Georgia

Palomar Group Brokers $3.8M Sale of Willow Lake Crossing in Warner Robins, Georgia

by Julia Sanders September 14, 2021

WARNER ROBINS, GA. — The Palomar Group has brokered the $3.8 million sale of Willow Lake Crossing, a 19,650-square-foot shopping center in Warner Robins. Built in 1998, Willow Lake Crossing is fully occupied, and shadow anchored by Target and Academy Sports + Outdoors. Other tenants include Shane’s Rib Shack, Stevi B’s and H&R Block. Located at 2907 Watson Blvd., the shopping center is situated about 19.5 miles from Macon and 8.9 miles from the Middle Georgia Regional Airport. The property is also situated at the intersection of Watson Boulevard and Houston Lake Road. Earlier this year the previous owner, an unnamed investor based in the Southeast, completed renovations at the center, including resealing and restriping of the parking lot, façade upgrades and LED lighting installation in the parking lot. Jordan Collier and Brian Sweeting with Meybohm Commercial represented the buyer, an unnamed regional investor. Palomar represented the seller, which had owned the center for over 20 years.

September 14, 2021

Acquisitions Development Georgia Industrial Southeast

Trammell Crow Co., CBRE Global Acquire Land in Pendergrass, Georgia for 2.3 MSF Logistics Development

by Julia Sanders September 13, 2021

PENDERGRASS, GA. — Trammell Crow Co., in a partnership with CBRE Global Investors on behalf of one of its investment funds, has acquired a 287-acre development site in Pendergrass. The seller and sales price were not disclosed. At the site, the firms plan to build a 2.3 million-square-foot, Class A logistics center known as Jackson 85 North Business Park. Located in the metro Atlanta area along Interstate 85 in Jackson County, Jackson 85 North Business Park is located approximately 60 miles northeast of Atlanta and will be developed in two phases. Wilson Hull & Neal Real Estate will handle leasing for the project. Construction on Phase I is expected to begin in December with completion during the second half of 2022. Phase I will include a 538,450-square-foot cross-dock facility and a 1 million-square-foot cross-dock facility. Phase II will include a single 713,050-square-foot cross-dock facility. The construction timeline for Phase II was not disclosed. All three buildings will feature 185- to 190-foot deep concrete exterior truck courts, 40-foot clear heights and ESFR fire sprinklers.

September 13, 2021

Georgia Loans Multifamily Southeast

ASC Arranges $17.3M Bridge Loan for Apartment Community in Metro Atlanta

by Julia Sanders September 10, 2021

JONESBORO, GA. — American Street Capital (ASC) has arranged a $17.3 million bridge loan for Flint River, a 200-unit multifamily community located in Jonesboro, about 18.3 miles south of downtown Atlanta. Thorofare Capital, a correspondent debt fund lender, provided the loan to the undisclosed current owner of Flint River. Built in 1971, Flint River Apartments includes 17 buildings on 13 acres with a mix of one-, two- and three-bedroom apartments. Community amenities include a putting green, swimming pool, playground, leasing office, laundry facilities and 353 surface parking spaces. The property was 85 percent occupied at closing. Under the previous ownership, one of the buildings in the property burned down. Igor Zhizhin of ASC originated the non-recourse bridge loan that included a three-year, interest-only term and supported the sponsor’s entire capital improvements plan, including rebuilding the burned down building. Planned improvements include an upgraded leasing office and fitness center.

September 10, 2021

Development Georgia Industrial Southeast

TireHub Opens Logistics Center in Metro Atlanta

by Julia Sanders September 9, 2021

KENNESAW, GA. — TireHub, the Atlanta-based national tire distributor cofounded by Bridgestone Americas Inc. and The Goodyear Tire & Rubber Co., has opened its new TireHub Logistics Center in Kennesaw. Relocated from Lawrenceville to Chastain Road, the Kennesaw TireHub Logistics Center will serve as a distribution center for the company. The relocation to Kennesaw will allow TireHub to reach customers in west Atlanta and surrounding areas, while the Norcross and Chattanooga logistics centers are meant to take care of customers in north Georgia. The Kennesaw location will hold 65,000 tires and employ 20 logistics specialists. TireHub operates 71 logistics centers in the United States offering full passenger and light truck tire product lines from the Goodyear and Bridgestone companies.

September 9, 2021

Acquisitions Georgia Multifamily Southeast

FCP Purchases Three Apartment Communities in Metro Atlanta for $116M

by Julia Sanders September 8, 2021

CHEVY CHASE, MD. — FCP, a Chevy Chase, Md.-based real estate investment firm, has purchased three metro Atlanta apartment communities for $116 million. The three properties are Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf apartment communities in Clarkston, Mableton and Lawrenceville, respectively. Shelton McNally Real Estate Partners was the seller for Springdale Glen apartments and MSC Investments was the seller for Sierra Forest. The seller for Hawthorne at Sugarloaf was not disclosed. Built in 1973, Springdale Glen features 276 one-, two- and three-bedroom units. Located at 3800 Brockett Trail in Clarkston, the garden-style and workforce community is located about 2.9 miles from Interstate 285. Community amenities include a pool, playground and a dog park. The property was about 92 percent occupied at the time of sale. Located at 6660 Mableton Parkway SE in Mableton, Sierra Forest includes 272 one-, two- and three-bedroom apartments just off Interstate 20. Built in 1973, the workforce housing property is situated close to the Fulton Industrial Corridor and is 12.6 miles from downtown Atlanta. Community amenities include a grilling area, playground and a property manager onsite. The property was roughly 91 percent occupied at the time of sale. Built in 2007, Hawthorne at Sugarloaf …

September 8, 2021

Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta

by Julia Sanders September 7, 2021

JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC. Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent financing used to rehabilitate the property. The bridge loan had a 4.3 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program. Located at 681 Flint River Road, Riverwood Townhouses features one-, two-, three- and four-bedroom units. All the units are rent restricted to 60 percent of area median income. Community amenities include a business center and computer lab, clubhouse, community room, playground and picnic area. The property will be undergoing interior and exterior renovations as part of the redevelopment.

September 7, 2021

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

After 18 Months, Seniors Housing Operators More Adept at Handling COVID-19 Crisis, Says InterFace Panel

by John Nelson September 7, 2021

ATLANTA — Seniors housing operators have been grappling the past 18 months with how to maintain their properties and keep occupancy high while also protecting their staff and residents, who are the most vulnerable population for infections and death from the COVID-19 outbreak. With the rise of the Delta variant in recent weeks, owners and operators are having to make tough decisions to care for their residents, although now they have built some muscle memory on how to operate effectively amid the pandemic. “We are better at dealing with COVID-19 now than before,” said Joe Jasmon, CEO and managing partner of American Healthcare Management. Jasmon added that alleviating the fear of COVID-19 and the Delta variant is a big part of an operator’s job, and bringing residents into their social programs is a major point of emphasis, even if it can only be done virtually. “There’s been a huge insurgence of Zoom calls,” said Jasmon. “Before it was once in a blue moon, and it would be a son or daughter who lived in Belize or somewhere. Now the entire family and friends are calling in. We have to cultivate that activity and encourage it.” Jasmon’s comments came during the …

September 7, 2021

Georgia Hospitality Loans South Carolina Southeast

PMZ Realty Arranges $70M Financing for Two Hotel Properties in Charleston, Augusta

by Julia Sanders September 1, 2021

CHARLESTON, S.C. AND AUGUSTA, GA. — PMZ Realty Capital LLC has arranged $70 million in joint venture equity and debt financing to recapitalize two hotels in Charleston and Augusta. The properties include the Holiday Inn Express Charleston Downtown – Medical Center in Charleston and The Partridge Inn Augusta Curio Collection by Hilton in Augusta. Rio Partners is the owner of the properties, and the firm plans to use the proceeds from the two separate transactions to pay off existing debt and upgrade the properties. The 150-room Holiday Inn Express is located close to Charleston Farmer’s Market, Folly Beach, The Citadel – Johnson Hagood Stadium, Boone Hall Plantation and Gardens and the South Carolina Aquarium. Located at 250 Spring St., the hotel is only 12 miles from Charleston International Airport. Hotel amenities include a pool, breakfast provided for guests, complimentary Wi-Fi and a fitness center. Located at 2110 Walton Way, the 153-room Partridge Inn Augusta is situated less than two miles from Daniel Field Private Airport, 10 miles from Augusta Regional Airport and about 4 miles from the Augusta National Golf Club. Hotel amenities include complimentary Wi-Fi, an onsite restaurant, outdoor pool, fitness center, room service, business center and meeting rooms.

September 1, 2021

Development Georgia Multifamily Southeast

Portman, National Real Estate Advisors Break Ground on Multifamily Project in Midtown Atlanta

by Julia Sanders August 31, 2021

ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …

August 31, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

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