Georgia

CBRE Arranges $60M Refinancing for Two Multifamily Communities in Metro Atlanta

by John Nelson July 19, 2022

COLLEGE PARK AND LITHONIA, GA. — CBRE has arranged $60 million across two cash-out loans for the refinancing of two metro Atlanta apartment communities: the 404-unit Embarcadero Club in College Park and the 256-unit Walden Brook in Lithonia. Paul Ahmed and Mackenzie Lampman of CBRE arranged the 10-year, fixed-rate loans on behalf of the borrower, Ventron Realty, which has owned the two communities since 2006. The direct lender was not disclosed. Built in 1974, Embarcadero Club has units averaging 855 square feet in size and amenities including a pool, fitness center, business center, clubhouse with a conference room, dog park and a playground. Built in 2003, Walden Brook’s units average 1,114 square feet in size and amenities include picnic areas and grills, a pool, fitness center, business center, playground and walking trails.

July 19, 2022

Acquisitions Georgia Industrial Office Southeast

Avison Young Brokers $45M Sale of Office, Flex Campus in Metro Atlanta

by John Nelson July 19, 2022

DULUTH, GA. — Avison Young has brokered the $45 million sale of Chattahoochee Corners at River Green, an office/flex campus in the Atlanta suburb of Duluth. Built in 1997, the property spans 388,213 square feet across nine single-story buildings. Pennsylvania-based Somerset Properties purchased Chattahoochee Corners from Miami-based B Group Co. Capital Management. Casey Keitchen of Avison Young’s Atlanta office brokered the transaction. Situated off Peachtree Industrial Boulevard, the property features floor-to-glass windows across all nine buildings, as well as a fitness center. Somerset plans to invest in capital improvements at Chattahoochee Corners, including boosting the curb appeal and enhancing onsite amenities.

July 19, 2022

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $16.8M Sale of Terraces at Summerville Apartments in Augusta

by John Nelson July 15, 2022

AUGUSTA, GA. — Berkadia has arranged the $16.8 million sale of Terraces at Summerville, a 120-unit apartment community located at 817 Hickman Road in Augusta. Mark Boyce and Blake Coffey of Berkadia’s Charleston office represented the seller, Nebraska-based Burlington Capital Group, in the transaction. The buyer was Tennessee-based JBT Holdings. Built in 1972, Terraces at Summerville was 95 percent occupied at the time of sale. According to Apartments.com, the property features a pool, fitness center, laundry facilities, tennis court, clubhouse and picnic area.

July 15, 2022

Acquisitions Georgia Multifamily Southeast

Westside Capital Buys Lofts at Twenty25 Apartments in Atlanta for $136M

by John Nelson July 14, 2022

ATLANTA — Miami-based Westside Capital Group has purchased The Lofts at Twenty25, a 16-story high-rise apartment tower located at 2025 Peachtree Road in Atlanta. The unnamed developer sold the 623-unit property, which was originally built in 1951 and completely redeveloped in 2021, for $136 million. Situated between Atlanta’s Buckhead and Midtown districts, Lofts at Twenty25 features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature eight- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances, walk-in closets and barn-style doors. Amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry cleaning service, EV charging stations and 405 parking spaces.

July 14, 2022

Development Georgia Industrial Leasing Activity Mixed-Use Southeast

Jamestown Signs Defense Tech Firm to 180,000 SF Industrial Lease in Atlanta

by John Nelson July 14, 2022

ATLANTA — Jamestown has signed Anduril Industries, a defense tech firm, to an 180,000-square-foot industrial lease at Allied Studios, a three-building mixed-use campus located at 1435 Hills Place in Atlanta’s Upper Westside district. Anduril will invest $60 million and bring 180 jobs to the new manufacturing and research facility. The facility will house Area-1, a subsidiary of Anduril that manufacturers unmanned aircraft systems. When complete, Area-1 will operate offices, research and development space and production space across two buildings at Allied Studios. Capital Real Estate Group represented Jamestown in the lease transaction, and Hughes Marino represented Anduril.

July 14, 2022

Development Georgia Mixed-Use Office Southeast

Selig Opens 70,000 SF Adaptive Reuse Office Building at The Works in Atlanta

by John Nelson July 13, 2022

ATLANTA — Selig Enterprises has opened 500 Chattahoochee Row, an adaptive reuse office building situated within The Works in Atlanta’s Upper Westside neighborhood. Located along Chattahoochee Avenue near Topgolf and several breweries, the 70,000-square-foot property is the redevelopment of an existing warehouse that dates back to the 1950s. The office building is one of two with The Works, an 80-acre mixed-use development. Atlanta-based Selig recently secured leases with Bread N Butter Content Studio, a locally based multimedia company known for operating the “Atlanta Eats” video series and website, and MacDermid Graphic Solutions, a flexographic and printing company that is relocating from the Buckhead district nearby. Bread N Butter will occupy 6,160 square feet, and MacDermid Graphic Solutions will occupy 45,000 square feet. Other uses at The Works include a 31-stall food hall, Scofflaw Brewing taproom, creative offices, restaurants, shops, a fitness center and a one-acre park for children to play and for live music and shows.

July 13, 2022

Acquisitions Georgia Hospitality Southeast

Peachtree Hotel Group Acquires 176-Room Canopy Atlanta Midtown Hotel

by John Nelson July 13, 2022

ATLANTA — Peachtree Hotel Group has purchased the Canopy Atlanta Midtown, a 176-room hotel that opened in December 2018. A joint venture between Greystar, Concord Hospitality and Whitman Pearson sold the hotel to Peachtree Hotel Group for an undisclosed price. Lou Plasencia, Robert Wiemer, Nick Plasencia and Chris Plasencia of The Plasencia Group represented the seller in the transaction. The hotel opened at the same time as the adjacent Ascent Midtown Apartments, which was also developed by Greystar. Canopy Atlanta Midtown features an onsite restaurant, fitness center, business center and meeting rooms.

July 13, 2022

Acquisitions Georgia Retail Southeast

CTO Realty Growth Acquires Madison Yards Retail Development in Atlanta for $80.2M

by John Nelson July 12, 2022

ATLANTA — CTO Realty Growth, a retail REIT based in Daytona Beach, Fla., has purchased Madison Yards, a new retail development in Atlanta’s Inman Park district. The developer, locally based Fuqua Development, sold the 162,500-square-foot project to CTO Realty Growth for $80.2 million. Located at 905 Memorial Drive along the Atlanta Beltline’s Eastside Trail, Madison Yards was 98 percent leased at the time of sale to tenants including anchors Publix and AMC Theatres. Other tenants include AT&T, First Watch and Orangetheory Fitness. Fuqua delivered the property in 2019, as well as an attached apartment community that was not part of the transaction.

July 12, 2022

Development Georgia Office Southeast

Crescent Communities, KB Venture to Redevelop Historic Alpharetta School as 160,000 SF Office Campus

by John Nelson July 12, 2022

ALPHARETTA, GA. — Crescent Communities and KB Venture Partners have formed a partnership for the adaptive reuse of the former Baily-Johnson School in Alpharetta. The duo will transform the formerly segregated school, which served black students in north Fulton County from its opening in 1950 to its closing in 1967, into a three-building office campus totaling 160,000 square feet. The office campus will include a new 120,000-square-foot mass timber office building, as well as the redevelopment of the main school building and gymnasium. The new campus, dubbed Garren, is named after the school’s namesakes, George Bailey and Warren Johnson. The 4.4-acre site was most recently used as a maintenance facility for Fulton County Schools. Once complete, tenants at Garren will be in close proximity to Avalon and downtown Alpharetta and have access to several amenities on the campus, including outdoor gathering areas, private tenant patios, a tenant lounge, fitness centers, locker room with showers and bike storage. John Zintak and Porter Henritze of Cushman & Wakefield are handling the leasing assignment. A construction timeline was not disclosed.

July 12, 2022

Acquisitions Georgia Mixed-Use Southeast

Portman Holdings, Harrison Street Recapitalize Coda Mixed-Use Tower in Atlanta’s Tech Square

by John Nelson July 11, 2022

ATLANTA — Locally based development firm Portman Holdings has formed a joint venture with Chicago-based alternative real estate asset management firm Harrison Street to recapitalize Coda, a 664,000-square-foot mixed-use tower located at 756 W. Peachtree St. in Atlanta’s Technology Square. As part of the partnership, Harrison Street is purchasing a stake in the tower, which Portman delivered in 2019 adjacent to the Georgia Tech campus, from the Atlanta-based company for an undisclosed amount. Comprising educational, research, office and retail space, Coda serves more than 700 Georgia Tech faculty, staff and researchers, as well as tech firms including Cisco, AutoDesk and Keysight Technologies. The asset was 98 percent leased at the time of the recapitalization and features an onsite data center that is owned and operated by DataBank, as well as the Collective Food Hall.

July 11, 2022

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