This Week's Atlanta Deal Sheet: REIT Buys TSA Hub Near Hartsfield-Jackson
Easterly Government Properties has picked up an East Point office building that recently landed a lease with the Transportation Security Administration for $163 per SF.
The Washington, D.C.-based REIT purchased 1500 Centre Parkway, a nearly 100K SF office building near Hartsfield-Jackson Atlanta International Airport, for $16M on Oct. 3, according to data compiled by Databank. The seller was a joint venture of SGP Real Estate, Hight Property Group and Knox Properties.
Easterly CEO William Trimble discussed the deal during an Oct. 31 earnings call, in which he said the TSA and Customs and Border Protection signed a lease through 2038 at 1500 Centre Parkway. Bisnow reported TSA’s 44K SF lease in March. Trimble said the build-out of 1500 Centre included a 50-by-18-foot airplane fuselage housed within the building.
SALES
Coro Realty Advisors purchased Noonday Creel Crossing, a 153K SF retail center at 2911 George Busbee Parkway in Kennesaw, from an affiliate of Fletcher Bright Co. The price was undisclosed, but Cobb County valued the property at $15.5M this year.
Coro obtained an $8.6M loan from Affinity Bank for the acquisition, according to CBRE. Fletcher Bright purchased the retail center in 2004 for $5M from Walmart, according to Reonomy.
Institutional Property Advisors Senior Managing Director Zach Taylor brokered the sale. CBRE Senior Vice President Richard Henry, Vice Chairmen Mike Ryan and Brian Linnihan and Director J.P. Cordeiro arranged the financing for the center, which is anchored by PGA Tour Superstore, Burlington and Medici Medical Arts Center.
***
Miami-based Benmark Capital foreclosed on the 4-acre Midtown Atlanta parcel at 98 14th St. from Olympia Heights Management with a $40M credit bid on the Fulton County Courthouse steps Nov. 7. The property, behind the 1180 Peachtree office tower, was once slated for a high-rise residential tower. Benmark's plans for the site are unclear.
***
Investcorp purchased student housing complex West 22 for $89.7M from Vesper Holdings. Bahrain-based Investcorp financed the purchase of the 245-unit property in part with a $61.7M MetLife Investment Management mortgage that matures in November 2026, the Atlanta Business Chronicle reported.
***
Weinstein Properties shelled out $94M for Alexan Summerhill, a 315-unit apartment complex in the Summerhill neighborhood, from PGIM Real Estate, the Atlanta Business Chronicle reported. Weinstein secured a $56.5M acquisition loan from Regions Bank, which matures in November 2029, according to the ABC.
PERSONNEL
Former CBRE Vice Chairman Lee Asher has joined Colliers Atlanta to lead its Healthcare Capital Markets Practice Group. The 20-year industry veteran has recapitalized or sold more than 72M SF of commercial assets worth $24B, according to a release. He will be followed to Colliers by former CBRE First Vice President Jordan Selbiger, who has been named vice president at his new firm.
***
Margaret Blanton joined Bull Realty as an associate broker in the self-storage sector, jumping over from Dwell Realty. Bull also hired Mitch Smith as a commercial real estate adviser.
LEASES
Florida-based coffee shop chain Foxtail Coffee Co. has filed permits with the city for construction on its fourth location in the metro area, this time at the Hanover Midtown apartment complex in Midtown. Build-out of the 1,440 SF first-floor space at 1230 West Peachtree St. is expected to cost $250K, according to the application.
Foxtail also has locations in Buckhead, Peachtree City and Newnan, What Now Atlanta reported.
