This Week's Atlanta Deal Sheet: Lender Takes Over TerraCap's Dunwoody Office For $13M

The mortgage holder of a glassy Dunwoody mid-rise office building has acquired the deed from TerraCap Management for roughly half of the last sale price after filing to foreclose in May.

Phoenicia Real Estate Holdings VII took back 200 Ashford Center North from TerraCap for $13M, according to a list of commercial property sales transactions published in the Atlanta Business Chronicle.

TerraCap originally purchased 200 Ashford Center when it was 85% leased in 2019 for $24.6M.

Phoenicia held the $20.3M loan attached to the 159K SF glass-encased office building after acquiring it from a fund managed by NXT Capital. The new lender then filed to foreclose on that loan originally taken out by Ashford Office Center LLC, an affiliate of TerraCap, in May after the borrower defaulted, Bisnow first reported. That auction was scheduled for June 4. 

SALES

Beverly Hills-based Lunada Rose Partners purchased a 40K SF warehouse leased to ABC Supply Co. in Pooler, Georgia, just outside of Savannah, for $5.8M. While the press release doesn't identify the building, Chatham County records indicate that ABC Supply is located at 121 Westside Blvd. in Pooler, an address previously owned by an LLC called Sync. 

Sync purchased the facility in 2017 for $5.1M, and the county appraised it for $4.3M in 2024.

***

SkyREM purchased Tradeport East Building D from BlueScope Properties Group for an undisclosed sum. The 648K SF distribution center is fully leased to home textile supplier Town & Country Living. 

BlueScope purchased the facility at 313 Tradeport East Blvd. in Midway, Georgia, just outside of Savannah, for $46M in 2022, according to the Reonomy database. JLL’s Britton Burdette, Dennis Mitchell, Sean Devaney and Jim Freeman brokered the sale. 

***

U-Haul purchased 6619 Lanier Islands Parkway, a 4-acre, 307-unit self-storage facility near Lake Lanier in Buford. The 49K SF facility, built in 2022, was formerly a Lazy Day Storage facility and was listed to sell at auction in June, according to LoopNet. U-Haul purchased it on July 10 for an undisclosed sum. 

***

Atlas Real Estate Partners purchased the Cottages at Emerald Cove, a 290-unit apartment complex at 100 Shellbark Way in Savannah, from Remington Helena, an LLC tied to Utah-based Rockworth Cos. The price wasn't disclosed, but Rockworth paid $45.5M for the apartment complex in 2020, according to Chatham County records. 

Ohio-based Whitestone Cos. paid $22M for the 275-rooom Le Méridien Atlanta Perimeter hotel from an affiliate of Starwood Capital Group. Starwood purchased the 12-story hotel directly across from Perimeter Mall in Dunwoody for $40.6M from Rockbridge Capital in 2016. Hunter Hotel Advisors’ Tim Osborne and Spencer Davidson brokered the all-cash transaction.

LEASES

Sports bar and visual experiential venue Cosm leased 70K SF at the upcoming Centennial Yards entertainment district in Downtown Atlanta. The three-level facility also will include a floor-to-ceiling 12K LED dome screen that will air sporting events in partnership with ESPN, the NBA, NBC Sports, TNT Sports, Fox Sports and the UFC.

The facility is scheduled to open at the end of 2026, potentially just missing the World Cup action slated to happen down the street that summer.

***

Golf equipment brand Mizuno renewed 521K SF at 920 Highway 124 in Braselton, 50 miles north of Downtown Atlanta. The site is one of three Mizuno operations in Atlanta and acts as its U.S. distribution headquarters. 

Cresa’s Jim Bob Taylor and Michael Bennett represented Mizuno, while Prologis’ Rachel Karie represented the landlord in-house. 

***

Atlanta-based furniture retailer Havertys Furniture Co. extended its headquarters lease for 48K SF at Centrum at Glenridge, a 187K SF office building in Sandy Springs. 

Lincoln Property Company Southeast’s Hunter Henritze, Michael Howell and Robert deGolian represented the landlord, Camco Investment Group. JLL’s Josh Hirsh and Patrick Baughman brokered the deal for Havertys.

***

Jewelry retailer Diamonds Direct leased 6K SF for its first Georgia showroom at 3225 Peachtree Road, a 15K SF freestanding retail building in Buckhead, just north of Buckhead Village.

FINANCING

New York-based 509 Partners LLC received a $15.5M Fannie Mae Delegated Underwriting and Servicing loan to refinance the 509 North Apartments, a 14-building, 252-unit multifamily complex in Albany, Georgia. The fixed-rate loan has a seven-year term and a 30-year amortization.

509 Partners purchased the complex in 2022 for $17.5M and had a $15.4M loan that matured on June 12, according to Reonomy. Greystone’s Rob Meehan and Avrom Forman originated the financing.

PERSONNEL

Colliers hired Jamal Banks as an industrial broker at its Atlanta office. Prior to Colliers, Banks was an associate broker at Cushman & Wakefield and is an eight-year CRE industry veteran. 

***

Avison Young has tapped Gavin Stainthorpe as senior vice president in Atlanta, joining the firm from JLL’s Chicago office. Stainthorpe will be tasked with helping grow Avison Young’s talent roster.