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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.







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