ATLANTA — Ready Capital has closed a $15.4 million loan for the acquisition, renovation and lease-up of an approximately 520,000-square-foot, Class B industrial property in the North Clayton/Airport submarket of Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property, with improvements including lighting upgrades, parking lot resurfacing and painting. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. The buyer plans to lease the property aggressively to maximize occupancy at market-rate rents.
SMYRNA, GA. — Atlanta-based real estate investment firm Branch Properties has executed the $96.5 million sale of Elevate West Village, a 313-unit, Class A apartment community located at 4520 Pine St. in Smyrna. The buyer of the property is GID. Elevate is the multifamily component of a larger community known as West Village, which includes a collection of retailers and restaurants. Branch is currently developing the fourth and final phase of the West Village project, a medical office build-to-suit for Northside Hospital. Elevate’s community amenities include a pool with a poolside yoga area, a courtyard featuring an outdoor bar with built-in grills, fitness center and a game room, as well as a number of micro offices and a conference room. Apartments range in size from 660-square-foot studios to nearly 1,500-square-foot apartments, with a parking garage comprising 470 spaces. Construction on Elevate began in April 2019, with the first residents moving in last July. Summit Contracting Group served as the general contractor. Other project partners included Crosby Design Group as the interior designer, Preston Partnership as the architect and Planners & Engineers Collaborative as the civil engineer.
HUNTSVILLE, ALA. — The Beach Co. has broken ground on The Foundry, a mixed-use apartment community, and The Range, a commercial office building, in Huntsville. Construction on The Foundry is scheduled for completion in spring 2023, and The Range is scheduled to be completed in winter 2022. The Foundry will comprise four residential buildings offering 328 multifamily residences with studio, one- and two-bedroom floor plans and three townhome buildings encompassing 14 units. The multifamily units will range from 608 to 1,176 square feet, and the three-bedroom townhomes average 2,468 square feet. Residences at The Foundry will feature stainless appliances, designer fixtures, tile showers and backsplashes, granite counters and ceilings ranging from nine to 14 feet. Residential amenities will include a pool deck, dog park, club and fitness rooms, private parking and a bike storage room and bike shop. The Foundry will also offer approximately 9,900 square feet of commercial space throughout its campus, including a one-story, 5,500-square-foot building designated to feature multiple retail or restaurant concepts sharing a common patio space along Governors Drive. Wieland was The Foundry’s general contractor, Nashville-based Smith Gee Studio is the architect and Fifth Third Bank is the lender. The Range will offer 49,000 square …
LAKE WORTH, FLA. — Continental Realty Corp. (CRC), a Baltimore-based real estate investment and management company, has acquired The Shoppes at Sherbrooke, a 57,901-square-foot neighborhood shopping center anchored by LA Fitness. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the undisclosed seller in the $11.3 million deal. The Shoppes at Sherbrooke was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The Shoppes at Sherbrooke represents the seventh retail property and ninth asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot, open-air regional shopping venue near Charleston, S.C.. Constructed in 2004 and positioned at 8954 Lantana Road, The Shoppes at Sherbrooke has a tenant mix comprising six retailers. The approximate eight-acre site includes a nearly one-acre undeveloped land parcel. The property is approximately 15 miles from Palm Beach International Airport and less than 15 miles from downtown West Palm Beach.
WOODBRIDGE, VA. — The IDI Group Cos., a multifamily developer based in Washington, D.C., and PTM Partners, a real estate development and investment firm, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge for a future multifamily project totaling 318 units. The $16.6 million land acquisition represents the start of the second phase of IDI’s 720-unit riverfront development. The transaction is the second deal for PTM Partners Opportunity Zone Fund II, which launched in September 2020. IDI and PTM secured a $63.8 million loan from United Bank for the project. Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. Community amenities will include a health and fitness center, club lounges, roof terrace, outdoor pool with sundeck and resident activities. The project will provide more housing options for those working at a nearby growing Army base less than eight miles north of the project. Leasing is expected to begin in 2022. The property has immediate access to Interstate 95 and the Virginia Railway Express and is close to Fort Belvoir, which employs more than 50,000 military, civilian, contractor and Department of Defense personnel.
WASHINGTON, D.C. — A total of 547,000 Americans filed for first-time unemployment insurance assistance for the week that ended April 17, the U.S. Department of Labor reported Thursday. These claims were a decrease of 39,000 from last week’s revised unemployment claims of 586,000. The claims were a new pandemic low, and also lower than the Dow Jones estimate of 603,000. Continuing claims, for which data lags a week, decreased by 34,000 to nearly 3.7 million claims. While these unemployment claims are lower than previous months, these claims are still higher than before the pandemic. In 2019, the weekly average of first-time unemployment claims was approximately 218,000, according to the The Wall Street Journal. There are also still 8 million less Americans working than before the pandemic, according to CNBC.
ATLANTA — A joint venture between Skanska and SG Contracting Inc. has been selected to build a $308.3 million Hilton (NYSE: HLT) hotel adjacent to the Georgia World Congress Center (GWCC) in downtown Atlanta. The 1.2 million-square-foot hotel will be the first newly constructed project under Hilton’s upscale Signia banner, and will act as a headquarters hotel for the GWCC. The property will overlook the Mercedes-Benz Stadium and is located near the Omni Atlanta Hotel, CNN Center, State Farm Arena and the Georgia Aquarium. The 40-story hotel is set to feature 975 guest rooms alongside amenities including 75,000 square feet of world-class meeting and event space; a connected walkway to the GWCC; spa; fitness center; 6,670-square-foot pool deck; an outdoor event lawn; a market; two chef-driven restaurants; and three bars. “The Signia by Hilton will further elevate Atlanta’s international presence and position as a major host of civic, cultural and commercial events,” says Scott Cannon, executive vice president and general manager for Skanska’s Georgia and South Carolina operations. Skanska and SG Contracting will provide pre-construction and construction management services for the hotel, which Gensler designed to achieve LEED Gold certification. The development, which Cannon says will generate approximately 600 construction jobs, is …
ATLANTA — PRP has sold Perimeter 31, a 416-unit apartment community in Atlanta’s Central Perimeter submarket, for $98.8 million. The buyer was CWS. A partnership controlled by PRP acquired Perimeter 31 in November 2016 for $74.5 million. Over its ownership, PRP invested over $4 million in base building, amenities and in-unit renovations. According to PRP, Perimeter 31 maintained occupancy levels of 95 percent and rent collections of 98 percent despite the pandemic. Built in 2001, the Class A property includes six five-story buildings totaling 439,846 rentable square feet with an average unit size of approximately 1,000 square feet. The property’s amenities include a fitness center, swimming pool, structured parking with controlled access, outdoor grills, picnic area and a full-service business center. The apartment community is situated within a half-mile of Perimeter Mall and is close to the Dunwoody MARTA station.
ATLANTA — JLL Capital Markets has arranged the $50 million sale of Restoration Hardware (RH) Atlanta, a 63,831-square-foot store in Atlanta’s Buckhead district leased on a long-term basis to Restoration Hardware. Jim Hamilton, Coler Yoakam, Brad Buchanan and Andrew Kahn of JLL represented the seller, a partnership between an affiliate of LaSalle’s Income & Growth value-add fund series, Ferncroft Capital, Redan Group and Blackmount Real Estate Partners. RH, a global lifestyle company, has occupied the five-story building since it was constructed in 2014. RH Atlanta is located on 1.6 acres at 3030 Peachtree Road across the street from Jamestown’s Buckhead Village District and near the Buckhead Theatre. The sale transaction included a land parcel with development rights.
PINEVILLE, N.C. — Charlotte-based Beacon Partners has broken ground on a 525,030-square-foot speculative logistics building at Carolina Logistics Park near the Westinghouse Boulevard and Nations Ford Road interchange in Pineville. The mass grading and road infrastructure for the 288-acre park is underway and will be complete by the end of the year. The Carolina Logistics Park building will be able to accommodate several tenants and is designed to appeal to the large-building demand. The site is approximately 14 miles south of Charlotte and is in close proximity to Interstates 85, 485 and 77. Located at 11925 Carolina Logistics Drive, the new building will feature 40-foot clear heights, 190-foot concrete truck courts with trailer parking, floor slabs and 139 trailer stalls. The building is slated for completion early in 2022. When finished, Carolina Logistics Park will accommodate up to 3.5 million square feet of new Class A distribution and manufacturing space. The project team includes general contractor The Conlan Co., architect Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo provided construction financing.