Georgia

Hanley Negotiates $20.1M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.

August 26, 2021

Acquisitions Georgia Retail Southeast

SRS Arranges $19.4M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

UNION CITY, GA. — SRS Real Estate Partners has arranged the sale of Shannon Crossing, a 101,174-square-foot, Kroger-anchored shopping center located in Union City, about 17.9 miles south of downtown Atlanta. Forge Real Estate Partners III LP, a joint venture between Rancho Sante Fe, Calif.-based Forge Capital Partners and St. Petersburg, Fla.-based The Sembler Co., sold the property for $19.4 million to an Atlanta-based entity doing business as Flesh and Soul Enterprises LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Located at 4550 Jonesboro Road, the property is situated adjacent to Interstate 85. Kroger has anchored Shannon Crossing for over 41 years. About 97 percent occupied at the time of sale, Shannon Crossing has a tenant roster that includes Advance Auto Parts, Chase Bank, T-Mobile, The UPS Store, Papa John’s and J.R. Crickets.

August 26, 2021

Acquisitions Georgia Retail Southeast

Palomar Group Brokers $2.3M Sale of Starbucks-Occupied Property in Evans, Georgia

by Julia Sanders August 26, 2021

EVANS, GA. — The Palomar Group has brokered the $2.3 million sale of a Starbucks-occupied retail property located at 3104 William Few Parkway in Evans. The buyer was an investor based in Aiken, S.C., and the seller was an investor based in Augusta, Ga. The Palomar Group was the only broker involved in the transaction. Built in 2021, the retail property spans 2,500 square feet. Starbucks has a 10-year lease and no termination clause at the property. The store is an outparcel of a Publix-anchored shopping center and is located next to a CVS/pharmacy and Mi Rancho Mexican restaurant.

August 26, 2021

Georgia Loans Mixed-Use Southeast

RMC Provides $70.5M Loan for 8West Mixed-Use Project in Atlanta’s West Midtown

by Julia Sanders August 25, 2021

ATLANTA — An affiliate of Rubenstein Mortgage Capital (RMC) has provided a $70.5 million loan for 8West, an office and retail mixed-use development in the West Midtown submarket of Atlanta. Taylor Smith and Ashesh Parikh of RMC originated the transaction. In 2019, RMC provided a $48.7 million senior construction loan to the 8West property owner, a joint venture between local developer The Atlantic Cos. and investor Harvest Capital Group. RMC has increased the initial loan to $70.5 million, which will allow the joint venture to extinguish the existing mezzanine loan, add amenity spaces at the property and complete the leasing program at 8West. Located at 889 Howell Mill Road, 8West borders the Georgia Tech campus and is located about 2.3 miles from downtown Atlanta. The nine-story, 195,847-square-foot project includes approximately 177,441 square feet of office space and 18,406 square feet of retail space. Amenities include multiple outdoor terraces, a fitness facility, bike storage and repair, common collaborative spaces, conference facilities and a public plaza. Construction was completed in December 2020. RMC is the investment platform of Rubenstein Partners, a real estate investment advisory firm based in Philadelphia. Rubenstein also owns other properties in the Atlanta area including Sanctuary Park in …

August 25, 2021

Acquisitions Georgia Multifamily Southeast

Passco Acquires Harrison at Braselton Apartments in Buford, Georgia for $69M

by Julia Sanders August 24, 2021

BUFORD, GA. — Passco Cos. has acquired The Harrison at Braselton, a 248-unit apartment community in Buford, for $69 million. Claret Communities and The Ardent Cos. were the sellers. Transwestern Real Estate Services was the broker. Built in 2019, The Harrison at Braselton offers one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances, open-style floor plans, kitchen islands with bar seating, wood-style plank flooring and built-in desks topped with granite. The property was 97.9 percent occupied at the time of sale. Community amenities include a clubhouse, resident lounge, fitness center, outdoor lounge with fireplace and TV, pool, sundeck, two poolside grilling stations, package lockers, 24-hour emergency maintenance and a bark park and dog wash station. The property was fully leased at the time of sale. Located at 1500 Noble Vines Drive, the apartment property is situated about 42.1 miles north from downtown Atlanta and approximately 20.2 miles from Duluth. These properties include the Mill at New Holland, a 284-unit community in Gainesville, Ga.; The PARQ at Chesterfield, a 345-unit community in Chesterfield, Mo.; The Fitzroy at Chenal, a 294-unit community in Little Rock, Ark.; Altis Promenade, a 338-unit community in Tampa, Fla.; and The Collins, a 272-unit …

August 24, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Acquisitions Georgia Office Southeast

Skyline Seven Real Estate Brokers $8.8M Sale of Office Building in Atlanta

by Julia Sanders August 20, 2021

ATLANTA — Skyline Seven Real Estate has brokered the sale of an office building in the Buckhead submarket of Atlanta. Elliott Kyle and Chase Murphy of Skyline Seven represented the buyer, an Atlanta-based private investor that purchased the asset for $8.8 million. Jeff Richardson of CTR Commercial Real Estate represented the seller, Inman Property Co. Located at 1801 Peachtree St., the office building is situated about 0.4 mile from Piedmont Hospital, about 2.4 miles from Piedmont Park and 14.5 miles from Hartsfield-Jackson Atlanta International Airport. The building totals 52,833 square feet and is leased to 10 tenants with three vacant spaces.

August 20, 2021

Acquisitions Georgia Industrial Southeast

Dalfen Buys 60,000 SF Industrial Property in Norcross, Georgia

by Julia Sanders August 19, 2021

NORCROSS, GA. — Dalfen Industrial has bought 5250 Brook Hollow Parkway, a 60,000-square-foot, single-tenant industrial property in Norcross, a northeast suburb of Atlanta. This acquisition brings Dalfen Industrial’s Atlanta portfolio to almost 2 million square feet. The sales price and seller were not disclosed. Built in 1999, the infill property is located close to Interstates 85 and 285 and is approximately 20 miles from the Hartsfield-Jackson Atlanta International Airport. The property features high dock door counts and the potential for outside storage. The 5250 Brook Hollow Parkway property is 100 percent leased to Office Creations, a woman-owned business and office furniture and design retailer.

August 19, 2021

Acquisitions Georgia Multifamily Retail Southeast

Songy Highroads, Healey Weatherholtz Purchase Food Truck Park Site in Atlanta, Plan Mixed-Use Development

by Julia Sanders August 19, 2021

ATLANTA — Songy Highroads, an Atlanta-based commercial real estate investment and development firm, and its partner Healey Weatherholtz Properties has purchased the site currently housing the Atlanta Food Truck Park. The 2.7-acre site is located at the northwest corner of Howell Mill Road and Interstate 75 on the border of Atlanta’s West Midtown and Buckhead districts. The sales price and seller were not disclosed. Songy Highroads intends to develop the site for a mixed-use project comprising more than 200 multifamily units, along with retail and hospitality uses. The food truck will continue to be open and operating on a temporary basis, at least through the fall. The food truck first opened in 2012. Cooper Carry, an Atlanta-based architectural firm, is in charge of the development’s design. Songy Highroads focuses on the acquisition, development and redevelopment of real estate projects primarily in the office, multifamily and hotel sectors. Healey Weatherholtz is an Atlanta-based real estate company focused on developing and renovating properties to meet local communities’ needs.

August 19, 2021

Georgia Retail Southeast

Home Depot Reports Fewer Customer Transactions in Second Quarter Due to Less DIY Projects

by Julia Sanders August 19, 2021

ATLANTA — Atlanta-based Home Depot (NYSE: HD) reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second quarter, which was 8.1 percent higher than the same period in 2020. Last year, the retailer’s revenue was approximately $38.05 billion. According to a Refinitiv survey, the retailer’s second-quarter revenue was higher than what Wall Street expected at $40.79 billion. Additionally, Home Depot’s earnings per share was $4.53, which was higher than the $4.44 expected by Wall Street. Home Depot’s same-store sales are up 3.4 percent from the second quarter of 2020 to the second quarter of 2021 but it’s less than the 25 percent jump from the second quarter of 2019 to the same period in 2020. Home Depot’s stock price closed on Wednesday, Aug. 18 at …

August 19, 2021

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