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

Development Mixed-Use Southeast Tennessee

MVP3 Entertainment, ATWEC Break Ground on $50M Mixed-Use Entertainment Project in Memphis

by Julia Sanders August 19, 2021

MEMPHIS, TENN. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, an over 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. The development of MVP3 Studios will take four phases to complete. Phase I began in July, which is when the main theater, dining and reception areas were opened. The first phase is expected to be complete by the fall or winter of 2021. Phase II will include movie theaters that will show blockbuster films, restaurants, retail shops, an art gallery and a museum. In Phase III, the development team will build movie sound stages, a music recording studio, production offices and conference spaces. Lastly, Phase IV will kick off the completion of ATWEC Technology & Indoor Sports Center, as well as a hotel and an indoor theme park. This …

August 19, 2021

Acquisitions Florida Multifamily Southeast

Robbins Property Associates Acquires SoBA Apartments in Jacksonville for $35.4M

by Julia Sanders August 19, 2021

JACKSONVILLE, FLA. — Robbins Property Associates, a multifamily owner and operator, has acquired SoBA Apartments, a 147-unit multifamily property in Jacksonville. Robbins Property acquired the property from Atlanta-based Catalyst Development Partners for $35.4 million, according to the Jacksonville Business Journal. Built in 2020, SoBA Apartments is four stories tall and offers one-, two- and three-bedroom apartments. The units feature kitchens with granite countertops and stainless steel appliances, walk-in closets and patios. Community amenities include a pool with in-water lounge chairs, clubroom, open-air game lounge, kitchen with gas grill stations, outdoor lounge, self-service grooming pet spa, 24-hour fitness club and an outdoor yoga garden. The property’s clubroom has a Starbucks beverage café, game room and a business lounge. Located at 1444 Home St., SoBA Apartments is situated on the Southbank in the downtown submarket of Jacksonville. The apartment complex is situated about 0.7 mile from San Marco Square, which has dining and shopping options. Robbins Property Associates is a real estate private equity firm with offices in Tampa and Boston. The company currently owns and operates 22 properties totaling over 5,700 units in Florida.

August 19, 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

Acquisitions Georgia Multifamily Southeast

CGI+ Acquires Two-Property Apartment Portfolio in Atlanta for $144.8M

by Julia Sanders August 18, 2021

ATLANTA — CGI+ Real Estate Strategies has acquired a two-property multifamily portfolio in Atlanta from an affiliate of FPA Multifamily for $144.8 million. The 712-unit portfolio includes The Mille Brookhaven, a 359-unit community built in 2014, and TwentyNine 24 Brookhaven, a 353-unit community built in 2009. The two properties are located adjacent from each other in the Atlanta submarket of Brookhaven, which currently has a new $2.5 billion medical district under development by Emory University and Children’s Healthcare of Atlanta. Located at 1000 Barone Ave. NE, The Mille Brookhaven features a business center, pool, fitness center, playground and clubhouse. Mille Brookhaven, which is being rebranded as The Haven, was 97 percent leased at the time of sale. Located at 2924 Clairmont Road, TwentyNine24 offers a pool, fitness center, clubhouse, private patio and poolside grills. TwentyNine24, which is being rebranded as The Hendrix, was 94 percent leased at the time of sale. Both properties offer a mix of one-, two- and three-bedroom floor plans. The units in both apartment communities include vaulted ceilings, kitchens with stainless steel appliances, quartz countertops, in-unit washers and dryers, built-in workspaces and wraparound balconies and terraces. CGI+ Real Estate Investment Strategies is a Los Angeles-based multifamily …

August 18, 2021

Acquisitions Georgia Retail Southeast

IPA Arranges $18.9M Sale of Abbotts Bridge Station Shopping Center in Johns Creek, Georgia

by Julia Sanders August 18, 2021

JOHNS CREEK, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Abbotts Bridge Station, an 83,391-square-foot, H-Mart-anchored shopping center in the Atlanta suburb of Johns Creek. Zach Taylor and Andrew Margulies of IPA brokered the sale. Westwood Financial sold the property for $18.9 million. The buyer was not disclosed. Located at 10820 Abbotts Bridge Road, Abbotts Bridge Station is 30.3 miles from downtown Atlanta and about 40.8 miles from Hartsfield-Jackson Atlanta International Airport. The shopping center’s tenant roster includes Snow Mountain, Hong Kong Café, AT&T, Joy Pizza N Joy Chicken and White Windmill Bakery. “This transaction illustrates the high demand for Grocery Anchored Centers. We fielded 15 offers from both private and institutional investors and sold it above list price with non-refundable earnest money upon contract execution,” says Taylor.

August 18, 2021

Acquisitions Georgia Multifamily Seniors Housing Southeast

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah

by Julia Sanders August 18, 2021

SAVANNAH, GA. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care seniors housing community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City, Utah-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. Community amenities include a full-service salon, community library, occupational and speech therapies, an activity program, scheduled transportation, restaurant-style dining and weekly housekeeping services. The community was 95 percent occupied at the time of sale. Located at 351 Wilmington Island Road, approximately 10 miles southeast of downtown Savannah, Summer Breeze is adjacent to the Wilmington Island Club and the Sail Harbor Marina and Boatyard.

August 18, 2021

District of Columbia Retail Southeast

NRF: Retail Sales Slowed in July Amid Rising Cases of Delta Variant

by Julia Sanders August 18, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) reports retail sales have decreased 1.1 percent in July over the prior month on a seasonally adjusted basis — not including automobile dealers, gas stations and restaurants — and up 9.5 percent unadjusted year-over-year. Retail sales in July were worse than the Dow Jones’ prediction of a 0.3 percent decrease, according to CNBC. The Centers for Disease Control and Prevention reports the delta variant is more than 98.8 percent of all COVID-19 cases currently in the United States. In June, the NRF reported a month-over-month increase of 1.1 percent and a year-over-year growth of 12.8 percent. For the first seven months of 2021, the NRF reports that retail sales increased 15.5 percent from the same time period last year. This data matches the organization’s revised forecast for 2021 retail sales to increase between 10.5 and 13.5 percent over last year to between $4.44 trillion and $4.56 trillion. According to U.S. Census Bureau data, retail sales have grown year-over-year every month since June 2020, despite some month-over-month declines. The NRF reports that July sales were down in all categories but two on a monthly basis but up across the board year-over-year. Health and …

August 18, 2021

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