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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

CP Group Rolls Out Flexible Office Concept Within Atlanta Portfolio

by John Nelson

ATLANTA — CP Group, a Boca Raton, Fla.-based office real estate investment firm, has debuted its “worCPlaces” flexible office program within its Atlanta portfolio. The concept is now available for occupancy within Lakeside Office Park and One and Two Ravinia, office properties that are located in the city’s Central Perimeter office submarket. Eric Ross, Sabrina Gibson and Stewart Thrash of CBRE will serve as leasing agents for the new worCPlaces on behalf of CP Group, which is the second-largest office landlord in the state of Georgia. Designed by Gensler and ASD|Sky, worCPlaces are amenitized workspaces that are move-in ready for office tenants. Within the Atlanta portfolio, the new spaces that have come on line include 12 individual spec suites ranging from 1,800 to 9,700 square feet on the fifth, ninth and 11th floors at One and Two Ravinia. Several of the suites include new furniture while others can be furnished by worCPlaces. Additionally, 10 spec suites ranging from 1,400 square feet to 4,600 square feet and a newly completed coworking space are all contained within a standalone, two-story building at Lakeside Office Park, a five-building, 406,000-square foot office development. The coworking spaces at Lakeside also include available furnishings; in-building, digitally …

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DevelopmentGeorgiaIndustrialSoutheast

LPC Southeast to Break Ground on 305,000 SF Industrial Project in Emerson, Georgia

by John Nelson

EMERSON, GA. — Lincoln Property Co. Southeast (LPC Southeast) plans to break ground on LakePoint 75, a 305,000-square-foot distribution center in Emerson, a city near the north Atlanta suburb of Cartersville. The property will be situated off Joe Frank Harris Parkway, a half-mile from I-75 and 28 miles from I-285. The facility will feature 36-foot clear heights, 67 dock-high doors, 37 trailer parking spaces and 170 auto parking spaces. The complex will also include grills, outdoor activity space, communal seating and open-air meeting space. LPC Southeast plans to deliver the property in fall 2023.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Macy’s Debuts 30,000 SF Market by Macy’s Store in Suwanee, Georgia

by John Nelson

SUWANEE, GA. — Macy’s has opened its “off-mall” store concept, Market by Macy’s, in the metro Atlanta area. The 30,000-square-foot store is located within Johns Creek Town Center at 3630 Peachtree Parkway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The store, the third Markey by Macy’s in the Atlanta area, includes a rotating installation of apparel called “Trend Village,” a Toys ‘R’ Us store-within-a-store and home décor and cosmetics departments. By the end of the year, Macy’s plans to expand Market by Macy’s to eight total locations, including new stores coming to metro St. Louis and Chicago, as well as a couple stores in the Dallas-Fort Worth area.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

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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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