Georgia

Bridgeline Starts Construction of 45-Room Bridge Creek Inn in Clayton, Georgia

by Hayden Spiess June 1, 2023

CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.

June 1, 2023

Georgia Leasing Activity Office Southeast

Lincoln Arranges Office Leases Totaling 10,400 SF at Park Central Office Building in Atlanta

by Hayden Spiess June 1, 2023

ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling 10,400 square feet at Park Central, a 213,165-square-foot office building in Atlanta. Telespecialist will occupy 9,000 square feet at the property, and Broadway Across America will occupy 1,400 square feet. Hunter Henritze, Matt Fergus and Seabie Hickson of Lincoln represented the landlord, TerraCap Management, in the leasing negotiations. David Pope of Lavista Associates represented Broadway Across America. Park Central underwent $3.4 million in renovations in 2018, including upgrades to building systems, common areas and amenities. The property features covered parking, an onsite café, fitness center, conference center and 24-hour security.

June 1, 2023

Development Georgia Leasing Activity Southeast

Scofflaw Plans 5,500 SF Brewery at Oxton Development in Atlanta

by Hayden Spiess May 31, 2023

ATLANTA — Scofflaw Brewing Co. has announced plans for a 5,500-square-foot brewery space at Oxton, a 35,000-square-foot food and retail project. Ardent Cos., Westbridge and Bridger Properties are developing Oxton at the Piedmont Center office campus in Atlanta, scheduled to open in 2024. Marking the first tenant at the development, the taproom and brewery will feature access to an adjoining courtyard. Square Feet Studio Architects is leading the design of Oxton, which was announced earlier this year. Bridger is handling retail leasing at the property.

May 31, 2023

Georgia Loans Retail Southeast

Acadia Receives $36M Refinancing for Canton Marketplace in Metro Atlanta

by Hayden Spiess May 30, 2023

CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.

May 30, 2023

Georgia Industrial Market Reports Southeast Southeast Market Reports

Industrial Users are Pondering Where in Atlanta They’ll Set Up Shop

by John Nelson May 30, 2023

The Atlanta industrial market needs very little validation when it comes to answering the question “Why Atlanta?” More than a dozen companies started or based in Atlanta have grown over the past decade to valuations above $1 billion. Metro Atlanta had the second highest rate of job growth in the nation among large metro areas (6.7 percent), according to the U.S. Bureau of Labor Statistics. So rather than ask “Why Atlanta,” the better question is “Where in Atlanta?” As the Southeast’s population continues to grow, the metro Atlanta area continues in equal parts to add density to its thriving urban core as well as expand its suburban reach. With limited geographic barriers to development, outlying towns are quickly becoming absorbed into the definition of the Atlanta area. This persistent growth is placing demand on industrial space at an all-time high, requiring a nuanced view of site selection within the Atlanta MSA. The four corners of the Atlanta market reach nearly 60 miles from the urban center in each direction along highways I-75 and I-85, with new speculative projects under construction as far out as Adairsville, Commerce, Locust Grove and La Grange. Its breadth now includes Bremen and Rutledge in either …

May 30, 2023

Georgia Loans Multifamily Southeast

ACRE Provides $26.5M Loan for Lowe Apartments in Savannah

by John Nelson May 25, 2023

SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.

May 25, 2023

Development Georgia Leasing Activity Mixed-Use Retail Southeast

Pottery Barn to Open Atlanta Store at 619 Ponce Building in Ponce City Market

by John Nelson May 23, 2023

ATLANTA — Pottery Barn plans to open a new store on the ground level of 619 Ponce, a new four-story, mass-timber office building under construction at Ponce City Market in Atlanta. Master developer Jamestown signed the retailer to a more than 18,000-square-foot lease at the building. 619 Ponce will be situated at the corner of Ponce de Leon Avenue and Glen Iris Drive and feature 87,000 square feet of office space and 27,000 square feet of retail space. The building is part of the next phase at Ponce City Market, which includes a 405-unit flexible-stay hotel and co-living building and Signal House, a 21-story active adult multifamily building. Pottery Barn is the latest retailer to join the roster at Ponce City Market, an adaptive reuse campus in Atlanta’s Old Fourth Ward district. The store is set to open in early 2024 and feature an outdoor patio and design studio.

May 23, 2023

Affordable Housing Development Georgia Multifamily Southeast

McShane Completes Construction of 117-Unit Affordable Housing Community in Atlanta

by John Nelson May 22, 2023

ATLANTA — McShane Construction Co. has completed the construction of Thrive Sweet Auburn, a 117-unit affordable housing development located in Atlanta’s Sweet Auburn district. The developers are Mercy Housing Southeast and Project Community Connections Inc. (PCCI). In addition to apartments in one-, two- and three-bedroom layouts for residents earning 30 to 80 percent of area median income (AMI), the property features 11,400 square feet of ground-floor office space. Designed by Goode Van Slyke Architecture, Thrive Sweet Auburn’s amenities include community rooms, an outdoor pavilion, community garden, coffee shop and wellness rooms. Thrive Sweet Auburn also offers supportive services including a medical clinic, nutrition education and case management. The first floor serves as PCCI’s headquarters and holds offices for First Step Staffing, which provides job coaching and employment opportunities for those experiencing homelessness, previously incarcerated individuals and military veterans.

May 22, 2023

Affordable Housing Build-to-Rent Georgia Market Reports Multifamily Single-Family Rental Southeast Southeast Market Reports

Why Investors Should Love Atlanta’s Multifamily Market

by John Nelson May 22, 2023

Like most of the country, the metro Atlanta multifamily market has experienced a dramatic storyline over the past three years. While the continuing plot twists are difficult to predict, important cues suggest Atlanta’s multifamily market will reestablish a solid upward path quicker than many other cities in the country. Economic strength Atlanta’s economic fundamentals make it a favored market for investors, lenders, new residents, and business relocations. Today, metro Atlanta’s population stands at approximately 6 million, growing by 64,940 in 2022. Atlanta also added 126,400 new jobs in 2022. Georgia’s unemployment rate of 3.1 percent is below the national average of 3.6 percent. These figures are a key part of Atlanta’s desirability as an investment market and an indicator of the region’s ability to rebound quickly from cyclical economic disruptions. Record volume Atlanta is a top 10 U.S. market for multifamily inventory and investment. As the nation experienced an 11-year economic expansion after the Global Financial Crisis (GFC), Atlanta’s multifamily sales volume averaged between $7 billion and $9 billion annually. When the pandemic hit in March 2020, most industry participants expected a major transaction pullback. The reality proved different. Sales volume dropped initially but rebounded sharply for a full-year 2020 …

May 22, 2023

Georgia Industrial Leasing Activity Southeast

CBRE Arranges 110,441 SF Lease at Busch Logistics Park in Cartersville, Georgia

by John Nelson May 19, 2023

CARTERSVILLE, GA. — CBRE has arranged a 110,441-square-foot industrial lease within Busch Logistics Park at 1187 Cassville White Road NE in Cartersville. The tenant is Ernesta, a New York City-based direct-to-consumer, custom-fit rug company. The company expects to hire up to 50 people at the location. Matt Von der Ahe and Scott Slappey of CBRE represented the tenant in the leasing negotiations. JLL represented the landlord, Houston-based Hines.

May 19, 2023

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