NASHVILLE—GBT Realty Corporation has added a new commercial real estate division. The Value-Add Division seeks retail assets where opportunity exists to improve performance and asset value. Joining GBT to lead this business line is retail real estate industry veteran Scott Porter. He brings nearly two decades of experience with both public and private entities to the table. The Value-Add Division adds to GBT's current business lines of Shopping Center, Net Lease and Diversified Development that combined have 3 million square feet of commercial real estate development currently underway in 22 states.

DEAL TRACKER

FITZGERALD, GA—Greystone's Real Estate Advisors' Affordable Housing group closed the sale of Fitzgerald Summit Apartments, an 84-unit Project-Based Section 8 elderly community in Fitzgerald, for $3.369 million. Greystone's David Garcia, Eric Taylor, and Aaron Hargrove represented the seller, FS Antelope. The buyer, MLG Construction, received acquisition financing from Greystone, a 10-year $2.64 million Fannie Mae loan. Located in south central Georgia, the asset is a 100% Project-Based Section 8 age-restricted property with 95% occupancy. The five-story property was constructed in 1979.

NASHVILLE—HFF secured $40.7 million in construction financing for the development of a new 201-room, 15-story Hyatt House hotel in Nashville's West End area. HFF worked on behalf of the developer, a joint venture between Atlanta-based Songy Highroads and a Hyatt affiliate, to place the construction loan with Citizens Bank. The HFF debt placement team representing the developer was led by senior managing director Ed Coco and associate Matt Casey. “This Hyatt House project is ideally located squarely in the heart of the West End's largest demand drivers,” says Coco. “Fundamentals for the extended-stay product continue to flourish in this incredibly strong submarket, and the collaboration between Songy Highroads and Hyatt will develop a best-in-class project to service this stable and growing demand.”

ALPHARETTA, GA—Colliers International's Atlanta-based Industrial Investment Services Group closed on the $21.2 million sale of Mansell Commons Business Park in Alpharetta, north of Atlanta. The nine-building property contains 223,251 square feet of office, showroom, retail and warehouse space. Mimms Investments, based in Roswell, GA, purchased the property from Atlanta Property Group. Dennis Mitchell and Matt Wirth of the Colliers International Industrial Investment Services Group represented Atlanta Property Group in the transaction. Mansell Commons is located along Mansell Road in a strong office and retail corridor in the extremely tight North Fulton submarket.

BUILDING BLOCKS

MEMPHIS—IDI Gazeley's Crossroads Distribution Center, Building I is under construction and will be delivered in November 2017 to the Greater Memphis logistics market. The next facility, Building J, is slated to be 1,085,000 square feet and is scheduled to start construction mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. IDI Gazeley is Memphis' leading industrial developer with over 27 million square feet developed in the market. “Crossroads Distribution Center is a proven distribution location and a logistics asset for companies seeking the highest quality, state-of-the-art buildings to serve their supply chain needs,” says Tim Moore, senior vice president and regional director for IDI Gazeley's Midwest Region. “With approximately 200 acres remaining in Memphis, as the demand continues to grow, so will our presence in this competitive market.”

BATON ROUGE, LA—Provident Resources Group Chairman and CEO Steve Hicks announced Provident ProtonCare, a division of Provident Resources Group, will establish an $85 million proton radiation therapy center in Baton Rouge. Projected to open in the fourth quarter of 2019, the Louisiana ProtonCare Center will be located near the junction of Interstates 10 and 12 in Baton Rouge. Provident ProtonCare will create 95 new direct jobs at the Louisiana ProtonCare Center, with an average salary of $105,000, plus benefits.

Early this week in the Southeast saw Nashville rising up with commercial real estate activity. Georgia submarkets are also seeing some action.

BY THE NUMBERS

Quarterly multifamily sales volume in Atlanta was $25 billion, representing a 35.4% decline year-over-year, however this was mainly due to uncertainty throughout the market following the election. (Source: ARA Newmark)

NEWS & NOTABLES

NASHVILLE—GBT Realty Corporation has added a new commercial real estate division. The Value-Add Division seeks retail assets where opportunity exists to improve performance and asset value. Joining GBT to lead this business line is retail real estate industry veteran Scott Porter. He brings nearly two decades of experience with both public and private entities to the table. The Value-Add Division adds to GBT's current business lines of Shopping Center, Net Lease and Diversified Development that combined have 3 million square feet of commercial real estate development currently underway in 22 states.

DEAL TRACKER

FITZGERALD, GA—Greystone's Real Estate Advisors' Affordable Housing group closed the sale of Fitzgerald Summit Apartments, an 84-unit Project-Based Section 8 elderly community in Fitzgerald, for $3.369 million. Greystone's David Garcia, Eric Taylor, and Aaron Hargrove represented the seller, FS Antelope. The buyer, MLG Construction, received acquisition financing from Greystone, a 10-year $2.64 million Fannie Mae loan. Located in south central Georgia, the asset is a 100% Project-Based Section 8 age-restricted property with 95% occupancy. The five-story property was constructed in 1979.

NASHVILLE—HFF secured $40.7 million in construction financing for the development of a new 201-room, 15-story Hyatt House hotel in Nashville's West End area. HFF worked on behalf of the developer, a joint venture between Atlanta-based Songy Highroads and a Hyatt affiliate, to place the construction loan with Citizens Bank. The HFF debt placement team representing the developer was led by senior managing director Ed Coco and associate Matt Casey. “This Hyatt House project is ideally located squarely in the heart of the West End's largest demand drivers,” says Coco. “Fundamentals for the extended-stay product continue to flourish in this incredibly strong submarket, and the collaboration between Songy Highroads and Hyatt will develop a best-in-class project to service this stable and growing demand.”

ALPHARETTA, GA—Colliers International's Atlanta-based Industrial Investment Services Group closed on the $21.2 million sale of Mansell Commons Business Park in Alpharetta, north of Atlanta. The nine-building property contains 223,251 square feet of office, showroom, retail and warehouse space. Mimms Investments, based in Roswell, GA, purchased the property from Atlanta Property Group. Dennis Mitchell and Matt Wirth of the Colliers International Industrial Investment Services Group represented Atlanta Property Group in the transaction. Mansell Commons is located along Mansell Road in a strong office and retail corridor in the extremely tight North Fulton submarket.

BUILDING BLOCKS

MEMPHIS—IDI Gazeley's Crossroads Distribution Center, Building I is under construction and will be delivered in November 2017 to the Greater Memphis logistics market. The next facility, Building J, is slated to be 1,085,000 square feet and is scheduled to start construction mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. IDI Gazeley is Memphis' leading industrial developer with over 27 million square feet developed in the market. “Crossroads Distribution Center is a proven distribution location and a logistics asset for companies seeking the highest quality, state-of-the-art buildings to serve their supply chain needs,” says Tim Moore, senior vice president and regional director for IDI Gazeley's Midwest Region. “With approximately 200 acres remaining in Memphis, as the demand continues to grow, so will our presence in this competitive market.”

BATON ROUGE, LA—Provident Resources Group Chairman and CEO Steve Hicks announced Provident ProtonCare, a division of Provident Resources Group, will establish an $85 million proton radiation therapy center in Baton Rouge. Projected to open in the fourth quarter of 2019, the Louisiana ProtonCare Center will be located near the junction of Interstates 10 and 12 in Baton Rouge. Provident ProtonCare will create 95 new direct jobs at the Louisiana ProtonCare Center, with an average salary of $105,000, plus benefits.