MARIETTA, GA. — Atlanta Property Group (APG) has purchased 1900 West Oak, a 50,000-square-foot industrial building located at 1900 W. Oak Circle in Marietta, a northern suburb of Atlanta. Built in 1990 roughly two miles from I-75, the facility was 50 percent leased at the time of sale and features 12 dock-high doors and 20-foot clear heights. The property is APG’s 12th distribution facility purchased since 2022. The seller and sales price were not disclosed.
CUMMING, GA. — Atlantic Capital Partners has brokered the $17.5 million sale of Sharon Greens, a Kroger-anchored shopping center located in Cumming, a northern suburb of Atlanta. Justin Smith, Fred Victor, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the institutional seller and secured the buyer, a joint venture between ShopOne Centers REIT Inc., Pantheon and an unnamed global institutional investment firm. Built in 2001, Sharon Greens spans 98,301 square feet and was 98 percent leased at the time of sale to 21 tenants, including Kroger, Chase Bank and Heartland Dental. The property is located at the intersection of Sharon Road and Peachtree Parkway.
ATLANTA — Cherry Street Energy, an Atlanta-based solar energy company, has signed a new office lease at Brickworks, a 194,000-square-foot mixed-use development in Atlanta’s West Midtown district. The landlord, Asana Partners, signed the tenant to a 13,600-square-foot lease. Cherry Street Energy is relocating its headquarters to the Brickworks location and will bring over 50 employees, as well as install solar panel and electric vehicle charging stations. The firm, which previously occupied 1,500 square feet, recently received a $40 million investment to expand its footprint and hire new staff. Cherry Street Energy will utilize the space at Brickworks for both office space and research-and-development. Joey Kline and Terry McGuirk of JLL represented Cherry Street Energy in the lease negotiations. Bennett Gottlieb of Capital Real Estate Group represented Asana Partners.
ATLANTA — CA Ventures, a Chicago-based real estate investment and development firm, has opened 903 Peachtree, a 33-story apartment tower in Midtown Atlanta. The high-rise comprises 427 luxury apartments, high-end amenities and 9,000 square feet of retail space. “We are thrilled to celebrate the grand opening of 903 Peachtree, a landmark achievement for CA Ventures as our first residential building in Georgia,” says Jack Duncan, executive vice president of operations for CA Ventures. “This luxury building embodies our commitment to delivering exceptional living spaces and amenities that enhance the lives of our residents. We are excited to introduce this remarkable community to the vibrant neighborhood of Midtown Atlanta.” The development team includes Diamond Realty Investments Inc., a capital investor with offices in metro Dallas and Los Angeles, and Cartel Properties, an Atlanta-based urban development firm. Cartel is both a development partner and is leading the retail leasing assignment on behalf of the ownership group. Lincoln Property Co. is the property manager. 903 Peachtree features studios, one-, two- and three-bedroom apartments. According to the property website, units range in size from 300 to 1,884 square feet and monthly rental rates range from $1,410 to $8,192. The website also says renters can …
MARIETTA, GA. — TerraCap Management, a Florida-based investment firm, has sold Cobb Corporate Center, a 196,000-square-foot office campus located in Marietta, roughly 20 miles outside of Atlanta. TerraCap acquired the property, which comprises five single-story buildings, in July 2020 and executed 70,000 square feet of leases during the firm’s ownership. The buyer and sales price were not disclosed.
CENTERVILLE, GA. — Forman Capital has provided a $22.5 million loan for the lot acquisition and construction of a build-to-rent (BTR) residential community located at 3930 US Highway 41 in Centerville, about 21 miles south of Macon, Ga. Upon completion, the first phase of the development will comprise 109 single-family rental homes in two-, three- and four-bedroom layouts, with monthly rents expected to range from $1,900 to $2,400. Parkland Homebuilders, an affiliate of Alpharetta, Ga.-based Parkland Communities, is the borrower and developer. Plans for the community include four phases and a total of 317 homes.
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.
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.
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.
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.
