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Data Center in Alpharetta Sold as Part of a $76.9M Deal

23 Feb 2015, 8:31 pm

By Balazs Szekely, Associate Editor

Alpharetta Data Center II was recently acquired by Carter Validus Mission Critical REIT, Inc. in a transaction worth $76.9 million that also included Landmark Hospital of Savannah, according to a news release. The real estate investment trust picked up the data center in Alpharetta in the fourth quarter of 2014 for the price of $56.7 million and the$20.2 million acquisition of the Savannah health care property took place in January.

The buyer invests in “mission critical” real estate assets located throughout the United States—purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT, Inc. focuses its acquisitions of mission critical assets in the data center and healthcare sectors.

Built in 1999, Alpharetta Data Center II is a 165,000-square-foot enterprise data center situated on 14.40 acres in the Alpharetta suburb of Atlanta, in north Fulton County. The facility was designed for 10 MW of total load from redundant utility substations and it can withstand wind speeds of up to 200 MPH. It was built to serve as the primary operations center for a financial services company. It is served by four fiber providers and includes 50,440 square feet of 36-inch raised floor and 59,746 square feet of supporting infrastructure.

The other property included in the transaction, the Landmark Hospital of Savannah encompassing 48,184 square feet, is located in the center of Savannah’s medical community. The three-story Long-Term Acute Care Hospital features 50 single occupancy rooms.

Illustration: Victorgrigas via Wikimedia Commons



MidCity Plaza Undergoes Renovation, Upgrades to Class A

15 Feb 2015, 7:41 pm

By Balazs Szekely, Associate Editor

MidCity Real Estate Partners has started a $7 million improvement project at MidCity Plaza that will soon convert the building into a Class A office property, DTZ announced recently. MidCity Real Estate Partners purchased the 63,049 square-foot asset, formerly known as the Crawford & Co. headquarters, in 2013. DTZ is the company assigned to market the property with agents Glenn Kolker and Preston Menning in charge of leasing.

Founded in July 2009, MidCity Real Estate Partners acquires, repositions, and develops office, retail, and mixed-use properties. Led by President Kirk S. Demetrops, the company’s executive team has over 100 years of investment experience.

The three-story building at 5620 Glenridge Drive, Sandy Springs, is located in a mixed-use development with five restaurants. It has easy access to Buckhead, Midtown, Downtown and the northern suburbs through Georgia 400 and Interstate 285. Due to its location near the Glenridge Connector, the property also offers a high-visibility signage opportunity. It offers 5.5 parking stalls for every 1,000 square feet of office space, including 50 spaces in a recently updated reserved covered parking area in the lower level of the building. The renovations—currently under way and set to be completed this March—include an expanded and modernized lobby, a two-story glass façade entrance, floor-to-ceiling windows, upgraded elevators, new life safety systems, energy-efficient lighting and new HVAC systems. Once complete, the reborn MidCity Plaza will offer one of the largest blocks of contiguous office space in the Central Perimeter market, which is currently among the most popular office locations in metro Atlanta.

Image source: midcitypartners.com



Hilton Expands Extended-Stay Footprint, Renovates Madison House into Home2 Suites Hotel

9 Feb 2015, 4:38 am

By Balazs Szekely, Associate Editor

Hilton has announced a $13 million adaptive reuse project of the building known as the Madison House, The Walton, and Walton Building as part of an expansion process involving nearly 20 U.S. downtown locations. The hospitality giant plans to convert the building into Atlanta’s first Home2 Suites-branded extended stay hotel and expects it will open in August 2015.

Homewood Suites by Hilton, Hilton Worldwide’s international brand of upscale, all-suite, extended-stay hotels, and Home2 Suites by Hilton, Hilton’s mid-tier, all-suite hotel brand, continue their expansion efforts into urban markets throughout the country. With 11 new urban hotel openings slated for 2015 and seven more metropolitan properties on track to open in 2016, the list includes mainly new builds and so-called dual-builds—where two brands come together in one development.

The Atlanta building will be the only repurposed one in the portfolio. Hilton’s extended-stay brands are present in metropolitan centers. There are currently 19 properties, six of which opened in the last year alone, including New York City, Chicago, Denver, Philadelphia, Dallas, and Oklahoma City. The Home2 Suites by Hilton chain currently operates a total of 23 properties around the country.

Located at 87 Walton St. near Cone Street in the Fairlie Poplar district, the Atlanta project is close to Hilton’s downtown Courtyard and benefits from its proximity to the Five Points MARTA station, several parking garages, dining, nightlife and other destinations. The 1910 building is ten stories high and had recently been offering affordable apartments.

In 2013, Hilton also proposed building a new 129-key Homewood Suites by Hilton extended stay hotel in the Luckie Marietta District, which is expected to be ready by Q3 2015.

Photo credits: Central Atlanta Progress & Atlanta Downtown Improvement District



Adaptive Reuse of the FLATS at Ponce City Market Nearing Completion

2 Feb 2015, 1:34 am

By Balazs Szekely, Associate Editor

The FLATS at Ponce City Market, the adaptive reuse project including historic renovations of the Sears, Roebuck & Company building, is nearing completion. Stevens & Wilkinson was responsible for the new design. The full-service commercial architecture, engineering and interior design firm is based in Atlanta and Columbia, S.C. New York-based Fogarty Finger contributed to the interior design.

Located on Ponce de Leon Avenue and adjacent to the Atlanta Beltline, the building was completed in 1925 and during its 90-year history it has most notably been used as a warehouse and store for Sears, Roebuck & Company and later became Atlanta City Hall East. The project is the largest adaptive reuse effort in the history of the city, estimated at more than $200,000,000. It involved the addition of a mix of studio, one-, two-, and three-bedroom units, including 17 two-level lofts. Most units were repurposed from old warehousing space and the team adapted original structural columns to serve as room or area dividers. As part of the historic preservation effort, the architects embraced the building’s original architectural features, including historic masonry, columns and the old design elements.

Stevens & Wilkinson had designed the project with a LEED certification in mind, including the incorporation of energy-efficient appliances as well as efficiently engineered mechanical and plumbing systems in order to meet the LEED for Homes standard. The installation of water-efficient fixtures and landscaping, reclamation of rain water and other building-generated water, and the incorporation of LED lighting and energy-saving HVAC systems in the base building are part of Ponce City Market’s goal to achieve the LEED Core & Shell Silver certification.

The project is expected to be completed in mid-2015.

Photo credits: FLATS at Ponce City Market



The Pinnacle, Two Live Oak Acquired by Brookdale Group Investment Fund

30 Jan 2015, 2:08 am

By Balazs Szekely, Associate Editor

Two Buckhead office towers have changed hands according to The Brookdale Group. The Atlanta Business Chronicle reports that the Atlanta-based privately held commercial real estate investment company’s newly formed seventh fund purchased the properties from TIAA-CREF for a combined $201 million. Cushman & Wakefield’s Capital Markets team in Atlanta represented the seller during the negotiations with Executive Directors David Meline and Stewart Calhoun, Senior Director Samir Idris and Brokerage Services Director Casey Masters in charge.

The acquisition marks Brookdale’s first investment in the Buckhead submarket. The 21-story Pinnacle tower encompassing 424,350 square feet was 92 percent leased at the time of the purchase. The 286,650-square-foot 13-story Two Live Oak building, 62 percent occupied at the time of the handover, is directly adjacent to The Pinnacle. Located at the intersection of Peachtree Road and Lenox Road, the properties are less than half-a-mile east of GA 400—convenient to MARTA, numerous restaurants, shopping and the newly opened PATH400.

DTZ’s Atlanta team will lead the leasing of both towers with Glenn Kolker, Preston Menning and Sonia Winfield. Transwestern’s team of Marc Woodward, Russell Lipscomb and Don Reeves will manage the buildings with Bill Stauduhar supervising the planned renovations. The fund, formed on December 11, 2014 with equity commitments of over $516 million, will foreseeably acquire or develop an additional $1 billion of Sunbelt office properties over the next 30 months.

Photo credits: Chad Thiele (via Wikimedia Commons)

 







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