Georgia

Cushman & Wakefield Arranges $132.6M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders January 12, 2022

SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.

January 12, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.1M Sale of CVS-Leased Store in Athens, Georgia

by Julia Sanders January 11, 2022

ATHENS, GA. — Marcus & Millichap has brokered the sale of a property located at 795 Oglethorpe Ave. in Athens that is leased to CVS/pharmacy. An undisclosed buyer purchased the 14,781-square-foot property for $9.1 million. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the undisclosed seller. “This CVS traded at list price for $600,000 more than what the sellers paid for it seven years ago, in addition to $3 million they collected in rent. This transaction is another example of the current peak demand for quality net lease inventory in the market today,” says McMinn. “Due to this demand and current supply constraints, we are still seeing cap rate compression and historic pricing for our sellers. There is no better time to be a seller than the present.”

January 11, 2022

Development Georgia Industrial Southeast

CRG Breaks Ground on 463,250 SF Spec Industrial Facility in Metro Savannah

by Julia Sanders January 10, 2022

ELLABELL, GA. — CRG has broken ground on Building E at The Cubes at Interstate Centre II, a 463,250-square-foot spec industrial facility in Ellabell, about 23 miles west of Savannah. CRG is slated to deliver the facility in July. JLL is overseeing the leasing at the project. Located on Interstate Centre Boulevard, The Cubes at Interstate Centre II is situated 1.5 miles from Interstate 16, approximately 15 miles from Interstate 95 and within 25 miles of the Port of Savannah and Savannah-Hilton Head International Airport. Upon full buildout, the Cubes at Interstate Centre II will offer approximately 4.3 million square feet of Class A industrial space. Building E will offer features such as 36-foot clear heights, an ESFR sprinkler system, 80 dock doors and four drive-in doors. The project will also provide truck courts with 185-foot depths, 131 trailer spaces and 225 auto spaces. CRG’s parent company Clayco is the builder for the project, while Lamar Johnson Collaborative is the architect. Building E will be the second facility CRG has built within the 300-acre Interstate Centre II. The first facility was Building A, a 700,000-square-foot building located on 56.3 acres that was fully leased to McKesson Medical-Surgical, a medical supplies …

January 10, 2022

Georgia Leasing Activity Retail Southeast

Fin & Feathers to Open 5,400 SF Restaurant in Midtown Atlanta

by Julia Sanders January 7, 2022

ATLANTA — Fin & Feathers, an American soul food restaurant owned by Damon Johnson, will open in a new 5,400-square-foot location at 1136 Crescent Ave. in Midtown Atlanta. The new location will be the restaurant’s fourth in metro Atlanta. Bryan Davis of Atlanta-based Ackerman & Co. represented Fin & Feathers in the transaction. Fin & Feathers will open in the space formerly occupied by Tin Lizzy’s Cantina. The restaurant is slated to open in February. The interior of the Midtown Atlanta location will be completely redesigned to fit the Fin & Feathers’ style, which usually has colorful recessed lighting, a welcoming bar, wood tables and chairs and wall artwork. Additionally, the new location will have an outdoor patio for dining. The first Fin & Feathers location opened at 360 Edgewood Ave. in downtown Atlanta. Other locations near Atlanta include 7430 Douglas Blvd. in Douglasville and Ga. Highway 85 in Riverdale.

January 7, 2022

Acquisitions Georgia Industrial Southeast

Foxfield Industrial Sells Distribution Facility in Metro Atlanta for $27.4M

by Julia Sanders January 6, 2022

BRASELTON, GA. — Foxfield Industrial has sold a 455,602-square-foot bulk distribution facility at 1001 Cherry Drive in Braselton, about 49.3 miles from downtown Atlanta. Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette of JLL Capital Markets represented the seller. Birmingham-based Growth Capital Partners acquired the property for $27.4 million. Completed in 1985 and expanded in 1996, the property is fully triple-net leased to two tenants: YearOne Inc. and TransSouth Logistics. The building’s amenities include clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor and trailer storage. The property is situated adjacent to Interstate 85 and is 56 miles from Hartsfield-Jackson Atlanta International Airport.

January 6, 2022

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Ongoing Population, Job Growth in Atlanta Drives Multifamily Demand

by John Nelson January 3, 2022

Atlanta remains an incredibly active market for multifamily demand from both a renter and investor standpoint. The Atlanta metropolitan statistical area (MSA) boasts a population estimate by the U.S. Census Bureau of more than 6.1 million people, an increase of 14.3 percent over the past 10 years, and ranks consistently as one of the top recipients of in-migration in the country. The continued influx of new residents and rising home pricing have led to a vacancy rate of 4.9 percent, the lowest recorded in the MSA since 2000. In the third quarter, rents reached the highest average in Atlanta’s history of $1,561 per unit, an increase of 21.3 percent year-over-year. While on average apartment communities tend to see an average occupancy rate around 95 percent, eviction moratoriums have pushed occupancies at many to as high as 99 percent leased as property managers seek to make up for lost revenue. Residents are flocking toward urban infill projects in walkable parts of the city, such as in the micro-market along the Atlanta BeltLine Eastside Trail where effective rents reached $2,052 per unit, commanding a 31.5 percent premium over the metro Atlanta average. However, there has also been substantial rent growth recorded in …

January 3, 2022

Acquisitions Georgia Multifamily Southeast

Kaplan Residential Sells Apartment Community in Downtown Atlanta for $126.9M

by John Nelson December 23, 2021

ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.

December 23, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires 93,728 SF Shopping Center in Metro Atlanta

by Julia Sanders December 21, 2021

STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.

December 21, 2021

Acquisitions Georgia Retail Southeast

Bridge33 Capital Disposes of Retail Center in Metro Atlanta for $8.7M

by Julia Sanders December 20, 2021

GAINESVILLE, GA. — Bridge33 Capital has sold Westbrook Plaza, a 49,364-square-foot retail center in the Atlanta suburb of Gainesville. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. Charlotte-based Collett Capital purchased the property for $8.7 million. Constructed in 2006 and anchored by Best Buy, Westbrook Plaza was fully leased at the time of sale to tenants including Burn Boot Camp, Mattress Firm, WNB Factory, Pazzi’s Pizza, Paris Nails and Pet Pleasers Bakery. Located at 668 Dawsonville Highway, the center is situated less than one mile from Lake Lanier, which provides an annual economic impact of over $5.5 billion.

December 20, 2021

Development Georgia Industrial Southeast Top Stories

Rivian Plans $5B Electric Truck Manufacturing Plant Near Atlanta

by Julia Sanders December 17, 2021

RUTLEDGE, GA. — Rivian Inc. (NASDAQ: RIVN), an Irvine, Calif.-based electric truck manufacturer, has announced plans for the East Atlanta Megasite, a $5 billion manufacturing plant about 50 miles east of downtown Atlanta. The site is located between Social Circle and Rutledge on Interstate 20, according to The Atlanta Journal-Constitution. Construction on the plant is slated to start in the summer of 2022, with plans to open by 2024. The manufacturing plant is the largest economic development in Georgia’s history, according to a press release by Georgia Governor Brian Kemp. With the new plant, Rivian says it will create approximately 7,500 jobs. The manufacturer plans to develop community engagement and workforce training programs in the area of the new plant. Additionally, Georgia Quick Start, a division of the Technical College System of Georgia and provider of workforce training, plans to build and operate a manufacturing training center. The Georgia Department of Labor also plans to assist Rivian in finding skilled employees to work at the Georgian plant. The plant could have up to 10,000 workers, which would mean the project would be the biggest car assembly project in the country, according to CNBC. The East Atlanta Megasite, which is located on nearly …

December 17, 2021

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