping and lighting enhancements.
VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.
LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.
ATLANTA — Mercedes-Benz USA (MBUSA) has announced the permanent and interim locations for its new corporate headquarters in Atlanta. MBUSA, which is currently headquartered in Montvale, N.J., will construct a new headquarters facility on a 12-acre greenfield site located at the corner of Abernathy and Barfield roads in Sandy Springs, expected to be completed in early 2018. As part of the relocation, the automaker plans to hire hundreds of new employees from the Atlanta area at its new headquarters, which is set near the intersection of Georgia 400 and I-285. Beginning July 2015, the company will move into temporary office space at Sterling Pointe II, a 186,000-square-foot, Class A office building at the Perimeter Center complex in the neighboring city of Dunwoody.