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MetLife Brings 3 MSF Industrial Park to Metro Atlanta

11 Jul 2014, 7:08 pm

By Balazs Szekely, Associate Editor

A new large-scale Class A industrial distribution park called Lambert Farms Distribution Center is coming to Henry County, bringing about 1,200 full-time construction jobs to the area. MetLife, Inc.’s joint venture with Newport Beach, Calif.-based Panattoni Development Company will carry out the project. MetLife is majority partner and the privately held California developer will be the managing member.

MetLife is a global provider of insurance, annuities and employee benefit programs. Through its subsidiaries and affiliates, the company holds market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa.
With plans to be built on a 183 acre King Mill Road site, Lambert Farms Distribution Center will have 3 million square feet of space to offer and will be able to accommodate up to two 1.5 million square-foot distribution facilities. The location is about 15 miles south of the Hartsfield-Jackson International Airport and 25 miles from the Perimeter. According to a written announcement by MetLife, the development costs will total around $110 million. The plans include LEED certified buildings, 36-foot clear heights and up to 240-foot truck court depths.

In addition to the warehouse project on King Mill Road, MetLife and Panattoni are laying the groundwork for eight other facilities. Totaling nearly 6 million square feet on 356 acres, the industrial facilities will be located in Seattle, Chicago, the Inland Empire market of California and in the Northeast Atlanta submarket.

Lambert Farms Distribution Center is scheduled to complete in about three years.

Photo credits: MetLife, Inc.

 



STORE Capital Acquired Advanced Control Systems Building

4 Jul 2014, 5:46 pm

By Balazs Szekely, Associate Editor

STORE Capital, an Institutional REIT, bought Advanced Control Systems Building a 49,436 square foot office/warehouse facility located in Norcross, enlisting the services of Stan Johnson Company. The transaction was worth $4.12 million and the property is leased back to Advanced Control Systems, Inc.

Stan Johnson Company is a real estate brokerage and advisory firm with a background of 28 years and over $16 billion in single-tenant, net lease transactions nationwide. The company offers acquisition, disposition, pricing advisory and financing. Their range of clients includes office, industrial, medical and retail developers, institutional REITs, pension funds, corporations, and high-net worth individuals.

Advanced Control Systems designs and manufactures automation systems, provides smart grid solutions for electric utilities in the United States and internationally. The firm operates as an independent portfolio company of the North American T&D Group. NATDG, which is majority owned by Falfurrias Capital Partners, a private equity investment firm based in Charlotte, NC, acquired the company earlier in March from the Efacec Group.

The company uses the Advanced Control Systems Building as a multi-purpose office, assembly, and warehouse space. The property was sold as a sale leaseback under a long term lease. Britton Burdette and Mollie Alteri of Stan Johnson Company’s Atlanta office spoke for both the buyer and the seller – Falfurrias Capital Partners – in the transaction.

Photo credits: Stan Johnson Company

 



Loehmannn’s Plaza to be Redeveloped and Renamed

30 Jun 2014, 3:26 am

By Balazs Szekely, Associate Editor

Loehmann’s Plaza gets a facelift and a new name soon with site works beginning in June and continuing through January 2015. The redeveloped retail facility at the corner of North Druid Hills and Briarcliff Roads in Atlanta will be called Brighten Park. Regency Centers Corporation will redevelop the property and has already secured a lease with The Fresh Market grocery.

Regency Centers Corporation is a self-administered and self-managed real estate investment trust that has over 20 years of background as an operator and developer of grocery-anchored community shopping centers in the Atlanta market. With 332 retail properties nationwide, the company’s portfolio encompasses over 43.9 million square feet, including co-investment partnerships. The company has developed 215 shopping centers since the millennium, an investment of over $3 billion.

The project will implement a strategic redesign for the center and the upgrades are planned to align with its new beginning. According to a written announcement released recently by the developer, the new name was also chosen to reflect the evolving face of the neighborhood center with the goal to “unite healthy and fresh, with sustainable and modern.”

The aesthetic improvements include an updated façade, new signage and innovative LED lighting for lower consumption as well as better visibility.

Anchored by The Fresh Market, around 24,000 square feet will be occupied by the grocery store. Further tenants will include Panera Bread, Starbucks and Zoe’s Kitchen. The surrounding community has a population of over 140,000 and also includes Emory University.

Photo credits: Regency Centers Corporation



Two Norcross Communities Get $22M Bridge Loan for Renovations

20 Jun 2014, 5:04 pm

By Balazs Szekely, Associate Editor

Centre at Peachtree Corners and Summit at Dawson obtained a $22 million bridge loan that will facilitate the exterior and interior renovation, as well as the reposition of the two residential properties into affordable Class A assets. Pembrook Capital Management LLC closed the transaction on behalf of the borrowers, Five Mile Capital’s joint venture with Audubon Communities.

Founded in 2006 by Stuart J. Boesky, Pembrook is a commercial real estate investment manager that provides financing throughout the capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity across the United States for most commercial real estate property categories, including multifamily, office, retail and industrial. Since 2006, the company has originated or participated in over 65 investments totaling in excess of $700 million.

Located in Norcross in Atlanta’s northern submarket, Centre at Peachtree Corners was built in 1972, whereas Summit at Dawson was constructed in 1983. The communities include 434 units combined. Located at 1500 Holcomb Bridge Road, roughly 10 miles northeast of downtown, the former is a 272-unit multifamily property. The latter features 162 units at 1400 Chase Lane, also in Norcross. Both offer a range of community amenities including resort-style swimming pool, outdoor cooking area, clubhouse and fitness center.

According to Pembrook, the business plan for the properties is to finish the remaining capital improvements and lease up the units. Both communities will get new roofs, siding, windows and exterior doors. Further exterior renovations are also due to happen, such as the improvement of the existing wood railings and stairways. Interior upgrades include new kitchens, new bathrooms, new appliance package and new mechanicals. The common areas also await renewal.

Image of Centre at Peachtree Corner home, courtesy of Centre at Peachtree Corner

 

 



Wheeler Takes Ownership of Freeway Junction

13 Jun 2014, 6:03 pm

By Balazs Szekely, Associate Editor

Freeway Junction will change hands in the near future as Wheeler Real Estate Investment Trust Inc. announced that it has assumed the contract to acquire the shopping center for $10.5 million, or $66.63 per leasable square foot.

Led by Jon S. Wheeler, the Virginia Beach-based firm is focused on owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties. Wheeler is represented by its broad portfolio in an area stretching from the Northeast through the Mid-Atlantic and the Southeast United States and is also present in the Southwest region. The company, according to a recent news release, intends to use a combination of cash and debt to pay for Freeway Junction and will assume the contract from its affiliate, Wheeler Interests LLC.

Built in 1987, Freeway Junction is a 156,834 square-foot retail facility that was renovated in 2005. According to a press release, the center is 95.5 percent leased and counts four anchor tenants that occupy 70 percent of the leasable surfaces, along with several other nationally and regionally known tenants renting the remaining space. The shopping center is located in Stockbridge, Henry County, a part of the Atlanta metropolitan area with a population close to 26,000. At just 16 miles southeast of Atlanta, the property is situated on Highway 138, which has an average daily traffic of over 47,000 vehicles. The location is easily accessible from Interstate 75 through I-675, an auxiliary interstate highway traveling through the southeast part of Atlanta Metro.

Photo credits: Wheeler Real Estate Investment Trust  







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