This Week's Atlanta Deal Sheet: Stream Realty Exec Departs For Land Investment Firm
The last project Scott Jones helped to develop was Adairsville Logistics Center, a distribution center some 60 miles north of Atlanta that spans seven football fields.
It’s the last time Jones will bring anything out of the ground for the foreseeable future.
Land investment firm Artisan Land Cos. tapped Jones as its partner and chief development officer and as a regional partner and director of its land brokerage offshoot, SSG Realty Partners.
Artisan focuses on buying and assembling land sites and doing the grunt work of entitling properties before flipping them to other developers who will construct the actual projects.
“For us, we’re able to sort of fill a nice niche where vertical partners partner with us,” Jones said.
Artisan recently established a $50M all-equity land investment fund to hunt for new deals. Artisan CEO David Branch said the firm cuts a lot of the financial risk for developers since it does the master planning, assembling, entitling and other costly work that developers otherwise have to fund themselves. Artisan mitigates its risk by purchasing the sites with no debt, Branch said.
“We’re doing some pretty substantial stuff, in most cases on behalf of old families who have amassed significant land holdings,” Branch said. “But land is all we do. We are very laser, myopically focused on dirt.”
PERSONNEL
Peachtree Group has tapped its senior vice president of corporate operations Daniel Puglisi to head up a new management division focused on quick-serve restaurants. It’s making its debut effort by launching a Starbucks at AdventHealth Orlando hospital where it will fund tenant improvement and operate the venue.
Puglisi said Peachtree Group hopes to have 100 locations focused on coffeehouses like Starbucks and Dunkin within five years, all in facilities like hospitals and universities, where consumers tend to stay for extended periods of time. Those also are landlords who typically don’t have the capital to spend on tenant improvement allowances, Puglisi said.
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Partners Real Estate has hired Shea Meddin and Brooke Gothard as equity partners in its Atlanta office, working under John O’Neil. Meddin joined Partners from Cushman & Wakefield, while Gothard moved over from JLL.
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Atlanta brokerage firm Scotland Wright Associates promoted Blake Rogers to chief operating officer and president. Rogers also has become an equity member of the firm after joining Scotland Wright in 2022. Rogers, who will be tasked with growing the firm’s market presence, will continue to work under CEO Michael Tucker.
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Adrienne Crawford and Lily Heimburger have been named first vice presidents of Matthews Real Estate Investment Services in Atlanta, tasked as retail leasing specialists. Both brokers previously worked with SRS Real Estate Partners, where they leased such projects as Star Metals, Midtown Promenade and The Krog District.
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Savills has tapped Michael Reid as executive managing director and Palmer Thomas as managing director to head up its Atlanta office’s industrial services team. Reid previously was with Newmark, where he handled the leasing and sales of 28M SF of industrial space, and Thomas previously was with JLL, where he worked for nearly a decade.
SALES
Site Centers purchased Brookhaven Station, a 45K SF retail center in the heart of Brookhaven near the MARTA station, from Hendon Properties. The Atlanta Business Chronicle reported that Site paid $30.2M for the property, which is fully leased and home to Chick-fil-A and Fox Bros. Bar-B-Q.
JLL’s Jim Hamilton, Brad Buchanan and Andrew Kahn brokered the sale.
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Affiliates of California-based Westwood Financial purchased the 49K SF urban retail center Glenwood Park at 475 Bill Kennedy Way near the East Atlanta Village for $25.5M from Asana Partners, according to records published in the ABC.
The property, along the Atlanta BeltLine Eastside Trail, was first put up for sale by Asana in 2022, What Now Atlanta reported.
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Stonemont Financial Group purchased two medical office buildings fully leased by Northside Hospital. It bought the 14K SF 1055 Haw Creek Parkway building adjacent to Northside Hospital’s Forsyth County campus from an LLC tied to Gladstone Commercial Corp. for $7.45M, according to Forsyth County Records.
Gladstone also sold a 12K SF building at 311 Philip Blvd. in Lawrenceville to Stonemont, but the price was undisclosed. Gwinnett County records reported the appraised value at $2.4M this year.
A Marriott International affiliate paid $50M for the 1.3 acres underneath its iconic Westin Peachtree Plaza at 210 Peachtree St. from the state of Georgia, the ABC reported.
LEASES
Landscape supplier SiteOne Landscape Supply renewed 56K SF at Mansell Overlook, a 170K SF suburban mid-rise office building at 500 Colonial Center Drive, part of the four-building Mansell Overlook office park that is owned by Florida-based PPF Real Estate Holding.
Cushman & Wakefield’s Annie Lewis Gomez and Jon Mayeske represented SiteOne in the deal.
DEVELOPMENT
Youngwoo & Associates is petitioning the City of Atlanta to grandfather its 17-acre site at 1611 Ellsworth Industrial Blvd. from a recently passed Atlanta BeltLine data center ban to allow for a 400K SF data center.
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Venture South Investments is underway with developing The Shops at Indian Creek, a shopping center off State Route 42 in Locust Grove near the Tanger Outlets shopping center, What Now Atlanta reported. The firm is planning to build a 48K SF Publix store and two one-story retail buildings totaling 18K SF and is scheduled to deliver the project by the fourth quarter of 2025.
