Georgia

CBRE Arranges Sale of North Dekalb Mall in Atlanta, Buyer Plans Mixed-Use Redevelopment

by Julia Sanders September 24, 2021

DECATUR, GA. — CBRE has arranged the sale of North Dekalb Mall in Decatur, about 8.6 miles east from downtown Atlanta. West Palm Beach, Fla.-based Sterling Organization sold the property for an undisclosed price. The buyer, Edens, who has a headquarters office in Washington, D.C., plans to redevelop the mall into a mixed-use property, according to The Atlanta Journal-Constitution. Located at 2050 Lawrenceville Highway, North Dekalb Mall is located on 76.7 acres at the intersection of Lawrenceville Highway and North Druid Hills Road. The property is situated less than 1.5 miles west of Interstate 285. The enclosed mall’s tenants include AMC Theatres, Dollar Tree, Burlington and Marshalls. AMC Theatres has a maximum of six years left on its lease term at the location.

September 24, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Crown Bay Group Purchases Workforce Housing Community in Atlanta for $31.1M

by Julia Sanders September 24, 2021

UNION CITY, GA. — Crown Bay Group LLC, an Atlanta-based multifamily real estate investment firm, has purchased The Park at Netherley, a 294-unit workforce housing community in Union City. The sales price was $31.1 million, or nearly $106,000 per unit. The seller was Blue Magma. Built in 1988, The Park at Netherley offers one-, two- and three-bedroom apartments. Community amenities include a business center, clubhouse, playground, swimming pool and a fitness center. The property was 93 percent occupied at the time of sale. Located at 6770 Buffington Road, The Park at Netherley is located about 13.4 miles from the Atlanta Metropolitan State College and 15.2 miles from Clayton State University. Additionally, the property is about 7.8 miles from Hartsfield-Jackson Atlanta International Airport. Since 2019, more than $1 million of capital improvements have been completed at the apartment complex in order to enhance curb appeal, upgrade interiors, improve exteriors and common area amenities. As the new owner, Crown Bay plans to launch an interior renovation program to enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.

September 24, 2021

Development Georgia Leasing Activity Retail Southeast

GID Signs Puttshack to 26,000 SF Lease at High Street Development in Atlanta

by Julia Sanders September 23, 2021

ATLANTA — Puttshack, a mini golf and entertainment provider, has signed a second lease in Atlanta at High Street, a $2 billion, 36-acre mixed-use property in Perimeter Center Parkway on the northside of Atlanta. National real estate developer, owner and operator GID Development Group is developing High Street and inked the lease with Puttshack. Puttshack is the first anchor tenant to be announced for High Street. The mini golf retailer will have more than 26,000 square feet of space and will feature four custom-made, tech-driven mini golf courses. The property will also feature ‘Trackaball’ technology, which includes automated scoring, bonus points opportunities and interactive games at each hole. The entertainment venue will also have a dining menu and full cocktail bar. The first phase of the project will break ground this year and is slated to open by 2023. The project will include 150,000 square feet of entertainment-driven retail and restaurants, approximately 600 rental apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Located at 211 Perimeter Center Parkway, High Street is situated at the intersection of Perimeter Center Parkway and Hammond Drive. The project is also located close to the Dunwoody MARTA Station, …

September 23, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Stratus Development Group Sells 286-Bed Student Housing Community Near University of Georgia

by Julia Sanders September 23, 2021

ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.

September 23, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1.1 MSF Bulk Distribution Facility in Metro Atlanta

by Julia Sanders September 22, 2021

MCDONOUGH, GA. — JLL Capital Markets has arranged the sale of a fully leased bulk distribution facility totaling 1.1 million square feet within PNK Park Southern Gateway at Lambert Farms in McDonough, about 30.5 miles south of Atlanta. Britton Burdette, Matt Wirth, Dennis Mitchell and Mitchell Townsend of JLL represented the seller, PNK Group. KKR via the KKR Real Estate Select Trust Inc. acquired the property for an undisclosed price. The distribution facility is part of the 260-acre PNK Park Southern Gateway at Lambert Farms. The industrial park is situated about 25 miles south of Hartsfield-Jackson Atlanta International Airport. The property features walking and biking trails, electric vehicle charging stations, two food truck courts with seating areas and two points of access to Interstate 75. The building was 100 percent triple-net-leased at the time of sale to two tenants, a publicly traded direct-to-consumer mattress company and a logistics and supply chain company. Completed in 2020, the cross-dock building features 40-foot clear heights, LED lighting, ESFR fire protection and two 190-foot truck courts.

September 22, 2021

Acquisitions Georgia Multifamily Southeast

Partnership Acquires 270-Unit Bellevue at Avondale in Decatur, Georgia

by Julia Sanders September 22, 2021

DECATUR, GA. — Nicholas Residential via the fund, Nicholas SunTx RE Partners II, and in cooperation with Hughes Capital Partners, has acquired Bellevue at Avondale, a 270-unit apartment community in Decatur. The seller and sales price were not disclosed. Built in 2020, Bellevue at Avondale was previously named Alexan Avondale. The property features studio, one- and two-bedroom apartment homes. Community amenities include a swimming pool, fitness facility, podcast studio and maker’s studio. Nicholas Residential’s subsidiary, Bellevue Living, will manage the community.

September 22, 2021

Georgia Leasing Activity Office Southeast

KBS Signs Lease Extension for Law Firm at Atlantic Station Office Property in Atlanta

by Julia Sanders September 17, 2021

ATLANTA — KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with business law firm Arnall Golden Gregory LLP for headquarters office space in Atlanta. The 510,268-square-foot, Class A office building is situated at 171 17th St. within Atlantic Station, a mixed-use village in Atlanta’s West Midtown district. Built in 2004, the office property is a 21-story building that includes an onsite café, EV car-charging stations, onsite carwash/detail, conference center and shuttle service, valet and outdoor tenant patio amenity space. KBS recently completed several improvements to 171 17th Street, including transforming the café, changing the patio into an outdoor tenant lounge and completing an upgrade to the conference room. The property is also the first LEED Silver Core & Shell-certified building constructed in the world, according to KBS. The property is part of Singapore-based PRIME US REIT’s portfolio. Newport Beach, Calif.-based KBS serves as the U.S.-based asset manager for the portfolio. Glenn Kolker and Sonia Winfield of Cushman & Wakefield represented KBS in the lease transaction. Greg Katz and Taylor Senter of Newmark represented the tenant.

September 17, 2021

Development Georgia Hospitality Southeast

Mainsail Lodging Opens Epicurean Atlanta Hotel in Midtown District

by Julia Sanders September 16, 2021

ATLANTA — Mainsail Lodging & Development has opened Epicurean Atlanta, a 16-story boutique hotel in Midtown Atlanta. The hotel is a member of the Autograph Collection, a group of independent hotels operated by Marriott International. Epicurean Atlanta is the second location of the Epicurean Hotel brand, the first of which was a collaboration between Mainsail Lodging and the Bern’s Steak House in Tampa. Atlanta-based architectural and interior design firm Rule Joy Trammell + Rubio oversaw the new hotel’s design. The Epicurean Atlanta hotel has 178 guest rooms with 22 suites. Hotel amenities include a fitness center with floor-to-ceiling windows, as well as a pool on the ninth level sky terrace that offers temperature-controlled cabanas and butler service. Additionally, there will be wellness activity programming on the events lawn. Located at 1117 West Peachtree St., the hotel is one of three towers within Selig Enterprises’ 1105 West Peachtree mixed-use development. The other two towers in the project include a 31-story office tower and a 64-unit apartment tower called 40 West 12th. Epicurean Atlanta is anchored by three dining concepts: Reverence, the hotel’s signature restaurant that features a 2,886-square-foot space for seating up to 127 guests; Aerial Kitchen & Bar, which will …

September 16, 2021

Development Georgia Industrial Southeast

Seefried Breaks Ground on 800,590 SF Spec Industrial Development in Pendergrass, Georgia

by Julia Sanders September 14, 2021

PENDERGRASS, GA. — Seefried Industrial Properties has broken ground on Valentine 85 Logistics Center Building 2, an 800,590-square-foot speculative industrial building within Valentine Farms in Pendergrass. Located at 500 Valentine Industrial Parkway about 58.5 miles north of Atlanta, the Valentine 85 Logistics Center Building 2 is situated off Interstate 85 between two interchanges at GA Highways 82 and 11, which offers direct access to the building. FCL Builders is the general contractor of the modern bulk distribution center that will feature 40-foot clear heights, 134 trailer spaces expandable to 197, 336 car parking spaces, 153 dock doors and four drive-in doors. The building is slated to open for occupancy in September 2022. Seefried completed Phase I of Valentine 85 Logistics Center, which included an approximately 1 million-square-foot spec building, in August 2018. Hillwood Investment Properties purchased the building in 2018 for an undisclosed price. Doug Smith and Joseph Kriss of Seefried, as well as Scott Plomgren and Harrison Marsteller of Colliers International, will lead marketing efforts of Valentine 85 Logistics Center Building 2.

September 14, 2021

Acquisitions Georgia Multifamily Southeast

Songy Highroads, Alex. Brown Realty Acquire Two-Property Apartment Portfolio in Atlanta

by Julia Sanders September 14, 2021

ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …

September 14, 2021

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