Georgia

RREEF Buys University of Georgia Off-Campus Student Housing Property for $27M

by John Nelson October 6, 2015

ATHENS, GA. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A, 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million. The fully leased property offers an amenity package including an indoor basketball court, multiple lounges, resort-style pool, 24-hour fitness center and on-site parking. The property is located less than a quarter-mile from the University of Georgia campus and less than one mile from Sanford Stadium in Athens. The university recently approved an expansion of the North Oconee River Greenway trail, a 3.7-mile walking and biking path that will provide The Flats residents direct pedestrian access to additional parts of campus. Travis Prince of Colliers International’s Student Housing team represented the buyer and seller in the transaction.

October 6, 2015

Town Center at Atlantic Station Midtown Atlanta

Georgia Retail Southeast

North American Properties, CBRE Global Investors Sell Town Center at Atlantic Station

by John Nelson October 5, 2015

ATLANTA — North American Properties (NAP) and CBRE Global Investors have sold Town Center at Atlantic Station in Midtown Atlanta to an institutional investor advised by Hines. The Houston-based real estate firm will serve as asset and property manager of the 586,000-square-foot retail center that anchors Atlantic Station, a mixed-use development comprising retail space, restaurants, entertainment venues, three office towers, a hotel and a freestanding Ikea, Target and Dillard’s. The development also houses events such as Cirque du Soleil and Bodies: The Exhibition. The sales price was undisclosed but media outlets value the sale at roughly $200 million. NAP and CBRE Global Investors purchased the retail center, some office space and land for future development in 2010 for $173 million. According to media outlets, the buyer advised by Hines is an investment fund with ties to Morgan Stanley.

October 5, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $22.9M

by John Nelson October 5, 2015

SANDY SPRINGS, GA. — The RADCO Cos. has purchased the 192-unit Spalding Bridge apartment community in Sandy Springs, a northern suburb of Atlanta. RADCO purchased the asset from JMG Realty for $22.9 million. JLL brokered the sale. RADCO financed the acquisition with private capital and debt from Community and Southern Bank. Built in 1984, the apartment complex is situated on Trowbridge Road near Sandy Springs’ main thoroughfare Roswell Road and four miles from I-285. The community is also within two miles of Mercedes-Benz USA’s new headquarters in Atlanta’s Central Perimeter office submarket. RADCO plans to invest roughly $2.3 million to renovate the property’s clubhouse and leasing center. Upon completion of the capital improvements, RADCO will rebrand Spalding Bridge with the company’s Ashford moniker. Including this transaction, RADCO owns 46 multifamily assets totaling 13,255 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.

October 5, 2015

Georgia Multifamily Seniors Housing Southeast

Phoenix Breaks Ground on $17M Assisted Living Community in Georgia

by John Nelson October 5, 2015

MILTON, GA. — Phoenix Senior Living has broken ground on Phoenix at Milton, a $17 million assisted living and memory care community in Milton, about 30 miles north of Atlanta. Phoenix at Milton will have 85 apartments — 67 for traditional assisted living and 19 for memory care.

October 5, 2015

Georgia Office Southeast

FD Stonewater to Develop $101M FBI Facility in Atlanta

by John Nelson October 1, 2015

ATLANTA — The U.S. General Services Administration (GSA) has awarded a $101 million, 20-year lease contract to Arlington, Va.-based FD Stonewater to develop a build-to-suit facility in Atlanta for the Federal Bureau of Investigation (FBI). The FBI Atlanta Field Office will occupy the 151,066-square-foot project. FD Stonewater expects to break ground on the facility in early 2016 and deliver it in 2017. The building is the 14th build-to-suit lease project that FD Stonewater and its affiliates have developed on behalf of the GSA. Powers Brown Architecture is the lead designer for the project, and Harvey Cleary Builders is the general contractor.

October 1, 2015

Georgia Retail Southeast

S.J. Collins to Build Whole Foods-Anchored Center in Metro Atlanta

by John Nelson October 1, 2015

CHAMBLEE, GA. — S.J. Collins Enterprises will break ground in October on Peachtree Crossing, a 107,160-square-foot grocery-anchored power center in Chamblee, an eastern suburb of Atlanta. The 11-acre site is situated at the intersection of Peachtree Boulevard and Peachtree Road. Whole Foods Market will anchor the project with a 45,000-square-foot store. Other announced tenants include Zoe’s Kitchen, Chipotle Mexican Grill, YEAH! BURGER, Taqueria del Sol and Tokyo Belly. The project will also feature mini-parks, bike racks, play areas for children, a pedestrian trail, connection to the Keswick Trail, public art area and electric vehicle charging stations. S.J. Collins expects to deliver Peachtree Crossing in the first quarter of 2017. Retail Leasing Advisors and Dart Retail Advisors are leasing the project. United Community Bank and The PrivateBank provided construction financing for the project.

October 1, 2015

The Shoppes at Webb Gin Snellville Georgia

Georgia Retail Southeast

Orangetheory, Fuzzy’s Taco Lease Space at Shoppes at Webb Gin in Metro Atlanta

by John Nelson September 30, 2015

SNELLVILLE, GA. — Olshan Properties has inked leases with two national retailers at The Shoppes at Webb Gin, an open-air power retail center in Snellville, a northeast suburb of Atlanta. Located at the intersection of Scenic Highway 124 and Webb Gin House Road, The Shoppes at Webb Gin consists of 333,795 square feet of retail space with 17,212 square feet of office space and features additional development opportunities. Sprouts Farmers Market, Barnes & Noble and DSW anchor the retail center, which was formerly known as The Avenue Webb Gin. The two new tenants joining the shopping center are Orangetheory Fitness, a fitness studio, and Fuzzy’s Taco Shop, a taco eatery that will be located next to Pure Barre on the south side of the property.

September 30, 2015

Georgia Loans Multifamily Southeast

Greystone Closes $50M Acquisition Loan for Multifamily Portfolio in Metro Atlanta

by John Nelson September 29, 2015

ATLANTA — Greystone has provided a $50 million acquisition loan for a two-property multifamily portfolio in metro Atlanta totaling 588 units. The properties in the portfolio include Rosemont Cityview in Marietta and Dawson Forest in Dawsonville. Robert Russell of Greystone arranged the 10-year CMBS loan with a 30-year amortization schedule on behalf of the Midwest-based borrower.

September 29, 2015

Georgia Multifamily Southeast

Emma Capital Purchases Apartment Community in Metro Atlanta for $21.5M

by John Nelson September 28, 2015

DULUTH, GA. — Emma Capital Investments Inc. has acquired Berkeley Landing Apartments, a 240-unit, garden-style apartment community located at 3700 Peachtree Industrial Blvd. in Duluth, a northeast suburb of Atlanta in Gwinnett County. Emma Capital purchased the asset for $21.5 million, bringing the Toronto-based investor’s total acquisitions to date over $150 million and more than 2,500 apartment units. This is Emma Capital’s 11th purchase in the United States and fifth in the metro Atlanta area. Berkeley Landing features terraced pools with a waterfall, two lighted tennis courts and a media room. The apartment units feature washer and dryer connections, large closets, wood-burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. Emma Capital plans to upgrade the property’s unit interiors, as all of the units feature original finishes.

September 28, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $4.2M Sale of CVS-Anchored Strip Center in Georgia

by John Nelson September 28, 2015

DALLAS, GA. — Marcus & Millichap has brokered the $4.2 million sale of a 17,930-square-foot strip retail center located at the intersection of Seven Hills Boulevard and Cedarcrest Road in Dallas. CVS Health occupies roughly 70 percent of the center and has a 15-year corporate-guaranteed double-net lease for the store. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office represented the seller and procured the buyer, an all-cash 1031 investor, in the transaction. Taylor and McMinn are principals of Marcus & Millichap’s Taylor McMinn Team.

September 28, 2015

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