This Week's Atlanta Deal Sheet
One of Metro Atlanta’s newest hotels has been snapped up by one of the region’s most prolific real estate investors.
RADCO Cos. purchased the Aloft Lawrenceville Sugarloaf Hotel in Atlanta, a 112-key hotel off Interstate 85 that opened three weeks ago. The previous owner was Sugarloaf Hotel Group out of Cleveland, Tennessee, according to Gwinnett County Tax Assessor records. The newly delivered facility was valued at $7.5M this year by the county.
The Aloft features a WXYZ Bar and the Re:fuel Cafe and has a pool, fitness center and 24-hour business center. The price wasn't disclosed as of press time.
Hospitality Real Estate Counselors Managing Directors Monty Levy and Ketan Patel brokered the deal. Atlanta-based Hospitality Ventures Management Group has been tapped to manage the Marriott-branded hotel.
SALES
The Arden Group, in a new $1B joint venture with Wafra targeting industrial properties, purchased 5040 Bakers Ferry Road, a 25K SF single-tenant warehouse in South Fulton County, for an undisclosed sum. The deal was part of a larger portfolio buy by Arden from Empire Holdings that involved 350K SF of single-tenant assets in five states, including Dallas-Fort Worth, Houston and Austin, Texas; Fort Lauderdale, Florida; Memphis, Tennessee; and Tulsa, Oklahoma.
Fulton County valued the land and building at $1M earlier this year, according to records. Stream Realty Executive Managing Director Seth Koschak and Vice President Jeff Rein and Stan Johnson Co. Director Zachary Harris and Managing Director Jeff Hughes brokered the sale for the eight-building portfolio.
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In a joint venture with Chestnut Healthcare Fund II, Anchor Health Properties purchased a four-story Class-A medical office building in Johns Creek. Located at 11315 Johns Creek Parkway, the 96K SF MOB is located a mile from Emory Johns Creek Hospital and was previously owned by a group of physician practices.
Terms of the deal weren't disclosed. The physician group, under the umbrella of Johns Creek Professional Plaza, purchased the MOB in 2019 for $11M, according to Fulton County records. The county valued the facility at $13M this year.
Colliers Senior Vice Presidents Michael Lipton and Josh Gregory, along with Anchor Vice President of Investments Elliott Sellers, brokered the transaction.
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Chevy Chase, Maryland-based FCP purchased Park 35 Apartments, a 304-unit garden-style community at 3529 Robins Landing Way in Decatur, for $40.5M. The previous owner of the property, New York-based Related Cos., purchased the apartments in 2019 for $24.3M, according to records from Reonomy.
Cushman & Wakefield Executive Director Nathan Swenson and Director Wesley Kenney brokered the sale.
LEASES
Emory Investment Management, Harry Norman Realtors, Maxis and Findling Law are among the newest tenants moving into The Ardent Cos.' 2M SF Piedmont Center office complex. Combined, they will take up more than 35K SF. Cushman & Wakefield Senior Director Chad Koenig and senior associate Katelyn Fabien represented Emory. C&W Managing Director John Winter represented Harry Norman. Goldberg O’Malley Managing Broker Jill Goldberg represented Maxis, and CBRE Senior Vice President Steve Barton handled the lease for Findling.
MANAGEMENT
Bolton Atlanta, an affiliate of Dezhu US, tapped Hospitality Ventures Management Group to operate the 195-room Reverb by Hard Rock Downtown Atlanta Hotel. The 11-story hotel is at 89 Centennial Olympic Park Drive, right next to Mercedes-Benz Stadium in Downtown Atlanta, and features a rooftop bar called RT60 that hosts live music.
