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6030 Commerce Blvd.
AcquisitionsGeorgiaIndustrialSoutheast

NAI Brannen Goddard Arranges Sale of 400,000 SF Industrial Property in Savannah

by Julia Sanders

SAVANNAH, GA. — NAI Brannen Goddard has arranged the sale of 6030 Commerce Blvd., a 400,000-square-foot distribution center in Savannah. Joseph Mullican of NAI Brannen Goddard represented the buyer, New York-based Brookfield Properties. The seller and sales price were not disclosed. The 6030 Commerce Blvd. distribution building is located less than two miles from the Port of Savannah and has access to Interstate 95. The front-load building features 28- to 30-foot clear heights, 31 dock-high doors, 70 extra trailer spaces, 180-foot concrete truck courts, ESFR sprinklers and a recently constructed loading platform.

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DevelopmentFloridaOfficeSoutheast

Bansi Properties to Develop 140,000 SF Office Building in Sunrise, Florida

by Julia Sanders

SUNRISE, FLA. — Bansi Properties has plans to develop a new 140,000-square-foot, four-story office building in Sunrise. The facility is slated for completion by 2023. Located on 22 acres within Sawgrass International Corporate Park, the new office building is part of Bansi’s newly established office campus that currently includes two office facilities available for lease, including 1500 Concord Terrace, a 180,000-square-foot property that Bansi recently acquired. Designed by architectural firm FSMY, the building will feature ample natural light, large floor plates and Energy Star- and LEED-certified materials and designs. The building will be located right off the Sawgrass Expressway, as well as near Sawgrass Mills Mall. Jay Adams of Newmark is managing leasing on behalf of Bansi.

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134 Janus
AcquisitionsGeorgiaIndustrialSoutheast

Ackerman & Co. Acquires 102,856 SF Industrial Facility in Temple, Georgia

by Julia Sanders

TEMPLE, GA. — Atlanta-based Ackerman & Co. has acquired a 102,856-square-foot distribution and manufacturing facility located at 134 Janus International Blvd. in Temple, about 40 miles west of downtown Atlanta. The sales price was $6.8 million. Daniel Levison of CRE Holdings represented Ackerman & Co. in the acquisition, and Neal Shiver of King Industrial Realty/CORFAC International represented the undisclosed seller. The 134 Janus International Blvd. facility is fully occupied by Janus International Group, a Temple-based manufacturer of self-storage and commercial industrial doors and storage facility components. Brett Buckner of Ackerman completed a 10-year lease extension with Janus International Group. Built in 2001 on 12 acres, the building features 24-foot clear heights. The property is located next to Janus’ 217,050-square-foot global headquarters. Janus also has other locations in the United States including in Arizona, California, Florida, Indiana, Texas and Washington.

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Westside Paper
GeorgiaLeasing ActivityRetailSoutheast

Four Restaurants to Join Tenant Lineup at Westside Paper Project in Atlanta’s West Midtown

by Julia Sanders

ATLANTA — Four new restaurants will open at Westside Paper, an adaptive reuse project slated to open in the second quarter of 2022 in Atlanta’s West Midtown district. The four restaurant tenants include Pancake Social, Glide Pizza, Girl Diver and Boxcar Betty’s. Located at 950 West Marietta St., Westside Paper is a 15-plus acre mixed-use campus that formerly was an industrial campus. A joint venture between Third & Urban and FCP is developing the 245,000-square-foot adaptive reuse project that was formerly a 1950s-era warehouse facility. Pancake Social, an all-day brunch and coffeehouse restaurant, will open its second Atlanta location at Westside Paper in late spring 2022. The first Pancake Social opened in Atlanta’s Ponce City Market in March 2019. Glide Pizza will open its third location at Westside Paper next year. Girl Diver is an Asian seafood restaurant from Richard Tang, who also opened Char Korean Bar & Grill in Atlanta’s Inman Park neighborhood in 2016. Girl Diver’s new location at Westside Paper will be its second location. Lastly, Boxcar Betty’s is a fried chicken sandwich restaurant. With locations in Charleston, Chicago and Charlotte, the Westside Paper location will be its first location in Atlanta. Atlanta-based Bridger Properties is managing …

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Ready Cap
ArkansasLoansMultifamilySoutheast

Ready Capital Closes $17.9M Loan for Multifamily Property in Little Rock, Arkansas

by Julia Sanders

LITTLE ROCK, ARK. — Ready Capital has closed a $17.9 million loan for the acquisition, renovation and stabilization of a 165-unit multifamily property in Little Rock. The name of the property was not disclosed. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common area upgrades. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

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Steve Theobald Multifamily 2021
Content PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices

by Sarah Daniels

COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …

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Film campus
DevelopmentGeorgiaMixed-UseSoutheast

Domain Capital, Capstone South Underway on New Film and TV Studio Campus in Metro Atlanta

by Julia Sanders

STONE MOUNTAIN, GA. — Domain Capital Advisors, a subsidiary of Atlanta-based Domain Capital Group LLC, and Atlanta-based Capstone South Properties recently acquired a 17-acre site in Stone Mountain, about 14 miles from downtown Atlanta, for a new film and TV studio campus dubbed Electric Owl Studios. Construction on the project broke ground in November and is slated for completion by January 2023. The price for the land and the seller were not disclosed. Phase I of the Electric Owl Studios will include a 300,000-square-foot film studio with six stages. The project will be designed to meet LEED certification. Located at 3963 Redan Road, the property is situated about a half-mile from the Indian Creek Transit MARTA Station and 18.1 miles from Hartsfield-Jackson Atlanta International Airport. Chuck Taylor and Alex Lacher of Domain Capital Advisors will lead operations and development along with Michael Hahn and Dan Rosenfelt of Capstone.

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GeorgiaLeasing ActivityOfficeSoutheast

Logistics Firm Signs 127,000 SF Lease at Three Ravinia Office Building in Atlanta

by Julia Sanders

ATLANTA — Hapag-Lloyd, a liner shipping company, has signed a lease for 127,000 square feet at Three Ravinia office building in Atlanta’s Central Perimeter submarket. Locally-based Preferred Apartment Communities Inc. (PAC) is the landlord. Hamburg, Germany-based Hapag-Lloyd will occupy approximately five floors at Three Ravinia. The lease is for a 15-year term, and the company is using the new location as its new North American headquarters, which was originally in Piscataway, N.J. With this lease, the property is now approximately 94 percent leased. Hapag-Lloyd is expected to create approximately 250 new jobs in the region over the next several years. The new tenant is expected to occupy Three Ravinia by the third quarter of 2022. Built in 1991, Three Ravinia is a 32-floor, 816,748-square-foot office building that features a fitness center, conference center, 24/7 onsite security, onsite café, coffee counter, onsite car detailing, full-service dry cleaner and cobbler, MARTA access with shuttle service and walking trails. Located at 3 Ravinia Drive, the office building is 15 miles from downtown Atlanta and 3.2 miles from Sandy Springs. The other tenants include IHG, Zillow and Lease Query. Kyle Kenyon of CBRE represented PAC in the lease transaction, and Ellen Stern, Sam Holmes, …

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Hyatt Centric
DevelopmentGeorgiaHospitalitySoutheast

Songy Highroads Opens 15-Story Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders

ATLANTA — Atlanta-based Songy Highroads (SHR) has opened the Hyatt Centric Hotel in the Buckhead neighborhood of Atlanta. Construction on the 15-story hotel started in early 2020 and finished this month. SHR developed the hotel in a joint venture with Chicago-based Hyatt Hotels Corp. Designed by New York-based Sawyer & Co., the Hyatt Centric Buckhead Atlanta hotel features 218 guestrooms (including seven suites), two dining concepts and more than 3,700 square feet of meeting and event spaces. The guestrooms average 400 square feet in size, while the suites exceed 850 square feet. Each guestroom offers a variety of amenities including a 65-inch flat-screen TV, bathrobe, bath amenities and a salon-quality hair dryer. Other hotel amenities include a fitness center and an outdoor heated plunge pool with pool sundeck located on the second floor. The two dining concepts include Mount Royal, a Montreal-style steakhouse located on the ground floor, and Spaceman, an indoor-outdoor lounge with cocktails and shareable dishes located on the 15th floor rooftop. The hotel is located next to Bloomingdale’s at Lenox Square, Simon’s enclosed shopping mall fronting Lenox and Peachtree roads. The property is also close to PATH400, a multi-use trail for bicyclists and pedestrians, Shops Around Lenox …

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Wesley Drive
AcquisitionsOfficeSouth CarolinaSoutheast

CBRE Arranges $12.6M Sale of Medical Office Building in Charleston

by Julia Sanders

CHARLESTON, S.C. — CBRE has arranged the sale of a 30,677-square-foot medical office building in Charleston. An entity doing business as JEMO – Wesley LLC purchased the property from an entity known as 615 Wesley Drive LLC for $12.6 million. Charles Carmody and Ryan Carmody of CBRE represented the seller in the transaction. Built in 2002, the three-story property provides free onsite parking. Located at 615 Wesley Drive, the property is situated at the intersection of Highway 17, Highway 61 and Wesley Drive. The property is roughly three miles from downtown Charleston and 11 miles from Charleston International Airport.

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