MARIETTA, GA. — CBRE has secured $38 million in acquisition financing for Crestmont Apartments, a 228-unit, garden-style apartment community in Marietta. Robert Kadoori and C.J. Kelly of CBRE arranged the loan on behalf of the borrower, TerraCap Management. The floating-rate loan has an initial term of four years, can extend up to one additional year and features future funding to finance the sponsor’s business plan. Built in 1986, Crestmont offers one- and two-bedroom unit floorplans. Unit features include nine-foot ceilings, stainless steel appliances, walk-in closets and washers and dryers in select units. Community amenities include a swimming pool with a sundeck, playground, picnic area with grilling stations, clubhouse, pet spa and a dog park. Located at 500 Williams Drive, the property is close to Interstates 75 and 575 and Atlanta’s Cumberland/Galleria office submarket, which includes 20 million square feet of office space. The property is also 5.3 miles from Kennesaw State University, 10.7 miles from Battery Atlanta and 2.9 miles from Town Center at Cobb.
CHARLOTTE, N.C. — Taconic Capital Advisors has sold Three Resource Square, a 125,728-square-foot, Class A office building in Charlotte. Praelium Commercial Real Estate purchased the property for $21 million. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco and Stephanie Spivey of CBRE represented the seller in the transaction. Harris Ralston and C.J. Kelly of CBRE arranged an undisclosed amount of debt financing through Prime Finance on behalf of the buyer. Built in 1999, Three Resource Square was 85 percent leased at the time of sale. The property will be anchored by Republic Services, a solid waste management company, through 2026. The property’s other tenant is Resolvion, a financial services firm. The office property offers a six per 1,000-square-foot parking ratio and a fitness center. Located at 10815 David Taylor Drive, the property is situated close to Charlotte Douglas International Airport, the University of North Carolina at Charlotte and Interstate 85. Additionally, the property is situated within one mile from Centene’s 1 million-square-foot East Coast headquarters campus.
CARTERSVILLE, GA. — Atlanta-based Seefried Industrial Properties has bought a 31.8-acre site in Cartersville with plans to develop Cassville 75 Distribution Center, a new 273,576-square-foot, speculative industrial development. The seller and sales price for the land were not disclosed. Construction is expected to begin in May, with delivery scheduled for April 2023. Cassville 75 Distribution Center will be located at the intersection of Cassville White and Old Grassdale roads and will offer access to Interstate 75. Project features will include 36-foot minimum clear heights with 185-foot minimum truck court depths, ESFR sprinklers and 39 dock-high loading positions with a front-load configuration. The project will also include office space customized to suit, as well as auto and trailer parking on a secure fenced site.
SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.
ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.
MIAMI — JLL Capital Markets has arranged $60 million in construction financing for The Kavista, a 282-unit, eight-story multifamily development in Miami. Melissa Rose and Michael DiCosimo of JLL represented the borrower, Miami-based Barrington Brothers LLC, to secure the 2.5-year construction loan through Trez Capital. The Kavista will feature one-, two- and three-bedroom floorplans. Community amenities will include a pool and deck, barbeque grilling area with outdoor seating, coworking lounge, theater, fitness center and electric vehicle charging stations. Located at 495 N.E. 83rd St. in Miami’s El Portal neighborhood, The Kavista is situated close to Biscayne Boulevard, State Road 934 and Interstate 95. The property is also located close to Biscayne Medical, Miami Beach and The Citadel, which features 15 restaurants, a rooftop bar and walkable retail frontage totaling 62,000 square feet of active commercial uses.
ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
ATLANTA — Sam Massell, the former mayor of Atlanta and president of the Buckhead Coalition, passed away on Sunday, March 13 at the age of 94. From 1970 to 1974, Massell served as Atlanta’s 53rd mayor and was Atlanta’s first Jewish mayor. He later was known as the unofficial mayor of Buckhead and in 1988 founded the Buckhead Coalition, a private nonprofit organization that today comprises 124 civic and business leaders. Massell stepped down as the president of the Buckhead Coalition in 2020 at age 92. Born and raised in Atlanta, Massell attended Georgia State University where he earned a business degree, and then got a law degree from Atlanta Law School, according to The Atlanta-Journal Constitution. The newspaper reported he also attended the University of Georgia and Emory University for a year apiece. Massell entered the real estate business in 1951 with a specialty of leasing office space to doctors. He was a realtor for 20 years, and during that time he was honored three times by the Georgia Association of Real Estate Boards with its “Transaction of the Year” award. In addition to being the Atlanta mayor, Massell also served eight years as president of Atlanta’s Board of …
SUMMERVILLE, S.C. — Charlotte-based The Keith Corp. and its Chicago-based partner Singerman Real Estate has completed a 1 million-square-foot industrial property in Summerville. The concrete tilt-wall and steel frame industrial building was built as part of the three-million-square-foot, 230-acre Charleston Trade Center campus. Twin Star Home, a designer and manufacturer of indoor and outdoor living products, will lease the building. Twin Star Home’s new cross-docked facility features 40-foot clear heights, 120 dock doors, two drive-in doors and 4,000 square feet of upfit office space. Construction began in January 2021 and was completed in less than 12 months. McMillan Pazdan Smith Architecture designed the project, Frampton Construction was the general contractor and Alliance Consulting Engineers was the civil engineer. Lee Allen and Kevin Coats of JLL handled the marketing and leasing for the development team.
MARTINSBURG, W.VA. — Columbia, S.C.-based Red Rock Developments and Cresset Real Estate Partners have broken ground on an 829,948-square-foot, speculative industrial facility in Martinsburg. The firms want to secure a tenant before the site’s completed construction, which is slated for early 2023. Gerry Blindbury and Colin Potter of Cushman & Wakefield will handle leasing once the project is completed. The development will feature space ideal for a distribution and fulfillment center. Once complete, the building will be equipped to facilitate cross-dock distribution operations. The project’s features will include 40-foot clear heights, 156 exterior docks, four drive-in doors, 516 parking spaces for cars and 349 trailer parking spaces.