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Crescent Howell Mill Completed and Sold as Part of $700M Portfolio

18 May 2015, 7:22 pm

By Balazs Szekely, Associate Editor

Crescent Communities completed construction and closed on the sale of Crescent Howell Mill. The 256-unit luxury apartment community in Atlanta was sold to affiliates of Boston-based Berkshire Group. The project is the only residential component of Howell Mill, an eight-acre mixed-use development featuring shops and boutique restaurants with garden courtyards.

The deal is part of a $700 million portfolio transaction comprising nine amenity-rich multifamily properties developed by Crescent Communities, all located in high-growth markets in the Southeast. The agreement was finalized prior to completion of construction, and Crescent Howell Mill is the fifth property to reach closing to date. The remaining four assets are Crescent Central Station in Orlando, FL; Crescent Dilworth and Crescent SouthPark in Charlotte, NC; and Crescent Main Street in Durham, NC. The developer has more than one dozen multifamily communities in planning or under development in high-growth U.S. markets.

Crescent broke ground on the project in mid-November 2013 and finished construction on time. The design team included The Preston Partnership, Historical Concepts and Southern Civil Engineers, Inc. from Atlanta, along with Charlotte-based firms LandDesign and Vignette Interior Design. The building was conceptualized to resemble an old textile mill, complementing the design of the mixed-use community. The property is Home Innovation NGBS Green Registered, which means that it was designed and built to meet criteria established by National Green Building Standard and will be verified to meet the criteria independently by third-party agents of Home Innovation Research Labs.

Photo credits: Crescent Communities

Hartsfield–Jackson Area Warehouse Reaches Full Occupancy

14 May 2015, 6:27 pm

By Balazs Szekely, Associate Editor

Two new tenants signed leases at the 278,000 square foot industrial building under 2000 Southpoint Drive in Atlanta, Liberty Property Trust announced in a press release issued in early May. UPS Supply Chain Solutions, Inc. and Southwest Surplus, Inc. occupied a total of 80,000 square feet. Liberty Property Trust owns the asset and the company was represented by Jones Lang LaSalle’s team of Vice President Rodney Davidson and Associate Reed Davis in both transactions. The two deals brought the building to 100% occupancy.

“When we acquired this property it was 71% leased,” said Steve Rowley, vice president of Leasing for Liberty’s Atlanta region. “Bringing it to 100% occupancy is a big win for our team.” In the first quarter of 2015, Liberty has closed six lease agreements totaling more than 386,466 square feet across the Atlanta region.

The property features 22 external loading docks, ESFR sprinklers, air conditioning, and more than 200 surface parking spaces with room for trailer parking. Represented by Senior Vice President Darren Ross of Colliers International in Atlanta, UPS Supply Chain Solutions, Inc. signed a lease for 32,000 square feet and moved into its new location in mid-March. Southwest Surplus, Inc. signed a lease for 48,000 square feet of space and occupied it in April.  The new tenants share the building with three companies: Southwest Airlines, 1-800 Pack Rat and Attwood Corporation.

Image source: Google Maps

New Dual-Branded Hotel Acquired by Carey Watermark Investors

4 May 2015, 5:55 pm

By Balazs Szekely, Associate Editor

The newly built Hilton Garden Inn and Homewood Suites in Midtown Atlanta was picked up recently by Carey Watermark Investors Inc., as announced by the buyer. The publicly registered REIT’s portfolio of lodging and lodging-related assets is managed by affiliates of W. P. Carey Inc. and Watermark Capital Partners. The select-service and extended-stay property includes a total of 228 guestrooms. The acquisition price was not disclosed.

The Hilton Garden Inn and Homewood Suites Atlanta Midtown is surrounded by a 14 million-square-foot office market and it is located in proximity to some of the area’s primary demand generators, such as The Coca-Cola Company, Equifax, Invesco and Earthlink. It also has convenient access to the Atlanta Hartsfield-Jackson International Airport, Interstate 75/85, the Perimeter as well as Downtown Atlanta and Buckhead.

Built in 2013, the asset includes 136 Hilton Garden Inn branded and 92 Homewood Suites branded hotel rooms, two breakfast areas, two lobbies and reception desks, two business centers, a restaurant, a heated outdoor swimming pool and a 24-hour fitness center. A total of 3,027 square feet of meeting space are also available on-site, 2,160 of which are taken up by a Piedmont Park room on the 12th floor. The building offers an above-grade structural parking deck as well.

The hotel will be managed by Crescent Hotels & Resorts, an independent third-party operator of hotels and resorts. Crescent currently operates over 80 hotels and resorts, with just under 19,000 rooms in 29 US states and Canada. Crescent is one of a few independent management companies approved to operate hotels of the Marriott, Hilton, Starwood, Hyatt and InterContinental brands.

Photo credits: Hilton Worldwide


Concourse Corporate Center Picked Up by Stamford-Based Investor

28 Apr 2015, 1:16 pm

By Balazs Szekely, Associate Editor

Concourse Corporate Center was recently acquired by Building and Land Technology, the Stamford, Connecticut-based company announced. The property is located at Interstate 285 and Georgia State Route 400 in Atlanta’s Perimeter submarket, in close proximity to several MARTA stations.

BLT is a privately held, vertically integrated real estate private equity, development and property management firm. Founded in 1982, the company has invested in, developed, owned and managed more than five million square feet of commercial space and more than 10,000 residential units. Its holdings include more than 100 active real estate companies, a majority interest in a residential brokerage firm with 28 offices and 1,100 agents, a mortgage and insurance company as well as several private equity investments.

The property is comprised of five office buildings, a recently renovated Westin Hotel, several covered parking facilities along with a parcel of developable land zoned for retail, office and residential uses. The site also includes the 85,000-square-foot Concourse Athletic Club, which, however, was not part of BLT’s acquisition. The office complex is home to two landmark constructions nicknamed the “King and Queen” towers –the two towers totaling 2.2 million square feet were 91 percent occupied at the time of the transaction.

The new ownership plans to invest in further enhancements of the property in order to solidify the office project’s position in the submarket. The upgrades will affect lobbies, public spaces, restrooms, and other common areas, according to a news release.

Regent Partners will continue as the leasing and managing agent on behalf of BLT.

Photo credits: Regent Partners 

Two Suburban Atlanta Apartment Communities Change Hands for $22M

17 Apr 2015, 7:48 pm

By Balazs Szekely, Associate Editor

Dallas based The Milestone Group recently sold two Atlanta area communities called Villas at Indian Trail and Shannon Chase to separate investors for the total amount of $22 million, ARA Newmark announced. Vice Chairman John Weber, Executive Managing Director Bill Shippen and Managing Director Chad DeFoor of ARA Newmark spoke for the seller in both transactions.

According to DeFoor, the properties were initially put to market as a portfolio and attracted over a dozen offers from local and regional investors – both as a pair and individually – as value-add apartment deals are currently in high demand in Atlanta. Located in Lilburn, Ga., with easy access to Interstates 85 and 285, Villas at Indian Trail was acquired by Atlanta-based Mesa Capital for $14.3 million. The 236 homes were constructed in 1986 and include one- and two-bedroom units with amenities like a strength and cardio center, two lighted tennis courts, an outdoor fire pit and kitchen, a playscape and a pool with a sundeck.

Triangle Real Estate of Gastonia, N.C., purchased the 156-unit, 98%-occupied Shannon Chase for $7.3 million. Located in Union City, Ga., near Interstate 85, the neighborhood was built in 1987 and it also features one- and two-bedroom homes. It offers a selection of amenities similar to the above listed, including a pool with a sundeck, strength and cardio center, two lighted tennis courts, BBQ grilling areas and a business center. Both buyers plan to add value to the properties by upgrading units as they turn over, he said.

Photo credits: ARA Newmark

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