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AcquisitionsGeorgiaRetailSoutheast

Greenberg Gibbons Purchases Shopping Center in Tucker, Georgia for $17.3M

by John Nelson

TUCKER, GA. — Baltimore-based Greenberg Gibbons has entered the Georgia market with its $17.3 million purchase of Northlake Square, an 82,578-square-foot shopping center in Tucker. Built in 1988 at the intersection of Lavista Road and I-285 in metro Atlanta, the shopping center was 98 percent leased at the time of sale to tenants including longtime anchors Aldi and Best Buy. Greenberg Gibbons purchased Northlake Square via Greenberg Gibbons Real Estate Income Fund I, an investment vehicle whose other acquisitions include shopping centers in Tennessee, Florida, the Carolinas and Maryland.

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DevelopmentGeorgiaLoansMixed-UseSoutheast

Toro Development Obtains Construction Financing for $560M Mixed-Use Medley Development in Metro Atlanta

by John Nelson

JOHNS CREEK, GA. — Toro Development Co. has obtained construction financing for Medley, a $560 million planned mixed-use development in Johns Creek, an affluent northern suburb of Atlanta. The developer plans to break ground on the 43-acre project in December, with an anticipated opening in late 2026. The financing includes an undisclosed amount of equity from Ascentris, a Denver-based real estate private equity firm, and a $158 million construction loan from Mexico City-based Banco Inbursa. At full build-out, Medley will feature 150,000 square feet of retail, restaurant and entertainment space; a 175-room boutique hotel; 110,000 square feet of lifestyle offices; 750 multifamily residences and 133 townhomes; and an activated 25,000-square-foot plaza. Toro Development purchased a former suburban office park on Medley’s site in March for $44 million.

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GeorgiaHospitalityLoansSoutheast

Mesa West Capital Provides $50M Refinancing for Thompson Savannah Hotel

by John Nelson

SAVANNAH, GA. — Mesa West Capital has provided a $50 million loan for the refinancing of Thompson Savannah, a 193-room upscale hotel in Savannah that opened in August 2021. The hotel sits on the southern bank of the Savannah River at 201 Port St. The borrower, a joint venture led by co-developers Regent Partners and Mariner Group, are using the five-year, non-recourse financing to take out the original construction loan. Hyatt Hotels operates Thompson Savannah, which features a signature restaurant, bakery, two bars, pool with private cabanas, fitness and wellness center and 11,000 square feet of meeting space. Russell Frahm, Pamir Niaz and Jacob Rosen led Mesa West Capital’s New York-based origination team for the financing. Jared Kelso, Steve Michels and Lauren Greenberg of Berkadia’s Hotel and Hospitality Group in New York arranged the financing on behalf of Regent and Mariner, which developed the hotel in partnership with Cadre.

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AcquisitionsGeorgiaRetailSoutheast

Sterling Organization Sells Roswell Village Shopping Center in Metro Atlanta

by John Nelson

ROSWELL, GA. — Sterling Organization has sold Roswell Village Shopping Center, a retail center located in Roswell, roughly 25 miles north of Atlanta. Denver-based Revesco Properties purchased the center for an undisclosed price. Tenants at the property, which was 94 percent leased at the time of sale, include Ross Dress for Less, Marshalls and Crunch Fitness. Sterling originally acquired the center in 2014 for $10.6 million when the center’s occupancy rate was 31 percent. Jim Hamilton of JLL brokered the sale on behalf of West Palm Beach, Fla.-based Sterling.

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DevelopmentGeorgiaLeasing ActivityRestaurantRetailSoutheast

Flying Biscuit Café Plans to Open 15 New Restaurants Next Year Across the Southeast

by John Nelson

ATLANTA — The Flying Biscuit Café, an Atlanta-based breakfast and brunch restaurant chain, plans to open 15 new locations in 2025. Founded in 1993, Flying Biscuit Café currently operates 35 locations, with a strong presence in Georgia, Texas, Alabama, Florida and the Carolinas. In 2025, the company will open restaurants in new markets, including Spartanburg, S.C.; Huntsville, Ala.; Knoxville, Tenn.; Tallahassee, Fla.; and Jonesboro, Ark. The Flying Biscuit Café opened five restaurants in 2024, which brought more than 150 jobs to local communities in Charleston and throughout Texas.

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GeorgiaLoansSeniors HousingSoutheast

Newmark Arranges $140M Recapitalization for Corso Atlanta Seniors Housing Community

by John Nelson

ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.

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GeorgiaLoansMultifamilyNorth CarolinaSoutheast

Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina

by John Nelson

AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.

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AcquisitionsGeorgiaIndustrialSoutheast

Cove Capital Investments Purchases 113,157 SF Industrial Property in Athens, Georgia

by John Nelson

ATHENS, GA. — Cove Capital Investments, a Delaware Statutory Trust (DST) sponsor company, has completed the purchase of an industrial property located in Athens, roughly 70 miles northeast of Atlanta. Situated within the 35-acre General Time mixed-use development, the property totals 113,157 square feet. Originally built in 1990, the asset was redeveloped between 2018 and 2021. The property was acquired as part of Cove Capital’s growing portfolio of debt-free DST real estate assets for 1031 exchange and direct-cash investors, according to Dwight Kay, managing member and founding partner of Cove Capital Investments. The seller and sales price were not disclosed.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

CBRE Arranges $30.2M Acquisition Loan for Aqua at Sandy Springs Apartments in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Negotiates Sale of Two Infill Industrial Properties in Metro Atlanta Totaling 253,545 SF

by John Nelson

MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc. 

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