This Week's Atlanta Deal Sheet
Dallas-based Velocis purchased 900 Ashwood, a 207K SF office building in Central Perimeter, the firm's fifth Metro Atlanta asset that also includes Sugarloaf Corporate Center in Gwinnett County, Royal Centre One in Alpharetta, and Royal 400 Office Park and 1600 Parkwood in the Cumberland/Galleria submarket. The price was not disclosed in a press release.
Velocis purchased the Class-A building from a partnership between Parmenter Realty Partners and Starwood Capital Trust, and Parmenter will retain a 5% interest in the property. 900 Ashwood's deed was updated in February to an amount of $34.5M, according to DeKalb County tax assessor records.
The building, off Ashford-Dunwoody Road in Dunwoody, is 65% leased with CRH Americas Inc., Simpson Housing, Texas Instruments and Concentra Health among its tenants. JLL Senior Managing Director Richard Reid and Managing Director Huston Green brokered the sale.
SALES
Miami-based Saglo Development Corp. purchased Lee's Crossing, a 168K SF shopping center off Georgia 20 in Buford. Minerva Real Estate Investments sold the 17-acre property anchored by Northern Tools, Planet Fitness and Big Lots to Saglo for $18.7M, according to a press release. JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and associate Andrew Kahn brokered the sale.
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FCP has purchased another Metro Atlanta apartment complex, its third in suburban Gwinnett County. The Maryland-based commercial real estate investment firm bought the Villas at Duluth apartments for $37.7M, or $230K per unit.
California-based Meridian Pointe Partners purchased the 164-unit property located off Boggs Road and University Parkway in 2019 for $21.8M, according to Gwinnett County records.
Since entering the Atlanta market in 2015, FCP has purchased 32 properties, encompassing more than 6,500 units, according to the press release, including The Asher in Lawrenceville and Summit Station at Duluth apartments.
LEASES
Fortune 500 semiconductor maker Micron Technology is opening its Atlanta design center at Tech Square. Micron filed three permit applications with the city Thursday to begin interior work on 67K SF across three floors of Portman Holdings' 712 West Peachtree Tower.
Portman began work on the third tower in its Tech Square cluster, including Coda and Anthem Technology Tower, in 2019. In all, Micron is expected to occupy more than 90K SF at the tower.
The new Atlanta location is part of the company's global technology and product development network that includes existing centers in multiple countries as well as its headquarters in Boise, Idaho. In Atlanta, Micron plans to hire workers in memory and storage research, computer hardware, electrical and electronics engineering, modeling and simulation, and business development.
FINANCE
A more than $115M loan on the iconic, seven-tower, 2.5M SF Peachtree Center has gone to a special servicer. Marquis I and II represent a combined 45% of the loan, according to Trepp, and Truist vacated 326K SF across the two buildings after it was formed from the merger between SunTrust and BB&T. Trepp said the current occupancy of Peachtree Center is 56%, with the loan slated to mature this month, but with an option to extend until April 2023.
PEOPLE
Tim McCarthy, a veteran Atlanta CRE broker who has been with JLL for more than 20 years, was named as the Atlanta regional market director by the global brokerage firm, replacing Mike Sivewright, who retired on March 31.
Most recently, McCarthy served as the Atlanta Brokerage Lead. He has been replaced by Ryanne Pennington, the first woman to hold that role for JLL in Atlanta. McCarthy will strive to develop new business opportunities and enterprise management, according to a press release. McCarthy came to JLL when it acquired Staubach Co. in 2008.
“I’m tremendously proud of what JLL Atlanta has accomplished under Mike’s leadership over the last decade,” McCarthy said in the release. “JLL has a strong reputation among our clients, associates and the real estate community, and I am grateful for the opportunity to build upon this foundation as we come out of the challenging dynamics of the past two years.”
