SANDY SPRINGS, GA. — Associated Estates Realty Corp. has acquired 1160 Hammond, a 345-unit apartment community located in Sandy Springs, a suburb of Atlanta. The property is located within walking distance of the Sandy Springs MARTA station. The newly constructed property is in lease up and is currently 44.6 percent leased with rents averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space and its units feature 10-foot ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinetry and plank-style flooring. Associated Estates (NYSE: AEC) is a REIT based in Richmond Heights, Ohio. The company now owns three apartment communities in the Atlanta area.
CUMMING, GA. — Atlanta-based Cannon Equities has sold office and retail space at Vickery Village, a master-planned development located at 5755 S. Vickery St. in Cumming, a suburb of Atlanta. Cannon Equities sold a 57,064-square-foot retail building and a 5,200-square-foot office building in Vickery Village. Fred Victor of Transwestern represented Cannon Equities in the transaction. Evolution Real Estate Partners purchased Vickery Village for an undisclosed amount.
ATLANTA — Atlanta-based Regent Partners has entered into an agreement with Stamford, Conn.-based Building and Land Technology to sell the “King” and “Queen” office buildings in Atlanta’s Central Perimeter submarket. The two towers are located in the 2.2 million-square-foot Concourse Corporate Campus, a mixed-use business park located at the confluence of I-285, Georgia 400, Hammond Drive and Peachtree Dunwoody Road. The Atlanta Business Chronicle is reporting that the deal could fetch $480 million to $500 million. Regent Partners, along with its investment partners, purchased Concourse Corporate Center in October 2012 for roughly $312 million.
SANDY SPRINGS, GA. — Coro Realty Advisors LLC has brokered the sale of Sandy Springs Crossing, a 133,324-square-foot retail center located at the intersection of Roswell and Abernathy roads in Sandy Springs, a suburb of Atlanta. LA Fitness anchors the center, and other tenants include Rockler Woodworking, Salons by JC, Gwinnett College, Hinton’s Wines, Bride Beautiful and Nori Nori Japanese Restaurant. G&I VII RCG Sandy Springs LLC, an investment fund advised by RCG Ventures, purchased the property for an undisclosed amount. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the unnamed seller in the transaction. RCG Ventures was represented internally by Matt Klump.
ATLANTA — Atlanta-based Oakmont Industrial Group and Washington, D.C.-based The Carlyle Group have broken ground on Oakmont/85 South, a spec industrial property located on a 35-acre parcel in Atlanta’s I-85 South industrial submarket. The 370,000-square-foot property will feature 36-foot clear heights, cross-dock loading, concrete truck courts, 106 trailer parking spots and 238 auto parking spaces. Steve Grable, Chris Tomasulo and Stephen Bridges of JLL will handle the leasing assignment. The Atlanta-based design and construction team includes architect Randall-Paulson Architects and general contractor The Conlan Co. Regions Bank is providing construction financing. Oakmont Industrial Group and The Carlyle Group plan to deliver Oakmont/85 South in the fall.
LITHONIA, GA. — Multi Housing Advisors (MHA) has brokered the $15.8 million sale of Devon Place, a 415-unit apartment community located in the metro Atlanta suburb of Lithonia. The property recently underwent renovations to upgrade unit interiors and exteriors. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Varden Capital Properties LLC, in the transaction and were the sole brokers involved in the deal.
ATLANTA — Lucror Resources LLC, an Atlanta-based developer, has closed an $11.2 million new markets tax credit transaction with Invest Atlanta and JPMorgan Chase to finance the renovation of the Atlanta Flatiron Building. Upon completion of the renovation, the 11-story office building will house the Microsoft Innovation Center and Women’s Entrepreneur Initiative. Georgia Tech’s Enterprise Innovation Institute will assist in the management of the building. Phase I of the renovation is slated for a summer 2015 completion. Aaron Kowan, Jason Cordon and Matt Brodnan of The Private Client Law Group represented Lucror in the negotiations. Drew Marlar of Kutak Rock represented Invest Atlanta, and Andrea Burke and Benjamin Swartzendruber of Applegate & Thorne-Thomsen represented JPMorgan Chase.
ALPHARETTA, GA. — The city of Alpharetta has chosen a team led by MidCity Real Estate Partners and Morris & Fellows to develop Alpharetta City Center, an $80 million mixed-use project in downtown Alpharetta. The public-private partnership will develop 75,000 square feet of restaurant/retail space, 33,000 square feet of office space and 220 units of residential housing. Located across Main Street from the historic district, the development is bound by Main Street, Academy Street and Haynes Bridge Road. The site includes Alpharetta’s new City Hall, a new Fulton County library, public parking deck, city park and Town Green located within new grid streets completed by the city. The project team includes South City Partners, Hedgewood Homes and architect Smallwoods, Reynolds, Stewart, Stewart & Associates. The development team is set to break ground in the third quarter.
SAVANNAH, GA. — BC Wood Properties has purchased Eisenhower Square, a 126,320-square-foot shopping center located at the corner of Eisenhower Drive and Waters Avenue in Savannah. The property’s tenant roster includes Save-A-Lot Market, Manpower, H&R Block, Springleaf Financial, Sushi Zen, Sit & Sleep Mattress, Frozen Yogurt, Clutter and Asian River Restaurant & Bar. The property was purchased via BC Wood Real Estate Fund LP, BC Wood’s first sponsored private equity fund, which has acquired 13 properties totaling 1.8 million square feet since October 2012. BC Wood plans to renovate the existing Spotlight Theater at Eisenhower Square into an upscale theater with recline seating and restaurant services.
ATLANTA — Trammell Crow Co. and Allstate have acquired a 44-acre land site in the South Atlanta industrial submarket to develop a new industrial park. King Mill Distribution Park will be an 846,496-square-foot, Class A distribution center built on a speculative basis. Located along I-75 in Henry County, the industrial building will feature 36-foot clear heights, trailer storage, employee vehicle parking and two separate entrances. Jeff Torto and Mike Everly of CBRE Global Investors are co-portfolio managers with Allstate in the development. Trammell Crow expects construction to start in the spring and wrap up by the end of the year.