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.
ATLANTA — CBRE has arranged American Building Supply’s 200,000-square-foot lease expansion at its manufacturing and distribution facility at 4475 S. Fulton Parkway in Atlanta. The hardware and door manufacturer and distributor’s lease now totals 635,000 square feet. David Nixon and Chad Burd of CBRE’s Atlanta office represented the tenant, and Will Lombard of Majestic Realty represented the landlord. The overall industrial vacancy in Atlanta dropped to below 10 percent in 2014 for the first time in nearly 14 years, according to CBRE Atlanta Research.
ATLANTA — Admiral Capital Group and its joint venture partner SDM Partners have sold 200 Ashford Center, a 158,384-square-foot office building in Atlanta’s Central Perimeter submarket. Built in 1989, the office building is located near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway. The buyer was Parmenter Realty Partners, a fully integrated real estate investment, management and development firm headquartered in Miami with more than $1 billion in assets under management. Cushman & Wakefield represented both the buyer and sellers in the transaction.
ATLANTA — Westside Ironworks, a 19,000-square-foot, $8.5 million retail redevelopment in Atlanta’s West Midtown neighborhood, has added three new tenants, bringing its pre-leasing to 75 percent occupancy. The new tenants include O-Ku (3,200 square feet), a Southern-style sushi restaurant; Dixon Rye (5,000 square feet), an upscale, rustic-style home furnishings retailer; and Tom+Chee (2,600 square feet), a café-style, comfort food restaurant known for its Grilled Cheese Donut. All three retailers are expected to open this fall. The Westside Ironworks redevelopment transforms the former site of Iron-Works International Inc. into a retail destination. The project is spearheaded by Westside Ironworks LLC, a partnership between Frank Buonanotte and Jeff Stein. Buonanotte is the founder and chairman emeritus of The Shopping Center Group and the founder and principal of Metro Real Estate Investment Advisors, a real estate investment fund. In 2010, Stein founded Stein Investment Group, which has invested in and is actively acquiring real estate throughout metro Atlanta and the Southeast.
BIRMINGHAM, ALA. — Dominion Partners, a Birmingham-based developer of senior living properties across the Southeast, has two projects underway in Georgia and Florida. Somerby of Peachtree City senior living community in Peachtree City was split into two phases of construction. Phase I, currently in lease-up, has 72 assisted living and 24 memory care apartments. Dominion Partners recently broke ground on the $25 million Phase II of Somerby, which is expected to reach completion in the fall of this year. The 13-acre project will add a four-story building with 101 one- to three-bedroom independent living units, as well as nine villas that will provide flow for the existing assisted living units. The company is also developing a property in Florida called Somerby of Santa Rosa Beach. The $13.8 million project includes 52 assisted living and 24 memory care apartments.
ATLANTA — The Trillist Cos. Inc. has begun construction on YOO on the Park, a 25-story apartment tower located adjacent to Piedmont Park in Midtown Atlanta. The Trillist Cos. partnered with London-based YOO Studio on the 245-unit multifamily project, which will be located at 207 13th St. between Juniper Street and Piedmont Avenue. The property’s amenity package will include multiple resident lounges, game rooms, a virtual golf simulator, indoor and outdoor fitness facilities, resort-style pool and lounge, 24-hour concierge services, bike fix-it station and pet facilities with dog grooming stations. Trillist Cos. and YOO Studio are expecting a summer 2016 completion.
ATLANTA — HFF has arranged $8.3 million in acquisition financing for Midtown West, a portfolio of two industrial warehouses and an adjacent 3.2-acre parcel in Midtown Atlanta. The borrower, a joint venture between Stream Realty Partners and a private joint venture partner, plan to convert the two buildings, which total 75,000 square feet, and the adjacent parcel into loft office space. The properties are located at 1460, 1494 and 1510 Ellsworth Industrial Blvd. N.W. Stream plans to reintroduce the project as Ellsworth in June 2015. The conversion will create speculative office studios ranging from 1,500 to 6,000 square feet at 1494 Ellsworth, while 1510 Ellsworth will be marketed for single-tenant use. Travis Anderson, Gregg Shapiro and Cory Fowler of HFF negotiated the financing on behalf of the borrower.