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AcquisitionsGeorgiaRestaurantRetailSoutheast

JLL Brokers $18.5M Sale of Ivy Walk Retail Center in Smyrna, Georgia

by John Nelson

SMYRNA, GA. — JLL Capital Markets has brokered the $18.5 million sale of Ivy Walk, a 42,499-square-foot neighborhood retail center located in the north Atlanta suburb of Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, MRE Properties, in the transaction. The buyer was South Coast Commercial LLC. Ivy Walk was built in 2004 and was 91 percent leased at the time of sale to tenants such as Muss & Turner’s, South City Kitchen, First Watch, Natural Body Spa and Children’s Healthcare of Atlanta.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Seniors Housing Operators See Rapid Rise in Online Leads and Universal Workers, Say InterFace Panelists

by John Nelson

By John Nelson ATLANTA — Property managers rely on various tools and methods to boost occupancy at their seniors housing facilities. One common avenue is for operators to have reliable online lead generators that connect their sales teams to potential residents and their families. Digital platforms in the seniors housing space like A Place for Mom and Grow Your Occupancy are churning out such leads for sales teams, and operators are saying that it’s a double-edged sword because they are coming in at a rapid clip. “We love the leads but we have one salesperson per community typically,” said Don Bishop, CEO of Tallahassee, Fla.-based SRI Management. “The response time is important. Some leads take a long time to prospect and work through the system. Having too many leads is a good challenge, but it is a challenge.” Bishop’s comments came during the operations panel at the ninth annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business. The event was held Wednesday, Aug. 17 at the Westin Buckhead hotel in Atlanta. Pilar Carvajal, founder and CEO of Innovation Senior Living, said that her firm has been discussing creative …

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AcquisitionsGeorgiaMultifamilySoutheast

GREA Negotiates $58M Sale of Avenue 33 Apartments in Stockbridge, Georgia

by John Nelson

STOCKBRIDGE, GA. — GREA has negotiated the sale of Avenue 33 Apartments, a 284-unit multifamily community located at 3386 Mount Zion Road in Stockbridge, a south Atlanta suburb. REM Acquisitions purchased the property from Peak Capital Partners for $58.2 million. Chandler Brown, Taylor Brown, Cory Caroline Sams and Walter Miller of GREA represented the seller in the transaction. Built in 1999, Avenue 33 features one-, two- and three-bedroom floor plans, as well as a clubhouse, resort-style swimming pool, fitness center, business center, dog park and outdoor grilling stations. The new ownership plans to enhance previously completed upgrades at the property.

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AcquisitionsData CentersDevelopmentGeorgiaSoutheast

QTS Buys 615 Acres in Fayetteville, Georgia for ‘World’s Largest Multi-Tenant Data Center Campus’

by John Nelson

FAYETTEVILLE, GA. — Quality Technology Services (QTS), a data center owner and operator, has acquired 615 acres in Fayetteville, about 25 miles south of Atlanta. The Overland Park, Kan.-based firm plans to develop the world’s largest multi-data center campus on the site, according to CBRE. The square footage and construction timeline for the campus were not released. Tim Huffman and Mike Lash of CBRE represented the seller, the Fayette County Development Authority, in the deal. The duo also procured QTS, which acquired the assemblage for $153.8 million, or approximately $250,000 per acre. Atlanta’s data center market has seen strong demand as the market recorded a vacancy rate of 3.6 percent as of second-quarter 2022, according to CBRE research. The market is currently home to 249.5 megawatts (MW) of data center capacity, a 71.7-MW increase from the first half of 2021.

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AcquisitionsData CentersGeorgiaSoutheast

Lincoln Rackhouse, Principal Acquire 185,000 SF Data Center in Alpharetta, Georgia

by John Nelson

ALPHARETTA, GA. — Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors, the real estate investment arm for Principal Global Investors, have partnered to purchase a 185,000-square-foot data center. Originally built and occupied by cell phone giant Blackberry in 2009, the data center sits on a 38-acre site at 4905 N. Point Parkway in Alpharetta, less than two miles from the Avalon mixed-use development and about 25 miles north of Atlanta. The seller and sales price were not disclosed. The data center’s current capacity is 7 megawatts (MW) but is expandable up to 13 MW, and the site can accommodate a new ground-up data center that can support 30 MW of capacity. St. Louis-based Ascent will continue to provide facilities management, engineering and construction services to the site. Digital Crossroad and CBRE’s Atlanta-based data center solutions team will provide marketing and leasing services for the new ownership.

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AcquisitionsGeorgiaOfficeSoutheast

Koelbel Acquires 189,212 SF Northridge Center Office Campus in Atlanta

by John Nelson

ATLANTA — Koelbel & Co., a value-add real estate investment firm based in Colorado, has purchased the Northridge Center office complex in Atlanta’s Central Perimeter submarket. The 189,212-square-foot property comprises two office buildings located at 365 and 375 Northridge Center Road. Ryan Reethof and Jay O’Meara of CBRE represented the seller, Pacific Oak Capital Partners, in the transaction. The sales price was not disclosed. Charlie Clark and Matthew Smith of CBRE’s Debt & Structured Finance team arranged an undisclosed amount of acquisition financing for Koelbel, which plans to upgrade the office complex with a new tenant lounge, common conference room and ready-to-move-in spec suites, as well as enhancements to common areas and exterior amenities. The firm has selected Normandy Partners to manage Northridge Center, which is Koelbel’s first acquisition in Georgia.

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AcquisitionsGeorgiaOfficeSoutheast

Koelbel Acquires 189,212 SF Northridge Center Office Campus in Atlanta

by John Nelson

ATLANTA — Koelbel & Co., a value-add real estate investment firm based in Colorado, has purchased the Northridge Center office complex in Atlanta’s Central Perimeter submarket. The 189,212-square-foot property comprises two office buildings located at 365 and 375 Northridge Center Road. Ryan Reethof and Jay O’Meara of CBRE represented the seller, Pacific Oak Capital Partners, in the transaction. The sales price was not disclosed. Charlie Clark and Matthew Smith of CBRE’s Debt & Structured Finance team arranged an undisclosed amount of acquisition financing for Koelbel, which plans to upgrade the office complex with a new tenant lounge, common conference room and ready-to-move-in spec suites, as well as enhancements to common areas and exterior amenities. The firm has selected Normandy Partners to manage Northridge Center, which is Koelbel’s first acquisition in Georgia.

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AcquisitionsGeorgiaMultifamilySoutheast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

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AcquisitionsGeorgiaMultifamilySoutheast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

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AcquisitionsGeorgiaRestaurantRetailSoutheast

Franklin Street Arranges $8.4M Sale of CVS-Anchored Retail Center in Atlanta

by John Nelson

ATLANTA — Franklin Street has arranged the sale of Parkwood Shops, a 20,397-square-foot retail strip center located at 2014 SE Powers Ferry Road in Atlanta’s Cumberland-Galleria submarket. SITE Centers purchased the center from Ronus Properties for $8.4 million. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. CVS/pharmacy anchors the property, which was fully leased at the time of sale to tenants including Boston Market, Jersey Mike’s, Planet Smoothie, Piu Bello Pizzeria, Hikaru Ramen and Personal Touch Cleaners. All tenants have at least four years remaining on their lease terms, according to Franklin Street.

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