This Week's Atlanta Deal Sheet: Atlanta Moving Forward On Affordable Housing Tower
The city of Atlanta is moving forward on the construction of a 219-unit all-affordable housing tower called Trinity Central Flats, according to a permit filed with the planning department.
The $60M, 10-story project will feature 6,700 SF of retail and will rise on city-owned land on Trinity Avenue across from city hall.
Atlanta entered into a long-term ground lease with the development team of Radiant Development Partners and Capitol Hill Neighborhood Development Corp., What Now Atlanta previously reported.
The city’s economic development arm, InvestAtlanta, approved tax allocation district financing for the project last year.
DEVELOPMENT
The city of Fayetteville tapped architectural firm Nelson Worldwide to design a new mixed-use city center 25 miles south of Downtown Atlanta, the Atlanta Business Chronicle reported.
The city is targeting a 38.5-acre parcel off Grady Avenue in Downtown Fayetteville where a 12K SF grocery store, 34K SF of additional retail, a 120-room hotel, 14K SF of loft office and 700 apartment units would rise, according to a development of regional impact application with the Georgia Department of Community Affairs. The department reviews development proposals that would have an impact on regional infrastructure.
Nelson designed Avalon in Alpharetta and The Battery, the mixed-use campus around the Atlanta Braves stadium. Fayetteville is aiming to design Fayetteville City Center to connect its City Center Park, which was completed in 2021, the ABC reported. The project is set to be completed by 2030.
SALES
Dermody Properties purchased 3851 Lakefield Drive, a 61K SF warehouse in Forsyth County, along with an additional 10 acres from Florida Food Products for an undisclosed sum. The total value of the building and land was listed as $8M this year, according to county records.
Dermody plans to build a 93K SF warehouse on the additional land and call the campus LogistiCenter at South Forysth.
JLL’s Matt Wirth and Jim Freeman brokered the sale.
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The Sterling Organization purchased Presidential Commons, a 264K SF Kroger-anchored shopping center at 1630 Scenic Highway North in Snellville, from Site Centers for an undisclosed sum. The property, which also is home to Petco, Five Below and Burlington, is 89% leased and was valued at $30M by Gwinnett County this year.
JLL’s Jim Hamilton, Brad Buchanan, Andrew Michols and Anton Serafini brokered the sale.
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LED lighting maker ETI Solid State Lighting Inc. purchased the 111K SF Building C at Thurmon Tanner Logistics in Flowery Branch from Hines for $58.7M, according to Hall County Records. The company plans to use the facility to make and distribute lighting.
Lee & Associates’ Craig Viergever brokered the sale for ETI, while NAI Brannen Goddard’s Walker Adams and Austin Brannen represented Hines.
LEASES
Mimaki USA, a printer manufacturer, leased 107K SF at Thurmon Tanner Logistics’ Building B, a 267K SF distribution center in Flowery Branch. The facility will include office space and a showroom and act as Mimaki’s U.S. headquarters.
NAI Brannen Goddard’s Adams and Brannen represented the landlord, Hines, while JLL’s Bob Currie brokered the transaction for Mimaki.
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Exotec subleased 37K SF from the marketing firm FullStory at 1745 Peachtree St. in Buckhead for its North American headquarters. The property, which used to be a Kroger, is owned by Selig.
