ATLANTA — Majestic Realty has unveiled design plans for its $350 million hotel near Hartsfield-Jackson Atlanta International Airport in Atlanta. Atlanta-based Portman Architects designed the 14-story hotel, which will be situated on the site of the current West economy parking lot. Majestic expects the hotel will be branded under a Hilton flag. Construction of the 541-room hotel, the first to be built at Hartsfield-Jackson and attached to the airport, is expected to begin later this year and be completed in 2022. Wimberly Interiors will design the guest rooms, and Tihany Design will design the lobby and restaurant space. The hotel is part of Majestic Realty’s larger master-planned development that will include 50,000 square feet of meeting space, an office building, a second hotel and a 1,150-space parking deck.
Southeast
JACKSONVILLE, FLA. — Presidium has broken ground on Presidium at Town Center, a four-story, 370-unit apartment complex in Jacksonville’s St. Johns Town Center area. The 470,000-square-foot development is expected to be complete in mid-2021. Interior units will feature energy-efficient appliances and 9- to 10-foot ceilings. Communal amenities will include a swimming pool; 10,000-square foot leasing/amenity building containing a club room, game room and fitness center; and a rooftop terrace and lounge overlooking the pool. Dwell Design Studio is the architect, Connolly & Wicker is serving as the civil engineer, and Dix.Hite + Partners Inc. is the landscape architect.
RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi throughout the community, indoor mailroom and a package delivery/storage system. The community was built through a partnership with Union Presbyterian Seminary. The school is located across the street and previously owned the land that Canopy at Ginter sits upon. The community will provide Union students with additional housing opportunities. Canopy at Ginter Park is located at the corner of Westwood Avenue and Brook Road, three miles north of downtown Richmond. Fifth Third Bank provided construction financing.
Cobb Chamber Sells Headquarters Building in Atlanta, Will Move Office Near SunTrust Park
by Alex Tostado
ATLANTA — The Cobb County Chamber of Commerce has sold its headquarters building located at 240 Interstate N. Parkway in Atlanta to Pope & Land for an undisclosed price. The Cobb Chamber and other tenants, including the Cumberland Community Improvement District and Cobb Community Foundation, will relocate to the 10th floor of 1100 Circle 75, where they will occupy 17,517 square feet of office space by early 2020. SK Commercial Realty is the owner and landlord.The new office space is located across from The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. The new space will feature meeting rooms, event spaces, modern workspaces, huddle rooms to foster collaboration and a bistro-style break room. Chad Koenig and Trey Dove of Cushman & Wakefield represented Cobb Chamber in the lease negotiations, and Andrew Walker of Colliers International represented the on the sale of its former headquarters building. Rule Joy Trammell + Rubio will serve as the architectural design firm and Darden will serve as project manager of building out the space. Choate Construction will serve as the general contractor. Turnerboone is the project’s furnishings vendor, and Unified Technology Systems is providing the audio-visual design and installation.
JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.
CHARLOTTE, N.C. — FCP has purchased Somerset Apartments, a 240-unit workforce housing complex in Charlotte, for $18 million. Somerset Apartments offers one- through three-bedroom floor plans and is situated near the LYNX Light Rail Blue Line. Communal amenities include a clubhouse, swimming pool, grilling area and a sports court. Brooks Colquitt of Cushman & Wakefield represented the undisclosed seller in the transaction. The garden-style community is located adjacent to FCP’s Hunters Pointe.
PENSACOLA, FLA. — Blue Magma Residential LLC has acquired Heritage Apartments, a 20-building, 194-unit multifamily community in Pensacola, for $17.8 million. The buyer will rebrand the property as The Park at Sterling Hills and will invest $2 million to renovate the exterior and interior units of the property. Heritage Apartments offers one-, two- and three-bedroom floor plans, and was 95 percent occupied at the time of sale. Communal amenities include a swimming pool, fitness center, clubhouse, dog park and grilling stations. David Etchison of Berkadia represented the buyer in the transaction. Regions Bank provided acquisition financing. The seller was not disclosed.
FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $11.8 million sale of The 2601 Building, a 59,942-square-foot office building located at 2601 E. Oakland Blvd. in Fort Lauderdale. The six-story building was 96 percent leased at the time of sale to tenants including The Africa Adventure Co., HL Law Group, Exit Ryan Scott Realty and Natural Transplants Hair Restoration Clinic. After suffering significant damage during Hurricane Wilma in 2005, the building was gutted and rebuilt in 2007 with new roofs, mechanical systems and modern interiors. The seller was 2601 M L Fund LLC, a Netz USA LLC holding company. The buyer was MHC Oakland Park Owner LLC. Scott O’Donnell, Dominic Montazemi, Greg Miller, Miguel Alcivar, Jason Hochman and Michael Ciadella of Cushman & Wakefield represented the seller in the transaction.
Marcus & Millichap Negotiates $2.3M Sale of New Store Leased to Dollar General Near Wilmington
by Alex Tostado
SOUTHPORT, N.C. — Marcus & Millichap has arranged the $2.3 million sale of a Dollar General-occupied building that was delivered in March of this year in Southport. The 9,026-square-foot building is located at 4421 Long Beach Road SE, about 30 miles south of downtown Wilmington. Par 5 Development Group LLC sold the asset, which Sedgemoor Properties LLC acquired. Don McMinn of Marcus & Millichap represented both the buyer and seller in the transaction.
SALISBURY, MD. — NAI Global has opened NAI Coastal, a new office in Salisbury that will serve the coastal region of Maryland, Delaware and Virginia. Chris Davis; Bradley Gillis, CCIM; Joey Gilkerson; and Chris Gilkerson are the principals of NAI Coastal, which also includes a team of eight advisers. The NAI Coastal team specializes in buyer and tenant representation focusing on the hospitality, multifamily, medical, office, retail and industrial sectors. NAI Coastal also works in conjunction with Gillis Gilkerson, a local construction and development firm. The partnership allows the NAI Coastal team to advise clients in the process of commercial real estate development from concept to completion.