This Week's Atlanta Deal Sheet: Stonemont Breaks Ground On Locust Grove Industrial Park
An Atlanta-based industrial developer with more than 1M SF underway is launching another almost 1M SF on a site nearly 40 miles south of Downtown Atlanta.
Stonemont Financial Group broke ground this month on Stonemont Park 75, a three-building, 904K SF industrial park in Locust Grove, with its joint venture partner, Compatriot Capital. The project involves three rear-loading buildings spanning 125K SF, 240K SF and 539K SF, respectively, with ceiling heights between 32 and 40 feet. The complex also will have parking stalls for 315 truck trailers and 587 cars.
Principal Asset Management provided more than $42M in construction financing for the project. JLL's Gregg Shapiro, Dan Kearns, Kelsey Bawcombe and Hunter Rich brokered the loan.
Stonemont Park 75 is expected to deliver next summer with Wilson Hull & Neal partners Bilijack Bell and Joseph Rogers tapped to lease the project.
DEVELOPMENT
T5 Data Centers is looking to develop a two-building, two-story, 495K SF data center project in Fairburn, Bisnow first reported. The project would rise off Gullat Road and Interstate 85 at the southern border of Fairburn city limits.
***
Novare Group and Batson-Cook Development Co. are turning 33 acres off Georgia Highway 21 near Savannah into a single-family build-to-rent community next door to the duo’s Wentworth Park Residences apartment complex.
The project is planned to have 106 two-story homes in Port Wentworth and is slated to deliver in the fall of 2025. Ameris Bank provided construction financing and Marble Capital infused preferred equity into the project.
LEASING
Southern Company Gas has leased 260K SF at Midtown Center II, an eight-story, 282K SF building at 725 W. Peachtree St. in Midtown, with plans to move its headquarters from 10 Peachtree Place, just a half mile north of the new location. JLL Senior Managing Director Leigh Martin represented Southern Co. in the relocations. CBRE Investment Management owns Midtown Center II.
***
City Food Hall leased nearly 20K SF of street-level retail at The Mark Athens, a more than 1,300-bed student housing project in Downtown Athens adjacent to the University of Georgia campus.
City Food Hall will provide 10 chef-driven vendor spaces as well as a neighborhood bar and two golf simulators. Colliers' Whitney Spangler and David Martos represented Landmark, while CBRE's Jason Hurst represented City Food Hall.
***
Pressed Floral inked a five-year lease for 5,500 SF at 1425 Ellsworth Industrial Drive in Atlanta. Colliers' Lauren Holmes and Alex Clifford represented the flower-preservation company in the lease, which was struck for roughly $20 per SF, while Mimms Enterprises' Sarah Gretzmacher represented the landlord, Lumberyard Lofts LLC.
SALES
Whitestone Cos. purchased the 275-room Le Méridien Atlanta Perimeter hotel from an affiliate of Starwood Capital Group for an undisclosed sum. The 12-story hotel across from Perimeter Mall in Dunwoody is Whitestone’s first acquisition in Metro Atlanta.
Hunter Hotel Advisors' Tim Osborne and Spencer Davidson brokered the all-cash sale. Whitestone has tapped Shaner Hotels to manage the property, with plans to refurbish the public spaces.
***
Big V Property Group and Equity Street Capital purchased Johns Creek Town Center, a 303K SF open-air shopping center in Suwanee. The seller was Hendon/Atlantic RIM Johns Crk, according to Forsyth County records. That LLC has an address attached to Ohio-based Site Centers. The price was undisclosed.
Tenants in the project include HomeGoods, Sprouts Farmers Market and Market by Macy’s. Forsyth County valued the project at more than $25M this year.
***
ATCAP Partners purchased Gwinnett Park, a 12-building light industrial complex totaling 754K SF in Norcross, from Dogwood Industrial Properties for an undisclosed sum.
The park, built in phases between 1973 and 1986 on 48 acres, is 94% leased to 36 tenants. Dogwood purchased the property in 2019 for $71M, according to ConnectCRE. JLL's Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman brokered the sale.
***
ShopOne Centers REIT and Pantheon purchased the Publix Super Market shopping center at 2035 Mount Zion Road in Morrow. The 79K SF shopping center was previously owned by an affiliate of North Carolina-based Harbour Retail Partners, according to Clayton County records. ShopOne and Pantheon paid $17.2M for the property, according to records.
***
Brookfield Real Estate Income Trust purchased Reflection, a 25-story, 741-bed student housing tower in Downtown Atlanta, for $116M from developers Atlantic Capital Properties and Gateway Ventures.
Developed in 2022, the $87M project includes 247 apartment units, Urbanized Atlanta previously reported.
PERSONNEL
General contractor Swinerton named Ryan Porche as a project executive in its Atlanta division, tasked with focusing on increasing healthcare work. Porche was previously a senior project manager at Batson-Cook Construction.
***
Engel & Völkers Atlanta tapped Christopher Burell as its new chief growth officer, tasked with increasing the residential brokerage firm’s business in suburban Atlanta and North Georgia. Burell was previously managing director of Compass and is president-elect of the Atlanta Realtors Association.
ASSIGNMENTS
Granite Properties tapped Stream Realty Partners' Glenn Kolker, Bryan Heller and Parker Walton to lease its 438K SF Buckhead office tower 3630 Peachtree. The 32-story tower is 82% leased, according to Granite’s website.
