This Week's Atlanta Deal Sheet: Third & Urban Eyeing Redevelopment Of Brookhaven Office Park
The developers of Westside Paper are planning on redeveloping a suburban office campus into a mixed-use haven across from the new Children’s Healthcare of Atlanta Arthur M. Blank Hospital.
Third & Urban is seeking to rezone 32 acres that are currently home to the Corporate Square Boulevard office park between Buford Highway and Interstate 85 in Chamblee. In exchange for a collection of 1970s-era mid-rise office buildings and a sea of asphalt, Third & Urban plans to develop 2,000 residential units – including apartments, corporate housing and townhomes – 30K SF of retail, a 350-room hotel and 100K SF of medical office space.
Third & Urban is under contract for the property, Managing Partner Pierce Lancaster told Bisnow via email.
The firm is seeking to rezone the site from its industrial designation to master-planned development zoning and is seeking approval from the Georgia Department of Community Affairs for its vision.
The site is along the path of the Peachtree Creek Greenway, which will eventually connect to the Atlanta BeltLine and is near Emory University, the CDC’s global headquarters and Emory Healthcare’s campus.
“Third & Urban’s project intends to serve many users within the community, including the growing number of medical staff and office workers who want to live near their new employers, families and medical staff who need flexible housing near the hospital, and the surrounding Brookhaven neighborhoods who value quality greenspace and retail amenities,” the firm said in a press release.
DEVELOPMENT
An Illinois-based chain of upscale restaurants — with a heavy emphasis on wine — is building its debut eatery in Alpharetta.
Retail developer and owner Brixmor is constructing an 11K SF Cooper’s Hawk Winery & Restaurants location on an outparcel space at its Mansell Crossing shopping center, according to a supplemental disclosure filed with the U.S. Securities and Exchange Commission. Brixmor reported the cost of construction to be $4.9M.
The Napa Valley-inspired restaurant chain and wine club has more than 60 locations in 11 states.
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Boston-based TA Realty is proposing a 1M SF data center campus at 7170 Red Oak Road in Union City, according to a development of regional impact application with the state. TA plans to build four 250K SF data centers by 2030 on 67 acres along Buffington Road near its intersection with Jonesboro Road.
LEASES
Serenity Healthcare inked a full-floor lease at One Lakeside Commons, a 304K SF office building in Sandy Springs. The mental health provider’s 30K SF facility on the sixth floor will be home to its treatment services, including magnetic stimulation for depression and anxiety.
Stratus Property Group’s Charlie Carroll brokered the deal for Serenity. Newmark’s Tom Miller is listed as the broker for Lakeside Common’s landlord, Intercontinental Real Estate Corp.
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IT provider CONA Services leased 49K SF at Ponce City Market, relocating from 10 10th St. in Midtown. The firm’s sixth-floor space will house CONA’s 180 Atlanta employees who service the North American Coca-Cola Bottling System.
CBRE’s Kyle Kenyon and Nicole Goldsmith represented the landlord, Jamestown, while Savills represented the tenant.
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Activewear retailer FP Movement leased 2,500 SF for its new retail store at 99 Krog St. in the mixed-use The Krog District. Asana Partners is the owner of the redevelopment project in Midtown.
PERSONNEL
Betts Ervin was promoted by CBRE to managing director of occupier services for the Atlanta region, tasked with growing the firm’s leasing and consulting services. Ervin joined CBRE in 2018 as a sales manager and was promoted three years later to sales director.
A graduate of the University of Georgia, Ervin will serve on the board of directors for the Atlanta Commercial Board of Realtors in 2025 and is a member of Commercial Real Estate Women Atlanta.
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Newmark has tapped Ryan Bellows as a senior managing director for its industrial capital markets team. Bellows previously worked with Cushman & Wakefield and has helped sell $5B in deals in his career.
FINANCE
New York-based T30 Capital received a $30.2M loan from Equitrust for its purchase of the Aqua at Sandy Springs, a 219-unit apartment complex off Greyfield Lane. T30 purchased the property in September from an LLC tied to Chicago-based 29th Street Capital for an undisclosed sum. 29th Street purchased the apartment in 2021 for $43.3M, according to Fulton County records. The county appraised its value at $39.1M this year.
CBRE’s Blake Cohen and Reed McGarity arranged the debt financing.
SALES
COFE Properties purchased Cobblestone Business Park, a two-building, 98K SF industrial complex off Londonderry Court in Woodstock, and Whittier Mill, a five-building, 82K SF property off James Jackson Parkway in Atlanta, from CapRidge Partners for an undisclosed sum.
CapRidge purchased Whittier for $10.4M in 2021, according to Fulton County records, and bought Cobblestone in 2021 for $10M, according to Cherokee County records.
JLL’s Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman brokered the sale.
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Terwilliger Pappas Multifamily Partners purchased 8.5 acres along Chestnut and Elm streets in Hapeville from Coro Realty Advisors for an undisclosed sum. The land was part of a larger 60-parcel assemblage Coro put together between 2020 and 2022 near Downtown Hapeville.
