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.

Issue link: https://southeastrealestatebusiness.epubxp.com/i/735102

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www.REBusinessOnline.com Southeast Real Estate Business • October 2016 • 45 studio. The former Fort McPherson Army base south of downtown, pur- chased earlier this year by local media titan Tyler Perry, is also set to contain a movie studio. Historic West Midtown Atlanta's West Midtown district is a unique retail node that features high- end shopping and eateries designed to pay homage to the neighborhood's industrial past. The latest develop- ment in the district is Stockyards, an adaptive renovation of three historic warehouses situated on three acres on the corner of 10th Street and Brady Avenue. Federal Capital Partners and Westbridge Partners have broken ground on the redevelopment, which is expected to open in the first quarter of 2017. Stockyards is more than 65 percent pre-leased to office and retail tenants including The Painted Duck, a sister entertainment concept to The Painted Pin; Mannington Mills Inc., a flooring and carpeting showroom; and a new restaurant concept from Charleston- based The Indigo Road. At comple- tion, the development will total 95,000 square feet of Class A office space, 13,000 square feet of street-level res- taurant space, 25,000 square feet of retail space on the lower level and a 400-space parking deck. In addition to its historic past, West Midtown is also historic in another re- gard. Recently The Boulder Group ar- ranged the $4.8 million sale of a newly built Chick-fil-A restaurant located at 1100 Northside Drive. According to CoStar, the transaction represents the highest priced single-tenant Chick-fil- A property ever sold. The restaurant is situated within a half mile of Georgia Tech and Atlanta's only IKEA loca- tion. A Midwest-based real estate devel- oper purchased the restaurant in a 1031 transaction from a partnership based in the Southeast. The ground lease is for 20 years and features sev- en five-year renewal option periods. Founded in 1946, Chick-fil-A now operates more than 1,900 locations throughout the country. Bucking the Northward Trend The most notable exceptions to the northbound trend are two an- nounced mixed-use projects — Jo- deco | Atlanta South in McDonough and Pinewood Forrest in Fayette- ville. These two developments are hoping to tap into the potential and buying power of the two southern Atlanta suburbs. Jodeco | Atlanta South is a $300 million mixed-use development that RCP Cos. is developing in Henry County. Cabela's is the first con- firmed tenant in the project. The out- door retailer plans to open its new 72,000-square-foot store in the fall of 2017. The McDonough location will be Cabela's fourth Georgia store, joining existing locations in Augus- ta, Acworth and Fort Oglethorpe. Cabela's expects to employ approxi- mately 130 full-time, part-time and seasonal employees at the store. Adjacent to the 700-acre Pinewood Atlanta Studios, a development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has recently announced a new master-planned development dubbed Pinewood Forrest. The 234- acre mixed-use project will feature more than 1,300 residences, 300 ho- tel rooms and 275,00 square feet of commercial office, street-level retail space and restaurants. Pinewood Forrest will be situ- ated 24 miles south of downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fay- etteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines and Porsche Cars North America. Development began in June and the development team expects to break ground on the residential compo- nent before the end of the year. Also a major player in the South Atlanta market is SouthPoint, an 800,000-square-foot power cen- ter developed by Baker & Las- siter at I-75 and Highway 20 in McDonough. The center is adding a small shop component in 2017 to complement its strong offering of power retail and food tenants. SouthPoint is anchored by J.C. Pen- ney, Hobby Lobby, TJ Maxx, Acade- my Sports + Outdoors, Toys 'R' Us/ Babies 'R' Us, Ulta Beauty, Rooms To Let's talk. Southea st ICSC Con fe ren ce Booth 425 We are respected for relationships, transactions and results that span across four generations. Today, we still put our words into action across our portfolio with creative and flexible tenant and landlord solutions. We are Mimms Enterprises, and we are ready to work with you. mimms.com / 770-518-2200 see RETAIL, page 54

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