CORNELIA, GA. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center in Cornelia. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investment group known as JETS Associates Ltd. Atlanta-based Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. At the time of sale, the property was 74 percent occupied with one available space totaling 1,750 square feet. The property is an outparcel to a Lowe’s Home Improvement store. Located at 216 Carpenters Cove Lane, the center has direct frontage to U.S. Highway 441 South. The property is located approximately 70 miles northeast of downtown Atlanta.
LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.
COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.
ATLANTA — Walmart has plans to open the Walmart Global Tech hub in Atlanta in order to accelerate its digital capabilities. The Arkansas-based retailer says it selected Atlanta because of the city’s growing tech presence in the United States, its connection to Walmart and the strong talent base in the area. The location of Walmart’s new offices was not disclosed. The Walmart Global Tech hub will develop and manage cloud, data, enterprise architecture, DevOps, infrastructure and security functions to support stores and customer experience. Most of the new positions will be for data scientists and software engineers, as well as cybersecurity professionals, architects, developers, data engineers, technical program managers and product managers. Along with Atlanta, Walmart plans to build 15 other Walmart Global Tech hubs, including in Toronto, Austin, Dallas, Silicon Valley, Seattle and Charlotte. Globally, the Walmart Global Tech hub includes more than 20,000 associates, with plans to hire over 5,000 more tech workers in the next year.
MARIETTA, GA. — CBRE has secured $38 million in acquisition financing for Crestmont Apartments, a 228-unit, garden-style apartment community in Marietta. Robert Kadoori and C.J. Kelly of CBRE arranged the loan on behalf of the borrower, TerraCap Management. The floating-rate loan has an initial term of four years, can extend up to one additional year and features future funding to finance the sponsor’s business plan. Built in 1986, Crestmont offers one- and two-bedroom unit floorplans. Unit features include nine-foot ceilings, stainless steel appliances, walk-in closets and washers and dryers in select units. Community amenities include a swimming pool with a sundeck, playground, picnic area with grilling stations, clubhouse, pet spa and a dog park. Located at 500 Williams Drive, the property is close to Interstates 75 and 575 and Atlanta’s Cumberland/Galleria office submarket, which includes 20 million square feet of office space. The property is also 5.3 miles from Kennesaw State University, 10.7 miles from Battery Atlanta and 2.9 miles from Town Center at Cobb.
CARTERSVILLE, GA. — Atlanta-based Seefried Industrial Properties has bought a 31.8-acre site in Cartersville with plans to develop Cassville 75 Distribution Center, a new 273,576-square-foot, speculative industrial development. The seller and sales price for the land were not disclosed. Construction is expected to begin in May, with delivery scheduled for April 2023. Cassville 75 Distribution Center will be located at the intersection of Cassville White and Old Grassdale roads and will offer access to Interstate 75. Project features will include 36-foot minimum clear heights with 185-foot minimum truck court depths, ESFR sprinklers and 39 dock-high loading positions with a front-load configuration. The project will also include office space customized to suit, as well as auto and trailer parking on a secure fenced site.
SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.
ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
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 …
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.