Georgia

Lee & Associates Brokers Sale of 30.2 Acres in Palmetto, Georgia

by Julia Sanders September 29, 2021

PALMETTO, GA. — Lee & Associates brokered the sale of 30.2 acres in Palmetto. Lee & Associates represented the buyer, a fund managed by a subsidiary of Ares Management Corp. The seller and price were not disclosed. On the purchased land, Ares Management Corp. plans to build Wilkerson Mill Logistics Center, a Class A industrial distribution facility totaling approximately 375,000 square feet. Wilkerson Mill Logistics Center will be a rear-loading facility with features including 36-foot minimum ceiling clear height, ample car and onsite trailer parking, ESFR sprinkler systems, LED lighting with motion sensors and dock packages. Located in Fulton County, the site is 3.5 miles from the CSX Fairburn Intermodal facility and 15.6 miles from Hartsfield-Jackson Atlanta International Airport. Construction for the project is slated for completion by the third quarter of 2022.

September 29, 2021

Acquisitions Development Georgia Mixed-Use Multifamily Southeast

PMG, Greybrook Purchase Land to Develop Society Atlanta Mixed-Use Project

by Julia Sanders September 29, 2021

ATLANTA — Miami and New York-based PMG and Toronto-based Greybrook Realty Partners, in a joint venture, have acquired 811 Peachtree St. N.E. with plans to develop Society Atlanta, a 460-unit mixed-use project within the PMG’s Society Living multifamily brand. Mark Lindenbaum of JLL brokered the transaction. The land price was $20.3 million. The seller was not disclosed. Designed by Atlanta-based architecture firm Cooper Carry, Society Atlanta will feature 70,000 square feet of office space and 16,000 square feet of retail space. Slated for delivery in the first quarter of 2024, the 33-story development will include traditional apartment units and “rent-by-bedroom” or co-living options. Community amenities at Society Atlanta will include a pool deck, fitness center and co-working facilities. Society Atlanta will continue the expansion of PMG’s national Society Living portfolio, which was created to address demand for reasonable rents close to urban areas. Other Society Living developments include Society Las Olas in downtown Fort Lauderdale, Fla., which opened in May 2020; Society Biscayne in downtown Miami, slated to open in early 2022; Society Orlando, currently under construction in downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Additionally, Society Denver was announced in August.

September 29, 2021

California Georgia Illinois Industrial Loans Southeast Tennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders September 28, 2021

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

September 28, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires City Center Crossing Shopping Center in Sandy Springs, Georgia

by Jeff Shaw September 27, 2021

SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center located at 6331 Roswell Road in Sandy Springs, a northern suburb of Atlanta. City Center Crossing is a 98,408-square-foot asset that is 77 percent occupied. A 27,858-square-foot Lidl Supermarket that opened in May 2020 anchors the property. The seller and price were not disclosed. “We are extremely excited to not only acquire our first asset in the Atlanta Market but to also add Lidl to our portfolio, one of the most rapidly growing grocers in the country,” says Matt Annibale, senior director of acquisitions at First National Realty Partners. “The remaining vacancy in the center will provide significant upside for our investors.”

September 27, 2021

Acquisitions Georgia Retail Southeast

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

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