Georgia

Former Atlanta Mayor and Buckhead Coalition President Sam Massell Dies at 94

by Julia Sanders March 14, 2022

ATLANTA — Sam Massell, the former mayor of Atlanta and president of the Buckhead Coalition, passed away on Sunday, March 13 at the age of 94. From 1970 to 1974, Massell served as Atlanta’s 53rd mayor and was Atlanta’s first Jewish mayor. He later was known as the unofficial mayor of Buckhead and in 1988 founded the Buckhead Coalition, a private nonprofit organization that today comprises 124 civic and business leaders. Massell stepped down as the president of the Buckhead Coalition in 2020 at age 92. Born and raised in Atlanta, Massell attended Georgia State University where he earned a business degree, and then got a law degree from Atlanta Law School, according to The Atlanta-Journal Constitution. The newspaper reported he also attended the University of Georgia and Emory University for a year apiece. Massell entered the real estate business in 1951 with a specialty of leasing office space to doctors. He was a realtor for 20 years, and during that time he was honored three times by the Georgia Association of Real Estate Boards with its “Transaction of the Year” award. In addition to being the Atlanta mayor, Massell also served eight years as president of Atlanta’s Board of …

March 14, 2022

Fundrise Purchases Industrial Facility in South Atlanta for $30.4M

by Julia Sanders March 10, 2022

ATLANTA — Fundrise has purchased Aerotropolis North, a more than 200,000-square-foot modern industrial and logistics facility on the south side of Atlanta, for $30.4 million. Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood of JLL Capital Markets represented the seller, Orange County, Calif.-based Bixby Land Co., in the transaction. Built in 2020, Aerotropolis North is a single-tenant distribution facility fully leased to Kal Freight Inc., a provider of modern transportation services. The tenant uses the facility for some of its warehousing, distribution and administrative offices. The front-load building features 32-foot clear heights, 31 dock-high doors, two drive-in doors, 29 trailer parking stalls, LED lighting, ESFR fire protection and 115 auto parking spaces. Located at 3435 Jonesboro Road SE on 16.2 acres, the property is situated less than one mile from Interstate 285 and 5.9 miles from Hartsfield-Jackson Atlanta International Airport.

March 10, 2022

Acquisitions Development Georgia Mixed-Use Southeast

Origin Investments, Kaplan Residential Acquire Land in South Atlanta, Plan Mixed-Use Development

by Julia Sanders March 9, 2022

ATLANTA — Origin Investments and Kaplan Residential have acquired a 40-acre parcel in Atlanta, for $31.5 million. The property was purchased through Origin Investments’ $300 million Qualified Opportunity Zone Fund II. Pierce Owings and Matt Hawkins of Cushman & Wakefield represented the undisclosed seller for the land. The joint venture plans to develop a master-planned, mixed-use project that will be the largest mixed-use project along the Atlanta BeltLine’s Southside Trail. Located within Chosewood Park at 500 Sawtell Ave. SE, the project’s first phase will feature approximately 700 build-to-rent townhomes and multifamily units. Once completed, the project will have more than 2,000 multifamily residences, activated park space and up to 150,000 square feet of commercial space. Plans also include a variety of local restaurants with outdoor seating, coffee shops, a wellness center, dedicated areas for food trucks, pet amenities, coworking centers, office areas and entertainment space. The property will also have a resident-only club experience called Club Sawtell that will include fitness, wellness, coworking and lifestyle amenities. Experiential retail consultants at Revel will spearhead the concept origination of the commercial and adaptive reuse component. Additionally, HGOR and The Beck Group will lead the architecture and construction for Club Sawtell. Lancaster Associates …

March 9, 2022

Georgia Industrial Leasing Activity Southeast

Serena & Lily Signs 1.1 MSF Industrial Lease at Georgia International Trade Center Near Savannah

by Julia Sanders March 9, 2022

RINCON, GA. — Serena & Lily, a Sausalito, Calif.-based home goods and furnishings retailer, has signed a 1.1 million-square-foot industrial lease at Georgia International Trade Center in Rincon, about 14.5 miles from Savannah. Stephen Ezelle of Cushman & Wakefield represented the landlord, Atlanta-based Stonemont Financial Group in the leasing transaction. Brett Chambliss and Craig Hagglund from Lee & Associates represented Serena & Lily in the lease transaction. The retailer will occupy the entirety of Building 2C when construction is completed at the end of this month. The company will use the building as its distribution hub to improve its logistical capabilities. Other tenants at Georgia International Trade Center include Pacific Cycle, Shaw Industries, Lowe’s, Sunland Logistics Solutions and Dukal Corp. Two additional buildings at the Georgia International Trade Center, 3A and 3B, are fully preleased and are currently under construction. These two buildings feature 2.7 million square feet in total. The final building, 4A, features 773,200 square feet and is scheduled to deliver in early 2023. Stonemont Financial Group has invested more than $300 million for the development at Georgia International Trade Center. The firm is developing the project in conjunction with Chesterfield and The Davis Cos. Omega Construction has …

March 9, 2022

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Adrian on Riverside Apartments in Macon, Georgia for $41.1M

by Julia Sanders March 7, 2022

MACON, GA. — Carter Multifamily has acquired Adrian on Riverside, a 224-unit apartment community in Macon. The undisclosed seller sold the property for $41.1 million. Built in two phases in 2003 and 2009, Adrian on Riverside is located on 32.5 acres and offers one-, two- and three-bedroom floorplans with a unit size range of 850 to 1,438 square feet. Unit features include washer and dryer connections, walk-in closets, garden tubs and marble top vanities in the bathrooms. Community amenities include a resort-style swimming pool, fitness center, grill and sundeck, playground, game room and a movie theater. Located at 5243 Riverside Drive, the property is situated 14.8 miles from the Macon Downtown Airport and 8.9 miles from Mercer University. Carter Multifamily intends to renovate the property, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations and exterior plant improvements.

March 7, 2022

Georgia Leasing Activity Office Southeast

Trenton Systems Signs 50,000 SF Office Lease in Metro Atlanta

by Julia Sanders March 4, 2022

DULUTH, GA. — Trenton Systems has signed a 50,000-square-foot office lease at 3100 Breckinridge Building 1200 in Duluth. David Shockley of Progressive Realty LLC represented Trenton Systems, which is a computer hardware manufacturer providing secure computing solutions for the aerospace and defense industries. With the new tenant, the property is now fully occupied. Hunter Henritze, Matt Fergus and Seabie Hickson of Dallas-based Lincoln Property Co. Southeast represented the landlord, TerraCap Management, in the lease deal. 3100 Breckinridge is a 30-acre office park featuring seven buildings totaling 253,307 square feet. Located between Pleasant Hill and Old Norcross roads, the complex offers direct access to Interstate 85 and resides within the Gwinnett Opportunity Zone. The building amenities include ample surface parking, floor-to-ceiling windows and a landscaped campus.

March 4, 2022

Acquisitions Florida Georgia Retail Southeast

Retailers Merge: Aaron’s to Acquire BrandsMart USA for $230M

by Julia Sanders March 3, 2022

ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million. Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022. Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments. BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.

March 3, 2022

Georgia Leasing Activity Retail Southeast

Bealls Outlet Signs 17,000 SF Lease at Shopping Center in Northeast Georgia

by Julia Sanders March 3, 2022

ELBERTON, GA. — Bealls Outlet has signed a 17,000-square-foot lease for its first location in Elberton. The store’s new location will be at The Shopper’s Center in Elberton, a 43,273-square-foot shopping mall located 33 miles west of Athens. Sam Krueger and Kaitlyn Theriot of Franklin Street represented the landlord, Atlanta-based Vanguard Associates, while Monetha Cobb, Maggie Coppage and Sterling Hale of Franklin Street represented Bealls Outlet. The lease brings The Shopper’s Center to full occupancy. Bealls will co-anchor the center along with Tractor Supply with plans to take occupancy in August. Other tenants at the property include Cricket Wireless, LA Nails and World Finance. Located at 709 Elbert St., the property is prominently situated along the main traffic artery in the city of Elbert. The property is also near retailers and restaurants including Cobo Auto Sales, Elberton Animal Hospital, Dunkin’, Taco Bell, Woodson Florist & Vintages and Dollar General.

March 3, 2022

Acquisitions Georgia Office Southeast

CP Group Buys Bank of America Plaza Office Tower in Atlanta

by Julia Sanders March 2, 2022

ATLANTA — Boca Raton, Fla.-based CP Group has purchased Bank of America Plaza, a 55-story office tower in Midtown Atlanta that is also the city’s tallest building. The tower was acquired in a joint venture with funds managed by HPS Investment Partners LLC. Shorenstein Properties sold the tower to CP Group for an undisclosed price. Will Yowell, Jay O’Meara, Justin Parsonnet and Ryan Reethof with CBRE’s Capital Markets Institutional Properties represented the seller. Built in 1992, Bank of America Plaza is an office tower featuring over 1.4 million square feet of space. The property features a mix of both traditional and tech-focused tenants including Bank of America and law firms Troutman Pepper and Lewis Brisbois (LBBS). Building amenities at Bank of America Plaza include 10,000 square feet of a newly renovated conference center space with breakout rooms, fitness center, newly constructed food hall, onsite bank branch and a salon. CP Group plans to launch a $50 million capital improvements program that will include complete renovations of the lobby, development of an onsite restaurant and 100,000 square feet of customizable prebuilt office suites, as part of CP Group’s in-house flexible workspace program, worCPlaces. In addition to Bank of America Plaza, CP …

March 2, 2022

Acquisitions Georgia Hospitality Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Savannah for Multifamily Conversion

by Julia Sanders March 2, 2022

SAVANNAH, GA. — Charleston-based Blaze Capital Partners has purchased Spoke Savannah, an extended-stay hotel in Savannah, for an undisclosed price. In partnership with Argosy Real Estate Partners, Blaze Capital plans to convert the hotel into a 106-unit multifamily community and to invest $3.2 million in capital improvements to reposition and rebrand the property. Spoke Savannah was originally constructed in 1990 as an extended-stay hotel. The property has undergone recent material renovations with the additions of a remodeled clubhouse, gym, sport court and pool area with grilling capabilities. Unit interiors have been upgraded to feature solid-surface countertops and stainless steel appliances. The two firms plan to make additional interior unit upgrades, including new plank flooring, renovated light fixtures and paint touch-ups, as well as property and common area improvements, including a clubhouse and leasing office renovation, outdoor amenity space upgrades, an expansion of the onsite laundry facility, rebranded signage and exterior paint. Located at 5820 White Bluff Road, Spoke Savannah sits in Midtown, just four miles south of the city’s historic downtown district. The property is less than three miles away from the Memorial University Medical Center and St. Joseph’s Hospital. The property is also located near Savannah Technical College and …

March 2, 2022

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