MACON, GA. — Marcus & Millichap has arranged the purchase of Plantation Village, a retail and office property located at 6255 Zebulon Road in Macon. A limited liability company acquired the 18-suite property from an undisclosed seller for $9.1 million. Jared Kaye and Sonny Molly of Marcus & Millichap represented the buyer in the deal. Built in 2005 on 7.9 acres, Plantation Village features 52,228 square feet of retail and office space. Current tenants include Moe’s Southwest Grill, Goodwill, Great Clips and T-Mobile.
AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.
GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has unveiled plans for a $140 million expansion of its 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta. The center opened in April of this year and currently includes engineering offices, workshops and testing labs, alongside outdoor tracks for testing turf, utility vehicles, tractors and construction equipment. Construction of the expansion is scheduled to begin later this year and will include the development of a building dedicated to broadening production and loader capacity to meet growing market demands, while freeing up space at the company’s existing facility in nearby Jackson County. “Through further investments like these, our supply chain continues to evolve to better meet the needs of our sister-company partners and Kubota dealers,” says Brian Arnold, president of Kubota Manufacturing of America. “With this expansion our production capacity will almost double and, at the same time, we will improve our quality and efficiency through innovations in welding and painting technologies.” The project is slated for completion in 2024, bringing with it more than 500 new manufacturing jobs at the facility. Kubota North America employs more than 3,000 team members across its manufacturing, …
CARROLLTON, GA. — A joint venture partnership between Memphis, Tenn.-based Fogelman Properties and Thackeray has purchased a 111-unit apartment property in Carrollton for an undisclosed price. The partnership has rebranded the community, formerly known as Renew at Carrollton, as Venue at Carrollton. Built in 1974, Venue at Carrollton features one-, two- and three-bedroom apartments ranging from 900 square feet to 1,200 square feet. At the time of sale, the property was 96 percent occupied. The partnership plans to renovate all of the unit interiors, pool, clubhouse and amenity areas.
ATLANTA — JLL Capital Markets has arranged construction financing for 1405 Spring, a 326-unit high-rise apartment tower in Midtown Atlanta. Ed Coco, Matt Casey and Kelsey Bawcombe of JLL arranged the full capital stack for the project through Manulife Investment Management on behalf of the developer, a joint venture between JPX Works and Zeller. The 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, eight-level parking garage and amenities. Features will include multiple indoor lounge areas, coworking spaces, a fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits. 1405 Spring will be situated at the southeast corner of 18th and Spring streets, just blocks from the Arts Center MARTA station. The neighborhood is home to the Woodruff Arts Center, MODA and the Center for Puppetry Arts. The high-rise will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center.
SUWANEE, GA. — Marcus & Millichap has brokered the $3.5 million sale of a single-tenant, net-leased restaurant in metro Atlanta ground leased to Chick-fil-A. Built in 2007, the property is located on a 1.2-acre lot at 1035 Peachtree Industrial Blvd. in Suwanee. A locally based, privately held buyer purchased the restaurant through a 1031 exchange in an all-cash transaction. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group brokered the deal. “This transaction demonstrates the strong demand for trophy net-lease assets and the peak pricing they are commanding despite inflation and interest rate hikes,” says McMinn.
ATLANTA — Wendover Housing Partners has opened Hartland Station, a new affordable housing community in Atlanta. The 131-unit property is located at 2040 Fleet St., south of downtown Atlanta in the city’s Sylvan Hills neighborhood. The community aims to address the ongoing issue of available affordable housing in Atlanta, where there are approximately only 27 available affordable homes per 100 low-income renters, according to Wendover Housing. Hartland Station consists of one-, two- and three-bedroom units and features amenities such as a business center, fitness center, activity room with kitchen, splash pad and a playground. Rents start at $861 per month. The $28 million community was made possible with help from partners including the Georgia Department of Community Affairs with nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity, $1.5 million in bonds from Invest Atlanta (the city’s economic development authority) and $1.3 million in grant funding from the Metropolitan Parkway tax allocation district. Financing also included $18.8 million in tax-exempt bonds.
HIRAM, GA. — Automann Inc., a global distributor of truck and trailer chassis and brake components, has signed a 367,000-square-foot industrial lease within Silver Comet Industrial Park in Hiram. The New Jersey-based firm is expected to bring 150 jobs to the Paulding County area, which sits west of Atlanta along U.S. Route 278 and State Route 92. Automann is occupying all of Building I, which is the first of six facilities planned at the 128-acre industrial complex. Silver Comet Industrial Park’s landlord is SK Commercial Realty, Goldenrod Cos. and Paulding County Economic Development. The ownership will break ground on the facility, which will feature 36-foot clear heights and 29 dock doors, in the coming months.
ATHENS, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hampton Inn Athens, a 112-room hotel located at 2220 W. Broad St. in Athens. Built in 1995, Hampton Inn Athens is situated about three miles west of the University of Georgia, downtown Athens and the Classic Center, the city’s premier convention center. The hotel features digital keys, pet-friendly rooms, an outdoor swimming pool, fitness center, business center and complimentary breakfast. Clint Hodges, B.J. Patel and Michael Brandes of HWE represented the seller, Germantown, Tenn.-based McNeill Hotel Co., in the negotiations. The undisclosed buyer purchased the hotel.
GARDEN CITY, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located adjacent to the Port of Savannah in Garden City. The grocer, which has anchored the shopping center since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792-square-foot property to a private, North Carolina-based family office doing business as Berkshire-Hudson Capital XI. The seller recently replaced the shopping center’s roof and executed nine lease renewals in 2021, including Food Lion’s. Other tenants at Garden Grove include Concentra Health Urgent Care, Rent-a-Center, Hopxing Chinese Restaurant, X-Cell Communications, Suave House Barber, Jackson Hewitt Tax Service and RPM Coin Laundry. Zach Taylor of IPA represented Fletcher Bright in the transaction. “Garden Grove illustrated that demand for grocery centers in growing Southeast markets continues to drive record pricing despite recent interest rate increases,” says Taylor.