This Week's Atlanta Deal Sheet: Hyundai Expands EV Arm Into Satellite Place
The electric vehicle revolution in Georgia is benefiting an office park in Duluth.
Hyundai Glovis, a logistics subsidiary of the South Korean auto giant, leased 18K SF at Satellite Place, an office park in Duluth that includes a six-story and a single-story office building totaling 820K SF. Hyundai Glovis is nearly doubling its local footprint and moving from nearby 3675 Crestwood Parkway in Duluth, according to a press release.
Glovis is among eight tenants, totaling 47K SF, tied to the EV industry that have signed leases at Satellite Place, off Satellite Boulevard across from Gwinnett Place Mall. JLL Executive Vice President Glenn Aspinwall and Managing Director Jeff Taylor brokered the deals for the landlord, Banyan Street Capital.
Georgia has become a magnet for vehicle makers in the EV sector, with Rivian and Hyundai among the brands opening major plants. Electronics company Ricoh USA also recently inked a 24K SF lease at Satellite Place, according to the release.
LEASES
Big-box retailer Marshalls is set to open an 18K SF store at Old Orchard Square, a 131K SF shopping center in Ellijay, Georgia, next year. The store will replace the former Black Bear Antiques store. Discount retailer Five Below also inked a lease for 8,400 SF at the shopping center, which is owned by Halpern Enterprises Inc.
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Shady Grove Fertility has leased 25K SF at The Commons at Lake Hearn, a 357K SF medical office campus at 1100 Lake Hearn Drive in Central Perimeter in Atlanta’s medical campus nexus known colloquially as Pill Hill.
Transwestern Senior Managing Director Steve Hall and Gittleson Zuppas Medical Realty Principal Nick Zuppas represented Shady Grove in the deal. SK Commercial Realty Senior Vice Presidents Furman Wood and Scott Martin and Vice President Daniel Topping represented the landlord, Pavillion Partners LLC.
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Restaurateur Robert Thompson has leased almost 22K SF at High Street, the upscale mixed-use project under development by GID in Central Perimeter, for a concept called Jaguar Bolera.
Thompson is known for eatertainment concepts Punch Bowl Social and pickleball-themed Camp Pickle.
The restaurant, which serves a wood-fired fusion cuisine of South American and Mexican food, will have activities such as duckpin bowling, foosball, darts, karaoke and crafting classes focused on needlepoint, leatherworking and jewelry making.
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Connolly has grabbed a handful of retail leases that will debut at its Parkside on Dresden development in Brookhaven, including Korean restaurant Mirae with a 5K SF location, Confab Kitchen and Bar with 3,600 SF, fitness center F45 Training Brookhaven with a 3K SF facility, Mexican restaurant El Valle with 2,900 SF, Clean Juice Brookhaven with 1,100 SF and Café Vendôme and Honeysuckle Gelato, each with 1K SF stores.
The $70M mixed-use project is expected to deliver next year. Lavista Associates Senior Directors Ed O’Connor and Mindy Elms brokered the deals for the developer.
DEVELOPMENT
Dermody Properties is planning to break ground on a two-building distribution project off Interstate 20 in Douglasville called Bright Star Connector. The developer would build a 113K SF and a 68K SF facility divisible to multiple tenants, according to a press release.
It is unclear if Dermody has secured construction financing or any pre-leasing, but the developer said it would break ground next year.
SALES
Midtown’s Master Mind Thinker Building has gone back to its lender.
Longline Financial bid more than $8M to wrench back the 15K SF office building with the distinctive facade painted in a mural reminiscent of Auguste Rodin’s famed sculpture, The Thinker, from Tenth Street Ventures on the Fulton County Courthouse steps this week, the Atlanta Business Chronicle reported.
Longline filed for foreclosure this summer after Tenth Street Ventures, led by Brian McCarthy, failed to make payments on the original $9M loan.
The building at 1450 West Peachtree St. — at the nexus where Peachtree and West Peachtree streets converge — sits on 0.7 acres and is next to the historic Winnwood Apartments, now called Studio Revival Apartments. Tenth Street had planned to raze Master Mind to make way for a 17-story mixed-use apartment tower that would have hovered over Winnwood, a move that caused pushback from community preservationists.
