This Week's Atlanta Deal Sheet
Metro Atlanta's growing flex office and coworking game is getting a new player.
Texas-based WorkSuites is opening two locations in Atlanta's suburbs with plans for another four by the end of 2023.
The firm has inked a deal for nearly 26K SF at Preston Ridge II, a 150K SF office building off Preston Ridge Road in North Fulton County, according to a press release. WorkSuites Founder Flip Howard told Bisnow the firm also leased a location at Pennant Park near The Battery at Truist Park in the Cumberland/Galleria submarket.
WorkSuites, which operates more than 20 locations in the Lone Star State, is the latest entrant into Atlanta's coworking scene, as the pandemic and the struggles companies have bringing employees back to the office have fueled growth in the industry.
LEASES
Japanese conglomerate YKK Corp., which specializes in fasteners, doors and windows, has sewn up an expansion in Downtown Atlanta. YKK will occupy a full floor, around 20K SF, at 101 Marietta, the 667K SF tower off Marietta Street owned by Dilweg. YKK already operates a showroom in the building.
SALES
Boston investment firm GID acquired two Atlanta-area multifamily complexes from Blaze Capital Partners.
GID purchased Stadium Walk, a 309-unit apartment complex in the Cumberland/Galleria submarket, from Blaze for $116.5M, according to Cobb County deed records. Blaze sold the property to the LLC IMP Stadium Walk, which was tied to GID's Boston address, according to state records. The price works out to $377K per unit. Blaze acquired Stadium Walk just north of The Battery at Truist Park for $70.4M in 2018, according to records.
GID also bought Overlook at Huntcrest in Suwanee from Blaze for $107.5M, according to Gwinnett County Tax Assessor's Office records. Blaze bought the 299-unit apartment complex along Interstate 85 in 2018 for $62.5M, according to tax records.
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The Allen Morris Co. purchased 15.5 acres at 1060 Donald Lee Hollowell Parkway in the Westside District from Tenth Street Ventures for $31M, according to a press release. The developer, which is wrapping up its Star Metals project, purchased the site with a $24.5M loan from Trez Capital. Tenth Street Ventures will remain a partner in an eventual mixed-use project at the site, officials said in a press release.
A small shopping center nearly 25 miles west of Downtown Atlanta has sold for around $845 per SF, among the most paid for retail on a per-SF basis this year, according to Databank. An unidentified New Jersey investor paid $5.9M for 9484 Highway 5, a nearly 7K SF strip center in Douglasville that is home to three long-term tenants: Starbucks, Zales and Five Guys, according to a press release from Stan Johnson Co.
The center was sold by a partnership of Connolly, Coro Realty and Wilson Development Group. The newly built strip center is located on an outparcel of the Arbor Square shopping center, which itself was sold in December by Coro and Connolly.
Stan Johnson Associate Director Brian Lane, Senior Director Emery Shane and associate Billy Benedict brokered the sale.
PERSONNEL
Peachtree Hotel Group has hired four executives to expand its Stonehill direct lending arm. The firm named Daniel Siegel as president and three senior vice presidents: Greg Koenig, Nisu Mehta and Taylor Pike. Founded in 2013, Stonehill focuses on lending money for commercial real estate deals among small to midsized companies, according to a press release.
