AUGUSTA, GA. — Multi Housing Advisors (MHA) has brokered the $19.9 million sale of Century Hills, a 200-unit apartment community located in Augusta. Kole Management Co. purchased the property from an undisclosed seller. Built in 2000, Century Hills is located on Alexander Drive within two miles of Costco, Whole Foods Market, Publix, Kroger, The Fresh Market and Starbucks Coffee. Robert Stickel of MHA represented the seller in the transaction.
DULUTH, GA. — The Southeast investment sales team at SRS has brokered the $15.7 million sale of Venture Pointe, a 335,151-square-foot regional power center situated at the northwest corner of Venture Drive and Steve Reynolds Boulevard in Duluth, a northeast suburb of Atlanta. The power center is located at 3855 Venture Drive near Gwinnett Place Mall and I-85. Venture Pointe’s tenant roster includes anchors Kohl’s, Big Lots and Golfsmith. The seller, Situs Holdings LLC, sold the property via Auction.com. Kyle Stonis and Pierce Mayson of the SRS Atlanta office, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Situs in the sale. The undisclosed buyer was represented internally.
ATLANTA — Gwinnett County in metro Atlanta is flush with opportunity for commercial real estate investors and developers. The county boasts the most diversified demographic makeup in the entire Southeast and is one of the 20 most populous counties in the United States, with 890,000 residents. The county has grown by 250,000 in the past 10 years. Within the county is Gwinnett Place, a district situated off Pleasant Hill and I-85 that supports 2.5 million square feet of Class A office space, 15.7 million square feet of industrial space and 7.7 million square feet of retail space. Anchored by the once-bustling Gwinnett Place Mall, the district’s retail market has a 93 percent occupancy rate. The mall was recently taken out of receivership and the new owner — Moonbeam Capital — is positioning the mall for a major turnaround. The office market’s occupancy rate currently hovers at 81 percent, but the county is home to two companies in the Fortune 500 — AGCO Corp. and Asbury Automotive — as well as regional mainstays like Waffle House. NCR Corp. is still headquartered in Duluth, but the tech firm, also in the Fortune 500, announced its plans in January to move its headquarters …
ATLANTA — The Urbana Varro group of companies has purchased the Artmore Hotel, an independent boutique hotel located at 1302 W. Peachtree St. in Midtown Atlanta. The buyer, which includes a national commercial real estate investment fund and a development and property management firm, purchased the asset from Jamestown for an undisclosed price. Originally built as a luxury apartment building in 1924, the Artmore Hotel is located within walking distance of Center Stage, Woodruff Arts Center, Savannah College of Art and Design and the Fox Theatre.
ATLANTA — Hunter Hotel Advisors has arranged the $42.1 million sale of the DoubleTree by Hilton Atlanta Downtown. The 312-room hotel is located at 160 Ted Turner Drive N.W., within walking distance of the Peachtree Center MARTA station, the Georgia World Congress Center, Philips Arena and the Georgia Aquarium. Hunter Hotel Advisors represented an unnamed global private equity firm in the sale. The buyer, Legacy Property Group, plans to invest $12 million to renovate the hotel and its restaurant while retaining the DoubleTree brand.
LAWRENCEVILLE, GA. — Bull Realty has brokered the $2.8 million sale of Sugarloaf Walk Shopping Center, a 22,685-square-foot retail strip center in Lawrenceville, a northeast suburb of Atlanta. Sugarloaf Parkway LLC, an investment firm based in New York, purchased the property from Sugarloaf Walk Shopping Center LLC, a private investment firm based in Houston. John Harrison and Frank Meyrath of Bull Realty represented the seller in the transaction.
ATLANTA — Atlanta-based King Industrial Realty Inc. / CORFAC International has announced a new leadership structure. Charles B. King, Jr. has sold the majority of his interest in the company he founded in 1980 to six of King Industrial’s top producers. The new partnership is under the leadership of president Sim Doughtie, Bill Johnston, Steve Ratchford, Sally Tennant, Wilson Covington and Jason McCart. The firm will continue to do business as King Industrial Realty Inc., and King will remain a limited partner. Terms of the succession plan were not disclosed. Over the last 20 years, King Industrial Realty has completed over 9,200 lease and sale transactions of industrial buildings and land totaling 120 million square feet and more than 6,000 acres. King was one of the original founders of Corporate Facility Advisors (CORFAC International), a network of independently owned commercial real estate firms established in 1989.
ATLANTA — North American Properties (NAP) has begun construction on Anthem on Ashley, a 245-unit luxury apartment community in Atlanta’s Old Fourth Ward neighborhood. The property will front Historic Fourth Ward Park and will be situated a short walk from the Atlanta Beltline’s Eastside Trail. The property will feature 6,000 square feet of ground-level retail and commercial space that will house a restaurant and coffee shop. Anthem on Ashley’s amenity package will include a resort-style pool, fitness center, clubroom, business center and a rooftop terrace. NAP expects to deliver the project in early 2017.
ATLANTA — Three new restaurants have signed on at Peachtree Center, a mixed-use campus comprising six high-rise buildings in downtown Atlanta. Tin Lizzy’s Cantina and Gus’s World Famous Fried Chicken recently opened locations at Peachtree Center, and Panbury’s Double Crust Pies will open a new eatery there this fall. JLL brokered the lease transactions on behalf of Peachtree Center’s owner, Banyan Street Capital.
ATLANTA — Rubenstein Partners LP has sold Sterling Pointe, a two-building, Class A office campus spanning 351,345 square feet in Atlanta’s Central Perimeter submarket. The buyer, a joint venture between Harbert Management Corp. and The Simpson Organization Inc., purchased the office property for an undisclosed price. Mercedes-Benz USA recently leased 89,910 square feet at Sterling Pointe II for its temporary corporate headquarters. William Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented Rubenstein Partners in the sale. Rubenstein recently sold 3.5 acres of former parking lots on the campus for a new hotel and retail space. A hotel is currently under construction and will deliver in January 2016, and a new Corner Bakery Café and other restaurants will open this fall.