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Lawrenceville MF Asset Changes Hands for $58.3M

20 Mar 2015, 8:27 pm

By Balazs Szekely, Associate Editor

Madison at River Sound was recently sold to Los Angeles-based Investors Management Group for $58.3 million. The new owner of the community is a private real estate investment firm focusing exclusively on the multifamily sector. Investors Management Group specializes in value-add and opportunistic real estate investments in major metropolitan markets in need of recapitalization, repositioning, or significant renovation.

The 586-unit Madison at River Sound apartment community features spacious interiors, nine-foot ceilings, a two-tier swimming pool and an updated clubhouse. The gated community has frontage along Highway 316 and is located within walking distance of Georgia Gwinnett College. The neighborhood features two swimming pools, two tennis courts, a sand volleyball court, playground, walking trails and a fitness facility. Other common space amenities include a clubhouse, a laundry facility, cyber café, picnic areas with grills as well as two car care centers. Floor plans range from 714 to 1,523 square feet with up to three bedrooms and two baths. The apartments feature newly upgraded amenities including kitchens with brush nickel hardware, glass stone mosaic tile back splash and built-in microwave. Select units also include vaulted ceilings, wood burning double-sided fireplaces, attached garages with private driveways as well as sunrooms with built-in desk and shelves.

A sales team consisting of Vice President Shea Campbell and Vice Chairman Kevin Geiger of CBRE’s Southeast Multifamily Group finalized the sale on behalf of a partnership owned by B&M Management and Madison International Realty, LLC.

Photo credits: Madison International Realty

Associated Estates Realty Corporation Acquires Luxury Apartment Community

6 Mar 2015, 4:51 pm

By Balazs Szekely, Associate Editor

The recently completed 1160 Hammond luxury rental community was picked up by Associated Estates Realty Corporation, the Ohio-based company announced in a press release. The multifamily property is located in the Sandy Springs/Perimeter submarket of Atlanta, within walking distance of the Sandy Springs MARTA station along with 29 million square feet of offices and retail options including the Perimeter Mall.

The buyer is a real estate investment trust and a member of the S&P 600, Russell 2000, and MSCI US REIT Indices. Headquartered in Richmond Heights, Ohio, Associated Estates’ portfolio consists of 57 apartment communities containing 15,206 units located in 10 states, including three properties in the Atlanta market with 699 units in total.

The 345 apartment units at 1600 Hammond are available in various floor plans from 547 to 1628 square feet. The studio units as well as the roomier configurations with up to three bedrooms and two baths come with 10-foot ceilings, granite countertops, tiled backsplashes and plank-style flooring. The homes also include kitchen islands and upscale cabinets.  The building offers 16,000 square feet of amenity space with a clubhouse, 24-hour soundproofed exercise and training room, social lounge, game room, climate controlled corridors, saltwater pool, indoor resistance pool and hot tub, business center, sauna as well as a smoke-free policy.

The newly-constructed property is leasing and is currently 44.6% leased with average rents of approximately $1,550 per month.

Image source:  1160 Hammond via Facebook

Joint Venture Builds 370 KSF Spec Warehouse on Infill Site

2 Mar 2015, 6:45 pm

By Balazs Szekely, Associate Editor

Oakmont Industrial Group’s programmatic joint venture with The Carlyle Group recently announced the acquisition of a 35-acre infill land in Atlanta. The partnerships plan is to develop a 370,000 square-foot spec warehouse.

Founded in 1996, Oakmont is a locally-based fully integrated industrial real estate investment, development and management company with a portfolio of over 13.6 million square feet in 56 warehouse and distribution facilities located in various high-end business park environments. The Carlyle Group is a Washington, D.C.-based global alternative asset manager with more than $203 billion of assets under management across 129 funds and 141 fund of funds vehicles. The partners formed an entity-level investment partnership in 2011 to focus on acquiring and developing industrial real estate assets located in key U.S distribution markets.

Located in the city’s I-85 South industrial submarket, the parcel is within 1.5 miles of the nearest interchange and 5 miles from I-285. It is also in close proximity to metro Atlanta, the CSX intermodal facility and Hartsfield-Jackson Atlanta International Airport. The spec building totaling 370,000 rentable square feet will feature 36’ clear height, cross-dock loading, full concrete truck courts, Ductilcrete floor and sustainable/LEED certification. The project includes 238 parking spaces and 106 trailer spots, as well as a dedicated drive aisle around the building. This corridor will provide additional onsite truck queuing, separate access from loading areas, and the ability to secure truck courts in both single and multi-tenant scenarios. Additionally, a full-concrete flex lot will be established at the rear of the building for expanded parking, outside storage, or another dock.

The project is designed by Randall-Paulson Architects and The Conlan Company is the general contractor. Completion is expected in early fall 2015 with Regions Bank providing the construction financing. JLL’s Steve Grable, Chris Tomasulo and Stephen Bridges will be in charge of leasing operations.

Photo credits: Oakmont Industrial Group

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

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