JUNE 25, 2014
Atlanta Commercial Properties E-Newsletter

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IDI GAZELEY TO BUILD TWO INDUSTRIAL BUILDINGS IN METRO ATLANTA

IDI Gazeley is developing more than 1 million square feet of speculative industrial space in Gwinnett and Jefferson counties.

ATLANTA -- IDI Gazeley plans to begin developing more than 1 million of square feet of speculative industrial space in metro Atlanta. The properties include Hamilton Mill Business Center Building C in Gwinnett County and Jefferson Distribution Center Building B in Jefferson County. IDI Gazeley plans to deliver the 196,000-square-foot Hamilton Mill property in the first quarter of 2015. The Hamilton Mill Business Center is 97 percent leased to tenants such as Office Depot, FedEx Freight, Daimler Trucks North America and Lund International. The 840,000-square-foot Jefferson Distribution Center facility is slated for a second-quarter 2015 delivery. IDI Gazeley is part of Brookfield Logistics Properties following Brookfield's acquisition of Atlanta-based IDI in 2013.

 

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PEMBROOK CLOSES $22M RENOVATION LOAN FOR TWO APARTMENT BUILDINGS

Audubon Communities and Five Mile Capital will renovate
Centre at Peachtree Corners, which was constructed in 1972.

NORCROSS, GA. -- Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.

 


PEMBROOK CLOSES $22M RENOVATION LOAN FOR TWO APARTMENT BUILDINGS


 

NORCROSS, GA. -- Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities. 

 

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STARWOOD, DEBARTOLO OPEN  
FIRST ALOFT HOTEL IN GEORGIA 
The 254-room aloft in downtown Atlanta is
the largest aloft hotel in the Southeast.

ATLANTA -- Starwood Hotels & Resorts has opened its first aloft brand hotel in Georgia. Located in downtown Atlanta, the 10-floor, 254-room hotel is the largest aloft-brand hotel in the Southeast. The property features the w xyz bar, a re:mix lounge, a 24-hour fitness center and outdoor space with a swimming pool. Additionally, the hotel offers more than 2,500 square feet of flexible meeting space. The property is owned by DeBartolo Development and managed by Banyan Investment Group. Starwood Hotels & Resorts introduced the aloft brand in 2005 and currently operates 81 aloft locations worldwide.

 

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WINNCOMPANIES, ROSEVIEW GROUP BUY METRO APARTMENT COMMUNITY 

Built in 2001, Carroll at Bethesda Park features 
222 apartment units in Lawrenceville, Ga.

LAWRENCEVILLE, GA. -- WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.

 

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GRIFFIN-AMERICAN BUYS MEDICAL OFFICE BUILDING IN METRO ATLANTA 

 

LITHONIA, GA. -- Griffin-American Healthcare REIT III Inc. has purchased DeKalb Professional Center, a 19,000-square-foot medical office building in the Atlanta suburb of Lithonia. The property is located at 5461 Hillandale Drive, roughly one mile from DeKalb Medical Hillandale, a 100-bed acute care hospital. The property is currently 81 percent leased to four tenants, including RMS Lifeline and The Emory Clinic. The REIT purchased the asset in an all-cash transaction from McWhirter Realty Partners LLC for an undisclosed price. Lee Asher and Chris Bodnar of CBRE represented the seller in the transaction.

 

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ARCHITECTURE BILLINGS INDEX POSTS POSITIVE SCORE IN MAY 
 
By John Nelson
Kermit Baker

  

WASHINGTON, D.C. -- Following a negative posting in both March and April, the Architecture Billings Index (ABI) posted a score of 52.6, a three-point jump from April's 49.6 score. The score reflects an increase in design activity, with any score above 50 indicating an increase in billings. 

 

A barometer of future non-residential construction activity, the ABI reflects the roughly nine- to 12-month lead time between architecture billings and construction spending. The index is produced by The American Institute of Architects (AIA) Economics & Market Research Group. The score is tabulated based on a monthly survey sent to a panel of AIA member-owned architecture firms. 

 

"Volatility continues to be the watchword in the design and construction markets, with firms in some regions of the country reporting strong growth, while others are indicating continued weakness," says Kermit Baker, AIA's chief economist. "However, overall, it appears that activity has recovered from the winter slump, and design professions should see more positive than negative numbers in the coming months." 

 

The South region posted the highest three-month average ABI score (58.1) nationally, followed by the Midwest (51.3), Northeast (47.6) and West (46.9). Among property types, multifamily posted the highest three-month ABI score (58.2), followed by office/industrial (53.6), mixed-use (50.4) and institutional (47.3). The regional and property sector scores are calculated as three-month moving averages, but the national index is reported as a monthly score.

 

To read the full report, click here.

 

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