Georgia

ULI Atlanta Appoints Cooper Carry’s Kevin Cantley as New Chair

by John Nelson July 28, 2015

ATLANTA — ULI Atlanta has appointed Kevin Cantley, president and CEO of Atlanta architecture firm Cooper Carry, as the next chair of ULI Atlanta — which covers Georgia, Alabama and Eastern Tennessee. Cantley has been a member or the Urban Land Institute (ULI) since 1995. Cantley joined the national architecture firm in 1980 and has directed the design of corporate headquarters, office, residential, transit, retail, educational and mixed-use projects. Cantley has earned many awards for his designs, including the Development of Excellence from the Atlanta District Council of ULI. He is active in ULI’s Transit Oriented Development Council, Livable Communities Council and its Management Committee. “I became aware of ULI in the early 70s, while in college studying architecture. Its mission was compelling to me and aligns with my professional and personal interests,” said Cantley. “Because of its broad and diverse membership, its dedication to responsible use of land, ULI has a positive impact globally and at the community level. I’m honored to be the next chair of the Atlanta district and motivated to contribute to that positive impact.” In addition to his involvement with ULI, Cantley is a member of AIA and NAIOP, for which he chairs its Urban …

July 28, 2015

Georgia Office Southeast

The Brookdale Group Underway on Multimillion Dollar Renovation of Buckhead Office Tower

by John Nelson July 27, 2015

ATLANTA — The Brookdale Group has commenced a multimillion dollar capital improvement program for 3445 Peachtree, a 14-story, 287,000-square-foot office building in Atlanta’s Buckhead submarket. The Atlanta-based private equity firm purchased both 3445 Peachtree and The Pinnacle building next door in January 2015. The renovations to 3445 Peachtree, formerly known as Two Live Oak, include an overhaul to the lobby, modernized elevators, landscaping upgrades, enhanced front and garage entrances and a freshly painted exterior. The lobby upgrades are expected to be finished in October and the remaining renovations will be completed in early 2016. The Brookdale Group has tapped Niles Bolton Associates as the architect for the renovations and Transwestern as the construction manager. DTZ currently provides agency leasing services at the building, and Transwestern provides property management services. Originally built in 1969, 3445 Peachtree is now ENERGY STAR rated and is currently 82 percent leased to 23 national and regional tenants. The property is operated in tandem with The Pinnacle building.

July 27, 2015

Georgia Retail Southeast

SRS Real Estate Brokers Three Leases at Gateway in Metro Atlanta

by John Nelson July 27, 2015

SANDY SPRINGS, GA. — SRS Real Estate Partners (SRS) has brokered three new leases at Gateway, a 21-acre, 121,071-square-foot mixed-use development in Sandy Springs, a suburb of Atlanta. The development project, owned by Core Property Capital, consists of 630 apartment units, a 20,000-square-foot office component and 100,000 square feet of retail space. New stores will include a 1,530-square-foot Buttermilk Sky Pie Shop, an 850-square-foot Kale Me Crazy and a 2,765-square-foot flagship BLAST fitness studio. Adrienne Crawford and Lily Heimburger of SRS represented Core Property Capital in all three transactions. Steve Shuler of Shuler Properties LLC represented Buttermilk Sky Pie Shop, Shaun Weinstock of Weinstock Realty & Development represented Kale Me Crazy and Jenna Schulten of Richard Bowers & Co. represented BLAST Fitness.

July 27, 2015

Georgia Healthcare Southeast

Stage Equity Partner Sells Medical Office Building in Metro Atlanta for $7.5M

by John Nelson July 24, 2015

MORROW, GA. — Chicago-based Stage Equity Partners LLC has sold a 37,813-square-foot medical office building at 1000 Corporate Center Drive in Morrow, a suburb of Atlanta. The healthcare real estate investment firm sold the fully leased asset to an unnamed private healthcare REIT for $7.5 million in an off-market transaction. The multi-tenant property is anchored by Clayton Eye Center and Atlanta Medical Center. The sale comes upon the completion of Stage Equity’s exterior and interior renovations to the property.

July 24, 2015

Georgia Retail Southeast

FCA Partners Acquires AMC-Anchored Shopping Center in Atlanta for $43.9M

by John Nelson July 22, 2015

ATLANTA — Charlotte-based FCA Partners has purchased Parkway Pointe, a 196,664-square-foot retail center located in Atlanta’s Cumberland Galleria submarket, for $43.9 million. Anchored by a 15-screen AMC Theatres, the center is located at the northeast corner of Cobb Parkway and Cumberland Boulevard, a couple blocks from I-75 and roughly one mile from the future SunTrust Park, the Atlanta Braves’ new ballpark opening in April 2017. The center was approximately 85 percent leased at the time of sale to tenants such as Main Event Entertainment, Taco Mac, Copeland’s of New Orleans, Pier 1 Imports and Roam. Eastdil Secured represented the seller, Stockbridge Capital Group, in the transaction.

July 22, 2015

Georgia Loans Multifamily Southeast

Grandbridge Closes Four Metro Atlanta Multifamily Loans Totaling $44.4M

by John Nelson July 21, 2015

ATLANTA — Grandbridge Real Estate Capital has closed two acquisition loans and two refinance loans for four multifamily properties in metro Atlanta totaling roughly $44.4 million. The acquisition financing includes a $17.8 million loan for Sweetwater Creek Apartments in Lithia Springs and a $9.2 million loan for Mableton Reserve in Mableton. Alan Tapie and Thomas Wiedeman of Grandbridge originated the acquisition loans through Freddie Mac. Both loans were structured with 10-year terms and 30-year amortization schedules. The refinancing loans totaled $17.5 million and were secured by Marquis Parc in Clarkston and Marquis Forest in Decatur. Grandbridge placed the permanent loans through an unnamed CMBS lender.

July 21, 2015

Riverwood 200 Atlanta Cumberland Galleria

Georgia Office Southeast

Delta Community Credit Union Leases 79,000 SF in Atlanta’s Cumberland/Galleria Area

by John Nelson July 21, 2015

ATLANTA — Delta Community Credit Union, the largest credit union in Georgia, has leased 79,000 square feet at Highwoods Properties’ Riverwood 200 in Atlanta’s Cumberland/Galleria submarket. The new lease follows Delta Community’s sale of its 78,151-square-foot office building at 1025 Virginia Ave. near Hartsfield-Jackson International Airport. The credit union will retain its retail space at the Virginia Avenue location. Kirk Diamond, April Parrish and Erin Smith of DTZ represented the credit union in the lease transaction. Jim Bacchetta and Mike Wells of Highwoods and Randy Holmes of Seven Oaks Co. represented Highwoods. Delta Community will relocate to Riverwood 200 upon completion of the 12-story, 299,000-square-foot office building, which is expected in mid-2017. With Delta Community’s lease signing, Riverwood 200 is now 66 percent pre-leased. The new Cumberland/Galleria office building is adjacent to the credit union’s existing office space at 3250 Riverwood Parkway. The two office buildings will be connected via a structured parking facility.

July 21, 2015

Georgia Office Southeast

Carter, PCCP Purchase 10-Story Office Building in Midtown Atlanta

by John Nelson July 20, 2015

ATLANTA — A joint venture between Carter and PCCP LLC has purchased 715 Peachtree, a 10-story office building adjacent to the Fox Theater in Midtown Atlanta. Originally constructed as a regional headquarters for J.C. Penney, the building was most recently occupied by Bank of America. The property has remained vacant since 2012. Carter and PCCP purchased the asset in an off-market transaction from a Washington, D.C.-based investor. The sales price was undisclosed, but the Atlanta Business Chronicle reports that the sales price is expected to be more than $40 million. Carter has retained CBRE to market 715 Peachtree and ASD | SKY for design services. The joint venture is planning to make capital improvements to the property’s façade, lobby and common spaces.

July 20, 2015

Georgia Mixed-Use Southeast

Partnership Acquires Mixed-Use Project in Midtown Atlanta for $10M

by John Nelson July 20, 2015

ATLANTA — A partnership between Dion Meltzer of Meltzer Properties, Chaz Y. Lazarian Esq. of Insignia LLC and Gamma Real Estate has purchased Baltimore Row for $10 million. Baltimore Row is a 125,000-square-foot mixed-use property located between West Peachtree and Spring streets in Midtown Atlanta. Originally built as Atlanta’s first multifamily development in 1885, Baltimore Row is a National Historic Landmark. The property features 100,000 square feet of loft office space and 15 rooftop townhome apartments. The new ownership plans to invest $2.5 million in renovations, which are scheduled for a year-end completion. Lazarian represented the partnership in the transaction, and Del Creviston of Sperry Van Ness represented the seller, Baltimore Row LP. The partnership has selected Cushman & Wakefield as the office leasing agent and property manager for Baltimore Row.

July 20, 2015

Georgia Retail Southeast

CBRE Brokers $81.6M Sale of Lowe’s Portfolio in Metro Atlanta

by John Nelson July 17, 2015

ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.

July 17, 2015

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