“Our client and the buyer were able to source the acquisition off market, and while under contract secured a sizeable long-term lease for three quarters of the building—substantially changing the transaction's risk profile,” says Braddish. “The sponsorship expects to fill the remaining space over the next 18 months.”

The property sits 20 miles south of Atlanta's Hartsfield Jackson International Airport. Kmart Corporation built, owned, and occupied the commercial real estate asset for over 30 years as a strategic distribution facility for the Southeast.

“The largest buildings today in the Atlanta market are no more than 1 million square feet in size, and the tenant was attracted to a contiguous cubic square footage space size the industrial market can't offer today,” says James. The transaction was structured with a three-year term. Ladder Capital provided the financing, which was funded within 50 days of signing.

The acquisition also expands the buyer's platform from the Carolina's to the Atlanta Market. The I-85 corridor south of Atlanta to the Gulf of Mexico port in Mobile, Alabama will see significant growth in the industrial sector for two reasons: the Panama Canal opened its wider Post-Panamax shipping channel this June, dramatically changing import shipping patterns from the West Coast to the Gulf and East Coast ports; and the Kia plant in Columbus, Georgia continues to expand and for both aspects the warehousing needs along this stretch of Interstate 85 will grow for years to come.

ATLANTA—Significant capital markets deals are getting inked in Atlanta and its surrounding suburbs. Some are large in number while others are large in impact.

Citizens Commercial Banking arranged an $87.4 million construction loan to Dallas-based Mill Creek Residential for a 21-story residential tower next to The Shops at Buckhead Atlanta. Founded in 2011, Mill Creek develops, acquires and operates multifamily communities across the country.

This one is called Buckhead Modera. Located at 3005 Peachtree Street in Buckhead Atlanta, it will be a 399-unit multifamily project with 22,000 square feet of ground-floor retail. Two pools, courtyards, a sky lounge, fitness center, clubroom with kitchen, and concierge service are among the amenities.

Meanwhile, NorthMarq Capital arranged a $27.775 million acquisition loan that sets the stage for the repositioning of a former Kmart Distribution Center in Newnan, GA. Keith Braddish, senior vice president and managing director of NorthMarq Capital's New York City-based regional office, and Will James, vice president of NorthMarq Capital's Atlanta-based regional office, collaborated to represent the buyer of a 2 million-square-foot distribution center.

“Our client and the buyer were able to source the acquisition off market, and while under contract secured a sizeable long-term lease for three quarters of the building—substantially changing the transaction's risk profile,” says Braddish. “The sponsorship expects to fill the remaining space over the next 18 months.”

The property sits 20 miles south of Atlanta's Hartsfield Jackson International Airport. Kmart Corporation built, owned, and occupied the commercial real estate asset for over 30 years as a strategic distribution facility for the Southeast.

“The largest buildings today in the Atlanta market are no more than 1 million square feet in size, and the tenant was attracted to a contiguous cubic square footage space size the industrial market can't offer today,” says James. The transaction was structured with a three-year term. Ladder Capital provided the financing, which was funded within 50 days of signing.

The acquisition also expands the buyer's platform from the Carolina's to the Atlanta Market. The I-85 corridor south of Atlanta to the Gulf of Mexico port in Mobile, Alabama will see significant growth in the industrial sector for two reasons: the Panama Canal opened its wider Post-Panamax shipping channel this June, dramatically changing import shipping patterns from the West Coast to the Gulf and East Coast ports; and the Kia plant in Columbus, Georgia continues to expand and for both aspects the warehousing needs along this stretch of Interstate 85 will grow for years to come.