This Week's Atlanta Deal Sheet
A logistics company and an IT giant signed a combined 300K SF of new leases in the redevelopment of the former Gold Kist headquarters in Dunwoody.
Transportation Insight inked a lease for 174K SF at Campus 244, RocaPoint Partners and The Georgetown Co.'s redevelopment of the 400K SF former poultry facility. Insight Global, which is headquartered in nearby Twelve24, signed a deal for 134K SF at the project as well.
Both tenants are expected to move in next year, according to a press release.
Cushman & Wakefield Executive Managing Director Aileen Almassy and managing directors Andy Sumlin, Will Porter and Rob Kuppersmith represented the developers. Weinstock Realty & Development owner Shaun Weinstock represented Transportation Insight, and Colliers principal Jodi Selvey and Senior Associate Meredith Selvey represented Insight Global.
With the building now 80% pre-leased, RocaPoint and Georgetown announced plans to spearhead construction on the second phase of Campus 244: a 300K to 400K SF tech/life sciences building.
LEASES
Embark Behavioral Health signed a seven-year, 8,400 SF lease at 3072 Early St., the loft-office component of the 16,700 SF Pearson's Corner mixed-use building in Buckhead. CBRE Senior Vice President Craig Goldberg brokered the deal for Embark. Lincoln Property Co. Southeast Senior Vice President Hunter Henritze, Vice President Caroline Fisher and Leasing Associate Robert deGolian represented the landlord, an affiliate of Loudermilk Cos., according to state records.
ECONOMIC DEVELOPMENT
Partnership Gwinnett announced that it is aiding local family-owned shoe manufacturer Okabashi Brands Inc. in a $20M capital investment expansion of its plant in Buford. Okabashi plans to renovate its 100K SF facility at 4823 Roy Carlson Blvd. and create 340 new jobs over the next five years, according to a press release.
The expansion will allow for a 100% increase in product output, the press release said. The Georgia Department of Economic Development, Georgia Quick Start, the Metro Atlanta Chamber and Georgia Power also assisted in the negotiations.
SALES
LRC Properties purchased the 522K SF Zion Industrial warehouse at 1791 Mount Zion Road in Morrow for $31.5M. According to Clayton County property tax records, the seller was ROIB2 ZION LLC, which is linked to Greenville-based RealOp Investments in Georgia Secretary of State records. RealOp acquired the property last year for $18.1M.
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Quattro Capital purchased Ashgrove, a 92-unit workforce apartment complex in Stone Mountain for $7.4M, or $80,400 per unit. The seller was Atlanta-based Crown Bay Group, which purchased the property at 481 Hambrick Road in 2019 for $4.8M, according to a press release.
PERSONNEL
Select Fulton, the economic development arm of Fulton County, has named Samir Abdullahi as its new director of economic development, The Atlanta Journal-Constitution reported. Abdullahi, who is credited with helping lure Visa, Cisco and Microsoft to Atlanta, was previously its deputy director.
DEVELOPMENT
Blue Vista Capital Management and StepStone Real Estate have invested in the development of Theory Interlock, a 671-bed student housing development that is part of the Interlock mixed-use project off 11th Street and Northside Drive.
Funding for the project, a block from the Georgia Tech campus, comes from the duo's $90M purpose-built student housing fund. The project is being developed by Interlock's master developer S.J. Collins Enterprises and PeakMade Real Estate, Blue Vista's student housing management arm. Theory Interlock is scheduled to deliver in the summer of 2023.
