This Week's Atlanta Deal Sheet: SK Commercial Flips MOB For Triple-Digit Gain
Executives with an Atlanta real estate company and a group of physicians sold a nondescript medical office building in Suwanee for 280% more than they purchased it a year ago.
SK Commercial Realty executives, in a joint venture with doctors from Resurgens Orthopaedics and Marietta Eye Clinics, sold 4025 Johns Creek Parkway for $17.2M to Chicago-based Remedy Medical Properties, according to a press release.
The single-story, 44K SF facility near the intersection of McGinnis Ferry Road and Peachtree Parkway in the northern Atlanta suburb was purchased by the joint venture under the moniker SKRO LLC in January 2023 for $4.4M, according to Forsyth County records. SKRO then renovated the property and fully leased it to Resurgens, Atlanta Allergy & Asthma and Marietta Eye Clinic.
Resurgens occupies half of the building, followed by Marietta Eye Clinic with 14K SF and Atlanta Allergy with 6K SF, according to the press release. Colliers Atlanta’s Michael Lipton and Andrew Walker brokered the sale.
“The sale of this property proves a strong demand for well-leased medical spaces in the Johns Creek area,” SK Commercial President Tom Kirbo said in the release.
DEVELOPMENT
Alliance Residential Co. is breaking ground on The Weldon By Broadstone, a 330-unit apartment community at 1750 Highway 155 in McDonough. The firm expects to deliver and begin leasing the project by 2026.
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Woodfield Development delivered Holden at Oak Grove, a 296-unit apartment complex spread across nine three-story buildings in Athens. The project is part of the Village at Oak Grove master-planned community that includes the Publix-anchored Village at Oak Grove shopping center.
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Denver-based Vantage Data Centers is planning two data center projects in South Fulton County.
The firm is looking to build a 697K SF data center at the southwest side of the intersection of Stacks and Mallory roads just south of South Fulton Parkway, according to the filing. Vantage is also proposing a 754K SF data center 10 miles north of the first project on land sandwiched between Plummer Road and Riverside Drive. The two facilities are expected to deliver in 2027 and 2028, according to the application.
LEASES
Ogle School inked a 16K SF lease at Lee + White adaptive mixed-use project on Atlanta’s West End. The deal marks the cosmetology school’s entry into the Georgia market. The school is set to occupy the second floor of the former warehouse now known as the 929 Building with classes beginning in January.
Cushman & Wakefield’s Porter Henritze and Melanie Garlock represented the landlord, a joint venture between MDH Partners and Ackerman & Co. Carter Hill Commercial Real Estate Advisors’ Del Early represented Ogle.
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Atlanta-based pizza chain Mellow Mushroom is planning its 47th Georgia location at the base of The Boulevard at Grant Park, a mixed-income apartment complex in Downtown Atlanta. The firm will occupy a 3,400 SF street-level retail space in the project developed by Middle Street Partners.
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Logistics and trucking company Werner Enterprises inked a 73K SF lease at 4390 Old McDonough Road, a facility that sits on 40 acres off of Interstate 675 in Conley, Georgia.
Cresa’s Eric Rose brokered the deal for Werner while OnPace Partners’ Nat Weikert represented the landlord, DSP.
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Aertssen Logistics USA leased 381K SF at Savannah Gateway Industrial Hub for its U.S. logistical center debut. The firm is part of the first phase of the master-planned 2,600-acre industrial campus developed by The Broe Group, 12 miles outside the Port of Savannah in Effingham County.
PERSONNEL
Morgan McMenamy joined Apex Industrial Real Estate Advisors as a director with the firm’s industrial leasing and tenant representation team. McMenamy comes from Newmark, where she managed a team focused on servicing landlords who owned more than 5M SF of office space.
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Aperture Hotels tapped Patrick Short as its chief operating officer, tasked with operating its portfolio of 27 hotels.
Prior to Aperture, Short was president of Peachtree Hotel Management where he helped to grow its portfolio from 27 to 100 hotels. Short is a graduate of the University of Wisconsin-Stout and earned an MBA in finance from Argosy University.
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Signia by Hilton Atlanta, the new 976-room hotel at the Georgia World Congress Center, has hired Julia Austin as its director of sales, tasked with leasing the 100K SF of meeting and events space. Austin previously handled sales and marketing for the Hilton Cleveland Downtown hotel.
CORRECTION, Aug. 18, 1:30 P.M. ET: A previous version of this story incorrectly described Morgan McMenamy's role at Apex Industrial Real Estate Advisors. The story has been updated.
