Georgia

Berkadia Secures $49.7M Refinancing for Apartment Community in Metro Atlanta

by Julia Sanders October 18, 2021

NORCROSS, GA. — Berkadia has secured approximately $49.7 million in debt and equity for the refinancing of The Carter @ 4250, a 300-unit apartment community in Norcross. The financing includes a $33.1 million Freddie Mac loan that Mitch Sinberg and Brad Williamson of Berkadia arranged on behalf of the borrower, Miami-based One Real Estate Investment (OREI). The 10-year, floating-rate loan includes five years of interest-only payments. Addtionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured $16.6 million in equity from MLG Capital to complete the capital stack for OREI. Built in 1985, The Carter @ 4250 offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Units feature hardwood-style flooring, stainless steel appliances, a gas range, carpeting, electronic thermostats, washer and dryer hookups and patio and balconies. Community amenities include a saltwater swimming pool, fitness center with free weights, playground, dog park, laundry center and a barbecue and picnic area. The property was 97.7 percent occupied at the time of financing. Located at 4250 Jimmy Carter Blvd., The Carter @ 4250 is situated near Interstate 85 and Jimmy Carter Boulevard. The property is also 21.8 miles from downtown Atlanta …

October 18, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $12.6M Sale of Village Shoppes at Creekside in Metro Atlanta

by Julia Sanders October 15, 2021

LAWRENCEVILLE, GA. — Zach Taylor of the Taylor-McMinn Retail Group, a team within Marcus & Millichap’s Institutional Property Advisors (IPA) division, has brokered the $12.6 million sale of Village Shoppes at Creekside, a 98,859-square-foot shopping center in Lawrenceville. The shopping center is located at 860 Duluth Highway in Gwinnett County, about 31.6 miles from downtown Atlanta. The tenant roster at Village Shoppes at Creekside includes Badcock Furniture and Harbor Freight Tools. Taylor represented the seller, Lamar Cos., in the transaction. Azad Commercial Realty Services, a Houston-based private investor, purchased the property. “The demand for well-located retail centers is as high as it has ever been,” says Taylor. “The last three retail centers we have sold had money day one with pricing that exceeded the seller’s expectations. The increased demand, limited supply, low interest rates and the yield spread over other asset classes has created the best environment for selling retail in the past 20 years.”

October 15, 2021

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Negotiates Sale of 14,388 SF Shopping Center in Suwanee, Georgia

by Julia Sanders October 15, 2021

SUWANEE, GA. — Stan Johnson Co. has arranged the sale of Suwanee Celebration Village, a 14,388-square-foot shopping center in Suwanee. Jeff Enck, Brian Lane and Emery Shane of Stan Johnson Co. represented the seller, a locally based group of private investors. A McDonough, Ga.-based individual investor acquired the property for more than $5.1 million. Built in 2019, Suwanee Celebration Village is fully leased to seven tenants including Verizon Wireless and ATI Physical Therapy. More than half of the property’s tenants operate on 10-year leases. Located at 2780 West Village Drive, the center is situated about 34.4 miles north of downtown Atlanta in Gwinnett County.

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Blaze Capital Partners Acquires Newly Built Apartment Community Near Savannah

by Julia Sanders October 15, 2021

GARDEN CITY, GA. — Blaze Capital Partners has acquired Tapestry Park, a 232-unit multifamily community in Garden City, about 8.3 miles from Savannah. Completed in September, Tapestry Park offers one-, two- and three-bedroom floorplans going up to 1,132 square feet. The property includes five, three-story buildings and two, four-story buildings. Community amenities include a pool, fitness center, clubhouse, courtyard and a playground. Located at 100 Town Center Drive, Tapestry Park has access to Highway 16 and is situated within the Garden City Town Center development, which includes a three-block perimeter with City Hall. Additionally, the property is situated about 7.2 miles from an Amazon distribution center, 9.6 miles from the Port of Savannah and 7.5 miles from Savannah College of Art and Design (SCAD).

October 15, 2021

Acquisitions Georgia Multifamily Southeast

Lee & Associates Arranges $122M Sale of Apartment Property in Atlanta’s Upper Westside

by Julia Sanders October 14, 2021

ATLANTA — Lee & Associates has arranged the sale of Novel Upper Westside, a 345-unit apartment community in Atlanta that was renamed as Luna Upper Westside. Equity Residential, a Chicago-based multifamily investment firm, purchased the property for $122 million. Crescent Communities was the property’s developer. Allen Eager of Lee & Associates represented the buyer in the sale. Located at 2265 Marietta Blvd., Luna Upper Westside offers studio, one-, two- and three-bedroom layouts. The units feature stainless steel appliances, glass mosaic backsplashes, wood-style flooring, double vanity sinks in select units, in-unit washers and dryers and walk-in closets. Community amenities include a fitness center, yoga and spin room, coworking spaces, dog park, bike storage, pool with cabanas, grilling stations, clubroom, community beer taps and a sky lounge. The property is part of a redevelopment at Moore’s Mill and Marietta Boulevard that includes a 45,000-square-foot Publix grocery store.

October 14, 2021

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Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Development Georgia Loans Mixed-Use Southeast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders October 13, 2021

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

October 13, 2021

Georgia Leasing Activity Office Southeast

Law Firm Signs 100,000 SF Office Lease at 1420 Peachtree in Midtown Atlanta

by Julia Sanders October 11, 2021

ATLANTA — Swift, Currie, McGhee & Hiers LLP, a law firm with offices in Georgia and Alabama, has signed a lease for a 100,000-square-foot office space at 1420 Peachtree St. NE. in Midtown Atlanta. The firm is relocating from The Peachtree Tower at 1355 Peachtree St., where it has operated for more than 30 years. Tim McCarthy and Ryanne Pennington of JLL represented Swift Currie in the deal, and Chip Roach and Stephen Clifton of Transwestern representing the building’s owner, Franklin Street Properties Corp. Swift Currie has more than 160 lawyers total and 324 Atlanta-based employees. As the firm has grown over the years, Swift Currie said the reason for its move is to have a bigger office space. 1420 Peachtree is a 160,000-square-foot, Class-A office building. The eight-story building is currently being renovated in order to modernize common areas, improve amenities and upgrade the tenant spaces. The building features walk-out fourth floor balconies. Located at the intersection of Peachtree and West Peachtree streets, the building is situated a half-mile north of MARTA’s Art Center Station and offers immediate access to the Interstate 75/85 Connector and Ga. Highway 400, as well as Piedmont Park and the Atlanta BeltLine Eastside Trail.

October 11, 2021

Acquisitions Georgia Industrial Southeast

SRS Arranges $16.2M Sale-Leaseback of Flex Industrial Facility in Conyers, Georgia

by Julia Sanders October 8, 2021

CONYERS, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale-leaseback of a Class A, 107,976-square-foot flex industrial facility in Conyers, about 24.4 miles from downtown Atlanta. The facility is fully leased to Batchelor & Kimball, a subsidiary of Emcor that manufactures plumbing and mechanical system fabrications. The tenant, via an entity doing business as New River Ventures LLC, sold the property for $16.2 million to Patriot Equity Partners LLC. Kyle Stonis and Pierce Mayson of SRS represented the buyer in the transaction. Bobby Mayson of Lavista Associates represented the seller. Located at 2227 Plunkett Road on 19.8 acres, the property was constructed as a build-to-suit for Batchelor & Kimball in 2017. The property features a 27.6 percent office finish, as well as other amenities including side-load truck access, 130-foot concrete truck courts, outside storage, gate entrance, pre-cast construction and 32-foot clear heights.

October 8, 2021

Acquisitions Georgia Retail Southeast

Connolly Acquires 28,000 SF Towne Lake Plaza in Metro Atlanta

by Julia Sanders October 8, 2021

WOODSTOCK, GA. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center in downtown Woodstock. Dallas-based Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, Towne Lake Plaza is fully leased to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Located 30 miles northwest of Atlanta, the center is situated on Towne Lake Parkway between Interstate 575 and Main Street. Credit Union Business Services provided acquisition financing for the transaction. The Retail Planning Corp. will manage the center. Connolly’s retail services division will oversee leasing at the property.

October 8, 2021

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