Georgia

HDP, Hotel Equities Acquire a Portfolio of Marriott Hotels in Georgia

by John Nelson April 15, 2015

ATLANTA — Atlanta-based Hotel Development Partners (HDP) and its joint venture partner, Atlanta-based Hotel Equities, have acquired a portfolio of seven select-service Marriott hotels in metro Atlanta and Macon. The joint venture purchased the portfolio from Houston-based Moody National for an undisclosed price. The seven hotels are Fairfield Inn & Suites in Macon, Fairfield Inn & Suites Alpharetta, Fairfield Inn & Suites Buckhead, Fairfield Inn & Suites Perimeter Center, SpringHill Suites Alpharetta, TownePlace Alpharetta and TownePlace Suites Kennesaw. HDP and Hotel Equities plan to invest $17 million in the portfolio for capital improvements. Hotel Equities will manage the seven hotels.

April 15, 2015

Georgia Retail Southeast

Crossman & Co. Brokers $8.6M Sale of Shopping Center in Roswell

by John Nelson April 14, 2015

ROSWELL, GA. — Crossman & Co. has brokered the $8.6 million sale of Market Center, an 82,225-square-foot shopping center located on Holcomb Bridge Road in Roswell, a suburb of Atlanta. The Office Depot-anchored center was built in 1990 and was 56 percent leased at the time of sale. Brian Carolan and John Zielinski of Crossman & Co. represented the institutional seller in the transaction. The buyer was an unnamed investment fund.

April 14, 2015

Georgia Office Southeast

Parkway Properties Completes $78M Sale of Office Building in Atlanta

by John Nelson April 9, 2015

ATLANTA — Parkway Properties Inc. has completed the $78 million sale of Two Ravinia, a 390,000-square-foot office building in Atlanta’s Central Perimeter submarket. Parkway had a 30 percent ownership interest in the property, which was owned by Parkway Properties Office Fund II LP. The 17-story office tower was 80.5 percent leased at the time of sale. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented Parkway in the transaction. The buyer, Franklin Street Properties Corp., a publicly traded REIT, plans to invest $4.8 million over the next three to four years to upgrade the office property.

April 9, 2015

Georgia Retail Southeast

Ziff Properties Buys Starbucks-Anchored Shopping Center in Columbus for $6.6M

by John Nelson April 8, 2015

COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.

April 8, 2015

Georgia Hospitality Southeast

Value Place Opens Second Atlanta Hotel

by Haisten Willis April 6, 2015

ATLANTA — Value Place, an extended-stay hotel brand, has opened its second hotel in Atlanta and ninth hotel in Georgia at 2877 Dresden Drive. The four-story, 124-room hotel is located south of Chamblee Tucker Road inside the I-285 perimeter. The hotel features kitchens with a microwave, cooktop and refrigerator; high-speed Wi-Fi internet; guess laundry; and 24-hour vending. To date, Value Place has opened nearly 200 hotels in 31 states. The brand is targeting markets such as Chicago, Los Angeles, Philadelphia, Boston, Seattle, Miami, Portland, the Twin Cities and Fort Lauderdale for its continued expansion.

April 6, 2015

Georgia Retail Southeast

America’s Realty Buys Shopping Center in Columbus from Phillips Edison for $5M

by Haisten Willis April 6, 2015

COLUMBUS, GA. — America’s Realty, in partnership with ARCJ Capital, has purchased Fountain Park Shopping Center, a 107,105-square-foot grocery-anchored shopping center in Columbus. America’s Realty purchased the asset from Phillips Edison and Co. for approximately $5 million. The asset was 89 percent leased at the time of sale to tenants such as Winn Dixie, Dollar Tree, Gallery Wedding, China Café, Golden Beauty, Q Nails, Veri Best Donut and Farmers Home Furniture. The property is the fifth shopping center that America’s Realty has purchased in Georgia.

April 6, 2015

Georgia Seniors Housing Southeast

Seniors Housing Community in Metro Atlanta Breaks Ground

by John Nelson April 3, 2015

ACWORTH, GA. — Construction has begun on Celebration Village Acworth with plans to open the 16.5-acre seniors housing community in May 2016. The community includes 114 independent living apartments, 44 apartment homes, 55 assisted living units and 31 memory care apartments. Active Senior Concepts and AgeWell Living developed the Celebration concept. Active Senior Concepts’s developments are located throughout metro Atlanta. AgeWell, located in Palm Beach Gardens, Fla., will operate the community.

April 3, 2015

Georgia Multifamily Southeast

Emma Capital Buys Apartment Community in Metro Atlanta for $28.2M

by John Nelson March 26, 2015

PEACHTREE CORNERS, GA. — Emma Capital Investments Inc. has purchased Valencia Park Apartments, a 508-unit garden-style apartment community in Peachtree Corners, a suburb of Atlanta. The multifamily investor acquired the asset via 3500 Peachtree Corners LP for $28.2 million. The multifamily community’s amenity package includes a swimming pool with a sundeck, clubhouse and fitness center. Emma Capital plans to implement a renovation program to the common areas and unit interiors upon completion of the sale. Valencia Park is Emma Capital’s second acquisition in north Atlanta within the last three months and its seventh purchase in the United States. The company now owns roughly 2,000 units in the United States.

March 26, 2015

Georgia Retail Southeast

GBT Realty Acquires Retail Site in Metro Atlanta for $1.7M

by John Nelson March 25, 2015

MARIETTA, GA. — GBT Realty Corp. has purchased a 1.7-acre retail site at the intersection of Roswell Road and East Cobb Drive in the East Cobb district of Marietta, a suburb of Atlanta. GBT Realty acquired the site, which currently houses a 10,240-square-foot Chuck E. Cheese’s, from Empress Theatres Inc. for $1.7 million. The site is located across East Cobb Drive from an LA Fitness-anchored shopping center and across Roswell Road from a Dick’s Sporting Goods-anchored shopping center. Other nearby retailers include Trader Joe’s, Whole Foods and Target. GBT Realty plans to begin demolition of the Chuck E. Cheese’s this spring.

March 25, 2015

Georgia Restaurant Retail Southeast

Bull Realty Brokers $9.2M Sale of Metro Atlanta Retail Center

by John Nelson March 24, 2015

MARIETTA, GA. — Atlanta-based Bull Realty has brokered the $9.2 million sale of Barrett Creek Plaza, a 28,841-square-foot shopping center in Marietta, a northwest suburb of Atlanta. The property is located at 125 Ernest Barrett Parkway, roughly two miles from Kennesaw State University. Barrett Creek Plaza was 83 percent leased at the time of sale to tenants such as Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. PMC Fund LLC purchased the shopping center from MRK Barrett Creek LLC. John Harrison and Kermit Hairston of Bull Realty brokered the transaction.

March 24, 2015

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