ATLANTA — Moran & Co. Southeast has brokered the $23 million sale of Archstone Cheshire Bridge, a 164-unit multifamily community located at 2430 Cheshire Bridge Road in Atlanta. The five-story wrap apartment complex was built in 2005 and features a swimming pool, clubhouse, fitness center, business center and parking deck. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. represented the seller, AvalonBay, in the transaction. The buyer was Chicago-based Mesirow Financial.
STOCKBRIDGE, GA. — Phillips Edison Grocery Center REIT II Inc. has purchased Spivey Junction, an 81,475-square-foot grocery-anchored shopping center in Stockbridge, a southern suburb of Atlanta, for approximately $11.7 million. The property’s tenant roster includes Kroger, Kroger Fuel Center, Great Clips, Workout Anytime, Domino’s Pizza, Subway, Goodwill and Miracle Ear. The seller was MK EP Spivey LLC, a Delaware-based limited liability company. As of Dec. 9, Phillps Edison Grocery Center REIT II owned and managed 17 grocery-anchored shopping centers totaling 1.9 million square feet.
MARIETTA, GA. — The Cooper Commercial Investment Group has brokered the $8.5 million sale of the Village at Old Trace shopping center, a 40,985-square-foot retail property in Marietta, a northern suburb of Atlanta. The property was built in 2006 and was 93 percent leased at the time of sale. Dan Cooper of Cooper Commercial’s Cleveland, Ohio office represented the seller, a private investment group based in Ohio. The buyer was a local entity.
MCDONOUGH, GA. — Ridgeline Property Group plans to develop a 714,560-square-foot speculative industrial building in McDonough, a city in the South Atlanta industrial submarket. The property, known as McDonough Commerce Center, will sit on a 53-acre site off the I-75 and Highway 155 interchange. Clarion Partners will be Ridgeline’s capital partner on the project, which is slated for a late summer 2015 completion. The facility will be able to handle large-scale distribution operations and e-commerce order fulfillment. Ben Logue and Price Weaver of Colliers International’s Atlanta office will lease the property. McDonough Commerce Center will feature 36-foot clear heights, 56-foot wide bay spacing, concrete truck courts, ESFR fire suppression, 431 parking spaces and 160 trailer spaces (expandable to 240 trailer spaces).
ATLANTA — Worldpay, a London-based provider of payments technology and services to merchants, partners and developers, has announced its plan to relocate its U.S. headquarters and 671 employees to Atlantic Station in Atlanta. The company also plans to add 600 jobs over the next four years. The company will occupy 130,000 square feet of office space over six floors at the 201 17th St. office building. Worldpay will invest nearly $10 million in the relocation, which will begin in March 2015 and continue into 2016. Worldpay received a $1.5 million City of Atlanta Economic Opportunity grant to help fund the relocation of its U.S. headquarters, and is eligible for other state incentives. Invest Atlanta partnered with the Georgia Department of Economic Development, Metro Atlanta Chamber and Georgia Power on the project. Matt Ryder of Honour Inc. served as location, labor and incentives consultant. Chris White and Brian Boyd of DTZ were tenant advisors, and BoggsVickers is the project architect for the new office space.
ATLANTA — The RADCO Cos. has acquired three Atlanta-area multifamily properties totaling 1,091 units in three separate transactions totaling $70 million. The apartment communities include Mission Galleria in Smyrna, Gwinnett Place in Lawrenceville and Parkside at East Atlanta. RADCO financed the acquisitions using a mixture of bridge debt and private equity. RADCO will rebrand Mission Galleria as Ashford 75, Gwinnett Place as Ashford 3400 and Parkside at East Atlanta as Ashford East Village. In addition to these three deals, RADCO has another 1,630 units under contract across six properties that are slated to close before the end of the year, which will bring its total acquisitions for the year to 5,307 units.
WEST POINT, GA. — Batson-Cook Construction has broken ground on Phase I of Abbey Glen, a $4.8 million, 72-unit apartment complex in West Point. Scheduled for a late 2015 completion, Abbey Glen will feature a swimming pool, clubhouse and exercise facilities. The project team includes owner Abbey Glen LLC, engineer Harris Gray LLC and lender Auburn Bank. Construction on the remaining phases will follow annually, increasing the number of units in Abbey Glen as well as adding retail space.
SAVANNAH, GA. — Newmark Grubb Knight Frank Hotels (NGKF Hotels) has brokered the sale of the 101-room Country Inn & Suites located at 320 Montgomery St. in Savannah’s Historic District. The sales price was undisclosed. The buyer, an affiliate of InSite Group, plans to renovate and rebrand the hotel into a boutique property known as B Historic Savannah. The hotel will be affiliated with B Hotels & Resorts. The property will be open during renovations and will add a spa suite with customizable treatments, upscale bedding and linens and a small-plate and tapas lounge/bar in the lobby. The hotel currently features a fitness center, heated indoor swimming pool and 1,000 square feet of meeting space. NGKF Hotels represented the seller, Tara of Savannah LLC, in the privately marketed transaction.
ATLANTA — HFF has arranged $33.3 million in acquisition financing for 2460 Peachtree Apartments, a 19-story multifamily community in Atlanta’s Buckhead neighborhood. The 236-unit community is located at the intersection of Peachtree Road and Lindbergh Drive. The property features an outdoor swimming pool with a sundeck, grilling area, resident garden, fitness center, saunas, hot tub, clubroom and a 24-hour doorman. The property was 98 percent occupied at the time of sale. Stephen Skok, Jason Bond and Mark Sixour led the HFF debt placement team that arranged the seven-year acquisition loan through Freddie Mac on behalf of the borrower, an affiliate of Waterton Associates LLC.
SMYRNA, GA. — Berkadia Real Estate Advisors has brokered the $27 million sale of the 416-unit Mission Galleria Apartments in Smyrna, a suburb of Atlanta located in Cobb County. The property is located at 5000 S. Lincoln Trace Ave. N.E., near the site of SunTrust Park, the Atlanta Braves’ new ballpark that will open in 2017. Andrew Mays and Paul Vetter of Berkadia’s Atlanta office represented the buyer, RADCO Cos., in the transaction. David Oakley of Berkadia’s Birmingham office represented the seller, Mission Galleria LLC. Built in 1975 on more than 25 acres, Mission Galleria was 85 percent occupied at the time of sale.
