BLOOMINGDALE, GA. — CA Industrial, part of Chicago-based CA Ventures, and Barings LLC, a subsidiary of MassMutual, have broken ground on the first phase of the I-16 Port Logistics site in Bloomingdale. The nine-building industrial project totals nearly 4 million square feet. Located on the northeast corner of Interstate 16 about 13.5 miles from Savannah, I-16 Port Logistics is situated close to the Port of Savannah. The first phase of the development will include one cross-dock facility and two rear-load facilities totaling 1.1 million square feet. Construction of Phase I of the three-phased project is slated for completion by Nov. 2022. Hartford Investment Management Co. (HIMCO) provided an undisclosed amount of construction financing for the development. Evans General Contractors is serving as the general contractor for the project, and William Lattimore and Bill Sparks of CBRE will serve as leasing brokers for the properties.
MCDONOUGH, GA. — Vista Realty Partners has sold Carmel Vista Apartments, a 228-unit multifamily community in McDonough. Equus Capital Partners Ltd. purchased the property for $63.3 million. David Gutting of Newmark represented Vista Realty in the transaction. Opened in Feb. 2021, Carmel Vista Apartments offers studio, one-, two- and three-bedroom floorplans. Unit amenities include stainless steel appliances, granite countertops, sunrooms, direct access attached garages, walk-in closets and washers and dryers. Community amenities include a business center, playground, dog park, fitness center, 24-hour package concierge lockers, controlled access gates, clubhouse with game room and coffee bar and pool. Located at 91 Mt. Carmel Road, Carmel Vista has access to Interstates 75 and 285. The property was fully occupied at the time of sale. Trustmark Bank provided an undisclosed amount of construction financing for the project. A joint venture among The Radco Cos. and Blue Vista Asset Management LLC., Eduard de Guardiola’s Family Office, provided an undisclosed amount of equity.
ROSWELL, GA. — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has provided a $37.2 million loan to TerraCap Management for the acquisition of Enclave at Roswell, a 236-unit multifamily community in Roswell. Matt Williams and Kyle Schlitt of Newmark arranged the floating-rate loan. The loan has an initial term of four years, can extend up to one additional year and features future funding for TerraCap’s planned renovations. Enclave at Roswell offers a mix of one- and two-bedroom apartments with units that range in size from 706 to 1,237 square feet. Units feature in-unit washers and dryers, walk-in closets and private balconies in select homes. Community amenities include a swimming pool, fitness center, business center, tennis court, children’s playground area and a dog park. Located at 11251 Alpharetta Highway, Enclave at Roswell is located along Ga. Highways 9 and 400, as well as about 24.8 miles from downtown Atlanta. The community is also situated less than two miles from North Point Mall, North Point Marketcenter and Mansell Crossing.
KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.
MCDONOUGH, GA. — Halpern Enterprises Inc. has acquired McDonough West, an 80,773-square-foot shopping center in McDonough. Harbour Retail Partners was the seller. The sales price was not disclosed. Built in 2000, McDonough West was 92 percent leased at the time of sale and anchored by a 30,000-square-foot Goodwill Store and Donation Center. The neighborhood retail center includes tenants such as Planet Fitness, Dollar Tree, Subway and Cato, along with a Delta Community Credit Union located on an outparcel at the front of the property. Located at 250 Jonesboro Road, McDonough West is situated at the intersection of Jonesboro Road and McDonough Parkway, adjacent to Kroger-anchored McDonough Crossing Shopping Center.
SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …
CHAMBLEE, GA. — A joint venture between Seven Oaks Co. LLC and Packard Capital LLC have plans to redevelop 2135 American Industrial Way, a 35,500-square-foot warehouse in downtown Chamblee. Slated for completion by June 2022, the two-acre site and single-story building will be redeveloped into creative office space. The 2135 American Industrial Way building, which served as a warehouse for an event rental company and an antique showroom that provided movie props, will include a 1,200-square-foot covered front patio, an outdoor beer garden-style seating area and a dedicated food truck parking place. The interior will feature a furnished lobby with roll-up garage doors connected to the front patio, façade windows, the ability to add exterior access points and the option to modify windows to allow for open and close functionality. Winter Construction Co. will serve as the general contractor, and Aileen Almassy and Andy Sumlin of Cushman & Wakefield will oversee leasing efforts. S/L/A/M Collaborative is the designer for the building. Kimley-Horn is completing the civil and engineering design work, and Atlantic Capital Bank is providing construction debt financing.
KENNESAW, GA. — TSB Realty has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in Georgia, on behalf of Gilbane Development Co. TSB Capital Advisors helped to secure acquisition financing on behalf of the buyer, an undisclosed joint venture partnership. Bixby Kennesaw offers a mix of studio, one-, two-, three-, four- and five-bedroom units. Community amenities include a heated saltwater swimming pool, outdoor courtyard with fire pits, 24-hour fitness center and a rooftop terrace overlooking the university’s football stadium.
CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …
HIRAM, GA. — Colliers International’s Atlanta-based Southeast Retail Investment Sales Team has brokered the sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram. A private investor acquired the property from The Ardent Cos. for $8.3 million. Scott Israel and Joe Montgomery of Colliers represented the seller in the sale. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses. Paulding Pavilion is located on more than 8.5 acres with nearby retailers including Hiram Bottle Shop, Hobby Lobby, Planet Fitness, Burger King, Jersey Mike’s Subs, Chick-fil-A and Johnny’s New York Style Pizza. Located at 4471 Jimmy Lee Smith Parkway, the property is situated about 26 miles northwest of downtown Atlanta.