This Week's Atlanta Deal Sheet: The Shopping Center Group Buys D.C.-Based Brokerage
A prominent Atlanta retail brokerage firm is expanding its presence in the mid-Atlantic with the acquisition of Rosenthal Properties in Metropolitan Washington, D.C.
The Shopping Center Group combined with Rosenthal, a 65-person brokerage house that manages more than 7M SF of retail in D.C., Virginia and Maryland, including the construction and management of industrial, retail and office properties. Terms of the deal weren't disclosed, but a spokesperson said Rosenthal will operate under the TSCG banner moving forward.
TSCG has expanded organically and through acquisitions in recent years, co-CEO Sam Latone said in a press release. In 2022, the Atlanta-based brokerage, which leases more than 57M SF and employs more than 250 people, purchased Southeast Retail Group in Florida.
With the acquisition of Rosenthal, TSCG now has East Coast coverage from New York to Miami.
PERSONNEL
CBRE has tapped Andrea Grigg as the firm’s senior managing director and global head of hotel asset management out of Atlanta. Grigg comes from JLL, where she spent the last 16 years in the firm’s hotel asset management platform.
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Bull Realty hired Angie Sarris and Aladdin Al Katheri to be part of the firm’s expanding retail brokerage division. Sarris joins Bull with 15 years of marketing and research experience for Fortune 500 companies and seven years of real estate experience. Al Katheri is a 25-year CRE veteran.
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RangeWater Real Estate has named Kori Korczyk the firm’s director of design, tasked with managing the internal design team and developing marketing strategies with a focus on unit renovations. Korczyk previously worked with CID Design Group.
DEVELOPMENT
Brook Farm Group and Emory Equity, with further equity from SilverCap Partners, are breaking ground on The Sinclair at Callaway Farm, a 388-unit apartment project in Covington, Georgia, just off Interstate 20. First Horizon Bank and TrustMark Bank provided financing for construction, which is targeted to begin in the third quarter.
The 37-acre project is at the intersection of Alcovy and City Pond roads and will feature 11 residential buildings, a 9K SF clubhouse, a pool, a two-story gym, coworking space, a pet spa and a rooftop lounge.
SALES
Three Diamond Capital Holdings has sold 650 Progress Industrial Blvd., a 14.3K SF industrial building in Lawrenceville. The buyer and price weren't disclosed, but Gwinnett County valued the building at $1.62M this year. Finial Group Vice President Doc Perrier, senior associate David Hurham and market analyst Wesley Wells represented Three Diamond, while Jake Myddleton with Hughes Commercial Real Estate represented the buyer.
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A joint venture of Remedy Medical Properties and Kayne Anderson Capital Advisors purchased two medical office buildings on the campus of Piedmont Fayette Hospital in Fayetteville. The buildings, which total 192K SF, are directly connected to the hospital and more than 60% leased to Piedmont Healthcare. The joint venture purchased the 1265 Highway 54 building for $24M, according to Fayette County tax records. The last purchase of the second building at 1267 Highway 54 occurred in 2021 for $27M.
CBRE Vice Chairman Lee Asher, Senior Vice President Zack Holderman, First Vice President Jordan Selbiger, Senior Director Trent Jemmett and Director Cole Reethof represented Piedmont Healthcare.
