This Week's Atlanta Deal Sheet: Tishman Speyer Buys Workforce Housing Complex
A New York developer whose contributions to Atlanta have largely been confined to gleaming skyscrapers in Buckhead is coming back to the city with workforce housing.
Tishman Speyer purchased Avia at North Springs, a 502-unit apartment community in Sandy Springs just north of the North Springs MARTA station. The complex, built in two phases in the 1980s and 1990s, is being rebranded as Randolph Perimeter and operated by TS Communities, Tishman’s workforce housing investment division, according to a press release.
Details on the transaction weren't disclosed, but Avia was previously owned by Harbour Group International, which purchased the property for $93.3M in 2017, according to records with the Fulton County Board of Assessors.
The project would mark the New York real estate giant's return to the Atlanta CRE scene after leaving in 2017 when it sold its Three Alliance Center tower in Buckhead to Stockbridge Capital Partners for more than $260M.
Since then, Tishman attempted to jump back into Atlanta’s development game, first trying to partner with Elevator City Partners, a firm formed by BeltLine visionary Ryan Gravel, in an effort to redevelop The Mall West End, a deal that never came to fruition. Tishman also dropped plans this month to pursue a $700M mixed-use project along Brady Avenue in West Midtown, the Atlanta Business Chronicle reported.
Tishman Speyer said in a press release that the acquisition of Randolph Perimeter is part of the firm’s efforts to diversify asset types and geographies. The global developer plans to renovate the 18-acre project and include a new fitness center, pickleball court, poolside lounge, and an entertainment and gaming space.
SALES
Equus Capital Partners purchased Brogdon Distribution Center, a 117.5K SF warehouse at 783 Brogdon Road in Suwanee, from High Street Logistics Properties. The purchase was part of a two-building portfolio that also includes a 121K SF distribution building in Lakeland, Florida, for a combined total of $32M, according to a press release.
Equus bought the portfolio in a joint venture with an unidentified public pension fund. CBRE Vice Chairmen Frank Fallon and Jose Antonio Lobón brokered the sale.
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FrostPoint Capital purchased Trowbridge Crossing, a 63K SF Publix-anchored shopping center at 7525 Roswell Road in Sandy Springs, from InvenTrust Properties Corp. for an undisclosed sum. Other tenants in the property include T-Mobile, USPS, North Springs Animal Clinic and Domino’s. The price was undisclosed.
JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan, Vice President Andrew Michols and analyst Anton Serafini brokered the sale.
LOANS
Branch Properties obtained a $55M refinancing loan for Peachtree Battle Shopping Center, a Publix-anchored retail center located off Peachtree Road in Buckhead. Branch is retiring a $41M loan it took on the property in 2018 from Prudential Insurance Co., according to Reonomy.
Thrivent Financial provided the new loan. CBRE Senior Vice President Richard Henry, Vice Chairmen Mike Ryan and Brian Linnihan, and Director Taylor Crowder brokered the financing.
PERSONNEL
Goldie Bartlett has joined RangeWater Real Estate as senior managing director of property management in the Southeast. Bartlett is tasked with overseeing property operations in a portfolio that consists of more than 100,000 units.
Prior to RangeWanter, Bartlett was senior vice president at Wood Partners. She has worked for other apartment giants like Greystar Real Estate Services and Camden Property Trust during her 22-year career.
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Spencer Bomar joined the retail leasing team at Colliers Atlanta, coming from Avison Young and working with such brands as Target, Home Depot and Barnes & Noble. During his 20-year career, Bomar has worked with Transwestern, North American Properties and Staubach Retail Services.
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Portman Holdings promoted John Gaskin to managing director, tasked with leading the growth of the firm's industrial footprint. During his 30-year career, Gaskin has helped develop in excess of 150 projects and purchased more than $3B in industrial properties. Most recently, Gaskin worked at Robinson Weeks Partners until 2019, when he joined Portman as its Southeast regional manager.
