Southeast Real Estate Business

DEC 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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www.REBusinessOnline.com Southeast Real Estate Business • December 2016 • 11 G E O R G I A LANDMARK, SELIG UNDERWAY ON $110 MILLION STUDENT HOUSING PROJECT IN MIDTOWN ATLANTA ATLANTA — Athens, Ga.-based Landmark Properties and Atlanta- based Selig Enterprises have teamed up to co-develop The Standard at Atlanta, a new 362,000-square-foot student housing and mixed-use de- velopment in Midtown Atlanta. Construction on the 765-bed devel- opment began in August, and the Atlanta Business Chronicle reports the development costs total $110 million. Landmark and Selig expect the first phase of the project to be open to resi- dents during the second half of 2018 and anticipate pre-leasing to begin in late 2017. The Standard will be situ- ated less than a half-mile from Geor- gia Tech's campus and will include a clubhouse, rooftop pool, fitness cen- ter, golf simulator and computer lab. The Standard will provide a mix of studio, one-, two-, three-, four- and five-bedroom floor plans and will also include 10,300 square feet of retail space on the ground floor fea- turing a new Starbucks with a drive- thru. There will also be more than 500 parking spaces for residents and 55 spaces for retail businesses. Land- mark Urban Construction will serve as the project's general contractor, and Atlanta-based Niles Bolton Asso- ciates is the architect. This is the first student housing project in Atlanta for Landmark Properties. NOVARE, BATSON-COOK TO OPEN 32-STORY HIGH-RISE IN MIDTOWN ATLANTA ATLANTA — Novare Group and Batson-Cook Development Co. have opened Atlantic House, a 32-story high-rise apartment tower in Mid- town Atlanta, in mid-November. Lo- cated on the corner of 14th and West Peachtree streets, Atlantic House features 407 residences, two rooftop pools, a 24-hour fitness center, club- room, outdoor kitchen, laundry ser- vice, 24-hour concierge services, busi- ness center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project includes more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein's, Caribou and McCray's Tavern scheduled to open in early 2017. PASSCO BUYS APARTMENT COMMUNITY IN METRO ATLANTA FOR $72 MILLION DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment commu- nity located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the as- set for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The prop- erty is situated near Atlanta's Cen- tral Perimeter office submarket and within three miles of Atlanta's Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite counter- tops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property's curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark's Atlanta office represented the seller in the transaction. GAMMA, MELTZER PROPERTIES BUY HURT BUILDING IN DOWNTOWN ATLANTA FOR $33.6 MILLION ATLANTA — Manhattan-based Gam- ma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Build- ing, an 18-story, 436,337-square-foot office building in downtown Atlan- ta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 mil- lion. Chip Sipple of Lincoln Property Co. Southeast and Kyle Stonis and Pierce Mayson of SRS Real Estate Partners co-represented the buyer in the transaction. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking dis- tance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site park- ing spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation. HAY CREEK TO BUILD ITS FIRST METRO ATLANTA HOTEL IN PINEWOOD FORREST PROJECT IN FAYETTEVILLE FAYETTEVILLE, GA. — Hay Creek Hotels, an Exeter, N.H.-based devel- oper and manager of boutique ho- tels, plans to build its first hotel in the metro Atlanta area in Pinewood Forrest, a 234-acre master-planned development situated adjacent to Pinewood Atlanta Studios in Fayette- ville. Scheduled to open in 2018, the 95-room hotel will feature meeting and function space, an upscale restau- rant, bar, spa, pool and special suites for celebrity guests of Pinewood At- lanta Studios. HCH Pinewood Forrest LLC will develop the hotel, and Hay Creek will operate the property upon completion. Led by Chick-fil-A CEO Dan Cathy, the development team behind Pinewood Forrest has also selected the metro Atlanta real estate brokerage firm Ansley Atlanta to pro- vide residential sales and marketing for the development's single-family homes. The first home sites will be available for reservation in the com- ing months. PACOLET MILLIKEN ACQUIRES APARTMENT COMMUNITY IN BUCKHEAD FOR $50.5 MILLION ATLANTA — Pacolet Milliken Enter- prises Inc. has purchased The Haynes House, a 186-unit luxury apartment community in Atlanta's Buckhead dis- trict. The company bought the Class A asset from a partnership between AIG Global Real Estate Investment Corp. and Alliance Residential Co. for $50.5 million. Built in 2015, The Haynes House is located on a 2.5-acre site on Peachtree Road near Peachtree Battle Avenue at the entrance to Atlanta's historic Haynes Manor neighborhood. The property features a clubhouse, resort-style swimming pool, fitness studio, library and a lounge. Greg En- gler and Kris Mikkelsen led Walker & Dunlop's investment sales team in representing Pacolet Milliken in the transaction. Haynes House was more than 90 percent occupied at the time of sale. COLDWELL BANKER UPCHURCH'S ELROD GROUP BROKERS $4.1 MILLION SALE OF 746,735 SF INDUSTRIAL FACILITY IN GEORGIA LAVONIA, GA. — The Elrod Group, a brokerage division with Athens, Ga.- based Coldwell Banker Commercial Upchurch Realty, has arranged the $4.1 million sale of an industrial facili- ty in Lavonia. The 746,735-square-foot warehouse development is situated on 55.8 acres along I-85. Brian Elrod of The Elrod Group represented the sell- er, Heritage Global Inc., in the trans- action. The buyer was an unnamed automotive logistics user. ATLANTA — United Parcel Service (UPS) has unveiled plans for a new 1.5 million square-foot distribution center in Atlanta. California-based Majestic Re- alty Co. will develop the project on a 250-acre industrial site west of downtown Atlanta. The facility will be the largest in the UPS global net- work and will process 100,000 pack- ages per hour. Development costs will total $400 million. The site's location near Fulton County Airport-Brown Field, other- wise known as Charlie Brown Air- port, offers easy access from I-285, I-20 and Fulton Industrial Boule- vard. Majestic Realty will also pro- vide additional infrastructure for the airport, including up to 20 new hangars and a new $1.1 million op- erations center. UPS expects the facility to be fully operational on Nov. 1, 2017. Majes- tic Realty, Invest Atlanta, the City of Atlanta, the State of Georgia, Fulton County and UPS make up the pub- lic/private partnership. Majestic Realty recently com- pleted a five-year entitlement pro- cess for Fulton County Airport, and signed a 50-year ground lease with Fulton County. Majestic Realty is the largest privately held developer and owner of master-planned busi- ness parks in the United States. Kristin Hiller UPS UNVEILS PLANS FOR $400 MILLION DISTRIBUTION CENTER IN ATLANTA The Standard at Atlanta will feature 765 student housing beds and over 10,300 square feet of ground-floor retail space, including a new Starbucks Coffee drive-thru. Rendering courtesy of Niles Bolton Associates

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