Sunday, May 4, 2025
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Georgia

Savannah Gateway Industrial Hub
DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

DHL Signs 516,800 SF Lease at Savannah Gateway Industrial Hub

by John Nelson

SAVANNAH, GA. — DHL, a German logistics company, has leased 516,800 square feet of industrial space within Savannah Gateway Industrial Hub (SGIH) for its new “import facility.” The 2,600-acre industrial campus underway near the Port of Savannah is a public-private partnership between Broe Real Estate Group, its transportation affiliate OmniTRAX and the Effingham County Industrial Development Authority. DHL will anchor a new 790,400-square-foot cross-dock facility that is scheduled to come on line in August. Other facilities underway in the first phase of SGIH include a 380,000-square-foot, dual-rail-served building and a 940,000-square-foot property set to break ground this summer. At full buildout, Broe estimates that SGIH could span up to 20 million square feet of industrial space.

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DeKalb Technology Center Atlanta
AcquisitionsGeorgiaIndustrialOfficeSoutheast

CapRidge Buys 285,000 SF DeKalb Technology Center Flex Office Campus in Metro Atlanta

by John Nelson

DORAVILLE, GA. — CapRidge Partners, a real estate investment firm based in Austin, has purchased DeKalb Technology Center, a flex office park in Doraville spanning 285,000 square feet across eight buildings. Situated in metro Atlanta near the intersection of I-85 and I-285, which is known locally as Spaghetti Junction, the campus was 67 percent leased at the time of sale. Jordan Camp and Reid Hanner of Foundry Commercial represented CapRidge in the sale. The buyer and sales price were not disclosed. DeKalb Technology Center represents the sixth investment in metro Atlanta in the past 12 months for CapRidge, bringing the company’s local portfolio in that time span to nearly 900,000 square feet. The other acquisitions include Cobblestone Business Park, Franklin Forest, Whittier Mill Complex, Lakeridge Court and Westfork Business Park.

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DevelopmentGeorgiaMixed-UseSoutheast

Toro Development to Redevelop Office Campus in Metro Atlanta for Mixed-Use Destination

by John Nelson

JOHNS CREEK, GA. — Toro Development Co. plans to redevelop a former State Farm Insurance corporate campus in the northeast Atlanta suburb of Johns Creek to make way for a mixed-use destination. The project will be part of Johns Creek’s future 192-acre Town Center, which will feature a City Hall, housing, shops, restaurants, offices and parks. The newly launched Toro Development purchased 43 acres of the 54-acre site from a fund sponsored by U.S. Realty Advisors, a New York-based firm that has owned the campus since 2013. Situated at the intersection of Johns Creek Parkway and McGinnis Ferry Road, the site currently houses two mid-rise office buildings that once were leased to State Farm before moving to its regional headquarters in nearby Dunwoody. Toro Development, whose principal and chief vision officer Mark Toro oversaw the development of Avalon in Alpharetta and the redevelopment of Colony Square in Midtown Atlanta during his time with North American Properties, plans to redevelop the site with ground-level stores and restaurants set below housing. The campus will also include a high-end concierge program. In the coming months, Toro Development will meet with the community to learn about the types of experiences they are seeking at …

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AcquisitionsGeorgiaSoutheastStudent Housing

Blue Vista, StepStone Purchase Theory Interlock Student Housing Project in Atlanta

by John Nelson

ATLANTA — Blue Vista Capital Management and StepStone Real Estate, the real estate arm of investment firm StepStone Group, have purchased Theory Interlock, a 240-unit student housing project underway near Georgia Tech in Atlanta’s West Midtown district. Blue Vista and PeakMade Real Estate are the developers behind the community, which is one of the anchors of the $450 million The Interlock mixed-use destination that SJC Ventures is developing. Theory Interlock, which will feature a unit mix ranging from studios to five-bedroom apartments, is slated to open ahead of the fall 2023 semester. The acquisition of Theory Interlock is the first investment for a $90 million co-investment partnership between Blue Vista and StepStone that is focused on student housing opportunities.

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AcquisitionsDevelopmentGeorgiaRestaurantRetailSoutheast

Marcus & Millichap Arranges $2.4M Sale of Chick-fil-A Ground Lease in Metro Savannah

by John Nelson

POOLER, GA. — Marcus & Millichap has arranged the $2.4 million sale of a Chick-fil-A ground lease located at 2100 Pooler Parkway in Pooler, about 12 miles west of Savannah’s downtown historic district. The 5,181-square-foot restaurant is currently underway on a 1.5-acre site, and Chick-fil-A has 15 years remaining on its lease. An out-of-state, privately held investor purchased the ground lease in an all-cash transaction at a 3.45 percent cap rate. The seller was not disclosed. Don McMinn and Brian Munn of Marcus & Millichap brokered the transaction. “This property was sold pre-construction eight months out from delivery,” says McMinn. “[The transaction] demonstrates the strong demand and aggressive pricing for quality net-lease assets.”

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AcquisitionsGeorgiaIndustrialSoutheast

LRC Properties Acquires Vacant Industrial Building in Morrow, Georgia for $31.5M

by John Nelson

MORROW, GA. — LRC Properties has purchased a vacant, 522,071-square-foot industrial building located at 1791 Mt. Zion Road in Morrow, about 15 miles south of Atlanta and about seven miles from Hartsfield-Jackson Atlanta International Airport. LRC purchased the asset in a joint venture with an unnamed, institutional investor for $31.5 million. The seller was also not disclosed. The new ownership plans to make capital improvements at the site, including removing 54,000 square feet from the property that will improve access, generate better traffic flow and add trailer parking and dock space. The new ownership also plans to install a new ESFR sprinkler system, LED lighting and exterior building and pavement improvements. Mike Sutter of Lee & Associates is handling the leasing assignment at the facility.

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DevelopmentGeorgiaMultifamilySoutheast

RangeWater to Develop Residential Campus in Metro Atlanta Totaling 488 Units

by John Nelson

BUFORD, GA. — RangeWater Real Estate has purchased 50 acres in the Atlanta suburb of Buford with plans to build two adjacent residential communities totaling 488 units. The properties include The Mabry, a build-to-rent community with 156 single-family homes, and The Margot, a 332-unit apartment community. The Mabry will feature three- to four-bedroom homes, each with its own backyard and patio. Amenities will include a pool, events lawn, dog park and a walking trail around a pond. The Margot will feature a garden, pool, outdoor kitchen, two dog parks and a clubhouse that will feature work and study pods and a coffeehouse open to the public. The communities will be located near Coolray Field, home ballpark of the Atlanta Braves’ Minor League Baseball affiliate Gwinnett Stripers, as well as The Exchange @ Gwinnett and Mall of Georgia. Additionally, RangeWater launched an in-house construction division called RangeWater Construction that will build both The Mabry and The Margot. Alp Kirmizioglu is overseeing the new division. RangeWater expects to begin construction in July for both communities, with first units slated to deliver in October 2023.

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DevelopmentGeorgiaMixed-UseSoutheast

Green Brick to Build $400M Mixed-Use Campus in Cumming, Georgia

by John Nelson

CUMMING, GA. — Green Brick Partners Inc., a homebuilding and land development firm, has purchased 152 acres in the Atlanta suburb of Cumming. The Plano, Texas-based company plans to develop a mixed-use campus valued at $400 million at the site named Sawnee Village. The development will include 474 detached and attached homes built by Atlanta-based Providence Group, as well as more than 250 apartments, 220,000 square feet of seniors housing and office and retail space spanning 106,000 square feet. The master-planned campus will be situated near Ga. Highway 400 and Lake Lanier, as well as close to the New Cumming City Center, Avalon, Halcyon and Northside Forsyth Hospital. Nelson Architecture is designing Sawnee Village, and Providence Group is managing the overall development. Green Brick, which owns a controlling interest in Providence Group, plans to break ground on Sawnee Village this summer.

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AcquisitionsGeorgiaRetailSoutheast

Stan Johnson Co. Brokers $97M Sale of Shoppes at Webb Gin in Metro Atlanta

by John Nelson

SNELLVILLE, GA. — Stan Johnson Co. has brokered the $97 million sale of The Shoppes at Webb Gin, an open-air shopping center in the Atlanta suburb of Snellville. Baltimore-based Continental Realty Corp. (CRC) purchased the 330,000-square-foot center, which was originally branded The Avenue Webb Gin when it was delivered in 2006 by Atlanta-based Cousins Properties. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, New York City-based Olshan Properties, in the transaction. Sprouts Farmers Market, Barnes & Noble and DSW anchor the center, which offers 70 units across eight buildings. The property was 89 percent leased at the time of sale to tenants including H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Chili’s Grill & Bar and Sephora. The center is situated on 48 acres, which includes available land for additional development along with a build-to-suit outparcel.

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Inland-Portfolio
AcquisitionsCaliforniaGeorgiaIllinoisMarylandMichiganMidwestMinnesotaNortheastPennsylvaniaRetailSoutheastTexasTop StoriesWestern

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include:  Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

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