ATLANTA — Aztec Group has secured $31.8 million in acquisition financing for Residences at City Center, a 182-unit apartment community in downtown Atlanta. The financing is a non-recourse, 75 percent loan-to-value loan. Brell Tarich and Charles Penan of Aztec Group secured the loan on behalf of the borrower, South Florida-based AWP Real Estate. Built in 1993, Residences at City Center is situated adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. The new ownership group plans to make significant upgrades to the apartment community.
ATLANTA — Simon Property Group has topped out One Phipps Plaza, a 13-story, 365,263-square-foot, LEED-certified, Class A office tower in Atlanta. The project includes the redevelopment of the former Belk department store at Phipps Plaza, a mall in Atlanta’s Buckhead neighborhood. The property’s first tenant is Novelis, a provider of aluminum rolling and recycling. Novelis will lease 90,000 square feet of space at the property and will use the building as its corporate headquarters. Other tenants slated to open at Phipps Plaza include Nobu Hotel & Restaurant, Life Time athletic club and Citizens Culinary Market. The 150-room Nobu Hotel will feature a pool, conference center, spa, and a Japanese restaurant called Nobu Atlanta Restaurant. Dallas-based The Beck Group is the architect and general contractor for the project.
PEACHTREE CORNERS, GA. — Cincinnati-based North American Properties and Nuveen Real Estate have acquired The Forum on Peachtree Parkway, a 500,000-square-foot shopping center in Peachtree Corners, about 22.9 miles from downtown Atlanta. The seller and sales price were not disclosed. Originally opened in 2002, The Forum on Peachtree Parkway is an open-air lifestyle center that is home to a mix of retail, restaurants and office space, including lululemon, Pottery Barn, Trader Joe’s and Ulta Beauty. Property amenities include walking trails, property-wide Wi-Fi, outdoor seating areas and a pedestrian bridge connecting to Peachtree Corners Town Center. North American Properties has plans to redevelop the property, including making the public realm bigger, improving the common areas and remerchandising the retail collection. No other redevelopment plans were disclosed.
DUNWOODY, GA. — Cushman & Wakefield has secured a loan of an undisclosed amount for the refinancing of Crown Pointe, a 509,792-square-foot office campus in Dunwoody, about 15.3 miles from downtown Atlanta. Brian Linnihan, Mike Ryan, J.P. Cordeiro and Taylor Mathis of Cushman & Wakefield secured the refinancing through Wells Fargo. Crown Pointe includes two office towers that were each built in the 1980s. The buildings’ features include flexible floorplans, more than 1,500 parking spaces onsite and direct access to the Sandy Springs MARTA station via a covered walkway. Located at 1040 and 1050 Crown Pointe Parkway, the property is situated in Atlanta’s Central Perimeter office submarket. The office campus is also located 25.9 miles from Hartsfield-Jackson Atlanta International Airport.
GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has opened a 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta. The firm invested more than $85 million to build the new facility. The center houses engineering offices, workshops and testing labs. Outside of the facility, there are tracks for testing turf, utility vehicles, tractors and construction equipment. Kubota is opening the facility with 70 engineering and technical employees and plans to grow to nearly 200 employees over the next five years. According to Phil Sutton, vice president for Kubota Manufacturing of America, the firm already employs more than 3,000 team members in the state of Georgia across manufacturing, sales, distribution and engineering operations. The new R&D center is fully powered by renewable energy and built on the sustainable principles. The center is powered in part by solar panels and the parking lot features a solar-powered roof to support electric vehicle charging stations. Kubota North America Corp. is the parent company for Grapevine, Texas-based Kubota Tractor Corp. and Gainesville-based Kubota Manufacturing of America. “This new R&D center here in Georgia is going to allow us to continue to innovate products and solution …
ATLANTA — New York-based Eastern Union has secured an $83.3 million bridge loan for The Halsten at Vinings Mountain, a 440-unit multifamily property in Atlanta. Michael Muller of Eastern Union arranged the non-recourse, two-year loan, which has three 12-month extension options. The loan was underwritten with interest-only payments for a period of up to three years. The borrower was not disclosed. Formerly known as Stone Ridge at Vinings, The Halsten offers studio, one-, two- and three-bedroom floorplans. Completed in 1973, the property spans 452,385 square feet. The new owner plans to upgrade the property’s exteriors and modernize and renovate the interiors. Unit features include walk-in closets, patios and balconies and washer and dryer hookups. Community amenities include a business center, clubhouse, playground, tennis court, grill, picnic area, fitness center, laundry facilities and a pet play area. Located at 3000 Cumberland Club Drive, the property is situated two miles from The Battery Atlanta and 15.7 miles from downtown Atlanta.
Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion
CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.
MARIETTA, GA. — Atlanta-based partners Eden Rock Real Estate Partners and Connolly have broken ground on Kroger at MarketPlace Terrell Mill, a $120 million mixed-use project at the intersection of Terrell Mill and Powers Ferry roads in Marietta. Construction started last month, and the project is expected to open in April 2023. The developers are constructing a 90,000-square-foot building on a 10.8-acre parcel of land to house the Kroger at MarketPlace Terrell Mill. Planned features for the building will include a drive-thru pharmacy, dedicated area for online order pickups and an 18-pump Kroger Fuel Center. The new store will replace an existing Kroger, which is situated on Delk and Powers Ferry roads less than a half-mile from the center. That store was built in 1983 and is approximately half the size of the new store. Kroger will join a tenant lineup at MarketPlace Terrell Mill that includes Chick-fil-A, Panera Bread, Regions Bank and Wendy’s, all of which are open and operating. The site also houses a nearly 100,000-square-foot Extra Space Storage location and Marketplace Vista Apartments, which sold a year ago for $87 million. MarketPlace Terrell Mill is situated on nearly 24 acres and features eight land parcels. The mixed-use …
ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …
SAVANNAH, GA. — JLL Capital Markets has arranged the sale of Abercorn Walk, a 69,396-square-foot retail center in Savannah. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL marketed the property on behalf of the seller. Chattanooga-based GBT Realty Corp. purchased the property for an undisclosed price. Abercorn Walk is anchored by The Fresh Market. Other tenants at the property include Ethan Allen, Soma Intimates, White House Black Market, Chico’s, Nadeau, Jos. A. Bank, J. Jill, Talbots, StretchLab and Cycle Bar. Located at 5525 Abercorn St., the property is situated 20 miles from Tybee Island and 14.5 miles from the Savannah/Hilton Head International Airport.