ATLANTA — SHR Resi, a wholly owned subsidiary of local development firm Songy Highroads, has delivered The Howell, a 212-unit luxury apartment community in Atlanta’s Upper Westside neighborhood. Situated off the I-75 exit along Howell Mill Road, The Howell features a mix of one-, two- and three-bedroom apartments with 9- to 12-foot ceilings and open floor plans. Monthly rental rates start at $1,890, according to Apartments.com. Amenities include an open-air lounge on the seventh floor, 3,500 square feet of ground-level retail space, coworking space, a resort-style pool and pool deck, clubhouse, pet run and pet spa, fitness center and a gated and covered parking garage. Gables Residential is managing The Howell on behalf of SHR Resi.
VILLA RICA, GA. — Dermody Properties plans to develop LogistiCenter at Boggs Road, a two-building industrial development located in the western Atlanta suburb of Villa Rica. Hitachi Astemo Americas Inc., a global supplier of advanced mobility solutions for the automotive industry, has signed on as the sole tenant of Building 1, a 200,880-square-foot building near an existing manufacturing facility for Hitachi Astemo. Building I at LogistiCenter at Boggs Road will feature 32-foot clear heights, 72 trailer parking spaces and 99 car parking spaces. Building 2, which will total 124,740 square feet, will feature 28 dock-high doors, 23 trailer parking spaces, 94 auto spaces and 36-foot clear heights. Dermody Properties plans to open LogistiCenter at Boggs Road in the fourth quarter. Building 2 is available for prelease.
CUMMING, GA. — FrostPoint Capital has purchased Coal Mountain Shops, an unanchored retail center located at 3560 Browns Bridge Road in Cumming, a northeast suburb of Atlanta. The 15,600-square-foot property will serve as the gateway to Coal Mountain Town Center, a 140-acre mixed-use development under construction by Toll Brothers and Forsyth County. Conor Sweeney of Foundry Commercial represented both the buyer and seller in the $4.4 million transaction. FrostPoint Capital plans to reposition and expand the property in the near future.
ATLANTA — Atlanta-based Coro Realty Advisors plans to develop four new self-storage facilities in Georgia. The recent developments include Auburn Avenue Storage in Columbus, Lake Lanier Storage in Flowery Branch, Ridgewalk Storage in Woodstock and Georgetown Storage in Dunwoody. Auburn Avenue Storage is a three-story building that adds 57,000 leasable square feet of climate-controlled storage space to Coro’s existing property, which the company has owned since 2018. Lake Lanier Storage is currently under construction. The two-story facility will provide 75,000 leasable square feet of climate-controlled storage and 49,000 square feet for boat and vehicle storage. Coro Realty recently acquired the land for Ridgewalk Storage, with plans to break ground on the 83,000-square-foot, two-story project this fall. Georgetown Storage, a four-story facility that will offer approximately 120,000 leasable square feet of storage space, is in the planning stage.
ATLANTA — Atlanta-based Jamestown has completed 619 Ponce, a 115,000-square-foot mass timber building located on the corner of Ponce de Leon Ave. and Glen Iris Drive within the Ponce City Market campus in Atlanta. Pottery Barn has opened within an 18,000-square-foot retail space on the ground floor, and business tech firm Sage has leased 57,000 square feet of office space within the building for its North America headquarters. Amenities at the property — which will target net-zero carbon operations, LEEDv4 Core & Shell certification and Fitwel certification — include onsite daycare and medical facilities, as well as direct access to the Atlanta BeltLine. The design-build team for the project included Handel Architects, JE Dunn and StructureCraft. Marking the first Georgia-grown mass timber building, the property features outdoor space on every level, natural wood columns and ceilings and floor-to-ceiling windows with operable panels. Jamestown owns and manages more than 100,000 acres of timberlands across Georgia, Alabama, South Carolina, New York, Pennsylvania and Indiana.
JOHNS CREEK, GA. — Marcus & Millichap has brokered the $8.4 million sale of Jones Bridge Triangle, a retail center located in Johns Creek, roughly 30 miles northeast of Atlanta. The unanchored property, which totals 33,133 square feet, was fully leased to 15 tenants at the time of sale. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
THOMASTON, GA. — Brightmark LLC, a recycling solutions company based in San Francisco, has announced plans for a $950 million recycling facility project in Thomaston, about 65 miles south of Atlanta. Upon completion, the “circularity center” will comprise 2.5 million square feet with the capacity to repurpose 400,000 tons of plastic per year. According to the company, the project will create 200 advanced manufacturing jobs in the central Georgia area. Plans include a $20 million investment in additive infrastructure in Thomaston, with upgrades to utilities, roadway improvements, rail access extensions and other improvements.
ATLANTA — Trammell Crow Co. (TCC) and Georgia Advanced Technology Ventures (GATV) — an affiliate of the Georgia Institute of Technology (Georgia Tech) — have completed construction of the first phase of Science Square, a mixed-use development situated adjacent to the Georgia Tech campus in Atlanta. Comprising 18 acres, the development features Science Square Labs, a life science building, and The Grace, a 14-story residential tower. Perkins + Will designed Science Square Labs, which totals 368,258 square feet and features lab and clean-up space. The 13-story building features a 38,000-square-foot solar panel array on top of the parking garage and 22 electric vehicle charging stations. Amenities at the property include a fitness center, conference space and private meeting rooms, and a tenant lounge and event space dubbed The Commons that features a 16,000-square-foot sky deck on the fifth floor. Portal Innovations has signed a 33,000-square-foot lease as the first tenant at the property, which includes 33,136 square feet of pre-built speculative lab and office suites, as well as space for custom-built units. The Grace, designed by Rule Joy Trammell + Rubio, comprises 280 units with a mix of market-rate and affordable residences. Amenities include a bike room, club room, outdoor …
ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …
ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …