GARDEN CITY, GA. — Duke Realty Corp. has signed Newline Interactive, a manufacturer of touch display screens and other interactive communication hardware, to a 113,400-square-foot industrial lease approximately two miles from the Port of Savannah. The tenant will fully occupy a speculative facility currently under development at 15 Aviation Court in Garden City, which is situated on a nearly 10-acre site. The facility is designed to achieve LEED certification and will feature a clear height of 30 feet, 30 dock doors and 32 trailer parking spots. Cushman & Wakefield | Gilbert & Ezelle served as the tenant representative for the lease negotiations, and Brian Sutton represented Duke Realty internally. The lease with Newline brings Duke Realty’s 8.2 million-square-foot portfolio in the Savannah area to full occupancy.
ATLANTA — A joint venture between Brand Properties LLC, Highwoods Properties Inc. and Batson-Cook Development Co. has broken ground on 2827 Peachtree, a boutique office building in Atlanta’s Buckhead district. The 135,000-square-foot property, which will feature 11,000 square feet of retail space, is 62 percent preleased. Designed by Atlas Collaborative, the project will include large, elevated patios with Wi-Fi access and private balconies for select offices. The main entrance will feature an archway with a valet drop-off, and amenities will include a fitness center, boardroom, covered parking and efficient operating systems. The project team includes civil engineer Planners and Engineers Collaborative and general contractor Batson-Cook Construction. The joint venture expects construction of 2827 Peachtree to be completed by the third quarter of 2023.
NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.
MACON, GA. — Marcus & Millichap has brokered the sale of two multifamily properties in Macon that were sold for a total of $26.2 million. Mason Taylor and John McCalla of Marcus & Millichap represented the seller, New York-based Exact Capital Group LLC, in the transaction. Glenn Cove Group LLC purchased the property. The two properties included Hidden Lakes, a two-story, 144-unit apartment community located at 180 Hidden Lakes Court on 12 acres, and Shadowood West, a two-story, 152-unit apartment community located at 4394 W. Highland Drive on 19 acres. Both properties were 96 percent occupied at the time of sale. Community amenities at both properties include swimming pools, fitness centers, onsite management teams, 24-hour emergency maintenance, clubhouses, laundry centers, playgrounds, sand volleyball pits and fishing ponds.
CUMMING, GA. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Beachwood, Ohio-based Site Centers. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, Old Navy, Five Below, Petco and Ashley Furniture Homestore. Located at 2475 Marketplace Blvd., the property is situated 39 miles from downtown Atlanta and about 20 miles from Lake Lanier.
SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.
HINESVILLE AND BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of two shopping centers in South Georgia for the combined sales price of $7.7 million. The two properties include Veterans Square in Hinesville and Canal Crossing in Brunswick. Constructed in 2018, Veterans Square is located on West Oglethorpe Highway. The property was fully leased at the time of sale to three tenants: Krispy Kreme, Mad Vapes and McAlister’s Deli. Built in 2018, Canal Crossing is located adjacent to the Sam’s Club in Brunswick. The center was fully leased at the time of sale to four tenants: Five Guys, Tropical Smoothie, Great Clips and Fuse Frozen Yogurt. Harrison Creason, Andrew Margulies and Benjamin Kapinos of Marcus & Millichap represented the seller, a limited liability company. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing this transaction. The buyer was not disclosed.
DULUTH, GA. — FCP has purchased Villas at Duluth, a 164-unit apartment community in the Atlanta suburb of Duluth, for $37.7 million. The Chevy Chase, Md.-based investor partnered with Atlanta-based Zevulon Capital for the deal. Berkadia represented the undisclosed seller in the transaction. Villas at Duluth offers three- and four-bedroom floorplans with a unit size range of 1,344 to 1,550 square feet, according to Apartments.com. Unit features include in-unit washers and dryers, walk-in closets and balconies. Community amenities include a pool, clubhouse, fitness center, playground and a dog park. Built in 1991, the property was 98 percent occupied at the time of sale. Located at 1470 Boggs Road, the property is situated 25.7 miles from downtown Atlanta and 16.2 miles from the Georgia State University’s Dunwoody campus.
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Utilizing Tax Credits to Create Affordable Housing in High-Opportunity Communities
The Section 42 Low-Income Housing Credit program has been America’s primary tool in the effort to construct affordable homes for low- and moderate- income households and ease renter cost burdens since 1986. This public-private partnership has created or preserved more than 3.1 million rental units, accounting for over 30 percent of the nation’s affordable housing stock. Congress is considering legislation that would materially expand and strengthen the tax credit program. In addition to several technical changes to tax credit accounting and rules governing the use of private-activity bond financing, the legislation would authorize increases in credit allocation in 2021 and 2022. The impact of these changes would be substantial, catalyzing construction of more than 100,000 additional units per year over a 10-year period, perhaps trimming the number of rent burdened low-income households by half. Building more affordable housing will represent a significant step toward reducing housing instability and economic inequality in America. But are quantitative gains alone enough? Constructing affordable housing in low-poverty, high-opportunity census tracts is challenging. The following discussion explores some ways in which developers, lenders and credit allocating agencies can increase the level of affordable housing construction in low-poverty, high-opportunity areas (LPHOA) and optimize the …
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I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow
CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories. Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory growth of approximately 7.4 percent. Graham Stoneburner, senior vice president of Cushman & Wakefield, said that the Richmond, Va., market currently had 11 million square feet underway, which represents an inventory growth of 11 percent. Similarly Robbie Perkins, shareholder and market president at NAI Piedmont Triad, said North Carolina’s Triad region had 8.7 million square feet in the development pipeline, a nearly 11 percent growth rate compared to the market’s 80 million-square-foot inventory. During nearly every panel throughout the conference, which was held on Wednesday, April 13 at the Hilton Uptown Charlotte, brokers, investors and developers described the industrial growth along the I-85 Industrial Corridor as “unprecedented.” “There’s a real lack of supply at the moment, but we have a lot coming,” said John Montgomery, managing director of Colliers’ Upstate South Carolina office, during …