Georgia

Berkshire Group Completes Purchase of Crescent Howell Mill in Atlanta

by John Nelson May 15, 2015

ATLANTA — Affiliates of Boston-based Berkshire Group have completed their purchase of Crescent Howell Mill, a new 256-unit apartment community that Crescent Communities recently delivered in Atlanta’s West Midtown district. The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast. Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties, including the recently opened Crescent Bayshore in Tampa.

May 15, 2015

Georgia Mixed-Use Multifamily Retail Southeast

Fuqua Development, Worthing Cos. Break Ground on Mixed-Use Development in Atlanta Suburb

by John Nelson May 14, 2015

DULUTH, GA. — Atlanta-based Fuqua Development and The Worthing Cos. have begun construction on Sugarloaf Market, a 31-acre mixed-use development located at the intersection of Sugarloaf Parkway and Peachtree Industrial Boulevard in Duluth, an eastern suburb of Atlanta in Gwinnett County. Upon completion, Sugarloaf Market will feature 75,000 square feet of retail space and 330 upscale apartment residences. Fuqua Development is the master developer of the project and is developing the retail portion, and The Worthing Cos. is developing the residential component, named The Heights at Sugarloaf. Anchored by Sprouts Farmers Market, the retail portion of the development will be leased to Chipotle Mexican Grill, Freddy’s Frozen Custard & Steakburgers, Orangetheory Fitness, Menchie’s Frozen Yogurt, Zoe’s Kitchen, RaceTrac, Waffle House, Panda Express, Banfield Pet Hospital, Supercuts, Luxury Nail, Pie Five Pizza and AT&T. The retailers are expected to open for business in spring 2016. The Heights at Sugarloaf will offer apartment homes featuring high-end finishes, designer-inspired appointments and appliances, along with onsite amenities such as a resort-style swimming pool and deck with Wi-Fi, grilling areas, a fitness club and other lifestyle services. Preliminary site work is currently underway with vertical construction set to commence by July. Pieper O’Brien Herr Architects …

May 14, 2015

Georgia Loans Multifamily Southeast

JLL Secures $38.2M in Financing for Atlanta Apartment Community

by John Nelson May 12, 2015

ATLANTA — JLL has arranged a $38.2 million Freddie Mac loan for Walton Westside, a newly constructed 254-unit apartment community in Atlanta. The property is located in Atlanta’s West Midtown district and features a 2,000-square-foot rooftop terrace, onsite coffee shop, resort-style swimming pool, fitness center, outdoor grills and fire pits. Faron Thompson and John Bray of JLL arranged the loan on behalf of the borrower, Walton Communities.

May 12, 2015

Georgia Retail Southeast

Carolina Holdings Opens Retail Strip Center Near Savannah

by John Nelson May 12, 2015

POOLER, GA. — Developer Carolina Holdings Inc. has opened Mill Creek Landing, a retail strip center located at 6 Mill Creek Circle in Pooler, roughly 10 miles outside of Savannah. The property is located at the intersection of Pooler Parkway and I-95 in front of Sam’s Club and adjacent to the new Tanger Outlets Savannah, which opened in April of this year. Mill Creek Landing’s tenant roster includes Chipotle Mexican Grill and Five Guys Burgers and Fries, the first locations in Pooler for both restaurants. The development team included architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Harper Corp. GrandSouth Bank provided construction financing for the project.

May 12, 2015

Georgia Retail Southeast

Blanchard Real Estate to Develop Kroger-Anchored Power Center in Metro Atlanta

by John Nelson May 11, 2015

DAWSONVILLE, GA. — Blanchard Real Estate will develop a Kroger-anchored power center in Dawsonville, part of the Atlanta MSA. The Kroger Marketplace store will span 123,000 square feet and feature a fuel center. Blanchard has also secured commitments from national retail tenants totaling roughly 200,000 square feet. The new power center is located adjacent to the North Georgia Premium Outlets, which attracts roughly 7.5 million visitors annually. Blanchard is slated to break ground on the shopping center late this summer.

May 11, 2015

Georgia Retail Southeast

HFF Brokers $20.2M Sale of Shopping Center in Columbus, Ga.

by John Nelson May 11, 2015

COLUMBUS, GA. — HFF has brokered the $20.2 million sale of Bradley Park Crossing, a 116,768-square-foot retail power center located at 1591 Bradley Park Drive in Columbus, roughly 100 miles south of downtown Atlanta. The property’s tenant roster includes The Fresh Market, PetSmart, Michael’s and Hibbett Sports. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, DDR Corp., in the transaction. The Rosen Group purchased the asset free and clear of existing debt.

May 11, 2015

Georgia Office Southeast

Porsche Opens New $100M Experience Center, Headquarters in Atlanta

by John Nelson May 8, 2015

ATLANTA — Porsche Cars North America (PCNA) has opened its new $100 million Porsche Experience Center (PEC) and headquarters in Atlanta. The 27-acre complex, which is located at the northeast corner of Hartsfield-Jackson Atlanta International Airport, is the largest investment ever outside Germany for the sports car manufacturer. The facility is complete with a driver development track, classic car gallery, restoration center, human performance center, driving simulator lab and a fine dining restaurant. The property’s business center features 13,000 square feet of conference and event space. An estimated 30,000 guests are expected to visit the PEC each year. PCNA has called the Atlanta area home since 1998. PCNA is now joined by Porsche Financial Services, Porsche Business Services, Porsche Consulting and Mieschke Hofmann & Partners, with all five entities housed at the new facility. Roughly 450 employees will be based at the new headquarters, over 100 of whom fill positions that are new to Georgia.

May 8, 2015

Georgia Hospitality Loans Southeast

Meridian Capital Arranges $18.2M Acquisition Loan for Holiday Inn in Savannah

by John Nelson May 7, 2015

SAVANNAH, GA. — Meridian Capital Group has arranged an $18.2 million acquisition loan for Holiday Inn Savannah Historic District in Savannah. The five-story, 127-room hotel is located at 15 Martin Luther King Jr. Blvd. in Savannah’s Historic District. The hotel opened in 2007 as a Four Points by Sheraton and was renovated and rebranded in 2014. Noam Kaminetzky of Meridian’s Boca Raton, Fla., office arranged the two-year, interest-only loan through a balance sheet lender with an exit to CMBS execution. The floating-rate loan features a one-year extension option. The unnamed borrower is a large international hotel operator, according to Meridian Capital Group.

May 7, 2015

Georgia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of Dual-Branded Hotel in Midtown Atlanta

by John Nelson May 6, 2015

ATLANTA — Hodges Ward Elliott has brokered the sale of the dual-branded Hilton Garden Inn/Homewood Suites Atlanta Midtown. The 12-story, 228-room property is located in Atlanta’s Midtown district near I-75/85. The hotel features 136 Hilton Garden Inn rooms, 92 Homewood Suites units, a 24-hour fitness center, two business centers, two breakfast areas, two lobbies and reception desks, the Garden Grill & Bar restaurant and 3,027 square feet of meeting space. Hodges Ward Elliott represented the seller, North Point Hospitality Group Inc., in the transaction. The buyer was Carey Watermark Investors Inc. Crescent Hotels & Resorts will manage the hotel.

May 6, 2015

Georgia Loans Multifamily Southeast

Greystone Closes $64.3M Freddie Mac Loan for Multifamily Property in Metro Atlanta

by John Nelson May 5, 2015

ROSWELL, GA. — Greystone has closed a $64.3 million Freddie Mac loan for Park 83, a 664-unit multifamily property in Roswell, a suburb of Atlanta. Greystone provided a $60.5 million bridge loan for the acquisition of the property in 2014. Park 83 features two swimming pools, a fitness center, nature trails, tennis courts, volleyball court, dog park and a playground. As of the end of 2014, the asset was 96 percent occupied. Keith Hires and Tim Wright of Greystone closed the seven-year Freddie Mac loan, which features three years of interest-only payments and a 30-year amortization schedule. Hires and Wright closed the loan on behalf of the borrower, Cortland Partners.

May 5, 2015

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