Georgia

Atlanta Office Vacancies Tumble Toward Pre-Recession Levels

by Scott Reid October 14, 2014

The Atlanta office market’s decline in vacancies continued in the third quarter of 2014, with the quarter ending at 17.9 percent, according to a report by Cushman & Wakefield. This rate is the first drop below 18 percent since the first quarter of 2009. These gains in office occupancy represent a 130 basis point decrease in vacancy from the end of 2013 and a 150 basis point decrease year-over-year. The research presented by Cushman & Wakefield showed healthy absorption totaling more than 450,000 square feet during the third quarter of 2014, giving the Atlanta market 11 consecutive quarters of net occupancy gains. This quarterly absorption brings the total year-to-date to 1.7 million square feet, an increase of 54 percent compared to the pace during the same period in 2013. “Atlanta is seeing consistent momentum in terms of tenant activity and absorption,” says Logan Menne, the research manager of Cushman & Wakefield. “As vacancy continues to tighten, the supply of existing available options is becoming more and more limited. Additionally, due to the increased demand from tenants in the Atlanta market, many landlords are beginning to increase asking rents, particularly in high-demand submarkets like Buckhead and Central Perimeter.” Several large lease …

October 14, 2014

Georgia Market Reports Office Southeast Southeast Market Reports

Continued Job Growth, Limited Development Boost Atlanta Office Market’s Fundamentals

by John Nelson October 13, 2014

Atlanta is the economic engine of the Southeast, which is the fastest growing region in the country. With a population of 5.5 million across the 28-county metro area, the city is the ninth-largest metro nationally and is projected to be the sixth most populated by 2020. Atlanta’s high quality of life and low cost of living make it an ideal destination for young and educated talent around the region, as well as growing companies. Atlanta is home to 16 Fortune 500 companies and the busiest airport in the world — the recipe for a business boom and hot office real estate sector. According to Georgia State University’s Economic Forecasting Center, Atlanta is projected to add 305,000 new jobs between 2010 and 2016, with a drop in the unemployment rate to 5.7 percent in the same timeframe from the current rate of 7.5. That is a 13.5 percent increase in job growth over six years. The technology, homebuilding and service sectors are returning to health, if not climbing to new heights. According to CBRE’s U.S. Tech-Twenty research report, tech employment in Atlanta rose nearly 11 percent between 2011 and 2013. CBRE Research also finds that Atlanta’s recovery is underpinned by an …

October 13, 2014

Georgia Loans Southeast

Capital One Provides $8.6M HUD Loan for Seniors Facility in Metro Atlanta

by John Nelson October 10, 2014

UNION CITY, GA. — Capital One Multifamily Finance has provided an $8.6 million HUD 221(d)(4) loan for the construction of Providence at Parkway Village, a 150-unit affordable rental community for seniors. The age-restricted property will be located in Union City, part of the Atlanta MSA. Carolyn Whatley of Capital One originated the transaction on behalf of the developer, The Benoit Group. John Rucker at Merchant Capital was the bond underwriter for the loan, which features a construction period of 16 months and a 40-year amortization schedule. Providence at Parkway Village is Phase III of the master-planned Parkway Village, which includes two other multifamily properties delivered in 2009 and 2011. In addition to the HUD loan, the project is being financed through tax-exempt bonds, a tax credit equity investment facilitated by Raymond James and the Low Income Housing Tax Credit, a HOME loan from the Georgia Department of Community Affairs and a loan from the Housing Authority of Fulton County.

October 10, 2014

Georgia Office Southeast

Columbia Property Trust Sells AT&T Lenox Park Campus in Atlanta for $290M

by John Nelson October 8, 2014

ATLANTA — Columbia Property Trust, one of the largest office REITs in the nation, has completed the sale of a five-building, 1 million-square-foot office campus in Atlanta for $290 million. The campus, which is fully leased to AT&T Services Inc., is located at 1025, 1055, 1057 and 1277 Lenox Park Blvd. and 2180 Lake Blvd. in the Lenox Park office complex in the Buckhead office submarket. The buyer was undisclosed.

October 8, 2014

Georgia Retail Southeast

Colliers Brokers Sale of Two Metro Atlanta Shopping Centers Totaling $14.4M

by John Nelson October 8, 2014

MARIETTA, GA. — Colliers International’s Southeast retail investment sales team has brokered the sale of two shopping centers in the Atlanta suburb of Marietta totaling $14.4 million. The two assets include the 88,369-square-foot Home Center Village and the 206,828-square-foot Marietta Plaza. Home Center Village is 90 percent leased to tenants such as Dollar Tree and Anna’s Linens and includes Walmart Supercenter as a shadow anchor. The Geneva Group purchased Home Center Village from Mimms Enterprises for roughly $6.9 million. Marietta Plaza is anchored by Burlington Coat Factory. The Simpson Organization purchased the asset for roughly $7.5 million. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the sellers in both transactions.

October 8, 2014

Georgia Retail Southeast

Sterling Acquires Roswell Village Shopping Center for $10.6M

by John Nelson October 6, 2014

ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.

October 6, 2014

Georgia Hospitality Southeast

Encore Hospitality Buys Doubletree Suites in Atlanta, Plans $6M Renovation

by John Nelson October 3, 2014

ATLANTA — Encore Hospitality, a subsidiary of Dallas-based Encore Enterprises Inc., has purchased a 154-room Doubletree Suites by Hilton hotel in Atlanta. The hotel is located in Cobb County immediately adjacent to SunTrust Park, the future ballpark of the Atlanta Braves that is slated to open by Opening Day 2017. Encore plans on investing $6 million to remodel the hotel to include a new lobby with a multi-story water feature and a sports-themed lounge. Encore purchased the hotel for an undisclosed price from Inland Hospitality. Atlanta-based Hodges Ward Elliott brokered the transaction.

October 3, 2014

Florida Georgia Retail South Carolina Southeast

HFF Brokers Sale of Grocery-Anchored Shopping Center Portfolio

by John Nelson October 2, 2014

ATLANTA — HFF has closed on the sale of a retail portfolio consisting of seven Publix-, Kroger- and BI-LO-anchored shopping centers totaling 513,723 square feet in Florida, Georgia, South Carolina and Texas. The properties include Kingwood Glen in Houston; Doral Isles in Miami; Barclay Crossing in Tampa; Deltona Landings in Orlando; Parkway Centre in Columbus, Ga.; Publix at Powder Springs in Atlanta; and Sweetgrass Corner in Charleston, S.C. Richard Reid, Danny Finkle, Ryan West, Rusty Tamlyn, Jim Hamilton and Luis Castillo of HFF represented the seller, a joint venture between BVT Equity Holdings Inc. and WealthCap, in the transaction. The seven retail assets had a combined 96.5 percent occupancy at the time of the sale.

October 2, 2014

Florida Georgia Industrial Southeast

King Industrial Realty/CORFAC Completes Two Industrial Leases

by John Nelson October 2, 2014

LAWRENCEVILLE, GA. AND GREEN COVE SPRINGS, FLA. — King Industrial Realty/CORFAC International has completed 183,000 square feet of industrial leases in two transactions in Lawrenceville and Green Cove Springs. Specialty Rolled Metals LLC has leased 83,000 square feet of space for five years at 975 Progress Center Drive in Lawrenceville. Jeff Graham and Jason McCart of King/CORFAC represented the landlord, Dietrich Gross Trust, in the transaction. Additionally, Graham represented U.S. Lumber Group in a five-year, 100,528-square-foot lease renewal at 4627 J.P. Hall Blvd., Suite 107 in Green Cove Springs. The building is owned by Green Cove LLC.

October 2, 2014

Georgia Retail Southeast

The Shopping Center Group Brings New Tenants to Paulding Commons

by Jaime Lackey September 30, 2014

HIRAM, GA. — The Shopping Center Group has arranged Planet Fitness’ 20,000-square-foot lease at Paulding Commons, a 210,000-square-foot shopping center in Hiram, about 27 miles northwest of Atlanta. The Planet Fitness is expected to open in late 2014, while new tenants Aspen Dental and Vision Works are slated to open in the fall. The new trio of tenants will be joining established retailers Academy Sports + Outdoors and Hobby Lobby at Paulding Commons. Brett Fuller of The Shopping Center Group represented the landlord, NewQuest Epic Investments, in the lease transactions. The shopping center is currently undergoing a $2 million renovation, which is slated to wrap up in the fall.

September 30, 2014

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