Georgia

Earth Fare to Open First Store in Atlanta

by John Nelson July 6, 2015

ATLANTA — Earth Fare, a specialty organic and natural foods grocery chain, is set to open its first Atlanta store on Wednesday, July 8. The new 24,782-square-foot store is located at 1578 Avenue Place in Emory Point, a mixed-use development in Atlanta’s Druid Hills neighborhood. This is Earth Fare’s second location in the Atlanta metro area and fourth in Georgia. The store will feature Earth Fare’s first-ever urban concept design, which puts an emphasis on freshly prepared foods such as sandwiches, wraps, juices, smoothies, salads, coffee and in-house sushi. The location will also have a 50-seat indoor/outdoor café with free Wi-Fi. Ray Uttenhove, Steve Gunning and Sarah Williams of SRS Real Estate Partners represented Earth Fare in its lease. Darryl Bonner is the in-house representative for the landlord, Cousins Properties.

July 6, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Shopping Center in Metro Atlanta

by John Nelson July 6, 2015

ROSWELL, GA. — Marcus & Millichap has brokered the $10.4 million sale of Crossville Village, a 74,790-square-foot shopping center located in Roswell, a northern suburb of Atlanta. Built in 1978 and remodeled in 2004, the shopping center is located at the intersection of Alpharetta Highway and Holcomb Bridge Road. The buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc., assumed existing CMBS financing in the transaction. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team represented the seller and procured the buyer.

July 6, 2015

Georgia Market Reports Office Southeast Southeast Market Reports

Surging Atlanta Office Market Attracts Heightened Investor Interest

by John Nelson July 6, 2015

The Atlanta office market continues to gain steam. Although Atlanta was slower to rebound from the recession than many U.S. markets, it was only a matter of time before the city’s numerous strengths — including its low cost of living, pro-business environment, excellent labor pool, above-average household income and strong university systems — placed it on a path of sustained recovery. The Atlanta office market has posted 13 consecutive quarters of occupancy gains. Strong absorption and limited development are exerting upward pressure on rental rates, particularly in the Class A market. There are also some significant new trends. While there was previously a clear “flight to quality” that enabled tenants to take advantage of rent bargains and concessions at Class A properties, diminishing space options and the pricier rental rate environment are causing tenants to consider Class B properties as a more economically viable alternative. Still, it is yet another sign of the overall recovery in Atlanta’s office sector that we are seeing an increase in rental rates and a decrease in landlord concessions in the Class B sector as well. The rebound of Atlanta’s office sector is not lost on investors. Strong tenant demand and the rise in rental …

July 6, 2015

Georgia Hospitality Southeast

Square Mile Capital-Led Partnership Sells W Hotel Atlanta Downtown to Ashford for $56.8M

by John Nelson July 2, 2015

ATLANTA — A partnership led by Square Mile Capital Management LLC has sold the W Hotel Atlanta Downtown to Ashford Hospitality Trust for roughly $56.8 million. The 237-room hotel anchors the Allen Plaza mixed-use complex in downtown Atlanta and is within walking distance of the MARTA Civic Center Metro station, Georgia Aquarium and the World of Coca-Cola. The partnership acquired the W Hotel in 2010 via deed in lieu of foreclosure. Since 2010, the hotel’s net operating income has tripled, with average occupancy currently at 73 percent and the average daily room rate above $200. Concurrent with the completion of the acquisition, Ashford Hospitality Trust financed the hotel with a $40.5 million non-recourse mortgage loan. The hospitality REIT has also retained Starwood Hotels to manage the property.

July 2, 2015

201 17th Street Atlantic Station Midtown Atlanta

Georgia Office Southeast

CBRE Global Investors Fund Sells Atlantic Station Office Building in Midtown Atlanta

by John Nelson July 1, 2015

ATLANTA — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has sold a 17-story office building located at 201 17th St. in Atlantic Station, a mixed-use district in Midtown Atlanta. Since acquiring the property in 2012, the fund has increased the building’s occupancy from 48 percent to 91 percent. Technology companies migrating to Midtown Atlanta comprise the majority of the newly added tenants at the office tower, according to CBRE. In December, Worldpay US, an online card processing services firm based in London, leased six floors at 201 17th St. for its U.S. headquarters.

July 1, 2015

Georgia Mixed-Use Southeast

Fort McPherson Board OKs 330-Acre Land Sale to Tyler Perry for $30M

by John Nelson June 29, 2015

ATLANTA — The McPherson Implementing Local Redevelopment Authority (MILRA) board has approved a land sale of 330-acres at the former Fort McPherson in southwest Atlanta to media mogul Tyler Perry. MILRA is a civilian authority board tasked with overseeing the redevelopment of the former army post. As part of the agreement, MILRA will purchase the 488-acre former army base for $26 million and subsequently sell 330 acres to Tyler Perry for $30 million for a movie/TV studio. MILRA plans to add a mixed-use development, anchored by the new studio. MILRA is collaborating with the state and city governments, as well as Urban Land Institute (ULI) to determine market needs going forward.

June 29, 2015

Georgia Retail Southeast

Bull Realty Brokers $6.9M Sale of Retail Strip Center in Metro Atlanta

by John Nelson June 29, 2015

DULUTH, GA. — Bull Realty has brokered the $6.9 million sale of The Walk at Johns Creek, a 43,112-square-foot retail strip center located in Duluth, a northeast suburb of Atlanta. The property is part of a larger mixed-use development, Johns Creek Walk, which comprises apartments and a bank. The strip center’s tenant roster includes Another Broken Egg, Coldwell Banker, Palomilla’s Grille and Maverick’s Steakhouse. John Harrison of Bull Realty represented the buyer, South Coast Commercial LLC, in the transaction. Jill Tanner of Tanner Real Estate represented the sellers, John’s Walk at John’s Creek LLC and Bob’s Walk at John’s Creek LLC.

June 29, 2015

Morningside Apartments Ashford Walk Doraville

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $13.6M

by John Nelson June 25, 2015

DORAVILLE, GA. — The RADCO Cos. has purchased Morningside Apartments, a 306-unit multifamily community located near the intersection of I-85 and I-285 in Doraville, a suburb of Atlanta. RADCO purchased the asset for $13.6 million using a combination of private capital and debt provided by First Tennessee Bank. Built in 1983, the property offers one-, two- and three-bedroom units averaging 851 square feet. The community’s amenities include a resort-style pool, fitness center and business center with Wi-Fi. RADCO plans to invest $6 million to upgrade the property’s interiors, façade, balconies and roofs, in addition to expanding the amenity package. RADCO will also rebrand the asset as Ashford Walk. The seller was locally based limited liability company. Berkadia brokered the transaction. With this acquisition, RADCO has expanded its portfolio to 41 properties, with 23 located in metro Atlanta.

June 25, 2015

1117 Perimeter Center West Atlanta Central Perimeter

Georgia Office Southeast

Shane Investment Brokers $68.5M Sale of Office Building in Atlanta

by John Nelson June 24, 2015

ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.

June 24, 2015

Georgia Loans Multifamily Southeast

Berkadia Brokers $14.7M Sale of Apartment Community, Arranges $11.8M Financing

by John Nelson June 24, 2015

RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.

June 24, 2015

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