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Wheeler Takes Ownership of Freeway Junction

13 Jun 2014, 6:03 pm

By Balazs Szekely, Associate Editor

Freeway Junction will change hands in the near future as Wheeler Real Estate Investment Trust Inc. announced that it has assumed the contract to acquire the shopping center for $10.5 million, or $66.63 per leasable square foot.

Led by Jon S. Wheeler, the Virginia Beach-based firm is focused on owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties. Wheeler is represented by its broad portfolio in an area stretching from the Northeast through the Mid-Atlantic and the Southeast United States and is also present in the Southwest region. The company, according to a recent news release, intends to use a combination of cash and debt to pay for Freeway Junction and will assume the contract from its affiliate, Wheeler Interests LLC.

Built in 1987, Freeway Junction is a 156,834 square-foot retail facility that was renovated in 2005. According to a press release, the center is 95.5 percent leased and counts four anchor tenants that occupy 70 percent of the leasable surfaces, along with several other nationally and regionally known tenants renting the remaining space. The shopping center is located in Stockbridge, Henry County, a part of the Atlanta metropolitan area with a population close to 26,000. At just 16 miles southeast of Atlanta, the property is situated on Highway 138, which has an average daily traffic of over 47,000 vehicles. The location is easily accessible from Interstate 75 through I-675, an auxiliary interstate highway traveling through the southeast part of Atlanta Metro.

Photo credits: Wheeler Real Estate Investment Trust  



Five Buildings Managed by Cushman & Wakefield in Atlanta’s Buckhead Receive LEED Certification

7 Jun 2014, 12:34 am

By Balazs Szekely, Associate Editor

Located in the Buckhead submarket of Atlanta at 3575 Piedmont Road NE, Piedmont Center North Buildings 1-4 and 15 have earned LEED certification under the USGBC’s Existing Buildings: Operation and Maintenance standard, according to the property manager Cushman & Wakefield’s recent announcement.

The U.S. Green Building Council awarded Building 15 with LEED Silver certification, and Buildings 1-4 have been LEED Certified. The owner, Northwestern Mutual Life Insurance Co. entrusted C&W and engineering consultant Servidyne with the project. The sustainability practices implemented by the teams include a variety of energy- and water-efficiency, waste-reduction, green-cleaning and pest-management measures. Water efficiency efforts are expected to reduce consumption by 1.4 million gallons every year.

The improvements contributing to the LEED certifications of all five buildings include the implementation of eco-friendly landscaping and integrated pest management, installation of low-flow water restrictors on all faucets, and non-sewer water meters for irrigation. Sewage system expenses are eliminated while water irrigation costs are lowered by two-thirds.

Additionally, lighting in the 344,546-square-foot Building 15 and in the elevator cabs are changed to LED fixtures. The smoking area is relocated to an area more suitable for both smoking and non-smoking tenants. Ventilation systems in Buildings 1-4, which total 530,772-square feet, are modified, and the buildings are equipped with water-efficient 0.5 gallon and 1.25 gallon bathroom fixtures at a cost of $105,000. The expenditure is expected to return the investment in less than three years without passing any costs to tenants.

Photo credits: Northwestern Mutual Financial Services



Resource Real Estate-Sponsored REIT Acquires Two Atlanta Communities

31 May 2014, 6:07 am

By Balazs Szekely, Associate Editor

Resource Real Estate recently announced that one of its investment trusts, Resource Real Estate Opportunity REIT Inc., has picked up two residential properties. Both Berkeley Run and Berkeley Trace are located in the residential submarket along Glenridge Drive Northeast in Atlanta, less than a mile from Atlanta’s Perimeter Center.

Headquartered in Philadelphia,  Resource Real Estate is involved in direct real estate investments, commercial real estate lending and global real estate securities and operates offices in New York, Los Angeles, Denver, Houston, London, Singapore and Sydney. The firm’s portfolio of owned and managed real estate assets is valued over $2.6 billion.

The communities are situated less than half a mile from each other in a neighborhood that offers convenient access to Perimeter Mall and one of Atlanta’s largest business districts comprising 29 million square feet of office space. Resource Real Estate Opportunity REIT acquired them for a combined price of $51.8 million and plans to invest extra capital in improving the properties. The common areas and individual units await upgrades, and the exteriors will undergo a renewal process as well. A property management team will also be assigned.

The 194-unit Berkeley Run offers a selection of apartments with one to three bedrooms plus a fitness center and a business center. The 14.5 acre property also includes individual garages, a salt water swimming pool, a tennis court and a clubhouse. Berkeley Trace is a 165-unit, 5.5 acre gated community with one and two bedroom apartments featuring private balconies, a business center, housekeeping service, a clubhouse, and a modern fitness center.

Photo credits: Google Maps



Hyatt House Atlanta/Cobb Galleria is LEED Certified

23 May 2014, 3:26 pm

By Balazs Szekely, Associate Editor

Hyatt House Atlanta/Cobb Galleria in Atlanta’s northwest corridor received LEED certification according to Noble Investment Group and Hyatt Hotels and Resorts.

Hyatt House is a Hyatt Hotels Corporation brand present in more than 50 U.S. locations. The 149 units the Atlanta facility offers consist of studios and suites with one- or two-bedroom layouts. The larger units include an extra living space, walk-in showers in the bathrooms and kitchens equipped with a full arsenal of appliances. The hotel features around 2,000 square feet of high-tech flexible meeting space, a 24-hour workout room, an indoor pool, two outdoor patios with fireplaces and grilling stations and a Hyatt branded non-stop grocery store. Located at the intersection of Interstate 75 and Interstate 285, the property is close to a number of major business destinations such as the Atlanta offices for IBM, Manhattan Associates, General Electric, SITA, Lockheed Martin and the global HQ for Home Depot. Cobb Galleria Centre, One Overton Park and Life University are in the area as well, with the Cobb Energy Performing Arts Centre also located within walking distance from the hotel.

The extended stay facility, opened just over a year ago, earned its LEED distinction due to an array of environmentally friendly features such as the all-around LED lighting system, low consumption HVAC units, motion-activated thermostats in all suites and highly efficient water fixtures. The landscaped outdoor space reduces overall environmental impact, which was also taken into consideration.

Photo credits: Hyatt Hotels Corporation

 



Pointe at Lenox Park Picked Up for Almost $25M

16 May 2014, 5:17 pm

By Balazs Szekely, Associate Editor

Pointe at Lenox Park, a 271-unit garden-style community in the Brookhaven submarket recently changed hands for $24.9 million. The previous local private owner sold the apartment homes to Cortland Partners.

Concentrating mainly on value-add acquisitions and development opportunities, Cortland Partners is an apartment owner and manager with a growing portfolio in the Southeast and Texas. The firm’s platform includes investment management, property management, and construction services and in the past few years  since the beginning of the recession its owned and managed residential portfolio has grown to around 19,000 units in the area.  

The company’s CEO, Steven DeFrancis is optimistic about the community’s strong performance in the future, especially considering the current state of the market.

“The city’s job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead,” he says.

Located at 1900 North Druid Hills Road, the rental complex was built in 1988. The community features one- and two-bedroom apartment homes. Tenants can choose from 602- or 800 square-foot one-bedroom floor plans and the two-bedroom units measure 1000 square feet and come with an extra bathroom. Common-area amenities include a business center, a clubhouse and a fitness facility. Apartments are equipped with wood-burning fireplaces, intrusion alarms, wood flooring, granite countertops and include large closets as well as private balconies. The new owner intends to perform a general renovation on all units and update some of the community features as well.

Photo credits: Pointe at Lenox Park



Atlantic Station Gets More EV Charging Units

9 May 2014, 9:54 pm

By Balazs Szekely, Associate Editor

Electric car driving tenants, employees and visitors of the Atlantic Station mixed-use community in Atlanta can breath a sigh of relief knowing they will never again have to leave the complex with a dying battery.  According to a recent announcement, four new Level 2 electric-vehicle charging units have been put in operation in the underground parking garage on P1, near the valet station.

Inaugurated in in 2005, Atlantic Station is a sustainable mixed-use development built on Atlantic Steel Company’s abandoned mill site that today is a thriving district in Atlanta’s Midtown neighborhood. Anchor tenants of the community include employers such as Wells Fargo, Ogilvy & Mather and BB&T, retailers like H&M and Dillard’s along with a number of popular restaurants.

CBRE Global Investors, the owner of the property, had previously started investing in a stable infrastructure of car chargers at Atlantic Station.  The development has a street-level charging station on 17th Street near the Millennium Gate offering four Level 2 units and one DC fast-charger unit. That one is partially powered by overhead solar panels and is available at no cost to the public. The new chargers, partially funded by Nissan, offer a charging rate that gives a car around 25 miles of driving range over a one-hour charging interval and cost of 85 cents per hour for the public.

John Gilb, principal at CBRE Global Investors is proud that the community is moving toward more environmentally friendly transportation and believes that Atlantic Station is setting an example.

“Our EV charging stations are convenient not only for our visitors, but to the Midtown community as a whole,” he says.

Photo credits: ChargePoint



International Tech Group Subsidiary Consolidates Operations at 5405 Windward Parkway

25 Apr 2014, 5:42 pm

By Balazs Szekely, Associate Editor

Andritz Inc., a U.S. subsidiary of the Andritz Group, is moving to 5405 Windward Parkway. The company recently signed a long-term lease for 40,000 square feet. To  landlord Highwoods Properties Inc.’s relief the building has reached almost complete occupancy.

Headquartered in Graz, Austria, Andritz Group is a globally leading supplier of plants, equipment, and services for hydropower stations, the pulp and paper industry, the metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors. The publicly listed group has a staff of around 23,700 employees and operates over 250 production sites as well as service and sales companies all around the world. It ranks among the global market leaders in all four of its business areas.

Ed Fritsch, President and CEO of Highwoods is grateful for Andritz’s choice and also expressed his pride in the company’s local agents.

“We thank Andritz for choosing Highwoods and we applaud our Atlanta team for their rapid success in backfilling this building with two high-quality customers who are new to Highwoods,” he says.

Built in 1997, the 240,000 square-foot building boasts prime Alpharetta location in Metro Atlanta’s North Fulton submarket with easy access to the interchange of GA 400 and Windward Parkway. The property’s lineup of amenities includes a number of green features such as bike storage, easy access to public transit, high efficiency lighting fixtures, low water irrigation system and a clever energy management system.  With this transaction, the company has relet 97 percent of the 223,000 square feet vacated in last October.

Photo credits: Highwoods Properties 



Berkley Specialty Underwriting Managers Consolidates Operations at Ravinia

18 Apr 2014, 4:28 pm

By Balazs Szekely, Associate Editor

Berkley Specialty Underwriting Managers has recently signed a long-term office space lease in Atlanta’s Central Perimeter submarket at Two Ravinia Drive. The property is part of the 42-acre Ravinia complex which consists of three Class A towers and a 500-room Crowne Plaza Hotel.

Berkley Specialty Underwriting Managers is a specialty underwriting organization, a subsidiary of Fortune 500 financial services company W. R. Berkley Corp. The company provides a portfolio of commercial property casualty insurance products to the entertainment, sports and environmental industries. It offers proprietary coverage for these specialty industries, along with automobile liability, workers’ compensation and claim services.

Cassidy Turley brokered the lease of the 23,025 square feet of office space in the 17-story tower located at the Northeast Corner of Ashford-Dunwoody Road and Interstate 285, with Dale Lewis of Cassidy Turley’s Atlanta office representing the tenant in the lease transaction. Jeff Bellamy and Amanda Smith of Jones Lange LaSalle spoke for the property owner, Parkway Properties.

The tenant already occupies 7,184 square feet at Two Ravinia and also operates on 16,403 square feet at Three Ravinia. Additionally, in compliance with the new contract the company will expand to the entire 11th floor of the former and the lease also gives Berkley Specialty the right of first refusal to expand into 7,000 square feet on the 10th floor adjacent to another W. R. Berkley entity, Vela Insurance Company. The lease commences December 1, 2014.

Photo credits: Parkway Properties



Terwilliger Pappas Breaks Ground on $50M Buckhead Community

11 Apr 2014, 9:40 pm

By Balazs Szekely, Associate Editor

Terwilliger Pappas Multifamily Partners started site work on Solis Downwood, a 280-unit luxury apartment project in Atlanta’s Buckhead district.

Terwilliger Pappas is an apartment development and acquisition firm focused on major markets in the Southeast. Its current Solis branded portfolio includes multifamily properties in Charlotte, Raleigh and Durham, N.C., Solis Downwood representing the company’s first development project in Atlanta and the third community started in the firm’s first year of operation. The project team includes Atlanta-based architecture firm Cooper Cary and general contractor Brasfield and Gorrie.

Situated on Downwood Circle, between Northside Parkway and Howell Mill Road near Interstate 75 at West Paces Ferry, the 5.5-acre land that Solis Downwood is being built on has a number of features that can be appealing to families as well as to young professionals. Its location grants easy access to major employers on 42 million square feet of Class A office space within a 5-mile radius, and Morris Brandon Elementary School is also a 5 minute bus ride away. It is about 5 minutes to Midtown, close to numerous shopping, cultural, entertainment and recreational amenities. Thanks to its placement at the highest point of the submarket, it offers unobstructed views of the Buckhead, Midtown and Downtown skylines of Atlanta. 

Plans of the development include one- and two-bedroom boutique-style apartments with a rooftop terrace and central courtyard, a saltwater pool, secured parking deck, cyber café, game room and a pet park.

Photo credits: Terwilliger Pappas



Emblematic Midtown Hotel Changes Hands for $61M

4 Apr 2014, 6:12 pm

By Balazs Szekely, Associate Editor

Georgian Terrace Hotel has a new owner. SoTHERLY Hotels Inc. paid $61 million for the asset. The price includes an adjacent 698-space parking structure and a 0.6-acre development parcel.

As a self-managed and self-administered lodging REIT headquartered in Williamsburg, Va., SoTHERLY Hotels Inc. is focused on the acquisition, renovation, rebranding and repositioning of full-service hotels in the Southern U.S. At the moment, the company has a portfolio of 2,698 rooms in 12 properties operating under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. Eleven of the assets are wholly-owned and the Company also has a 25 percent interest in the Crowne Plaza Hollywood Beach Resort. As a part of the transaction, the SoTHERLY closed on a $19 million loan with Richmond Hill Partners, LP and Essex Equity Joint Investment Vehicle, LLC and a $41.5 million loan with Bank of the Ozarks collateralized by a first mortgage on the property.

The Georgian Terrace Hotel or the “Grand Dame of Atlanta”, as it is often called, is a 326-room independent full-service hotel built in 1911. It sits in one of Atlanta’s best performing areas in terms of hospitality, at the corner of Peachtree Street with Ponce de Leon Street, along Atlanta’s Midtown Mile, facing the Fox Theatre. It is a member of Preferred Hotels Group, Historic Hotels of America, and is listed on the National Register of Historic Places. It also takes pride in the largest guest rooms in the market averaging over 800 square feet and over 16,000 square feet of flexible meeting space, respectively, as well as three food and beverage outlets. More than $15 million has been invested in modernizing the guest rooms and public spaces over the past five years. Georgian Terrace has undergone a major facelift before, in 1991, when the new tower was added.

The Hotel will be managed by Chesapeake Hospitality in the future.

Photo credits: Georgian Terrace Hotel



MHA Scores $39.85M Hat Trick in Atlanta

24 Mar 2014, 5:42 am

By Balazs Szekely, Associate Editor

Multi Housing Advisors has recently announced the sales of three metro Atlanta apartment communities, 734 units combined. The transactions are worth a total of $39.85 million and representing the sellers Josh Goldfarb and Tyler Averitt of MHA were the only brokers involved.

Since its inception in 2002, Multi Housing Advisors has sold over 83,000 units in more than 500 individual transactions for an aggregate of $2.7 billion. The company serves local, regional and national clients. MHA foresees a vigorous comeback in multifamily sales in Atlanta for the year to come, Goldfarb said in a recent statement.

“Atlanta’s apartment market is firmly in the middle of its recovery, and with continued rent growth and occupancy gains on the horizon, the metro area is proving to be very attractive to investors,” he adds.

The 297-unit Defoors Ferry West community in Atlanta’s West Midtown neighborhood changed hands for $16 million. The RADCO Companies acquired the 50-year-old complex from Urban Partners LLC. In another transaction, FortCap Partners affiliate FC Oaks, LLC paid $14.8 million to The Oaks of Briarcliff/W.C., L.P. for 227-unit The Oaks of Briarcliff. The garden-style community situated near Emory University and the city’s Buckhead district was built in 1964. The third community, the 210-unit Huntington Ridge in Norcross sold for a little over $9.05 million. LMREC CDO II REO VII Inc. was the seller and Greentree Real Estate Services LLC is the new owner of the property built in 1973.

Image of Defoors Ferry West via Google Maps



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







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