Georgia

Atlantic|Pacific Cos. Acquires Four Apartment Communities in Metro Atlanta

by John Nelson January 20, 2015

ATLANTA — Miami-based Atlantic|Pacific Cos. has acquired four Class A multifamily communities in metro Atlanta. The properties include the 246-unit Carrington Green located at 745 Highway 42 S. in McDonough; the 297-unit Villas at Southpoint located at 1690 Highway 20 W. in McDonough; the 332-unit Harris Bridge Overlook located at 1175 Old Harris Road in Dallas; and the 300-unit Shiloh Valley Overlook located at 2100 Shiloh Valley Drive N.W. in Kennesaw. Atlantic|Pacific plans to make capital improvements to the four communities, including interior upgrades and common area improvements. Atlantic | Pacific Management, the property leasing and management platform under Atlantic|Pacific Cos., will handle all property management responsibilities for all properties. The acquisition of these four properties brings Atlantic|Pacific’s holdings in metro Atlanta to 10 communities totaling more than 2,600 units.

January 20, 2015

Georgia Multifamily Southeast

CFI Buys Apartment Community in Midtown Atlanta, C&W Arranges $43.6M Acquisition Loan

by John Nelson January 20, 2015

ATLANTA — Cocke Finkelstein Inc. (CFI) has purchased Solace on Peachtree, an 18-story, 533-unit apartment tower located at 710 Peachtree St. N.E. in Midtown Atlanta. CFI purchased the asset from Lubert-Adler Real Estate Funds for an undisclosed amount. Mike Kemether, Chris Spain and Brandon Whitesell of Cushman & Wakefield’s (C&W) Atlanta office represented Lubert-Adler in the transaction. Additionally, Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged a $43.6 million acquisition loan on behalf of CFI. C&W originated the GSE loan through its correspondent lender, Walker & Dunlop. Renovated in 2009, Solace on Peachtree was 96 percent occupied at the time of sale. The high-rise features a fitness center, clubroom with a business center and an updated rooftop deck.

January 20, 2015

Atlanta Downtown Improvement District 34 Peachtree

Georgia Office Southeast

Atlanta Downtown Improvement District Relocates to 34 Peachtree

by John Nelson January 20, 2015

ATLANTA — The Atlanta Downtown Improvement District (ADID), a public-private partnership founded in 1995, has relocated its headquarters from the Olympia Building near Woodruff Park to 34 Peachtree St. in Atlanta. The Olympia Building had been ADID’s home for the past six years, but Illinois-based CSH-23 Peachtree LLC acquired the historic building in late 2013 and has begun renovating the property to bring a super-sized Walgreens to the neighborhood. ADID’s new headquarters occupy 8,200 square feet of space on the first floor and lobby level of 34 Peachtree, just one block north of Five Points. The Creations Group, in partnership with Fairlead Commercial Real Estate LCC, purchased 34 Peachtree around the same time that the Olympia Building was sold.

January 20, 2015

Georgia Industrial Southeast

Hart Corp. Brokers Sale of Bridgestone America Tire Facility in South Georgia

by John Nelson January 19, 2015

ALBANY, GA. — Hart Corp. has brokered the sale of a 473,132-square-foot industrial facility in Albany, a city in South Georgia. The seller, Bridgestone America Tire Operations, sold the asset to Clark Associates Inc., an online supplier of restaurant equipment, for an undisclosed amount. CBRE represented Bridgestone in the transaction, and Jim Belcher and Bart Hardison of Hart Corp. represented Clark Associates. Justin Strickland of the Albany/Dougherty Economic Development Commission and Walt Farrell of the Georgia Department of Economic Development assisted in the transaction.

January 19, 2015

Georgia Loans Retail Southeast

Medalist Capital Arranges Acquisition Loan for Atlanta Shopping Center

by John Nelson January 19, 2015

ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.

January 19, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports

New Year Promises Expanding Retailers, Improving Fundamentals in Atlanta

by John Nelson January 19, 2015

The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …

January 19, 2015

Georgia Healthcare Southeast

Johnson Development to Develop New VA Medical Facility in Savannah

by John Nelson January 16, 2015

SAVANNAH, GA. — Johnson Development has been awarded the lease to develop a new Veteran’s Affairs (VA) medical facility in Savannah. The new 69,000-square-foot healthcare clinic will replace the existing 25-year-old VA clinic. Johnson Development will be breaking ground on the new clinic in the spring. New outpatient services that will be provided in the new facility include eye care, audiology, physical rehabilitation, prosthetics and a special women’s center. The anticipated completion date is summer 2016.

January 16, 2015

Georgia Multifamily Southeast Student Housing

Landmark Breaks Ground on Urban Infill Student Housing Project in Athens

by John Nelson January 16, 2015

ATHENS, GA. — Landmark Properties has begun construction on The Mark, a 928-bed student housing project with 38,400 square feet of retail space and 41,000 square feet of Class A office space. Located adjacent to the campus of the University of Georgia at the intersection of Oconee and Broad streets in downtown Athens, The Mark will offer 14 different floor plans including studios, one-, two-, three-, four- and five-bedroom apartments. The Mark will provide students with an amenity package that includes a clubhouse, fitness facilities, a golf simulator, racquetball court, indoor basketball court, tanning beds, computer lab with private and group study rooms and an Internet café. A rooftop resident center will feature a large fitness center overlooking a two-tiered rooftop pool with cabanas, a Jumbotron, outdoor grilling areas and a stadium-view rooftop lounge. The top level will also feature a “VIP” floor with private rooftop patios and a select number of private hot tubs. A Landmark subsidiary, Landmark Construction, will serve as the project’s general contractor. Niles Bolton Associates is the architecture firm and Williams & Associates is the engineering firm.

January 16, 2015

Georgia Multifamily Southeast

Waypoint Residential Purchases Apartment Community in Augusta

by John Nelson January 16, 2015

AUGUSTA, GA. — Waypoint Residential has acquired the Estates at Perimeter, a 240-unit, Class A apartment community located at 50 St. Andrews Drive in Augusta. Built in 2007, the property was 97 percent occupied at the time of sale. The community’s amenities include a saltwater swimming pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Waypoint plans to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property. The Estates at Perimeter is Waypoint’s third acquisition in the state of Georgia. Waypoint also manages The Hamptons at East Cobb in Marietta and Village on the Green Apartments in Atlanta.

January 16, 2015

Georgia Hospitality Southeast

Noble Investment Group, Simon Break Ground on AC Hotel Buckhead

by John Nelson January 15, 2015

ATLANTA — Noble Investment Group, in a joint venture with Simon Property Group, has broken ground on the AC Hotel Buckhead. The 166-room hotel will be located at the intersection of Peachtree and Wieuca roads in Atlanta’s Buckhead neighborhood across from the Nordstrom at Phipps Plaza. This will be AC Hotels by Marriott’s first hotel in the Atlanta area. Upon completion in early 2016, the hotel will feature an AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center and an indoor pool.

January 15, 2015

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