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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







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