JULY 16, 2014
Atlanta Commercial Properties E-Newsletter

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PHIPPS PLAZA TO ADD 319-UNIT MULTIFAMILY COMPONENT 
Slated to open in fall 2015, Domain at Phipps will feature 319 units, a yoga court, an outdoor pool, health club, dog park and rooftop terrace.

ATLANTA -- Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta's Buckhead district. Simon will team up with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community's amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.

 

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NXT CAPITAL PROVIDES $17M ACQUISITION LOAN FOR CITYSCAPE AT MIDTOWN

Cityscape at Midtown offers 192 apartment units.

ATLANTA -- NXT Capital has provided a $17 million acquisition loan for Cityscape at Midtown, a 192-unit apartment community in Atlanta's Midtown neighborhood. Faron Thompson and John Bray of JLL arranged the loan, which is NXT Capital's fourth transaction in Midtown Atlanta.

 

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CBRE ARRANGES SALE OF STRATFORD RIDGE APARTMENTS
Bridge Investment Group Partners purchased the 
446-unit apartment community in Marietta, Ga.

MARIETTA, GA. -- CBRE has brokered the sale of Stratford Ridge, a 446-unit apartment community in Marietta, approximately two miles from the site of the new Atlanta Braves stadium opening in 2017. The property recently underwent capital improvements to its pool, clubhouse and fitness center. Brad Simmel of CBRE represented the seller, MESA Capital, in the transaction. Simmel worked closely with the new owner, Bridge Investment Group Partners, as well.

 

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PATTERSON ARRANGES $16M LOAN
FOR REFINANCING OF MILLER STATION
 
The 192-unit Miller Station on Peachtree is located in 
Atlanta's Chamblee submarket.

ATLANTA -- The Shoptaw Group and its capital advisor, Patterson Real Estate Advisory Group, have closed a $16 million loan refinancing for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta's Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.

 

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KROGER-ANCHORED SHOPPING CENTER IN NEWNAN SELLS FOR $10.2M
Slate Properties Inc. acquired the 
174,059-square-foot shopping center in Newnan for $10.2 million.

NEWNAN, GA. -- Colliers International has arranged the $10.2 million sale of Merchant's Crossing, a 174,059-square-foot shopping center located at 50 Bullsboro Drive in Newnan, about 39 miles southwest of Atlanta. Slate Properties Inc. purchased the Kroger-anchored shopping center from Brixmor, a REIT that owns more than 500 grocery-anchored shopping centers in the United States. Joseph Montgomery III and Tony D'Ambrosio of Colliers International represented the seller in the transaction.

 

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RADCO COS. SELLS ASHFORD WAY APARTMENT COMMUNITY FOR $5M

KENCO Apartment Communities purchased 
the 98-unit Ashford Way for $51,020 per unit.

LAWRENCEVILLE, GA. -- The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,020 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.

 

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STRONG JOB GROWTH IN JUNE SPELLS GOOD NEWS FOR PROPERTY MARKETS
 
By Scott Reid

Robert Bach


Private sector employees in June added 262,000 jobs and government agencies added 26,000 positions, for a net gain of 288,000 new jobs that will potentially have a substantial impact on commercial real estate, according to a Marcus & Millichap report. During June, the unemployment rate fell to 6.1 percent from 6.3 percent in May, reaching its lowest level since September 2008.

According to the commercial real estate services provider, these new jobs will create demand for rental housing, strengthening the 20 basis-point rise expected this year that will bring the national vacancy rate to 5.2 percent.

Marcus & Millichap predicts that growth in degreed professional and business service fields, as well as those in the financial services, will fill vacant office space and generate demand in the remaining quarters of this year.

An increase in office property operations will result in a 120 basis-point drop in U.S. vacancy to 14.8 percent this year.

Robert Bach, director of research for the Americas with Newmark Grubb Knight Frank, says the growth was "robust." He also believes the increase in jobs in the sectors most important to commercial real estate will support net operating incomes as space is filled and rents move higher. This will, in turn, he says, support investment activity.
 


 
To read the full report, click here.
 
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Upcoming Events
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Industrial SIG Meeting
BOMA Georgia - Join the Industrial Shared Interest Group (Industrial SIG) to learn about savings and incentives for industrial properties. Sponsored by SERVPRO of Decatur.
Thursday, July 17: 11:30 a.m. to 1 p.m. 
Whirlpool Facility
195 King Mill Road
McDonough, GA 30253
Click here for more information.

  
Budgeting & Accounting Accelerated
BOMA Atlanta is hosting a Budgeting & Accounting Accelerated course. Course is approved for 21 CEUs by the Georgia Real Estate Commission.
Wednesday-Friday, July 23-25: 8:30 a.m. to 5 p.m. 
BOMA Georgia Conference Center
5901-C Peachtree Dunwoody Rd NE, Suite 300
Atlanta, GA 30328
Click here for more information.

  
Fleming's Hillside Fundraiser
BOMA Georgia is hosting its annual fundraiser luncheon at Hillside at Fleming's Prime Steakhouse & Wine Bar.
Friday, July 25: 11:30 a.m. to 3 p.m. 
Fleming's Prime Steakhouse & Wine Bar
4501 Olde Perimeter Way
Atlanta, GA 30346
Click here for more information.

  
Green Real Estate Network Breakfast
BOMA Georgia's meeting of the Green Real Estate Network SIG features the topic New Technologies to Enhance Your Business.
Wednesday, July 30: 8 a.m. to 9:30 a.m. 
Georgia Power Company
Technology Applications Center
Atlanta, GA 30338
Click here for more information.

  
InterFace Seniors Housing Southeast
Seniors Housing Business and InterFace Conference are hosting the inaugural InterFace Seniors Housing Southeast conference.
Wednesday, August 20: 5:15 p.m. to 7:15 p.m., Cocktail Reception
Thursday, August 21: 10:45 a.m. to 4:45 p.m., Conference
Westin Buckhead Atlanta
3391 Peachtree Road NE
Atlanta, GA 30326
Click here for more information.

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