Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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Page 16 of 56

16 • October 2016 • Southeast Real Estate Business G E O R G I A SRS REAL ESTATE BROKERS SALE OF SAVANNAH MALL SAVANNAH, GA. — SRS Real Estate Partners' Southeast investment sales team has brokered the sale of Savan- nah Mall, a 940,408-square-foot en- closed mall in Savannah. The proper- ty is located on a 75.5-acre site at 14045 Abercorn St., which is situated at the northwest corner of Abercorn Street and Apache Avenue. Bass Pro Shops, Target, Dillard's, Burlington Coat Fac- tory and Virginia College anchor Sa- vannah Mall. The seller, SSF Savannah Properties LLC, sold the mall for an undisclosed price to Savannah Mall Realty Holding LLC. Kyle Stonis and Pierce Mayson of SRS' Atlanta office represented the seller in the transac- tion. The buyer was self-represented. INVENTRUST ACQUIRES RETAIL CENTER IN ALPHARETTA FOR $27.7 MILLION ALPHARETTA, GA. — InvenTrust Properties, a retail REIT based in Oak Brook, Ill., has purchased Windward Commons, a 117,234-square-foot, Kroger-anchored shopping center in Alpharetta, for $27.7 million. The property is located at 12850 Highway 9 near the intersection of Windward Parkway and North Main Street. The shopping center was 99 percent leased at the time of sale to tenants such as Hallmark, Roasters and Ippolito's Italian Restaurant. MCKIBBON HOSPITALITY, CORO REALTY TO BUILD HAMPTON INN & SUITES BY HILTON IN BUCKHEAD ATLANTA — McKibbon Hospital- ity has teamed up with Coro Realty Advisors to develop a new 186-room Hampton Inn & Suites by Hilton in Atlanta's Buckhead district. The 108,659-square-foot hotel will be situ- ated on Piedmont Road within Buck- head Place, Coro Realty's mixed-use center that features an LA Fitness, Marshall's, Pier One, Hyatt Place and the 05 Buckhead apartment tower. McKibbon Hospitality has selected Sarasota, Fla.-based Kellogg & Kim- sey as the general contractor. The development team expects to break ground on the hotel in September. FCP BUYS APARTMENT COMMUNITY IN ROSWELL FOR $29.5 MILLION ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apart- ment community in Roswell, a sub- urb of Atlanta. The $29.5 million transaction is FCP's fourth acquisi- tion in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community's renova- tion program. POWERING YOUR PROSPERITY Henry Nevins Michael Schell Casey Brennan NALS Apartment Homes Avid Anglers Walker & Dunlop borrowers since 2012 California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. Commercial Real Estate Finance California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. Photo Location: Three Forks Ranch Commercial Real Estate Finance Bass Pro Shops, Target, Dillard's, Burlington Coat Factory and Virginia College anchor Savannah Mall, located at the northwest corner of Abercorn Street and Apache Avenue. LAGRANGE, GA. — Sentury Tire, a China-based tire manufacturer, has announced plans to build a $530 mil- lion tire factory in LaGrange, approxi- mately 65 miles southwest of Atlanta. Sentury expects the plant to create more than 1,000 jobs in production, sales, marketing, warehousing and distribution, and support the compa- ny's U.S. operations. The company ex- pects to start production in 2018, with a projected output of 12 million pas- senger and light truck tires per year. Sentury was drawn to Georgia by a tax incentive package, but details were not disclosed, according to the Atlanta Journal-Constitution. Sentury Tire products are sold un- der the Sentury, Landsail and Delinte brands. The company focuses on light truck and airplane tires. Approxi- mately 70 percent of the company's sales are in the European and U.S. markets. Sentury Tire's parent compa- ny, Qingdao Sentury Tire Co., is based in Qingdao, China. "The state of Georgia has had a stra- tegic office in China since 2007 and an office in Qingdao since 2013, helping foster business connections between Georgians and Chinese profession- als," says Chris Carr, commissioner of the Georgia Department of Eco- nomic Development. "This project is a great example of the relationships that have been forged through active communication and engagement in China." Jeff Shaw SENTURY TIRE TO BUILD $530 MILLION MANUFACTURING PLANT IN GEORGIA

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