ATLANTA- This week in the Southeast saw strong numbers out of Atlanta’s office market.
Georgia- Atlanta and its suburbs-dominated commercial real estate industry news.
BY THE NUMBERS
ATLANTA-Growth among local businesses, as well as the continued influx of firms from other markets, helped support steady office leasing activity in Atlanta during 2017. While Atlanta waits to see if it has won the highly coveted Amazon HQ2, the city still has many recent notable officeusing additions. For one, Koning Corporation- a Rochester, New York-based medical device manufacturer- recently said that it will relocate its headquarters to Atlanta. The move will bring 400 new jobs.
NEWS & NOTABLES
ATLANTA- Hotel Equit ies promoted Becky Aleman to the position of regional director of operations. Aleman has oversight of all above-property operations for a group of hotels Hotel Equities manages. Based in Virginia, she most recently served as the general manager of the Fairfield Inn & Suites by Marriott Lynchburg. With more than 16 years of hospitality industry experience, Aleman began her hospitality career as the sales manager at the TownePlace Suites by Marriott in Yorktown, VA.
ATLANTA-Cortland Partners appointed Mike Gomes as Chief Experience Officer (CXO). This role is new to Cortland, as well as the multifamily indust ry, and will report to Steven De Francis, CEO. As CXO, Gomes will work across the company to develop an overarching customer experience strategy and vision that aligns all of the various functions around Cortland’s portfo lio. Gomes will lead efforts to bring Cort land’s brand to life across all touchpoints to help continue to set it apart from the rest of the industry and fuel the company’s growth. Gomes joins Cortland from AMB Sports and Entertainment where he served as senior vice president, Fan Experience for the NFL’s At lanta Falcons, At lanta United of MLS, and Mercedes-Benz Stadium.
DEAL TRACKER
KENNESAW, GA-ARIUM Kennesaw and ARIUM Kennesaw Villas, two properties located in Kennesaw, GA, have t raded hands. The sale price: $29.3 million. Carroll Organization sold the multifamily assets to Townsend Group. Carroll initially acquired the apartment buildings in September 2015 as a part of Carroll Multifami ly Real Estate Fund Ill, LP and managed by Carroll Management Group. “We were initially att racted to ARIUM Kennesaw and ARIUM Kennesaw Villas due to the properties’ high-quality const ruction, funct ional floor plans, and most importantly, its walkability to Kennesaw State University, Georgia’s third largest university with 35,000 students,” says M. Patrick Carroll, CEO of Carroll Organization. ‘We experienced tremendous occupancy and organic rent growth at both properties during our ownership, but we felt it was an opportune time to sell and realize significant profits for our Fund Ill investors.
GADSDEN, AL-Berkadia brokered the sa le of two multifamily properties in Gadsden. Senior managing director David Oakley and senior director David Wilson of the Alabama office negotiated the transaction. Pine Ridge and Williamsburg sold for a combined $6.4 million, reflecting a per-unit price of $37,209 or $38.57 per square foot. Pine Ridge, a 112-unit property built in 1979, features one-, two-, and three-bedroom units ranging from 680 to 1,160 square feet, with an average unit size of 839 square feet. Williamsburg, built in 1973, offers 60 two bedroom town homes measuring 1,200 square feet each. Berkadia listed and sold the portfolio for an entity of Strategic Diversified Management based in California. The buyer was Abaco Partners of Birmingham, AL who also owns and manages properties in nearby Rainbow City.
ATLANTA-Colliers lnternational’s Atlanta-based Industrial Investment Services Group closed on the $1 1.4 million sale of the Interstate 20 East Portfolio, a 330,361-square-foot portfolio of three single-tenant indust rial assets. The properties are 100% leased and located in Conyers & Covington, GA in the Interstate 20 East Submarket, where vacancy has remained at historically low levels due to robust tenant activity. Dennis Mitchell and Matt Wirth of Colliers represented the seller, First Industrial Realty Trust in the transaction, and Plymouth Industrial REIT was the buyer. The Interstate 20 East Portfolio has immediate proximity to Interstate 20 via Alcovy Road (Exit 92), West Avenue (exit 80) and Sigman Road (Exit 78) and less than 40 miles from Hartsfield-Jackson International Airport.
LAWRENCEVILLE, GA-Madison at River Sound, a 586-unit multifamily community in the suburban city of Lawrenceville, outside Atlanta, has t raded hands. Financial terms of the deal were not disclosed. American Landmark, one of the fastest-growing multifamily owner operators in the country, acquired, the asset. Investors Management Group of Los Angeles sold the multifamily property. Berkadia arranged the financing. “This was a great opportunity to acquire a well-located property in need of full renovation in an area where we have experience and depth,” says Christine Defilippis, Chief Investment Officer of American Landmark. “The property is in one of the fastest growing suburbs of Atlanta, close to major employers including Cisco and Georgia Gwinnett College.”
FAYETTEVILLE, GA-Grover Corlew announces the development and sale of the Fayette Surgical Building, Fayette Medical Building and a parcel of undeveloped land on Highway 54 in Fayetteville, for $16.3 million. After developing Fayette Medical Building approximately 10 years ago, Grover Corlew recently completed the Fayette Surgical Building for Resurgens Orthopaedics. Grover Corlew broke ground on the Fayette Surgical Building in late 2016 and completed the building in October 2017. Resurgens Fayette Surgery Center occupies 16,644 square feet of space in the Fayette Surgical Building offering a high quality, service-oriented environment for out-patient orthopaedic surgical proced ures. The adjacent 13,551 square feet of office space is occupied by Resurgens Orthopaedics and Spine Center, the largest orthopaedic group in the state of Georgia.
BUILDING BLOCKS
DUBLIN, GA-Hotel Equities opened the Fairfield Inn & Suites by Marriott in Dublin. Located at 620 Pinehill Road, the Fairfield Inn & Suites Dublin will operate as a Marriott franchise, owned by AJR Hospitality LLC and managed by Hotel Equities. Malcolm Donseroux serves as the general manager with Nicole Asbell as the assistant general manager. The hotel features smart, inventive public space and guestroom design and a bright and inviting decor.
