This Week's Atlanta Deal Sheet
The son of prolific Miami-based developer Allen Morris is taking over the firm's day-to-day operations, the latest Morris generation to take the firm's helm as it further expands in Atlanta and across the Southeast.
The Allen Morris Co. announced Wednesday that Spencer Morris, formerly the firm's chief investment officer, has been named president of the company.
Allen Morris will remain chairman of the development firm, which developed the Star Metals District project in West Midtown Atlanta.
The younger Morris came to his family's development firm in 2016 after a stint as a development associate with The Related Group. Since joining The Allen Morris Co., Spencer Morris has been instrumental in growing its investment management division and opening new lines of business, including AMS Hospitality. He will oversee the firm's $2.5B in new development opportunities across the Southeast.
In Atlanta, the firm recently filed an application to expand Star Metals with an additional 775 residential units, 50 hotel/short-term rental units, 200K SF of office and 80K SF of retail.
DEVELOPMENTS
Lincoln Property Co. Southeast is spearheading the development of two industrial projects in Metro Atlanta. The firm purchased land off Belwood Road and Interstate 75 in Calhoun to build a 400K SF distribution facility that is expected to deliver next summer. Lincoln also plans to redevelop an existing warehouse near Kennesaw State University off Big Shanty Road and Town Point Drive in Kennesaw into a 400K SF facility.
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A partnership of four organizations has broken ground on a new high-end apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the tower will include 350 apartment units on a site across from Pershing Point Park, where Peachtree and West Peachtree streets converge.
JLL Managing Directors Gregg Shapiro and Matt Casey helped to arrange financing for the developers: Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America, with delivery of the project expected in June 2024.
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Terwilliger Pappas and Atlanta-based Connolly have broken ground on Solis Dresden Village in Brookhaven, which will include 176 residential flats, seven townhouses and 30K SF of street-level retail. The project is expected to deliver in the middle of 2024.
SALES
The Siegel Group purchased the Hamilton Inn Extended-Stay hotel at the corner of Wade Green and Alabama roads in Acworth. The trade was part of a five-property portfolio of Hamilton Inns, the four others of which are in Tennessee. Siegel bought the hotels for $29M from LLBJ Real Estate Holdings.
Marcus & Millichap First Vice President Justin Sturdivant and associate Kylie Gee represented the seller, while Vice President Gabriel Shamay represented Siegel.
PERSONNEL
A former Equus Capital Partners acquisitions executive has joined Atlanta-based RADCO Cos.' investor outreach. Nicoletta DeSimone has been named vice president of capital markets for debt and private equity with the firm. DeSimone is tasked with raising capital for investment deals and managing investor relations.
DeSimone is among five new hires for RADCO after the firm started expanding beyond multifamily with a string of new acquisitions this year, including Midtown's The M by Radius luxury high-rise apartment building and The American Hotel in Downtown Atlanta.
RADCO also named Katie Kuhlhorst as vice president of asset management, hiring her from CBRE, and Ann-Marie Modric as director of real estate strategies. RADCO's residential arm, RADCO Residential, named Amy Mottola as its regional manager and Melissa Croce as vice president of client services, coming from the institutional sales arm of RealPage/Thoma Bravo.
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The Atlanta office of Lee & Associates has promoted Mendy Ruder to principal. Ruder joined the firm in 2020 and has completed more than $20M in transaction volume in the industrial space.
