Georgia

Brook Farm Group to Develop 388-Unit Apartment Community in Metro Atlanta

by John Nelson August 3, 2023

COVINGTON, GA. — Brook Farm Group, along with capital partners Emory Equity and SilverCap Partners, plans to develop The Sinclair at Callaway Farm, a 388-unit apartment community in Covington. The 37-acre property will be situated at the intersection of Alcovy and City Pond roads, which is adjacent to the 180-acre Covington Town Center and about 35 miles east of Atlanta via I-20. First Horizon Bank and TrustMark Bank provided construction financing for the project, and Emory Equity and SilverCap provided equity. Sinclair at Callaway Farm will feature two separate neighborhoods encompassing 11 residential buildings, a 9,000-square-foot clubhouse, resort-style pool, two-story gym, coworking space, dog park and pet spa, electric vehicle charging stations and the first rooftop lounge in the Covington market. Additionally, four of the buildings will have elevators. Brook Farm Group expects to break ground on the project this quarter.

August 3, 2023

Acquisitions Company News Georgia Multifamily Southeast

The RMR Group Acquires Carroll Multifamily Platform for $80M

by John Nelson August 1, 2023

NEWTON, MASS. AND ATLANTA — The RMR Group, an alternative asset management company based in Newton, has purchased the multifamily platform of Carroll, a multifamily investment firm based in Atlanta. RMR has acquired 100 percent of the equity interests of MPC Holdings (Carroll) in an $80 million, all-cash transaction. Founded in 2004, Carroll provides asset and property management services to 81 multifamily properties comprising more than 28,000 units that are primarily located across the Sun Belt. Carroll had approximately 700 employees as of first-quarter 2023. The acquisition will add $7 billion in assets under management (AUM) to RMR, which had $37.3 billion in AUM as of first-quarter 2023. Carroll will retain existing general partner co-investments and promote fees derived from those investments. The Carroll acquisition will give RMR a foothold in the multifamily sector for the first time and will include the company’s property management division, Arium Living. RMR acquires properties for four publicly traded REITs: Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and Industrial Logistics Properties Trust.

August 1, 2023

Acquisitions Georgia Healthcare Southeast

CBRE Arranges Sale of MOB Portfolio Totaling 192,363 SF in Fayetteville, Georgia

by John Nelson July 31, 2023

FAYETTEVILLE, GA. — CBRE has arranged the sale of a medical office building (MOB) portfolio spanning 192,363 square feet across two buildings in Fayetteville, roughly 20 miles outside of Atlanta. Located at 1265 and 1267 Highway 54, the properties are directly connected to the 310-bed Piedmont Fayette Hospital. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reeth of CBRE represented the seller, Atlanta-based Piedmont Healthcare, in the transaction. A joint venture between Remedy Medical Properties and Kayne Anderson Capital Advisors LP acquired the portfolio for an undisclosed price.

July 31, 2023

Company News Development Georgia Restaurant Retail Southeast

Chick-fil-A to Test Two New Restaurant Concepts in Metro Atlanta, New York City

by John Nelson July 31, 2023

ATLANTA AND NEW YORK CITY — Chick-fil-A has announced plans for two new restaurant concepts. Beginning in 2024, the brand will open an elevated drive-thru concept in metro Atlanta as well as a walk-up restaurant in New York City. Both concepts are designed to enhance efficiency and convenience, with plans for the drive-thru restaurant including a kitchen built above the drive-thru lanes and dedicated lanes for mobile orders. Targeted toward urban areas with heavy foot traffic, the walk-up concept will allow guests to order through the Chick-fil-A app and pick up items at the walk-up windows. “Digital orders make up more than half of total sales in some markets… so we know our customers have an appetite for convenience,” says Khalilah Cooper, Chick-fil-A’s executive director of restaurant design. “The locations for these tests were intentionally selected with the customers in mind, giving them more control over their desired experience and cutting down wait time.” The locations of the two new concepts were not disclosed. Chick-fil-A is a privately held, family-owned fast-casual restaurant chain based in Atlanta. The company employs more than 170,000 team members at more than 2,700 restaurants across 47 states, Washington, D.C., Puerto Rico and Canada.

July 31, 2023

Georgia Leasing Activity Office Southeast

Morgan Stanley Signs 100,000 SF Office Lease Expansion in Alpharetta, Georgia

by John Nelson July 28, 2023

ALPHARETTA, GA. — Morgan Stanley has signed an office lease extension including an additional 100,000 square feet at The Edison Alpharetta, an office park roughly 30 miles north of downtown Atlanta. The New York City-based investment bank and financial services provider will now occupy a total 216,000 square feet across Buildings 1 and 3 at the property. Bryan Heller and Peter McGuone of Stream Realty Partners represented the landlord, Invesco Real Estate, in the leasing transaction. JLL represented the tenant.

July 28, 2023

Development Georgia Mixed-Use Multifamily Office Retail Southeast

Rockefeller Group Breaks Ground on 1072 West Peachtree Mixed-Use Tower in Midtown Atlanta

by John Nelson July 27, 2023

ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise tower in Midtown Atlanta. At a planned height of 730 feet, the tower is slated to be the tallest building delivered in Atlanta in the past 30 years, according to Rockefeller. Situated at the corner of 12th and West Peachtree streets, the property will comprise more than 350 luxury apartments and amenities situated atop 224,000 square feet of flexible, Class A offices and 6,400 square feet of street-level retail space. Sumitomo Mitsui Trust Bank Ltd. is providing construction financing in the form of a senior loan to Rockefeller. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. Atlanta-based TVS was the lead architect for 1072 West Peachtree. A construction timeline was not disclosed.

July 27, 2023

Acquisitions Georgia Industrial Southeast

J.P. Morgan REIT Purchases New Infill Industrial Facility in Savannah for $74.7M

by John Nelson July 27, 2023

SAVANNAH, GA. — J.P. Morgan Real Estate Income Trust Inc. has purchased a 136,240-square-foot infill industrial facility in Savannah. InLight Real Estate Partners, in a partnership with Black Salmon, sold the build-to-suit transload property to the REIT for $74.7 million. Britton Burdette, Patrick Nally, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL represented InLight and procured the buyer in the transaction. Located at 4833 and 4835 Old Louisville Road, the 60-acre site features 134 dock doors, 884 trailer parking spaces and 69 automobile parking spaces. Situated south of the Savannah/Hilton Head International Airport and along U.S. Route 80, the facility is within a five-mile radius of I-95, I-16, the CSX and Norfolk Southern intermodals and both terminals of the Port of Savannah.

July 27, 2023

Acquisitions Georgia Multifamily Southeast

Northland, Ascent Purchase 216-Unit Glenwood at Grant Park Apartments in Atlanta

by John Nelson July 25, 2023

ATLANTA — Northland has partnered with Ascent Property Management to purchase Glenwood at Grant Park, a 216-unit apartment community located in Atlanta’s Grant Park neighborhood. The seller and sales price were not disclosed. Built in 2016, the midrise property features a mix of studio, one- and two-bedroom apartments. Amenities include a 24-hour business center, fitness center, bocce ball court, coffee bar, resort-style pool and courtyard, pet washing station, a resident lounge and game room, package lockers, EV charging stations and access to the Atlanta BeltLine. This is Northland’s ninth acquisition in Georgia since entering the market in 2020.

July 25, 2023

Development Georgia Mixed-Use Restaurant Southeast

North American Properties, Politan Group to Open New Food Hall at Forum Peachtree Corners in Metro Atlanta

by John Nelson July 25, 2023

PEACHTREE CORNERS, GA. — Cincinnati-based mixed-use developer and operator North American Properties (NAP) has partnered with New Orleans-based Politan Group for a new food hall at The Forum Peachtree Corners, a mixed-use redevelopment in metro Atlanta. Set to open in summer 2024, the new Politan Row at The Forum is the second food hall between NAP and Politan Group as the duo opened Politan Row at Colony Square in Midtown Atlanta two years ago. The nearly 10,000-square-foot food hall will feature space for seven independent food-and-beverage concepts, a central Bar Politan, private event venue and an outdoor patio fronting the greenspace. Politan Group is also activating the adjacent jewel box with a standalone restaurant and wine bar. Bell-Butler is designing the food hall. Other uses coming to The Forum Peachtree Corners include a 125-room hotel, 381 apartments and a structured parking deck.

July 25, 2023

Acquisitions Georgia Industrial Southeast

Dermody Properties Acquires 312,000 SF Logistics Facility in Garden City, Georgia

by John Nelson July 21, 2023

GARDEN CITY, GA. — Dermody Properties has acquired a 312,000-square-foot logistics facility located at 2509 Dean Forest Road in Garden City, about three miles west of the Port of Savannah’s Garden City Terminal. Yokohama Off-Highway Tires America Inc. and GFA Inc. occupy the property, which features 32-foot clear heights, 89 dock-high doors, three drive-in doors, 74 trailer parking spaces, T-5 lighting and ESFR fire protection. Britton Burdette, Matt Wirth, Jim Freeman, Dennis Mitchell and Mitchell Townsend of JLL arranged the transaction. The seller and sales price were not disclosed.

July 21, 2023

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