ATLANTA—Randolph Williamson is expanding its footprint to the north side of Metro Atlanta. The firm will partner with Parke Day to build the 61,100-square-foot Crossroad Shoppes at Coal Mountain, a new retail development at Browns Bridge Road and Georgia 400 in Cumming, Georgia. “We believe now is the time to capitalize on new development opportunities, particularly within the retail sector,” says Mark Williamson, president of construction and CFO of Randolph Williamson. “We have a tremendous footprint in the southern crescent of Metro Atlanta in cities like Peachtree City, and we're excited to partner with Parke to broaden our portfolio geographically while working with a developer we greatly admire and respect.” The property will be constructed in three phases. Reid Mason and Leigh Anne McGarry of Franklin Street are leasing the project.

DEAL TRACKER

ATLANTA—MSC University and Scion Group brokered a lease transaction with Tropical Smoothie at 930 Spring Street Northwest in Atlanta. Tropical Smoothie will occupy 2,196 square feet at University House Midtown, a 19-story student housing high-rise near Georgia Tech. Cotenants include Taco Bell, Twisted Kitchen, Supercuts Hair Salon, and Insomnia Cookies. Scion purchased University House Midtown during a portfolio acquisition of 19 student housing communities in June 2016. “Situated in Atlanta's urban core in the booming Midtown area, the project represents one of the best purpose-built student housing properties in the United States and we were very excited to add this asset serving students at Georgia Tech to our portfolio,” says Mitchell Smith, COO at Scion Group. “Given that the ground-level retail is a prominent feature of the building, it was imperative that we have the spaces fully leased.”

NORCROSS, GA—Emma Capital Investments acquired The Chelsea Apartments (formerly Steeple Chase), a 306–unit garden style multifamily community located at 5940 Singleton Road in Norcross for $26 million. This is Emma Capital's 20th purchase in the United States and brings the firm's total number of units acquired to date to about 5,000 multifamily units. The multifamily property was built in 1984 and sits on 23.15 acres featuring a mix of 306 residential units in 20 two-story buildings.

FRANKLIN, TN—HFF closed the sale of three southeastern US multifamily properties totaling 816 units: ALARA North Point and ALARA Park Bridge in Alpharetta, Georgia, and ALARA River Oaks in Franklin, Tennessee. HFF marketed the properties on behalf of the seller, American Realty Advisors. The assets were sold in three separate transactions to separate buyers. ALARA North Point sold to Greystar, ALARA Park Bridge sold to Stockbridge Capital Group and ALARA River Oaks to TH Real Estate, a division of TIAA Global Asset Management. The three, garden-style assets, which are located in two of the Southeast's leading submarkets, have an overall occupancy of 94%. HFF senior managing director Jason Nettles and director Megan Thompson handled the deal. “Record-setting job growth, population gains, company relocations and cultural buzz define both the Atlanta and Nashville markets,” says Nettles. “As a result, the properties are well-positioned for long-term asset value preservation due to their strategic location in two of the country's fastest growing metropolitan areas.”

CONVENT, LA—Central Crossing and Convent Trace, two multifamily communities in Convent, will receive significant upgrades in light of grant funds totaling $462,000 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Home Federal Bank. The St. James Parish Housing Authority (Housing Authority) received a $252,000 Affordable Housing Program (AHP) grant for Central Crossing and $210,000 for Convent Trace from the banks this year. “With a $25 billion backlog in rehabilitation needs for public housing across the country, St. James Parish Housing Authority is no exception. Both AHP grants provide much needed leverage to develop quality housing for its residents,” says Art Schuldt, president of Housing Solutions Alliance.

Commercial real estate firms are still expanding in the Southeast as confidence in most sectors remains strong. The student housing sector some activity, along with multifamily in this light Thanksgiving week.

BY THE NUMBERS

Overall business confidence remains positive in Alabama. As Alabama's business climate continues to strengthen, and the state's unemployment rate improves, leasing activity is expected to remain steady throughout the remainder of 2016, as businesses continue to lease new space and expand their existing space. (Source: Alabama Center for Business and Economic Research)

NEWS & NOTABLES

ATLANTA—Randolph Williamson is expanding its footprint to the north side of Metro Atlanta. The firm will partner with Parke Day to build the 61,100-square-foot Crossroad Shoppes at Coal Mountain, a new retail development at Browns Bridge Road and Georgia 400 in Cumming, Georgia. “We believe now is the time to capitalize on new development opportunities, particularly within the retail sector,” says Mark Williamson, president of construction and CFO of Randolph Williamson. “We have a tremendous footprint in the southern crescent of Metro Atlanta in cities like Peachtree City, and we're excited to partner with Parke to broaden our portfolio geographically while working with a developer we greatly admire and respect.” The property will be constructed in three phases. Reid Mason and Leigh Anne McGarry of Franklin Street are leasing the project.

DEAL TRACKER

ATLANTA—MSC University and Scion Group brokered a lease transaction with Tropical Smoothie at 930 Spring Street Northwest in Atlanta. Tropical Smoothie will occupy 2,196 square feet at University House Midtown, a 19-story student housing high-rise near Georgia Tech. Cotenants include Taco Bell, Twisted Kitchen, Supercuts Hair Salon, and Insomnia Cookies. Scion purchased University House Midtown during a portfolio acquisition of 19 student housing communities in June 2016. “Situated in Atlanta's urban core in the booming Midtown area, the project represents one of the best purpose-built student housing properties in the United States and we were very excited to add this asset serving students at Georgia Tech to our portfolio,” says Mitchell Smith, COO at Scion Group. “Given that the ground-level retail is a prominent feature of the building, it was imperative that we have the spaces fully leased.”

NORCROSS, GA—Emma Capital Investments acquired The Chelsea Apartments (formerly Steeple Chase), a 306–unit garden style multifamily community located at 5940 Singleton Road in Norcross for $26 million. This is Emma Capital's 20th purchase in the United States and brings the firm's total number of units acquired to date to about 5,000 multifamily units. The multifamily property was built in 1984 and sits on 23.15 acres featuring a mix of 306 residential units in 20 two-story buildings.

FRANKLIN, TN—HFF closed the sale of three southeastern US multifamily properties totaling 816 units: ALARA North Point and ALARA Park Bridge in Alpharetta, Georgia, and ALARA River Oaks in Franklin, Tennessee. HFF marketed the properties on behalf of the seller, American Realty Advisors. The assets were sold in three separate transactions to separate buyers. ALARA North Point sold to Greystar, ALARA Park Bridge sold to Stockbridge Capital Group and ALARA River Oaks to TH Real Estate, a division of TIAA Global Asset Management. The three, garden-style assets, which are located in two of the Southeast's leading submarkets, have an overall occupancy of 94%. HFF senior managing director Jason Nettles and director Megan Thompson handled the deal. “Record-setting job growth, population gains, company relocations and cultural buzz define both the Atlanta and Nashville markets,” says Nettles. “As a result, the properties are well-positioned for long-term asset value preservation due to their strategic location in two of the country's fastest growing metropolitan areas.”

CONVENT, LA—Central Crossing and Convent Trace, two multifamily communities in Convent, will receive significant upgrades in light of grant funds totaling $462,000 from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Home Federal Bank. The St. James Parish Housing Authority (Housing Authority) received a $252,000 Affordable Housing Program (AHP) grant for Central Crossing and $210,000 for Convent Trace from the banks this year. “With a $25 billion backlog in rehabilitation needs for public housing across the country, St. James Parish Housing Authority is no exception. Both AHP grants provide much needed leverage to develop quality housing for its residents,” says Art Schuldt, president of Housing Solutions Alliance.