This Week's Atlanta Deal Sheet
An Atlanta-based real estate investor is breaking ground on its first major industrial project in 20 years.
OA Development has started construction of the first phase of Victory Landing Logistics Center, a planned 700K SF, five-building distribution hub off Conley Road in Clayton County, minutes from Atlanta Hartsfield-Jackson International Airport.
The firm first acquired 55 acres of the site in 2001 and subsequently assembled a total of 90 acres for the project. But this is the first development taking shape on it, according to a press release.
Phase 1 of the $83M project will include three buildings totaling some 500K SF, which will deliver beginning in spring 2023 with financing from Pinnacle Bank, OA Development partner Brian Granath told Bisnow. The second phase will include two more build-to-suit or speculative distribution hubs totaling 175K SF.
OA tapped Cushman & Wakefield Managing Director Pat Murphy and Senior Director Lisa Pittman to lease the project.
DEVELOPMENT
Profile Products is planning to invest $35M in a new agriculture materials plant in Jasper County, some 60 miles south of Downtown Atlanta. The company plans to hire for 80 new manufacturing and logistics jobs, Gov. Brian Kemp's office announced.
The company will produce wood-based erosion control products and horticulture substrates at the Jasper facility, with the first phase of a new plan opening this October.
Georgia Department of Economic Development Senior Regional Project Manager Kristen Miller represented the state in negotiations along with the Jasper County Development Authority, the city of Monticello and Georgia Quick Start.
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Mallory & Evans Development has launched construction on the second phase of Bellamy Dahlonega, a student housing project at the campus of the University of North Georgia in Lumpkin County.
The project, which will add an additional 44 student housing units with 128 beds, is set to open in the summer of 2023. The first phase of the project opened in 2015 and has 108 units with 426 beds.
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Local coffee purveyor Danielle Glasky is proposing a new redevelopment in Midtown. Glasky met with the Midtown Development Review Committee this past week on 12th & Everything, a two-building retail-focused adaptive reuse of the former Skate Escape facility at the corner of 12th Street and Piedmont Avenue, across from Piedmont Park. Plans call for a restaurant, an upstairs terrace, the revitalization of the skate shop and a coffee shop called PMA Coffee. Smallwood handled the architectural design.
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Centris Industrial broke ground this month on a three-building, 500K SF industrial development called Falcon II in Oakwood, 45 miles northeast of Atlanta. The 44-acre development is being marketed by Avison Young principal Frank Simpson and senior associates Chris Hoag and Sam Simpson, and it is expected to deliver in the second quarter of next year.
FINANCING
Florida-based Mainstreet Capital Partners has secured a $27M senior loan for 2000 Riveredge Parkway, a 240K SF, 12-story office property in the Cumberland/Galleria submarket.
The property is currently half leased with Aetna, Atlas Roofing and Vitas Healthcare on the tenant roster. JLL Senior Managing Director Ed Coco and Managing Director Mike Casey arranged the financing for Mainstreet.
PERSONNEL
CBRE has named Bill Grice as the president of CBRE Hotels in the United States, replacing Kevin Mallory, who plans to retire at the end of the year. Grice is based in Atlanta and has more than 20 years in the hospitality and capital markets business, including with JLL and GE Capital Real Estate. Most recently, Grice served as co-head of hospitality capital markets for CBRE.
