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Expansion of Newnan’s Southeastern Regional Medical Center Underway

24 Mar 2014, 5:08 am

By Balazs Szekely, Associate Editor

Cancer Treatment Centers of America at Southeastern Regional Medical Center in Newnan is about to get 121,000 square feet of new space and 30,000 square feet of remodeled space, a $48 million expansion just two years after completion. Batson-Cook developed the original project and accordingly, it has been entrusted with the current construction work too.

Founded in 1915, the soon to be century-old Batson-Cook Construction is involved in building commercial projects for healthcare, industrial, manufacturing and private development clients alike, mostly throughout the southeastern U.S.

The current 226,000-square-foot cancer treatment healthcare facility includes two linear accelerator vaults, a full range of diagnostic imaging services, and modern radiation and infusion therapy departments. Surgical suites, an outpatient clinic, 25 private inpatient rooms, rehabilitation and physical therapy departments, kitchen, dining room, and a chapel are also part of the facility. CTCA includes a residential tower for the convenience of outpatients and their families.

The renovation process is divided into four main update stages and the hospital will maintain its operations in the meantime within the existing facility. The Inpatient Expansion Project will complement the facility with 25 newly built patient rooms and add a penthouse too. The second phase, the Clinic Expansion Project will completely encompass the currently operational clinic and infusion areas of the facility since plans include vertical expansion as well as a horizontal enlargement. Four-stories and a penthouse are to be added in this phase. A one-story Surgery Expansion is also underway, adding two new operating rooms, post-anesthesia bays and sterile area spaces.  Planned to be raised adjacent to the current facility, the Radiation Therapy Expansion will bring additional offices, clinical space and enhancements to the existing central energy plant along with a new space specially designed to house a state-of-the-art radiosurgery system.

Photo credits: Batson-Cook Construction



276-Unit Property in Historic Fourth Ward Offers Gigabit Internet

7 Mar 2014, 7:44 pm

By Balazs Szekely, Associate Editor

Developed by North American Properties, BOHO4W, as the project is called, is the first residential property in Atlanta to embrace the lightning-speed gigabit technology. The 276-unit community at Historic Fourth Ward Park is a so-called fiber-to-the-home or FTTH multifamily project that beside its innovative network, also keeps walkability in focus.

NAP is a privately-held, multi-regional real estate operating company that has acquired, developed and managed more than $4.5 billion worth of multifamily, mixed-use, retail and office properties across the United States. Its multifamily portfolio includes in excess of 15,000 apartment units in 13 states and it currently has $700 million of development underway.

The ultra-high-speed broadband connectivity is the same technology Google Fiber is considering bringing to Atlanta, and it allows for transfer speeds about 100 times faster compared to conventional data services. The necessary fiber optic network and all collateral services are provided by Hotwire Communications.

Also, NAP calls its newest urban neighborhood walkable for a reason. With a Walk Score of 79, BOHO4W is in the sixth most walkable neighborhood in Atlanta. It is steps away from Atlanta BeltLine’s Eastside Trail, just a short walk from Ponce City Market and just across Ponce de Leon Avenue from Whole Foods Market.

Community amenities include a resort-style salt-water swimming pool overlooking Historic Fourth Ward Park, a clubroom overlooking the pool deck, a fitness center, a fully equipped spin/yoga room with complimentary classes, an outdoor lounge with grilling and dining area, a pet spa with washing and drying stations, a resident art studio with complimentary art classes, a conference room with computers and printers and a cyber café – with gigabit internet of course.

Photo credits: BOHO4W



Physicians Realty Closes Purchase and Leaseback of Four Medical Office Buildings

7 Mar 2014, 1:13 am

By Balazs Szekely, Associate Editor

Physicians Realty L.P., an operating partnership of Physicians Realty Trust closed on the purchase and leaseback of four medical facilities located in Jackson, Conyers and McDonough.

Physicians Realty Trust is a newly set up self-managed healthcare real estate company involved in the acquisition, development, ownership and management of healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The company invests eminently in real estate that is integral to providing high quality healthcare services and Chief Investment Officer John Sweet considers this latest investment an expressive demonstration of their strategy. “This investment is a great example of the type of property we wish to own for the long term,” he says.

The office buildings are now being leased to Eagles Landing Family Practice, an Atlanta-based full service primary care facility. Eagles Landing works with over 250 employees including board certified Family Practitioners, Physician Assistants and Nurse Practitioners and has operations in 7 locations throughout Henry County, Butts County and Rockdale County.

Regarding the partnership with Physicians Realty, Nick Williams, Chief Financial Officer for Eagles Landing told the press that he is pleased to work with a group that understands medical real estate as well as the healthcare industry in general. “It is comforting to know they will be our partners as we face the evolution of healthcare delivery and healthcare policy,” he adds.

The four buildings total around 68,700 square feet and are 100% leased. The purchase price was $20.8 million representing a first year cash yield of approximately 7.5%. The buildings are subject to 15-year absolute net leases with Eagles Landing Family Practice.

Image of Eagles Landing Conyers office, courtesy of Eagles Landing Family Practice



Kinloch Partners to Double Its Atlanta Investments in 2014

26 Feb 2014, 4:22 pm

By Balazs Szekely, Associate Editor

Kinloch Partners LLC recently announced its intention to purchase lots in 14 subdivisions in Metro-Atlanta, all of them in developments where new construction has been lagging since the 2009 recession. The firm wishes to bring its total investment to nearly 200 new homes in 2014.

Formed in 2011 by Bruce W. McNeilage and Christopher P. Zachary, the firm offers rental and home ownership solutions through new construction, home renovation or investment in financially distressed real estate properties.

The company started with purchasing 26 lots in six subdivisions in East Point, Ga., Jonesboro, Ga.,  Dallas, Ga., and Atlanta. The most recently acquired lots are located in Savannah Walk in East Point, The Lakes in Jonesboro respectively in Dallas’ Stonewoood Creek and Henderson Ridge communities. The partnership plans to sell about half of the homes, yet to be built by Kinloch Partners’ affiliate Kinloch Homes, and run the rest as rental properties. Construction is expected to begin in the first weeks of March.

Besides being an enticing investment opportunity for the company, choosing discontinued developments can bring significant benefits to existing homeowners as well, according to McNeilage.

“The closer a subdivision comes to completion, the better it is for all of its home values,” he says.

Image of Kinloch Partners model home, courtesy of Kinlock Partners



Meda Consumer Healthcare Signs 11KSF Sublease in the Cumberland Area

14 Feb 2014, 9:20 pm

By Balazs Szekely, Associate Editor

The Meda Consumer Healthcare division of Meda Pharmaceuticals Inc. recently signed a sublease with Schawk Inc. for 11,041 square feet of office space in a building located at 1100 Circle 75 Parkway NW, in Atlanta. Two Cresa Atlanta representatives, David Rubenstein and Bo Keatley advised Meda on the sublease.

Meda Pharmaceuticals is the U.S. subsidiary of Meda AB, an international specialty pharmaceutical company focused on the Europe and North America markets, and is present in about 120 countries.

The 16-story, 1100 Circle 75 Building in the Circle 75 Office Park is conveniently located in the Cumberland/Galleria submarket, near the corner of Interstates 285 and 75. The building, as well as its sibling towers 1000 Circle 75 Parkway and 900 Circle 75 Parkway belong to Scott & Associates, a local real estate investment company that recently purchased the three office buildings for $45 million from B.F. Saul Co. The lot totals just less than 700,000 square feet of office space. About 30 Meda employees occupy the office space at 1100 Circle 75.

Jeff Cohen, Vice President & General Manager of Meda Consumer Healthcare told the press that he was pleased to find out that the former Schawk space is an almost perfect match with Meda’s needs.

“It was incredible opportunity to locate ‘plug and play’ space that exactly fit our requirements, including our furniture needs,” he says.

Cohen also considers the move a significant upgrade in terms of accessibility.

Cresa, one of the leading tenant representation firms in North America, represented the pharmaceutical company in the process and  Rick Nash of DTZ spoke on behalf of Schawk Inc. during the sublease negotiations.

Photo courtesy of Google Maps



Vesta Solidifies Alpharetta Location as Eastern Region Hub

12 Feb 2014, 8:38 pm

By Balazs Szekely Associate Editor

Cushman & Wakefield announced recently that it represented Portland, Ore.-based Vesta Corporation in a 36,556-square-foot long term lease. The seven-year contract at Brookside Concourse in Alpharetta replaces the electronic payment solutions provider’s previous sublease. Peyton Wimberly, director in Cushman & Wakefield’s Atlanta office, represented Vesta, while Bryan Heller of CBRE represented the landlord, RexxHall Realty.

Wimberly sees a great potential in the lease to accommodate Vesa’s ongoing growth and to enable it to achieve occupancy savings in the long run.

“With many of Vesta’s executive staff re-locating to the Brookside offices, Alpharetta will serve as an increasingly important Eastern Region hub for the company,” he says.

Vesta is an innovator and worldwide leader in client-branded electronic payment solutions. Specialized in mobile commerce applications, retail point, Internet and mobile phone-based payments, the company has processed hundreds of millions of transactions over the past years. Vesta has earned multiple patents for technological innovations, received industry recognition including a CTIA “Innovative Mobile Payment Technology” award, and was inducted into the Inc. Magazine Hall of Fame for five consecutive years as an Inc. 500 fastest growing private company.

The four-building Brookside Concourse office park is conveniently located at Highway 120 (Old Milton Parkway, formerly State Bridge Road, just east of GA 400), providing good highway visibility. The park’s amenities include access to day care facilities, restaurants, health clubs, a campus of Georgia State University, shopping and a network of walking trails. The company occupies the entire Brookside 800, a one-story office building with brick exterior, multiple entrances, space divisible to 5,000 square feet and a custom designed HVAC system.

Photo credits: The Alter Group



312-unit Grove Park Apartments Sold

3 Feb 2014, 9:39 am

By Balazs Szekely, Associate Editor

PointOne Holdings recently acquired the 312-unit Grove Park Apartments community located in Metro Atlanta. The transaction is worth $12.75 million and marks the company’s sixth commercial acquisition in the past 1.5 years.

PointOne Holdings is an investment and operating platform with offices in Atlanta and South Florida, involved mainly in value-add multifamily residential and commercial real estate projects throughout the southeastern United States. The principals of PointOne have collectively owned and operated more than 9,000 multifamily apartment units and more than two million square feet of commercial property. Their current portfolio of residential, commercial and hospitality assets is valued at more than $150 million.

Built in 1990, Grove Park is a garden style B-Class multifamily rental community in the city of Norcross, Northeast Atlanta, close to surrounding area employers and amenities. The location provides direct access to Interstate 85 allowing for convenience to both Metro and Downtown Atlanta. It also has direct access to public transportation with a bus stop right at the entrance to the property. Community amenities include a leasing office/clubhouse with fitness center and indoor racquetball court, swimming pool with sundeck, controlled access, availability of garages, lighted tennis court, children’s playground, and laundry facilities. Units come in a range of one-to-three bedroom floor plans and include walk-in closets, fully equipped kitchens, private balconies/patios, washer/dryer connections, in addition to fireplaces/sunrooms/vaulted ceilings in select units.

The new owners plan to invest more than $2.5 million in capital improvements and the renovation plan includes exterior and interior upgrades alike.  Siding replacement and mechanical/plumbing enhancements will be carried out as major parts of the renovation. A new business center, a dog park, security cameras and outdoor BBQ will also be added to the range of amenities.

The property was acquired via auction.com from special servicer CW Capital. The acquisition and renovation financing was provided by A10 Capital.

Photo credits: PointOne Holdings



Buckhead Tower Earns LEED Gold Certification

3 Feb 2014, 9:18 am

By Balazs Szekely, Associate Editor

Another Parmenter Realty Partners office building recently earned the LEED Gold Certification for Existing Buildings. The company’s array of LEED certified buildings broadened with Buckhead Tower at Lenox Square in January. Around the end of last year, two other properties owned and managed by Parmenter also received the distinction. Brookhollow Central II and III are located in Houston.

Buckhead Tower at Lenox Square is a 348,152 square-foot multi-tenant Class A office building, the office component of a mixed-use development including Lenox Square Mall and the J. W. Marriott Hotel. In order to meet LEED Gold standards, a comprehensive re-commissioning program has been implemented. Among other improvements, performance of the building’s lighting and HVAC system has been optimized, thus enhancing the building’s comfort and reducing its ecological footprint.

Headquartered in Miami, the real estate investment, management and development company operates a series of institutional investment funds across the southeast, southwest and in DC Metro, with regional offices situated in Washington, D.C., Dallas and Atlanta. With the addition of the Atlanta and Houston properties, Parmenter now owns and manages twelve LEED certified buildings, totaling around 4.6 million square feet. 13 of the firm’s buildings are Energy Star labeled, 12 have been awarded the BOMA 360 designation, and many more have recieved the TOBY award too.

Andrew Weiss, Managing Principal & Chief Operating Officer at Parmenter Realty Partners told the press that the company aims to have all of its properties LEED certified and encourages its staff and clientele as well to lead a more eco-friendly lifestyle.

“We have ongoing training programs to educate and raise environmental awareness among our employees and the tenants we serve,” he says.

Photo credits: Parmenter Realty Partners



Oak Coast Buys Multifamily Asset in Duluth

20 Jan 2014, 7:13 am

By Balazs Szekely, Associate Editor

Oak Coast Properties and Investors Management Group announced the acquisition of Promenade at Berkeley on January 14. Located in Duluth, Ga., the 492-unit apartment community was sold for $33.7 million by Northwoods Lake Partners LLC.

Built in 1986, the community features 130 one-bedroom and 362 two-bedroom apartments. Residents are granted access to a business center, a car care center, a dog park, enjoy a private lake with fountains, while the community’s two tennis courts, fitness center, walking trails and playgrounds contribute to a healthy lifestyle.

The previous owner commenced significant renovations ten years ago that were finished in 2009 and now Oak Coast Properties and IMG plan further property upgrades. With works starting in early 2014, the extensive renewal will include structural repairs, interior improvements in the community areas as well as in the apartments themselves, and an exterior facelift too. Plans involve enhancing the painting, sidewalks, railing, roofs, gutters, windows and doors, plumbing, heating, pavement, heating systems, and HVAC units. Additional upgrades will be made to the parking lot, fitness center, business center, tennis courts, dog park, pool and spa, lighting, security cameras, signage, landscaping and outdoor BBQs.

Situated just outside of Atlanta in Gwinnett County’s Duluth submarket, the Promenade at Berkeley offers easy access to major employment hubs like the area’s high-tech and bioscience industries. Work centers, a variety of entertainment amenities, restaurants and other retail venues are accessible via Interstate 85 and freeway nr 285.

Photo credits: Oak Coast Properties



Kana Hotel Group to Manage Hilton Garden Inn Hotel in Lithia Springs

13 Jan 2014, 8:31 pm

By Balazs Szekely, Associate Editor

Kana Hotel Group has recently been awarded the management contract for Hilton Garden Inn Atlanta West / Lithia Springs.

Based in Knoxville, Tenn., Kana is an award winning independent company involved mainly in hotel development and management. Their portfolio includes 35 premium branded hotels with a total of more than 3,800 rooms across the United States. The firm represents trademarks such as Embassy Suites, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites, Springhill Suites by Marriott, Staybridge Suites and Holiday Inn Express. Twenty seven facilities in Kana’s portfolio are Hilton branded, including nine Hilton Garden Inns. Kana president Kevin Mahoney announced that the company has a tenth property in the pipeline for this year.

The new addition is located at 110 Interstate West Parkway – fifteen miles from Atlanta’s Hartsfield-Jackson International Airport. The hotel is in close proximity to popular attractions such as the New World of Coca Cola, the Georgia Aquarium and the Six Flags over Georgia theme park. It also offers easy access to many local businesses and other commercial destinations. The asset features 2,600 square feet of meeting space, an elegant ball room, a fitness center with a half indoor half outdoor pool and complimentary WiFi in all guest rooms and suites. A 24-hour business center, a restaurant, and a Pavilion Lounge are also at guests’ service.

“We’re happy to add this Hilton Garden to our portfolio,” says Kana Hotel Group CEO, Alpesh Patel. “It’s a great asset in a great location and will fit very nicely with another Hilton branded Hotel in the market which we will soon be bringing under our management.”

Photo credits: Hilton Garden Inn

 



FrontDoor Adds CopperLeaf Community in Cobb County

20 Dec 2013, 11:02 pm

By Balazs Szekely, Associate Editor

FrontDoor Communities further expands its presence in Georgia by building a new neighborhood in Cobb County. The new 24-unit community will be called CopperLeaf and will feature five floor plans, from 2,800 to 4,000 square feet.

The company focuses on urban and suburban infill, community development and homebuilding. Launched by experienced veterans with over 25 years of experience in the home building industry, FrontDoor has already delivered two communities in Georgia, two in Florida and three in South Carolina.

CopperLeaf will be built in West Cobb County, close to Stilesboro Road’s intersection with Barrett Parkway, at a location that offers convenient access to shopping, recreational destinations and schools alike. Hayes Elementary School, Pine Mountain Middle School and the top-rated Kennesaw Mountain High School are all in close proximity. Eric White, the company’s division vice president said, FrontDoor recognized that proximity to schools is among the priorities when it comes to young families.

“The proximity to and quality of schools nearby only adds to the value of the homes and enriches the community as a whole,” he says.

All homes will offer three-car garages with side entries, basements and spacious plots of at least 20,000 square feet, all consistent with FrontDoor’s signature architectural style.  

“Our priority at FrontDoor communities is to build better homes through quality design, and we are very excited to be in a position to bring the FrontDoor lifestyle to another area in Georgia,” White added.

With construction starting in early 2014 and delivery expected by late summer, prices for the homes will start in the low $400,000s.



South Atlanta’s first Staybridge Suites Hotel Opens

20 Dec 2013, 10:54 pm

By Balazs Szekely, Associate Editor

InterContinental Hotels Group announced the opening of their latest Staybridge Suites location in the Atlanta Metro Area. The company has previously launched seven Staybridge Suites hotels in the state, three of which are located in Metro Atlanta. An additional location in the Atlanta area awaits delivery and this makes the brand one of the paramount extended stay trademarks in Georgia.

Staybridge Suites Atlanta Airport Hotel is just minutes away from one of the world’s busiest airfields, Hartsfield–Jackson Atlanta International Airport and also within a short driving distance of Downtown Atlanta, offering easy access to attractions such as World of Coca-Cola, the Georgia Aquarium, Centennial Park and the CNN Center. As far as business is concerned, the hotel is conveniently located near various corporate offices, with the new North American headquarters for Porsche at close quarters.

A total of 149 studio, one-bedroom and two-bedroom-two-bath suites are at guests’ disposal, all of them including flat screen TVs with DVD/CD players, kitchens equipped with a number of appliances, etc. Separate work area with speaker phones and personal voice mail are also available during the stay. The hotel features more than 4,500-square-feet of flexible meeting space that is distributed across five meeting rooms that can seat up to 60 and an additional one on the lobby level that can accommodate up to 100. Further amenities include wireless internet connection, a laundry room, a fitness room, a sport court, a 24-hour business center, a guest library with books and games, as well as a 24-hour convenience store.  The new location also includes the brand’s freshly introduced Outdoor Living Room, an open air place for guests to relax and interact. The Social evening receptions are organized three days a week, which offer complimentary refreshments and customizable entrees in The Great Room.

Owned and operated by Apsilon Management Atlanta LLC, the new seven-story property is franchised by an affiliate of IHG. While Apsilon has three other IHG-branded hotels, this is their first Staybridge Suites hotel.

Photo credits: InterContinental Hotels Group

 

Photo credits: InterContinental Hotels Group



Connecture Signs 28.3 KSF Class-A Office Lease at 55 Allen Plaza

9 Dec 2013, 7:45 pm

By Balazs Szekely, Associate Editor

A full story will fill in at 55 Allen Plaza as Connecture Inc. signs an 11-year lease of 28,299 square feet of office space in the building that has reached an occupancy rate of 93 percent. Lincoln Property Company Southeast’s Tony Bartlett and Andy Sumlin of Cushman & Wakefield represented the landlord and Carla Williams and Jeff Samaras of Cushman & Wakefield spoke for the tenant in the transaction.

Connecture provides Web-based information systems used to create health insurance exchanges. The company will occupy the entire fourth floor of the Class-A, 350,000-square-foot office tower. Cushman & Wakefield is also a longtime tenant of the building and the Atlanta office of the firm co-markets and leases the building with Lincoln. The building is located on the northern edge of downtown Atlanta, next to Downtown Connector, and it is surrounded by an assortment of enticements including restaurants, the W-Atlanta Downtown Hotel & Residences, retail and Centennial Olympic Park. Lincoln now offers three speculative-suites as well. The 8,000 square feet allow 55 Allen Plaza to offer small suites to tenants for the first period and allow them to immediately visualize their operation in a finished space.  The spaces offer high-end finishes, open ceilings, polished concrete floors and designer lighting.

55 Allen Plaza achieved LEED Gold Certification last year and was recognized in July of this year by the Atlanta Better Buildings Challenge for achieving a 20 percent reduction in energy and water consumption. The building also holds the BOMA 360 Performance Building title as recognition of building operations and management quality. Less than 50 buildings in Georgia have earned the designation.

“I could not be prouder of the effort our team has put into 55 Allen Plaza and of the results we have achieved,” says Tony Bartlett. “The advances have been remarkable, and 55 Allen is undoubtedly a best-in-class asset within the Downtown and Midtown office market.”

Current tenants of the building include Doner Partners, Fogle Law Firm and Ernst & Young, Bread Box, Carlyle’s Catering Skanska and the design firm ASD. In 2013 alone, leasing efforts have resulted in more than 53,000 square feet of leases.

Photo credits: Lincoln Property Company Southeast



Cobb County Approves Home of the Braves

2 Dec 2013, 10:05 pm

By Balazs Szekely, Associate Editor

The Cobb County Commission gave a green light to the Atlanta Braves stadium plans, signing a Memorandum of Understanding with the team at its meeting on Tuesday, Nov. 26. The arena is only the jewel in the crown as it will be surrounded by a mixed-use development including between 700,000 and 1 million square feet of retail, restaurant, residential, hotel and office space – all privately funded 100 percent by the Braves, and other private partners.

The team took on 55 percent of the total costs, around $372 million in both upfront costs and yearly payments. The rest will be supported by local contributions.

“We are grateful to the citizens of Cobb County and the leadership in the community who have worked tirelessly to bring this to fruition,” says Atlanta Braves President, John Schuerholz. “I truly believe that this partnership will yield what will become one of the finest baseball and entertainment facilities in the country.”

The design and construction will be managed by the Braves organization. Their responsibility extends to eventual cost overruns during construction, and also for all operating expenses of the stadium. Cobb County will be partially responsible for the Stadium’s capital maintenance expenses. The arena will be owned by the Cobb-Marietta Coliseum and Exhibit Hall Authority, current owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre.

The agreement with the county facilitates the new baseball stadium to open its gates by the 2017 season with fieldwork starting in the second half of next year. The Braves’ lease at Turner Field, which is owned by the City of Atlanta, Fulton County and the Atlanta-Fulton County Recreation Authority, ends at the conclusion of 2016. The development is expected to bring more than 5,200 jobs to Atlanta during the construction and a staff of around 3,000 will also be needed after delivery. More than $235 million has been allocated for temporary jobs and annual earnings of the organization’s permanent staff will total around $35.8 million.

The stadium and development near Cumberland Mall will be easily accessible on the Perimeter, Interstate 75, as well as Cobb Parkway.

Photo credits: Atlanta Braves

 



Crescent Brings 256 Luxury Apartments to Howell Mill Road

27 Nov 2013, 4:06 am

By Balazs Szekely, Associate Editor

Crescent Howell Mill, a $47 million, 256-unit luxury community is officially on its way to bringing the apartment market in the area between Atlanta’s Buckhead and Midtown districts to boil.

The developer, Crescent Communities, expects the mixed-use project to help create a new residence and lifestyle destination to the neighborhood. The groundbreaking ceremony was held Tuesday, Nov. 19 and the community will expectedly open its doors in spring 2015.

The development is financed by Capital One and Nationwide loans along with equity from Crescent Communities. DPR Hardin Construction is entrusted with building operations, while the design team includes The Preston Partnership, Historical Concepts and Southern Civil Engineers, Inc. from Atlanta, as well as two Charlotte-based firms, LandDesign and Vignette Interior Design.

The building will resemble an old textile mill, complementing the design of the mixed-use community. The project is the residential component of an 8 acre mixed-use development including shops and three boutique restaurants with garden courtyards around a cobblestoned entry drive, completed by Healey Weatherholtz Properties.

Additional phases will focus on fashion, home furnishings, and additional food and beverage. Crescent Howell Mill will be built on 2.2 acres of land at the corner of Howell Mill Road NW and Collier Road near Interstate 75. Future residents can choose from studios and one- or two-bedroom units. The interior design will include stainless steel appliances, granite countertops and designer light fixtures. Tenants of the five-story building will enjoy the benefits of an athletic club, a saltwater pool with sun deck, an outdoor kitchen with grilling stations, fire pit social deck and a dog walk park.

Residents will have a direct drive to Midtown and Downtown and will be within close proximity to retail, entertainment and dining options. Crescent Howell Mill is the company’s second multifamily development in Atlanta. Crescent Terminus in Buckhead is expected to open in March 2014.

Image courtesy of Crescent Communities

 



Parkway Properties Takes Ownership of 7000 Central Park

19 Nov 2013, 4:46 pm

By Balazs Szekely, Associate Editor

7000 Central Park in Atlanta changed hands on Nov. 5, as the joint venture Parkway Properties Inc.  entered has recently foreclosed on the asset and taken ownership of the property, Parkway announced. The mortgage note secured by the office tower cost the partnership just less than $57 million due to a 13 percent discount from its outstanding balance of $65 million. Transaction costs raised the sum by an additional $318,000. The former owner acquired the building for $79.5 million in late June, 2007.

Earlier in November, Parkway announced that it had acquired a 40 percent common equity interest in the mortgage note in question for $8 million. The company also invested around $37 million for a preferred equity interest in the joint venture, adding up to a total share of around $45 million. The joint venture intends to place secured financing on the asset, the proceeds of which will be used to repay in part Parkway’s preferred equity investment.

The 18-story, 415,000-square-foot, Class A office tower is located in the Central Perimeter of Atlanta. Built in 1988, it includes a parking garage and a fitness club of 7,000 square feet among several other amenities. The property is currently 77.5 percent occupied and is expected to generate initial full-year cash net operating income yield of approximately 5 percent.

Parkway already owns two properties in the Central Perimeter submarket, the 438,000-square-foot Two Ravinia and the 370,000-square-foot Peachtree Dunwoody Pavilion. Beside its massive investments in the Central Perimeter area, Parkway also focuses on every major submarket, as the company owns or has interest in 16 properties across Atlanta totaling more than 5.5 million square feet.

Photo Credits: Parkway Properties



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







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