Georgia

Dwight Capital Provides $45M HUD-Insured Loan for Kinstone Columns Drive Apartments in Marietta, Georgia

by John Nelson May 18, 2023

MARIETTA, GA. — Dwight Capital has provided a HUD 223(f) loan for the refinancing of Kinstone Columns Drive, a 384-unit apartment community along the Chattahoochee River in Marietta, a northern suburb of Atlanta. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan, which features a 25-basis-point Green Mortgage Insurance Premium (MIP), on behalf of the borrower, Walton Communities. The 30.5-acre community comprises 29 three-story apartment buildings, three townhome buildings, two pool bathhouses and a leasing office/clubhouse. Kinstone Columns Drive’s amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports court and two pools, as well as direct access to Chattahoochee River National Recreation Area’s three miles of walking/hiking trails.

May 18, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Toro Signs 11 Tenants to Medley Mixed-Use Development Underway in Metro Atlanta

by John Nelson May 18, 2023

JOHNS CREEK, GA. — Toro Development Co. (TDC) has announced leases with 11 tenants at Medley, a mixed-use project currently underway in Johns Creek, roughly 30 miles northeast of Atlanta. Upon completion, the development will include 200,000 square feet of retail, restaurant and entertainment space, as well as 900 residential units and 110,000 square feet of office space. The committed tenants include Little Rey (a concept by Atlanta-based chef and restaurateur Ford Fry), CRÚ Food & Wine Bar, AYA Medical Spa, Fadó Irish Pub, BODY20, Lily Sushi Bar, Lucciano’s Gelato, Sugarcoat Beauty, Summit Coffee, Knuckies Hoagies and Cookie Fix. Len Erickson and Kaitlyn Theriot of Franklin Street handle retail leasing at Medley, and Bryan Heller of Stream Realty Partners handles office leasing. The design-build team includes architect Nelson Worldwide, engineer firm Kimley-Horn and landscape architect Site Solutions. Demolition of a 350,000-square-foot office building is currently underway at the site. TDC plans to break ground on Medley before the end of the year.

May 18, 2023

Development Georgia Hospitality Mixed-Use Multifamily Restaurant Retail Southeast

Edens to Redevelop North DeKalb Mall in Decatur, Georgia to 2.5 MSF Mixed-Use Development

by John Nelson May 16, 2023

DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.

May 16, 2023

Development Georgia Restaurant Retail Southeast

Stonecrest Resorts Completes Phase II of 143,000 SF Overhaul at Mall at Stonecrest in Metro Atlanta

by John Nelson May 12, 2023

STONECREST, GA. — Stonecrest Resorts has completed the second phase of redevelopment at Priví, a 143,000-square-foot adaptive reuse of the former Sears department store at The Mall at Stonecrest, which is located roughly 15 miles east of Atlanta. Phase II comprised $4.2 million of renovations and the addition of tenants including Baldwin’s Literary Social Bookstore, Priví Art Gallery, The Exposure Hub, 101 TKO Radio, Priví Event Center, 3 Degrees Infrared Sauna Studio, Picasso’s Splat Room, The Lion’s Cage MMA & Fitness Gym and Garden Life Juice Bar. Stonecrest SeaQuest, an interactive aquarium destination, anchors Phase I of the development. Bay Mountain Capital has provided $8.3 million in financing for the next phase: the addition of a 40,000-square-foot food hall on the property’s second level. Concepts will include Atlanta Breakfast Club, The Original Hot Dog Factory, Dope Coffee, a craft bar, golf simulator suites, a daiquiri bar and a fine-dining restaurant. Construction is scheduled to begin this quarter, with openings beginning in spring of next year. Plans for the site also include a 10,000-square-foot history and cultural center.

May 12, 2023

Acquisitions Development Georgia Healthcare Southeast

Anchor Health Acquires Medical Office Building in Metro Atlanta, Plans 40,000 SF Development

by John Nelson May 12, 2023

LAWRENCEVILLE, GA. — Anchor Health Properties has acquired a 40,000-square-foot medical office building in Lawrenceville, roughly 30 miles outside Atlanta. Located at 595 Hurricane Shoals Road N.W. in Gwinnett County, the property was fully leased at the time of sale to tenants including anchor Northside Health, Fresenius Medical Care, Georgia Nephrology, Palmetto Infusion, Amedisys Home Health and Gwinnett Pediatrics. Anchor’s acquisition also included an adjacent outparcel, and the company has announced plans to develop a three-story, 40,000-square-foot medical office building at the site. Construction is scheduled to begin in the fourth quarter of this year, and Women’s Group of Gwinnett has committed to occupy 16,000 square feet upon completion. Michael Lipton and Josh Gregory of Colliers’ Atlanta office represented Anchor in the transaction. The team also represented Women’s Group Georgia in leasing negotiations. Brandon Wallace of Meadows & Ohly represented the undisclosed seller, and Wintrust Bank provided debt financing services. The sales price and loan amount were not disclosed.

May 12, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Advenir Oakley to Develop 246-Unit Build-to-Rent Residential Property in Cartersville, Georgia

by John Nelson May 11, 2023

CARTERSVILLE, GA. — Advenir Oakley Capital has purchased 28 acres in Cartersville for the development of LEO at Cartersville, a 246-unit build-to-rent residential property. The $65 million project will be situated at the interchange of I-75 and Ga. Highway 20, about 38 miles northwest of Atlanta in Bartow County. Alex Phillips of Cushman & Wakefield represented both the buyer and undisclosed seller in the land transaction. Designed by Birmingham, Ala.-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one-, two- and three-bedroom cottages ranging in size from 728 to 1,510 square feet. Community amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center and a dog park. Birmingham-based Capstone Building Corp. is the general contractor for the project, which is set to break ground next month. Advenir Oakley expects LEO at Cartersville to be fully completed by August 2025, with first deliveries scheduled for December 2024.

May 11, 2023

Development Georgia Multifamily Southeast

Toll Brothers, PGIM Top Out 36-Story Momentum Midtown Apartment Tower in Atlanta

by John Nelson May 9, 2023

ATLANTA — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., and PGIM Real Estate have topped out Momentum Midtown, a new 36-story high-rise apartment tower in Atlanta’s Midtown district. The 376-unit luxury property is located at 1018 W. Peachtree St., a site that formerly housed Ted Turner’s original broadcasting studio for TBS. Toll Brothers and PGIM expect occupancy to begin at Momentum Midtown in early 2024. Wells Fargo provided an undisclosed amount in construction financing for the project. Momentum Midtown will feature studio, one-, two- and three-bedroom floor plans, as well as a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room, and a sky lounge. Other amenities will include a fitness center, coworking space, a club room with coffee bar, beer and wine taps, dog park and pet spa, high-speed Wi-Fi and a 435-space structured parking garage.

May 9, 2023

Company News Development Georgia Industrial Nebraska New York Retail South Carolina Southeast Tennessee Texas Top Stories

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson May 9, 2023

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

May 9, 2023

Acquisitions Georgia Mixed-Use Southeast

Armada Hoffler Agrees to Acquire Commercial Portion of The Interlock in Atlanta for $215M

by John Nelson May 5, 2023

ATLANTA — Armada Hoffler has entered into a purchase agreement to acquire the commercial portion of The Interlock, a nine-acre mixed-use development in Atlanta’s West Midtown district. The seller and developer, locally based SJC Ventures, has agreed to sell about 311,000 square feet of office and retail space at The Interlock for $215 million. Armada Hoffler served as the general contractor for The Interlock. The acquisition includes offices anchored by Georgia Advanced Technology Ventures, a cooperative organization of nearby Georgia Tech, as well as retail space leased to Puttshack and Velvet Taco, among other tenants. The acquisition also includes an 835-space parking garage and Rooftop L.O.A., a 38,000-square-foot rooftop destination that includes a full-service restaurant, indoor and outdoor bars, an event pavilion and swimming pool. The commercial portion of The Interlock is currently 89 percent leased, with another 6 percent of space spoken for. Not included in the sale is the 161-room Bellyard hotel or the project’s multifamily or student housings components. Armada Hoffler plans to fund the acquisition using $100 million of new fixed-rate financing, the conversion of its existing mezzanine loan into equity and the issuance of units of limited partnership interest in the company’s operating partnership to …

May 5, 2023

Acquisitions Georgia Self-Storage Southeast

CBRE Brokers $43.6M Sale of Self-Storage Portfolio in Metro Atlanta

by John Nelson May 5, 2023

LAWRENCEVILLE AND LILBURN, GA. — CBRE’s Self Storage Advisory Group has brokered the $43.6 million sale of a portfolio comprising three self-storage properties within metro Atlanta’s Gwinnett County. Located at 2600 Lawrenceville Highway and 1475 Grayson Highway in Lawrenceville and 3950 Five Forks Trickum Road in Lilburn, the properties total 242,500 square feet and 1,912 units. The occupancy rate was 94 percent at the time of sale. CBRE represented the seller, Gwinnett Self Storage, in the transaction. Wentworth Property Co. acquired the portfolio.

May 5, 2023

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