This Week's Atlanta Deal Sheet
Atlanta developer Pope & Land Real Estate is launching its latest office building at Northwinds Summit with a tenant in tow.
Pope & Land, in a partnership with Sumitomo Corporation of Americas, is scheduled to break ground on 2000 Summit Place, a 60K SF office building that will deliver by mid-2024. Applied Information, and its Infrastructure Automotive Technology Laboratory, has pre-leased space at the new building, with plans to expand from Pope & Land's 3000 Summit Place across the street. In total, Applied Information expects to lease nearly 20K SF between the two buildings.
2000 Summit Place is part of the larger planned Northwinds Summit mixed-use campus at the intersection of Georgia 400 and Haynes Bridge Road in Alpharetta, which is ultimately set to include a hotel, retail, residential and more than 1M SF of office, connected by dark fiber from FiberLight, which also is a tenant at 3000 Summit.
PERSONNEL
A Chicago-based industrial firm has hired an Atlanta industrial real estate veteran as its new local leader. Victor Segrest has been tapped by Brennan Investment Group as senior vice president in Atlanta to head up development and acquisitions in Atlanta, Savannah and Memphis. Segrest most recently worked for Franklin Street as senior director.
Segrest has worked for a variety of industrial firms throughout his career, including IDI, CBRE and M.D. Hodges, and he has executed more than $1B in sales, development and leasing during his career.
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Duluth City Councilman Jamin Harkness has been named president of Atlanta-based The Life Properties, the construction and property management arm for a workforce and affordable housing investor, New York-based Olive Tree Holdings.
Prior to joining Life, Harkness served as the executive vice president and partner with The Management Group. He was elected to the Duluth City Council last year, and also acts as president of the Duluth Cluster School Foundation, vice president of Professional Adoption and Family Services and a member of the Atlanta Apartment Association's Diversity, Equity and Inclusion Committee.
SALES
Stream Realty has sold off its adaptive reuse project in Brookhaven to a North Carolina investor. The firm sold Apple Valley Brookhaven, a 72K SF single-story buildings at 2700 Apple Valley Road, for an undisclosed sum, according to a press release. Built in 1961, the mixed-use property, home to Arnette's Chop House, Porex Corp. and ISG Partners, was renovated in 2017.
DeKalb County has pegged the current fair market value of Apple Valley at more than $14M. Stream Senior Vice President Mack Freudenstein, Executive Managing Director Jared Londry, Senior Associate Alex Olofson and Senior Financial Analyst Parks Brown brokered the sale for the landlord.
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TA Realty purchased 675 North Highland Ave., a 164-unit apartment project in the Virginia-Highland neighborhood, from Chicago-based Origin Investments, according to real estate tracking firm Databank.
The sale price was $80.25M, or nearly $490K per unit. Origin purchased the project in 2017 for $40.4M, according to Databank, and subsequently added 39 units averaging 640 SF, compared to the earlier units, which averaged more than 1K SF each.
Cushman & Wakefield Executive Vice Chairman Robert Stickel and Managing Director Alex Brown brokered the sale. The apartment complex was 94% leased at the time of the sale.
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Investment advisory firm Nicholas Wealth Management has purchased 218 Roswell St., a 15K SF office building off Marietta Square in Downtown Marietta, for $5.25M from its developer, Tanalta Real Estate, according to Cobb County Tax Assessor records. The firm plans to move its headquarters to the facility.
Transwestern Senior Managing Director Bradley Fulkerson and Senior Associate Austin Hibbard brokered the sale.
