Home » MHN City Pages  »  Atlanta  

WP HTTP Error: A valid URL was not provided.

Jonesboro’s Aslan on the River Sold For $20.2M

8 Nov 2013, 10:50 pm

By Balazs Szekely, Associate Editor

Hamilton Point Investments, based in Old Lyme, Conn., acquired a 324-unit apartment community in the Atlanta suburb of Jonesboro, Ga. Josh Goldfarb, co-founder and co-managing partner of Multi Housing Advisors was the only broker involved in the transaction, acting on behalf of the seller.

Built in 2001, Aslan on the River Apartments offers one-, two- and three-bedroom apartment homes with access to a luxury swimming pool, fitness center, sports courts and picnic areas. The community is located on Riverview Place in Jonesboro, 18 miles from Downtown Atlanta, three miles from Interstates 75 and 285, and also in close proximity to Hartsfield-Jackson Atlanta International Airport, Atlanta Motor Speedway and Clayton State University.

Multi Housing Advisors is aiming to close 100 transactions this year, and with this deal, the company worked up the total value of its 2013 investment sales to $160 million. Besides its presence in the Atlanta market, MHA has offices in Birmingham, Ala. and Charlotte, N.C. and claims to have exceeded a total sales transaction volume of $2.4 billion since its inception in 2002, representing more than 76,000 units and more than 450 individual transactions.

In the last two months, MHA brokered two large transactions in the Atlanta metro-area. Concepts 21-Roswell, a 304-unit community changed hands for $15.6 million, whereas Wynscape, a 272-unit Chamblee-based neighborhood, was sold off-market for $5.8 million through the agency.

Pierce Eislen reports that eight apartment sales have been completed in suburban Atlanta over the last sixty days, totaling close to 1600 units.

Photo courtesy of Aslan on the River via Facebook

Buchanan Street Partners Arranges $95M Financing for Peachtree Pointe

2 Nov 2013, 3:08 am

By Balazs Szekely, Associate Editor

Buchanan Street Partners has effectuated a $95 million loan on the Peachtree Point office complex in Atlanta office.

Peachtree Pointe, located at 1555 Peachtree St NE, is a 472,000-square-foot Class-A mixed-use property and is owned by Dewberry Capital of Atlanta. Built in 1999 and expanded in 2008, which tripled its square footage, the complex is now home to Gallery Uptown, a 19,000-square foot boutique retail center and the global headquarters of leading businesses such as Invesco Ltd. and Hirsch Bedner Associates and features an array of amenities including award-winning restaurants, retail boutiques, a fitness center, spa, art gallery and theatre.

Newport Beach, Calif.-based Buchanan Street Partners is a real estate investment management firm that invests in value-add real estate assets through both equity and debt investment strategies. The company arranged a variable interest rate debt structure that consolidated maturing debt from various lenders and enabled additional capital for leasing costs. The investment management firm utilized Wells Fargo to finance a $63 million senior tranche of the first mortgage, and retained the senior mezzanine piece of $24.5 million for its own account. Terra Capital funded the remaining $7.5 million in a junior mezzanine participation loan.

Mike Hurst, senior director of investments at Buchanan Street Partners considers the loan a “well-collateralized investment,” adding that the credit strength of the anchor tenant and the mixed character of the portfolio make it so reliable.

“The property is located in one of Atlanta’s best submarkets, with a sponsor in Dewberry Capital that is well-regarded within the Midtown market sector,” says Hurst.

Photo credits: Drewberry Capital


Ken’s Foods Increasing Storage Capacity in Atlanta Metropolitan Area

21 Oct 2013, 7:42 pm

By Balazs Szekely, Associate Editor

Ken’s Foods Inc. is expanding its Metro Atlanta operations by acquiring a warehouse in Henry County.  The depository will soon be used as a regional distribution center.

Chris Cummings of Colliers International represented salad dressings and marinades manufacturer Ken’s Foods in the sale of the 428,160-square-foot warehouse located at 210 Interstate South in McDonough, Ga. Chris Tomasulo, Senior Vice President at Jones Lang LaSalle spoke for the landlord, Space Center Inc., and both parties are not disclosing the purchase price.

Cummings said “Ken’s Foods is experiencing outstanding growth,” as reported by Citybizlist Atlanta.

The company already has a plant in Henry County and as production increases, the new acquisition will also serve as a supplement to the factory’s storage surface. The facility is located in close proximity to I-75 at exit 216 and Hartsfield-Jackson International Airport is also less than 30 miles away. Ken’s has two more branches with its headquarters being based in Marlborough, Mass., and another plant in Las Vegas, Nev. The company already has more than 800 employees nationwide. Between its retail grocery products and food service divisions, the company produces more than 400 varieties of dressings and sauces.

According to Atlanta Business Journal, Diamond Foods, General Mills Inc., Kraft Foods Inc., and J.M. Smucker Co. have either placed similar facilities, or shown interest in buying new sites around Atlanta in the past four years. The South Atlanta industrial submarket absorbed more than 1.8 million square feet of space in the second quarter of this year with the largest delivery and move-in occurring also in the Henry County section. However, Colliers International’s analysts projected a decline in absorption rates.

Illustration courtesy of w:User:Paranoid via Wikimedia Commons

Lincoln Brokers Pitney Bowes’ Lease Renewal; Exeter Picks Up 2.4 Million SF Warehouse Portfolio

10 Oct 2013, 10:18 pm

By Balazs Szekely, Associate Editor

Lincoln Property Company Southeast, an affiliate of Dallas-based Lincoln Property Company, announced brokering Pitney Bowes Presort Services’ renewal of its lease at Airport West Distribution Center in Atlanta. Denton Shamburger, Vice President of industrial leasing at Lincoln, spoke for the landlord, while the tenant was represented by James Halepis and Rick Nash of DTZ at the negotiation of the 66,254-square-foot property.

According to a press release, the 287,520-square-foot Airport West Distribution Center’s new contract with Pitney Bowes maintains its occupancy at 100 percent. The two-building industrial park is located near Interstates 75, 85 and 285, about five minutes from Hartsfield-Jackson Atlanta International Airport.

Founded in 1965, Lincoln has developed over 34 million square feet of commercial office space, over 6 million square feet of specialty retail space, 49 million square feet of industrial space and currently manages over 145 million square feet of commercial property.

In other industrial news, Exeter Property Group, a privately-held real estate investment firm based in Plymouth Meeting, Pennsylvania, acquired a portfolio of nine bulk industrial properties located in Atlanta totaling 2.4 million square feet from Clarion Partners.  According to CityBizList Atlanta, the property was marketed by Cushman & Wakefield Atlanta. The team included Executive Director Stewart Calhoun, Executive Director David Meline, Director Samir Idris and Senior Associate Casey Masters. The sale closed on September 6 with an undisclosed purchase price.

The portfolio consists of high-quality industrial properties located at Airport/South Atlanta and I-20 West.  Buildings involved in the sale are7700 and 7780 Spence Rd., 4700 Stalwart Dr., 5003 Terminus Dr., 600-750 Distribution Dr. and 5720 Fulton Industrial Blvd, CoStar reports.  At the time of sale the portfolio was 100% leased to major tenants, such as Electrolux, Iron Mountain, Aaron’s and TOTO Americas.

Photo courtesy of Lincoln Property Company Southeast

Chart courtesy of Colliers International

The Outlet Shoppes at Atlanta Celebrates Four-Day Grand Opening

20 Jul 2013, 12:12 am

By Georgiana Mihaila, Associate Editor

The outlet shoppes at atlanta

The 370,000-square-foot Outlet Shoppes at Atlanta has finally opened its doors, bringing 99 top retailers to the local market.

Following a ribbon-cutting ceremony held on July 18, the center opened approximately 97 percent leased or committed, featuring some of the best-known brands and designer outlets, including Nike, Saks Fifth Avenue OFF 5TH, Bose, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour, and Talbots.

Developers CBL & Associates Properties, Inc. and Horizon Group Properties extended the opening celebrations, the activities running July 18 through July 21. The weekend entertainment will conclude with a live concert Sunday afternoon by Watermark.

“The Outlet Shoppes at Atlanta brings the best outlet retailers together in an ideal location,” said Stephen Lebovitz, president and chief executive officer of CBL. “We are experiencing a blockbuster opening and are confident that the center will become a favored retail destination for Atlanta metro residents and tourists as well as shoppers from surrounding states.”

Designed in a shopper-friendly configuration, the center features covered walkways and landscaped courtyards to maximize comfort and convenience. Its design blends traditional architecture with lively features including a children’s play area. A center court, complete with fountains and a fireplace will create a festive atmosphere for shoppers and visitors to the center. The site can accommodate an additional 30,000 square feet of outlet shops and also features seven parcels for restaurants, service businesses and other retail uses.

The Outlet Shoppes at Atlanta is located just north of Atlanta, at the newly constructed exit off I-575 at Ridgewalk Parkway in Woodstock. More than 112,000 cars pass the site daily. The center is projected to generate more than $130 million in annual sales and $3 million of sales and property taxes for the City of Woodstock, while the development and operation of the center is expected to generate a total of $34 million in taxes—which will benefit the City of Woodstock, Cherokee County and its school district over the next ten years.

Image courtesy of Horizon Group Properties

SkyView Atlanta Ferris Wheel to Open July 16

12 Jul 2013, 2:32 pm

By Georgiana Mihaila, Associate Editoratlanta skyview ferris wheel

Starting July 16, Atlanta residents and tourists will get unparalleled views of the city aboard the 20-story SkyView Atlanta Ferris wheel.

The initial opening date—set for July 4—had to be pushed back as construction crews discovered a bank of Georgia Power electrical ducts that could not be moved and they had to build around them. Out of the six concrete pads that anchor the wheel, one was supposed to be placed on the very spot where the electrical ducts were discovered.

Located at the South end of Centennial Park in downtown Atlanta, the SkyView Ferris wheel is equipped with 42 gondolas that will be able to hold up to six people. All gondolas are fully enclosed and wheelchair accessible.

Set within walking distance from the World of Coca-Cola, the Georgia Aquarium, CNN Center and Philips Arena, the ferris wheel will provide nearby parking options atlanta skyview ferris wheel two blocks south, on the corner of Luckie St. and Cone St.

According to 11Alive, crews assembled the remaining panels on the 200-foot wheel on Thursday, along with nearly one million lights that can be programmed to switch colors.

The official opening has been set for Tuesday, July 16, at 12 p.m. Adults will pay $14.45 for a ride, while seniors, military and children will benefit from special prices.

Images via SkyViewAtlanta.com

Milestone Apartments REIT to Pay $46 Million for Alpharetta Community

9 Jun 2013, 11:34 pm

 By Georgiana Mihaila, Associate Editor

According to an official company announcement, Milestone Apartments REIT has agreed to pay $46 million for the Century Windermere, a 346-unit Class A multifamily apartment community located in the Alpharetta/Cumming submarket of Atlanta.

The purchase price represents an initial capitalization rate of 6.36 percent and the transaction is expected to be immediately accretive to the REIT’s forecasted AFFO per unit. The acquisition—expected to close by June 30—will broaden the REIT’s portfolio, and increase the proportion of Milestone units in the Atlanta Metropolitan Statistical Area from 4.34 to 6.26 percent. As part of the purchase consideration, the REIT has negotiated an interest-only 10-year fixed-term mortgage of approximately $25.3 million. The balance of the purchase price will be funded by drawing on the REIT’s $50 million revolving credit facility.

“Century Windermere is an attractive asset that complements our established portfolio of high-quality multifamily properties serving mid-market renters in the US Southeast and Southwest. The property has a long-term trend of consistently high occupancy and steady rent growth,” said Robert Landin, CEO of Milestone Apartments REIT.

Built in 2001, Century Windermere is the sole multifamily property in the Windermere Planned Urban Development, an exclusive 1,400 acre master-planned luxury home and golf course community. Benefitting from proximity to several growing employment hubs, the property boasts an occupancy rate of 95.5 percent.

The luxurious one-, two- and three-bedroom units feature designer gourmet kitchens with custom GE appliances, oversized patios and balconies, large walk-in closets, wood-burning fireplaces, decorator light fixtures and vaulted ceilings.

Community amenities include a spa-inspired swimming pool with sundecks and cabana, complimentary poolside Wi-Fi, heated spa, expansive clubhouse with social room, executive business center, a fully equipped fitness center with cardiovascular equipment and individual weight training stations, as well as valet trash service and 24-hour emergency maintenance.

Images courtesy of Century-Apartments.com

For more market data on Atlanta, click here.


Post Properties Kicks Off Phase II of $75.5M Buckhead Apartment Tower

31 May 2013, 7:23 pm

By Georgiana Mihaila, Associate Editor

The elegant Post Alexander is now set to add 340 units to the Buckhead submarket of Atlanta, with developer Post Properties announcing that work has started on the second phase of the luxury high-rise community.

With a total development cost estimated at $75.5 million, Post Properties plans on funding the project out of its available cash balances, operating cash flow and borrowings—as needed—under its unsecured lines of credit. Groundbreaking on the project is expected in the following months, but no exact date has been set.

Post Alexander, located in the heart of Buckhead with easy access to MARTA—the downtown connector and GA 400, aims at combining the central location with elegant amenities in order to attract residents looking for luxury city living. The project will include 340 units with an average size of 830 square feet on 19 residential floors built over seven levels of parking, with rents averaging approximately $1,790 per month.

The luxury apartments will be complemented by amenities that include a rooftop terrace, elevated pool deck, fully-equipped fitness center and clubroom. Post Alexander will be adjacent to Phipps Plaza and near Lenox Square—two of the Southeast’s leading high-end shopping venues—and will benefit from proximity to the Buckhead commercial office district and high-end Buckhead and Brookhaven residential neighborhoods.

Atlanta’s apartment inventory is expected to surge this year by 1.1 percent, a recent Marcus & Millichap report shows. As the local job growth is likely to outpace the nation’s with companies looking to expand and relocate in the Atlanta metro area, demand for housing is on the rise.

Developers like Post Properties seem to be seizing the opportunity, with a total of 4,600 units set to be delivered to the market this year. Midtown and Buckhead alone will each add approximately 1,200 units, while last year’s total for the metro area was 1,700 units.

Image courtesy of Post Properties

For more market data on Atlanta, click here.

Colonial Properties Shifts to Multifamily, Sells Three Ravinia Office Tower for $144M

24 May 2013, 7:49 pm

By Georgiana Mihaila, Associate Editor

Rumors that CBRE Global Investors may have purchased the 31-story Three Ravinia Drive office tower could be confirmed, as owner Colonial Properties Trust just announced selling the building for $144.3 million.

CBRE Global Investors—currently Atlanta’s largest owner of office buildings—is not the first company to emerge as a potential buyer; Crocker Partners also came close to buying Three Ravinia a couple of years ago, but fears that anchor tenant InterContinental Hotels Group  might not renew its lease drove them away from the deal.

Originally developed by Hines in 1991, Three Ravinia Drive has been a part of Colonial Property Trust’s portfolio since February 2002. The 31-story office building encompasses an impressive 813,145 square feet of space and features exclusive amenities, such as the largest indoor botanical conservatory in the Southeast—which spreads over seven stories.

The Class A office building is adjacent to the Crowne Plaza Hotel, access being provided to three top restaurants, the Grand Ravinia Ballroom, and a state-of-the-art amphitheater. A walkway connects Three Ravinia Drive to the Ravinia Club, offering spa, fitness, conference and concierge services.

Birmingham, Ala.-based Colonial Properties Trust was looking to dispose of the property in order to shift focus towards the multifamily industry. “The disposition of Three Ravinia is a significant step in the execution of our multifamily-focused strategy and strengthens the company’s balance sheet,” stated Thomas H. Lowder, chairman and chief executive officer of Colonial Properties. “Following the disposition, 95 percent of the company’s net operating income will be generated from our multifamily portfolio.”

According to company officials, the property was unencumbered, and sales proceeds were used to repay a portion of the outstanding balance on the company’s unsecured credit facility. On March 31, 2013, Three Ravinia Drive was 92.1 percent occupied.

Image courtesy of Hines

For more market data on Atlanta, click here.

Student Art Plays Key Role in 100 Peachtree Restoration Strategy

20 May 2013, 1:54 pm

By Georgiana Mihaila, Associate Editor

Owner America’s Capital Partners has sought the help of a rather unusual group to assist in the $14 million restoration efforts and marketing strategy of the former Equitable Building in downtown Atlanta.

Committed to both restoring the property and contributing to the revitalization of downtown, ACP reached out to Georgia State University’s Earnest G. Welch School of Art and Design, forming a collaborative partnership that led to the creation of the 100 x 100 Project. The name, which was derived from the name of the building, 100 Peachtree, is also meant to celebrate GSU’s 100th anniversary.

Students in the undergraduate program participated in a design competition titled “Identity 100: Rebranding 100 Peachtree” that resulted in over 40 original pieces of graphic art, fine art and animated video focused on the number 100. The winner of the competition received a MacBook Pro and pieces were displayed at various locations in downtown Atlanta. The spring curriculum for graduate students in the Interior and Graphic Design Studio included creating an exhibit for the building’s 31st floor that expressed not only the building’s history but also its evolution. The “Inspired Change” exhibit opened with a private reception on May 9. All graduate students received an Apple iPad Mini in appreciation of their work, plus ACP and Five Miles are establishing a $28,000 grant for future students attending the graduate program that will be funded over a period of three years.

“This is an exciting relationship for us,” stated Michael White, director of the Welch School of Art and Design. “Providing our students with real world experience is invaluable. Not only will they have the opportunity to assist in rebranding a landmark example of the mid-century “international style” of commercial architecture, but students will also be working directly with leaders in the business community. “

The 32-story 100 Peachtree office building—work of the renowned American architectural and engineering firm Skidmore, Owings and Merrill—dates back to 1968. The building is currently undergoing a comprehensive restoration process estimated at $14 million; planned capital improvements include new energy efficient dual-pane windows, a complete renovation of the lobby and a newly landscaped café and retail plaza. New modern amenities already completed include a mock courtroom, conference facilities, a fitness center and state-of-the-art security.

Images courtesy of America’s Capital Partners

For more market data on Atlanta, click here.

As Opening Nears, The Outlet Shoppes at Atlanta Adds 38 New Stores

10 May 2013, 4:33 pm

By Georgiana Mihaila, Associate Editor

The Outlet Shoppes at Atlanta, a 370,000 square-foot retail center currently under development at the newly-constructed exit off I-575 at Ridgewalk Parkway in Woodstock, has recently added 38 stores to its already impressive list of tenants.

Horizon Group Properties—in charge of leasing and managing the center—has now brought the number of stores up to 89 by signing tenants such as Adidas, American Eagle, Auntie Anne’s, GH Bass & Co., Calphalon, Chico’s, Crocs, Fossil, Fragrance Outlet, Kate Spade, Skechers, Papaya, Tommy Hilfiger, The Children’s Place and many more. Existing tenants include Nike, Saks Fifth Avenue OFF 5TH, Bose, Brooks Brothers, Columbia Sportswear, True Religion, Cole Haan, White House|Black Market, Guess, Fossil, Michael Kors, Under Armour, and Talbots.

“The Outlet Shoppes at Atlanta continues to attract the highest caliber retail names,” said Michael Lebovitz, executive vice president of development for CBL. “With the center opening on July 18th at more than 95 percent leased, we are looking forward to building on the momentum of a tremendous opening.”

Originally scheduled to open in August, the official opening date has now been set for July 18, 2013, with co-developers CBL & Associates Properties, Inc. and Horizon Group Properties, Inc. also planning a private preview event to benefit Elm Street Cultural Arts Center on July 17.

Designed in a shopper-friendly configuration, the center will feature covered walkways and landscaped courtyards to maximize the comfort and convenience of shoppers. Its design blends traditional architecture with lively features including a children’s play area. A center court complete with fountains and a fireplace will create a festive atmosphere for shoppers and visitors. The site can accommodate an additional 30,000 square feet of outlet shops and also features seven parcels for restaurants, service businesses and other retail uses.

When completed, the center is projected to generate more than $130 million in annual sales and $3 million in sales and property taxes for the City of Woodstock. The development and operation of the center is expected to generate a total of $34 million in taxes for the City of Woodstock, Cherokee County and its school district over the next ten years. The developers estimate that the center’s convenient location and its proximity to Interstates 75, 85 and 20 will draw over four million visitors annually from a three-state area.

Images via CBL & Associates Properties, Inc.
For more market data on Atlanta, click here.


Trophy AT&T Office Campus in Midtown Atlanta Trades for $225M

6 May 2013, 5:48 pm

By Georgiana Mihaila, Associate Editor

A partnership between private real estate investment sponsor Macfarlan Capital Partners and an entity associated with Cole Real Estate Investments recently paid $225 million for a Class A trophy office campus leased to AT&T located in Midtown Atlanta.

The campus, originally a build-to-suit for AT&T in 2001 and 2002, spreads over 7.22 acres and is home to the 16-story Midtown I and the eight-story Midtown II—the two buildings totaling 794,110 square feet of space. The Midtown I office tower boasts 512,101 square feet of office space, whereas the mid-rise Midtown II 282,009 square feet. Both buildings are currently 100 percent occupied.

During due diligence, Macfarlan negotiated to extend the remaining AT&T lease term from 4.5 years to 11 years and enhanced the credit backing the lease. Bryan Larson, firm partner for Macfarlan, highlighted the long-term AT&T lease and strategic location in Atlanta’s Midtown submarket, as well as the importance of the firm’s first joint venture with Cole in acquiring the trophy office campus. “The Midtown I and II acquisition represents a great opportunity for Macfarlan to provide its investors with a strong current yield from a trophy asset backed by outstanding credit,” he noted. “We are really excited about the opportunity to partner with Cole on this transaction and look forward to working with them on other transactions in the future.”

Chuck Vogel, senior vice president for real estate joint ventures, represented Cole Real Estate Investments in the transaction, while Chris Marshall of Jones Lang LaSalle Atlanta represented the seller. Mark West, Brandon Chavoya and Coler Yoakam with HFF’s Dallas office represented Macfarlan in arranging debt financing with RBS (Royal Bank of Scotland).

This is the second big investment in metro Atlanta for Cole Real Estate Investments, as the company also purchased Canton Marketplace, a 352,350-square-foot regional shopping center in Canton, GA for $61 million. The deal went through less than two weeks ago, and it was part of a larger transaction that included a 509,614-square-foot regional shopping center in San Jose, CA, acquired by Cole for $203 million.

 Image courtesy of Macfarlan Capital Partners

Meritex, Transwestern Find Buyers for Metro Atlanta Industrial Properties

26 Apr 2013, 7:50 pm

By Georgiana Mihaila, Associate Editor

Meritex was the first to announce this week that it has found a buyer for two of its office/industrial properties located in Kennesaw, Georgia.

The two buildings, 2120 and 2124 Barrett Park Drive, have been a part of Meritex’s portfolio since December 2010, when the company acquired them in a ten-building, 750,000-square-foot portfolio deal. Totaling 151,665 square feet, the two buildings are currently 100 percent occupied by tenants Alorica, Inc. and Knapp Logistics Automation, Inc.

Daniel Williams, chief investment officer for Meritex commented, “This transaction was significant for Meritex because it once again demonstrates our ability to adeptly execute a value-add investment strategy and to realize the value created through successful disposition.”

CBRE brokers, Tom Shafer and John Hinson, and Nathan Pramik of TPA Group, represented Meritex in the sale of the properties.

Transwestern’s Atlanta office has also found a buyer for a 122,880-square-foot industrial warehouse on behalf of Stockbridge Capital Group—which served as the adviser to the real estate pension fund that sold the property. Briggs Equipment, a leading provider of materials handling equipment, paid $5.9 million for the facility located in the Airport South industrial submarket.

The 4695 Aviation Parkway building is the largest warehouse facility located within International Airport Park, a master-planned industrial campus totaling nine buildings and 523,592 square feet. Built in 1987, the state-of-the-art facility features a 24-foot clear height, 31 dock-high doors, more than 215 parking spaces and above-market trailer storage areas. Briggs will occupy 100 percent of the firm’s new facility once the build-out is completed.

Stockbridge Capital Group will remain the adviser for the other eight International Airport Park buildings.

Image courtesy of Meritex

JLL, Transwestern Find Buyers for Three Metro Atlanta Apartment Communities

19 Apr 2013, 6:31 pm

By Georgiana Mihaila, Associate Editor

In what seems to be an eventful week for the metro Atlanta multifamily market, three apartment communities are now under new ownership.

Jones Lang LaSalle’s Capital Markets was responsible for the successful sale of two such properties. Working on behalf of owner American Realty Advisors, managing directors David Gutting and Derrick Bloom closed on the sale of ALARA State Bridge and ALARA Highland Park, properties that were placed on the market less than four months ago. No financial terms of the transaction have been disclosed.

ALARA State Bridge is a 224-unit apartment community located at 10840 State Bridge Road in Johns Creek, GA. Built in 1998, the community features modern architecture and luxury amenities, and it is destined to cater to families looking for top-rated schools and proximity to high-tech employment.

The 188-unit ALARA Highland Park, located at 100 Highland Park Trail in Sandy Springs, GA is a wooded Williamsburg-inspired community. Built in 1995, the apartment asset aims to attract young professionals as it is set within proximity to the entertainment and nightlife venues of Downtown Roswell, Dunwoody Village and the Central Perimeter Office submarket.

Transwestern’s Atlanta office also closed on the sale of a 305-unit multifamily community this week; PointOne Holdings LLC, a South Florida investor of single- and multifamily properties, bought Steeple Chase Apartments at 5940 Singleton Road in Norcross, GA.for approximately $13.3 million, or $43,525 per unit. Transwestern’s managing directors Mike McGaughy and Jon Kleinberg represented the seller, Cortland Partners.

“The Atlanta multifamily market is continuing to strengthen,” said McGaughy, Transwestern’s multifamily specialist. “The addition of new jobs and a lack of any meaningful suburban development have pushed up property values 20 to 25 percent over where they were trading just two years ago. We believe these trends will continue not only in Atlanta, but throughout the Southeast.”

Image: ALARA State Bridge via Facebook

Chart via Marcus & Millichap


CBRE Brokers $19M Outpatient Campus Sale, 400K SF Industrial Lease

15 Apr 2013, 6:15 pm

By Georgiana Mihaila, Associate Editor

A three-building outpatient campus located in Marietta recently traded in a $19.2 million deal brokered by CBRE’s U.S. Healthcare Capital Markets Group.

The Northside/East Cobb Medical Campus, totaling 69,341 square feet, is nearly 97 percent occupied by high-profile, long-term tenants such as Northside Hospital—Atlanta’s largest Gastroenterology group, one of Atlanta’s leading women’s health and pediatrics group, a top orthopedic clinic, and one of the largest OB/GYN groups in the Southeast.

The three-building campus is anchored by the Northside Hospital, widely regarded as one of Atlanta’s largest and most respected health care systems; on-site services include primary care and an imaging center.

Lee Asher and Chris Bodnar with CBRE’s U.S. Healthcare Capital Markets Group represented the seller in the transaction.

CBRE was also the broker in a recent lease renewal and expansion on behalf of national supplier of doors, windows, frames and building hardware, American Building Supply. The company has renewed its lease for 330,000 square feet at 4475 South Fulton Parkway, in the Airport submarket of Atlanta. Due to the company’s recent growth, American Building Supply has leased an extra 100,000 square feet in an adjacent building that was recently vacated.

Both the renewal and the extension have been signed for a ten-year period, with CBRE’s senior vice president David Nixon and first vice president Chad Burd representing the tenant.

Image: Northside/East Cobb Medical Campus via Ackerman & Co.


149-Room HYATT house Atlanta/Cobb Galleria Opens

5 Apr 2013, 2:30 pm

By Georgiana Mihaila, Associate Editor

Atlanta is now home to the first HYATT house hotel in Georgia, following this week’s opening of the 149-room HYATT house Atlanta/Cobb Galleria.

hyatt house atlanta cobb galleria guest room The result of a joint effort between Hyatt Hotels Corporation, Noble Investment Group and Interstate Hotels & Resorts, the HYATT house Atlanta/Cobb Galleria is located in Atlanta’s Northwest Corridor at the intersection of Interstate-75 and Interstate-285 in the Cobb Galleria. This places it near the global headquarters of Home Depot and the Atlanta offices of IBM, Manhattan Associates, General Electric, SITA and Lockheed Martin. The hotel is right across from One Overton Park Galleria and is a short drive to Saint Joseph Hospital, Northside Hospital and Kennestone Hospital.

The HYATT house Atlanta/Cobb Galleria consists of 149 residentially inspired upscale king guestrooms, studio, one- and two-bedroom Kitchen Suites—featuring fully operational kitchens with refrigerators, icemakers, convection microwave ovens, dishwashers, stoves, small appliances and utensils, topped by comfortable living space and bedrooms with walk-in showers.

The hotel has also been equipped with nearly 2,000 square feet of flexible, high-tech meeting/function space for business or social gatherings, an H BAR featuring HYATT house’s new Sip+Savor Menu and a 24/7 Guest Market, plus complimentary grocery shopping available to extended-stay guests.

“Every signature element at HYATT house departs from the traditional extended-stay experience to meet the needs of today’s consumers, in particular those frequent travelers looking for a strong community environment,” said Ben Brunt, principal, Noble Investment Group.

HYATT house, a brand of Hyatt Hotels Corporation, offers more than 50 locations throughout the United States. The concept has recently earned the top spot in the upscale extended stay category in Business Travel News’ 2012 Hotel Chain Survey, based on a survey of corporate travel buyers. Additionally, the brand was named one of the 10 Best Hotel Chains for Families by Parents Magazine.

 Image via HYATT house Atlanta/Cobb Galleria official website

Alternative Apparel Extends Norcross Lease to 131,000 Sq. Ft.

25 Mar 2013, 3:46 pm

By Georgiana Mihaila, Associate Editor

Clothing brand Alternative Apparel has chosen to consolidate and expand its headquarters at Indian Brooks business park in Norcross, Ga., having recently signed a long-term, 131,000-square-foot lease renewal.

As of May 1, Alternative Apparel will start occupying the new space and will vacate the 85,000 square feet it holds in two industrial buildings within the office park. The company will consolidate its operations under one roof at 1650 Indian Brook Way. The expanded space will serve as the hub for distribution of Alternative Apparel’s casual clothing lines to its domestic and international customers, as well as provide office space for customer support, operations, finance and other administrative functions. Alternative Apparel currently employs 120 workers in Norcross and a total of 170 employees companywide.

Alternative Apparel CEO Evan Toporek is confident that the consolidated space will ensure the company’s ability to maintain optimum inventory levels as it carries out its growth plans. The company currently has two other office locations, one in Los Angeles and one in New York. It also currently operates two retail stores in Los Angeles and plans on opening a new retail store each quarter over the next three years in key cities across the United States.

In other commercial real estate news, Jamestown has reportedly agreed to sell its 28-story 999 Peachtree to Franklin Street Properties for $158 million. While no official statement has been made, sources familiar with the deal say Eastdil Secured has brokered the transaction, expected to close on July 1, 2013. Current seller Jamestown had purchased the building in February 2007 from the original developer, Childress Klein Properties, for $127 million.

Image 999 Peachtree, courtesy of Jamestown

Metro Atlanta Successfully Attracting Corporate Expansions and Relocations

11 Mar 2013, 7:05 pm

By Georgiana Mihaila, Associate Editor

Recent leases and expansions stand as clear proof of the increasing attractiveness of the metro Atlanta area for both national and foreign companies.

Outsourcing giant Infosys recently disclosed an expansion strategy for its Cumberland location in Cobb County that involves adding approximately 200 new jobs in the next fiscal year. Moreover, the company is considering additional expansion in the metro Atlanta area over the next two years. The upcoming expansion will involve adding more space at the company’s 30,000-square-foot office in the Wildwood office park in Cobb County for its business process outsourcing (BPO) unit; Infosys is also occupying 40,000 square feet in the Powers Ferry Landing office complex, employing about 300 people in the Atlanta area.

“Infosys is an integral part of metro Atlanta’s technology community and we are pleased that it has decided to expand operations here following the opening of their new business center last year,” said Hans Gant, senior vice president of Economic Development at Metro Atlanta Chamber. “Maintaining our close ties with India and companies like Infosys is central to our growth strategy for the region and it is through collaboration with our partners that these success stories continue to happen.”

Orlando-based Bitcoin payment processor BitPay will soon be relocating its headquarters to Buckhead. According to the Atlanta Business Chronicle, BitPay plans to open a software development center at Atlanta Tech Village—a 100,000-square-foot office building on track to being converted into a tech company hub.

Eye care provider Thomas Eye Group is also planning a $9 million expansion that will significantly increase its Atlanta footprint. The company’s current St. Joseph Clinic and Ambulatory Surgery Center will be relocated to a newly purchased building at the corner of Barfield Road and Hammond Drive. The project scope will include a renovation of the exterior, the addition of a drop-off canopy and a complete build-out of the interior. Working with project partners Denver-based Marasco & Associates and Atlanta-based Wakefield Beasley Associates, construction is scheduled to begin next month and will be completed by November 2013.

In addition to the Atlanta office relocation, Thomas Eye Group’s existing Roswell Clinic will add nearly 3,000 square feet of space with a complete renovation of the interior allowing for a third eye care provider.

Good things may also be in store for the 376,351-square-foot Cobalt Center office development on Windward Parkway, currently competing for a company that would relocate its nearly 400,000-square-foot operations to metro Atlanta. While the name of the potential tenant has not yet been disclosed, the Atlanta location will be competing with others in Illinois, Ohio, North Carolina and Texas for the deal.

Image courtesy of Thomas Eye Group

Lincoln Property Co. Tapped to Lease 332 K SF Metro Atlanta Portfolio

3 Mar 2013, 9:44 pm

By Georgiana Mihaila, Associate Editor

OA Development—an Atlanta-based company that specializes in the acquisition, development, management and brokering of commercial properties—has awarded leasing assignments for an additional 332,000 square feet of space to Lincoln Property Company Southeast.

The assignments include the three-building Peachtree Corners Technology Center, in Norcross, Ga., which features 162,000 square feet of office/flex space; and the six-building Royal Phoenix Business Park in College Park, Ga., which features 160,000 square feet of office/flex space. OA Development owns and manages the properties.

Following these new assignments, Lincoln Property Company Southeast is now leasing a total of 770,000 square feet of properties in metro Atlanta for OA Development. Lincoln  has hired Jeff Henson, previously with Resource Real Estate Partners, to join Hunter Henritze and Michael Howell, both vice presidents of office leasing for Lincoln.

“We are pleased that OA Development has chosen to expand our relationship and it has given us an opportunity to grow our team in an effort to provide expanded leasing coverage,” said Tony Bartlett, senior vice president of Lincoln. “The addition of Jeff Henson will make this strong team even stronger. Jeff is an aggressive, hard-working self-starter who will be a powerful addition to the Howell-Henritze team.”

The metro Atlanta office market is showing clear signs of improvement, gaining more than 1.1 million square feet of new tenancy during calendar year 2012, a level not achieved since 2007. According to CBRE, the occupancy gains follow four consecutive years of overall negative or negligible absorption, and helped to drive overall vacancy down to 22.3 percent.

absorbtion Atlanta office market 2012

Chart courtesy of CBRE

Transwestern to Lease Platinum Tower; Parmenter Scores Two TOBY Awards

22 Feb 2013, 7:55 pm

By Georgiana Mihaila, Associate Editor

Platinum Tower to be leased by Transwestern

Platinum Tower

Beacon Investment Properties has recently named Transwestern’s Atlanta office as the exclusive leasing agent for its 312,500-square-foot Platinum Tower. This new leasing project is a significant addition to Transwestern’s leasing and property management portfolio, totaling more than 32 million square feet of commercial properties managed out of the Atlanta office.

Owner Beacon Investment Properties  purchased the property last month from CBRE Global Investors Strategic Partners fund in a $48 million deal.

Located at 400 Interstate North Parkway in metro Atlanta’s Cumberland/Galleria submarket, the 17-story building is both LEED certified and ENERGY STAR labeled. Platinum Tower’s exterior features alternating bands of granite and black reflective glass and is accented by stainless steel trim. An attached glass-clad parking structure provides 1,280 parking spaces that are directly accessible to both the lobby and the first four floors.

Currently 94.4 percent occupied, the building has 25,000 square feet of available space. Greg Frankum, Transwestern’s director of agency leasing, along with Matt Spickard and Emily Dickerson will be handling the leasing efforts.

“Beyond its core location and diverse amenities, Platinum Tower leads its class in terms of operational excellence and sustainability,” said Frankum. “Historically, the property has performed very well, maintaining above average occupancy rates by attracting a diverse tenant base including regional headquarters and local branches for firms in the financial, real estate and manufacturing sectors.”

Buckhead Tower at Lenox Square

Buckhead Tower at Lenox Square

In other commercial real estate news, Parmenter Realty Partners has earned three BOMA Georgia distinctions, with two of its buildings winning The Outstanding Building of the Year (TOBY) Awards, and Christina Pearson being named 2013 Property Manager of the Year.

The two winning buildings were Buckhead Tower at Lenox Square—a Class A, 348,152-square-foot office building that won the local TOBY in the 250,000-499,999-square-foot category—and 160 Clairemont, a 121,686 SF Class A office building, winner in the Renovated Building category. With these two wins, Miami-based Parmenter Realty Partners now has a total of 45 TOBY Awards.

Images courtesy of CBRE Global Investors and  Parmenter Realty


Leave a Reply