Georgia

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

by Taylor Williams May 23, 2022

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years. In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be added to the local economy. Known as the Bryan County Megasite, the plant’s location spans nearly 3,000 acres. The site is adjacent to Interstate 16 and is proximate to both Interstate 95 and the Port of Savannah. The Port of Savannah is the fastest-growing container terminal in the country, according to the development team, and is served by two Class I railroads. A partnership between the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State of Georgia owns the Bryan County Megasite. The former entity comprises the development authorities of Bryan, Bulloch, Chatham and Effingham counties. The partnership has spent the last several years making infrastructural improvements to the site in order to improve speed-to-market functionalities for the end user. “From initial …

May 23, 2022

Development Georgia Industrial Southeast

Procter & Gamble to Build $205M Distribution Center in Jackson, Georgia

by John Nelson May 17, 2022

JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, Georgia Ports Authority and Georgia Power on the project, which is expected to bring 350 new jobs to the trade area. The developer and a construction timeline were not disclosed. P&G’s brands include Crest, Pampers, Tide, Bounty, Charmin, Always, Gillette, Old Spice, Pantene, Head & Shoulders, Cascade, Dawn, Febreeze, Mr. Clean and Swiffer, among others. In addition to the new Jackson facility, P&G operates a manufacturing facility in Albany, Ga., and a distribution center in metro Atlanta.

May 17, 2022

Development Georgia Loans Multifamily Southeast

Walker & Dunlop Structures $47M in Construction Financing for The Line Apartments in Savannah

by John Nelson May 17, 2022

SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.

May 17, 2022

Georgia Market Reports Retail Southeast Southeast Market Reports

Atlanta Retail Market Stays Hot With Unique, Experiential Offerings Around Town

by John Nelson May 16, 2022

Atlanta continues its streak as a high-growth market for retail. Low vacancy rates have turned up the competition for quality spaces among tenants and rents have continued to climb. Competition and a landlord’s market have sparked new trends as developers further refine their approach to finding retailers that drive traffic and retailers search for fertile and readily available locations, including submarkets outside the intown submarkets. Northeastern and West Coast brands have followed the trend of people moving to the Southeast, landing locations in suburban and exurban submarkets often filled with high-income, educated populations. As cities like Newnan, Cumming, Roswell, Woodstock, Peachtree City and Alpharetta see population density continue to grow, retail and restaurants are following. Suburbs and exurbs are also attracting urban dwellers from Atlanta seeking a quieter, yet similarly amenitized lifestyle they may have experienced closer to attractions like the Atlanta BeltLine. During the pandemic, people also got used to staying close to home and are now reluctant to drive far to take care of day-to-day needs and enjoy amenities, giving a boost to Ga. Highway 400 corridor developments like Avalon and Halcyon, as well as Ashley Park in Newnan. Unique offerings Hot trends emerging in Atlanta are “eatertainment,” …

May 16, 2022

Acquisitions Georgia Retail Southeast

IPA Brokers $23.2M Sale of Doraville Plaza Shopping Center in Metro Atlanta

by John Nelson May 12, 2022

DORAVILLE, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $23.2 million sale of Doraville Plaza, a 190,167-square-foot shopping center in Doraville. The Burlington-anchored center is situated along Buford Highway near the interchange with I-285. A locally based group of investors purchased the asset from an entity doing business as Doraville Plaza Investors LLC, including the assumption of existing CMBS debt. Zach Taylor of IPA, who represented the seller in the transaction, says Doraville Plaza has future redevelopment potential. “CMBS debt assumptions are difficult and typically shrink the buyer pool. However, rising interest rates and the demand for well-located retail assets centers like Doraville Plaza worked in our favor,” says Taylor. “The location and future redevelopment potential of the underlying real estate created a competitive bidding environment.”

May 12, 2022

Development Georgia Multifamily Southeast

Mill Creek Begins Preleasing at Modera Old Ivy Apartment Community in Atlanta

by John Nelson May 11, 2022

ATLANTA — Mill Creek Residential, a Boca Raton, Fla.-based developer and owner-operator of multifamily properties, has begun preleasing at Modera Old Ivy, a luxury apartment community under development in Atlanta’s Buckhead district. Located within a mid-rise and high-rise tower at 3651 Lenox Road, the development is on a site that includes the Prominence office building and an Element Marriott hotel. First move-ins are anticipated in early June. According to the property website, rental rates range from $2,290 per month for a one-bedroom unit to $6,635 for a three-bedroom apartment. Mill Creek is building the 394-unit property to a National Green Building Standard Gold certification level. Community amenities will include a 24-hour fitness studio, clubhouse, community-wide Wi-Fi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services.

May 11, 2022

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta Lands Big Office Deals, but Overall Tenant Demand Remains Uncertain

by John Nelson May 9, 2022

In many ways, metro Atlanta is a tale of two office markets. Google, Microsoft, Papa John’s, Visa and FanDuel are just some of the heavy hitters that have signed major deals over the last year and a half, fueling leasing activity that is getting closer to pre-pandemic norms. Much of that action has been centered in the Central Business District (CBD), which registered a 68 percent year-over-year increase in leasing volume compared to first-quarter 2021. According to research from CoStar Group, leasing volume for the entire market totaled 3.2 million square feet in the first quarter, which is on par with the 10-year quarterly average. Midtown, where more than 2 million square feet of new product is under construction and the majority of corporate heavyweights have planted their flag, led all submarkets in leasing activity, with Cushman & Wakefield reporting nearly 314,000 square feet of new leases signed in the first quarter. Midtown’s overall walkability, abundance of high-rise residential units, new office buildings and access to talent from local universities and mass transit have enabled it to become a talent magnet for major employers and one of the nation’s premier submarkets. However, the vast majority of office tenants in metro …

May 9, 2022

Acquisitions Georgia Retail Southeast

JLL Brokers $82M Sale of Conyers Crossroads Shopping Center in Metro Atlanta

by John Nelson May 6, 2022

CONYERS, GA. — JLL has brokered the $82 million sale of Conyers Crossroads, a 465,993-square-foot shopping center in the east Atlanta suburb of Conyers. Valley Stream, New York-based Serota Properties acquired the asset from a joint venture between Hendon Properties and Harbert Management Corp. Built in phases between 2000 and 2005, Conyers Crossroads was fully leased at the time of sale to tenants such as Kohl’s, Belk, AMC Theatres, T.J. Maxx, Best Buy, HomeGoods, Michaels, Old Navy, Five Below and Shoe Carnival. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller in the transaction.

May 6, 2022

Acquisitions Georgia Retail Southeast

Palomar Group Arranges $2.9M Sale of Retail Strip Center in Macon, Georgia

by John Nelson May 6, 2022

MACON, GA. — The Palomar Group has arranged the $2.9 million sale of a 32,676-square-foot retail strip center located at 888 Pierce Ave. in Macon. The fully leased property includes tenants Dollar General, Buddy’s Furniture and Mattress Barn. Robbie Romeiser of Spencer/Hines Properties represented the buyer, an unnamed private investor based in South Carolina, in the transaction. The seller was an unnamed regional shopping center developer and owner based in Georgia.

May 6, 2022

Acquisitions Georgia Loans Multifamily Southeast

Eastern Union Arranges $48M Acquisition Loan for Optimist Lofts in Atlanta

by John Nelson May 5, 2022

ATLANTA — Eastern Union has arranged a $48 million bridge loan for the acquisition of Optimist Lofts, a 212-unit multifamily property situated at 2115 Piedmont Road NE in Atlanta’s Midtown district. The two-year, interest-only loan carries an interest rate underwritten at SOFR (secured overnight financing rate) plus 345 basis points, and features three one-year extension options. Completed in 2008, the property consists of 203 conventional units and nine “live/work” units housed in four three- and four-story buildings. The property also includes six ground-floor retail spaces totaling 8,026 square feet. The unidentified borrower and property owner is planning to undertake a multimillion-dollar capital expenditure initiative for improvements to approximately half of the units, as well as various exterior and common area renovations and site upgrades.

May 5, 2022

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