ATLANTA—Hotel Equities named four hospitality industry veterans to expand its executive team and implement the firm's strategic growth: Bryan DeCort as senior vice president of operations, Greg Presley as vice president of business development, Patrick Trainor as vice president of projects and facilities and Thomas Harrison as regional director of sales. “Expansion of our executive leadership team is mission critical,” said Brad Rahinsky, HE president and CEO. “We tapped top industry talent, bringing their knowledge, experience and passion for hospitality into a very strong and well-defined operational platform. We grow through results. That model, if done correctly continuously feeds itself.”

NORCROSS, GA—Commercial real estate investment banking firm George Smith Partners secured $58 million in financing for the acquisition and repositioning of two 1970s—1980s vintage workforce housing apartment buildings with 680 units in the Norcross submarket of the Atlanta metro area. George Smith worked on behalf of the sponsor, a private investor. Gary E. Mozer, a principal and co-founder of the firm, along with Michael Anderson-Mitterling, Katie Rodd, Kyle Howerton, and Nick Rogers, arranged the financing. The deal included $45 million in non-recourse acquisition debt and $13 million of joint venture equity.

FAYETTEVILLE, GA—Florida-based real estate investment group Grover Corlew completed the 30,195 square-foot Fayette Surgical Building located in Resurgens Park. The building, located at 1335 Highway 54 West, is 100% leased by Resurgens Fayette Surgery Center and Resurgens Orthopaedics & Spine Center. Grover Corlew recently completed an additional $2.2 million in state-of-the-art interior enhancements for both tenants. Grover Corlew broke ground on the Fayette Surgical Building in late 2016.

SMYRNA, GA—NAI Brannen Goddard brokered the sale of Five Points Business Center, a 45,960-square-foot single-story office/flex/warehouse/showroom property located at 1600 Roswell Street in Downtown Smyrna, Cobb County, GA. Managing director David Beak marketed the property on behalf of the seller, IC BP III Holdings XIX. The property sold for $3.25 million, $70.71 per square foot, and was 95% leased at the time of sale.

NORCROSS, GA—Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $55.35 million sale of Sienna Heights and Hickory Grove, two apartment communities located in Norcross, GA. Tyler Averitt and Robbie O'Bryan of Cushman & Wakefield represented the seller, Schorr Inve. “Sienna Heights and Hickory Grove are two great value-add assets in the ever-growing I-85 corridor,” says O'Bryan. “This was Comunidad's first acquisition in Atlanta, so their ability to gain immediate scale and efficiencies in one submarket was important. In addition, they can continue capitalizing on the renovation program that has already been proven by the seller.”

BUILDING BLOCKS

PLAQUEMINE, LA—Gov. John Bel Edwards highlighted the dedication of $2 billion in new chemical manufacturing investments by The Dow Chemical Company in Louisiana during a ribbon-cutting event at Dow's 3,300-acre Plaquemine site. Dow's expansion in Iberville and West Baton Rouge parishes, announced in August 2013, includes construction of two new polyolefin plants designed to produce next-generation synthetic rubber and high-performance polyethylene, along with 1 million square feet of warehousing. The investment also includes boosting Dow's ethylene capacity; a new command center for the company's hydrocarbons operations; and the restart of an existing ethylene unit in St. Charles Parish.

ATLANTA—Early this week in the Southeast saw Norcross in the spotlight, with this submarket dominating the deal flow. Construction updates and a hiring spree at Hotel Equities is also noteworthy.

BY THE NUMBERS

Atlanta Construction Update: TPA Group's Edison project made the cut twice, with building one delivering by the end of this month and building two by the end of 2017. The Braves' The Battery Atlanta building should be complete in October. (Source: Commercial Café)

NEWS & NOTABLES

ATLANTA—Hotel Equities named four hospitality industry veterans to expand its executive team and implement the firm's strategic growth: Bryan DeCort as senior vice president of operations, Greg Presley as vice president of business development, Patrick Trainor as vice president of projects and facilities and Thomas Harrison as regional director of sales. “Expansion of our executive leadership team is mission critical,” said Brad Rahinsky, HE president and CEO. “We tapped top industry talent, bringing their knowledge, experience and passion for hospitality into a very strong and well-defined operational platform. We grow through results. That model, if done correctly continuously feeds itself.”

NORCROSS, GA—Commercial real estate investment banking firm George Smith Partners secured $58 million in financing for the acquisition and repositioning of two 1970s—1980s vintage workforce housing apartment buildings with 680 units in the Norcross submarket of the Atlanta metro area. George Smith worked on behalf of the sponsor, a private investor. Gary E. Mozer, a principal and co-founder of the firm, along with Michael Anderson-Mitterling, Katie Rodd, Kyle Howerton, and Nick Rogers, arranged the financing. The deal included $45 million in non-recourse acquisition debt and $13 million of joint venture equity.

FAYETTEVILLE, GA—Florida-based real estate investment group Grover Corlew completed the 30,195 square-foot Fayette Surgical Building located in Resurgens Park. The building, located at 1335 Highway 54 West, is 100% leased by Resurgens Fayette Surgery Center and Resurgens Orthopaedics & Spine Center. Grover Corlew recently completed an additional $2.2 million in state-of-the-art interior enhancements for both tenants. Grover Corlew broke ground on the Fayette Surgical Building in late 2016.

SMYRNA, GA—NAI Brannen Goddard brokered the sale of Five Points Business Center, a 45,960-square-foot single-story office/flex/warehouse/showroom property located at 1600 Roswell Street in Downtown Smyrna, Cobb County, GA. Managing director David Beak marketed the property on behalf of the seller, IC BP III Holdings XIX. The property sold for $3.25 million, $70.71 per square foot, and was 95% leased at the time of sale.

NORCROSS, GA—Cushman & Wakefield's Southeast Multifamily Advisory Group arranged the $55.35 million sale of Sienna Heights and Hickory Grove, two apartment communities located in Norcross, GA. Tyler Averitt and Robbie O'Bryan of Cushman & Wakefield represented the seller, Schorr Inve. “Sienna Heights and Hickory Grove are two great value-add assets in the ever-growing I-85 corridor,” says O'Bryan. “This was Comunidad's first acquisition in Atlanta, so their ability to gain immediate scale and efficiencies in one submarket was important. In addition, they can continue capitalizing on the renovation program that has already been proven by the seller.”

BUILDING BLOCKS

PLAQUEMINE, LA—Gov. John Bel Edwards highlighted the dedication of $2 billion in new chemical manufacturing investments by The Dow Chemical Company in Louisiana during a ribbon-cutting event at Dow's 3,300-acre Plaquemine site. Dow's expansion in Iberville and West Baton Rouge parishes, announced in August 2013, includes construction of two new polyolefin plants designed to produce next-generation synthetic rubber and high-performance polyethylene, along with 1 million square feet of warehousing. The investment also includes boosting Dow's ethylene capacity; a new command center for the company's hydrocarbons operations; and the restart of an existing ethylene unit in St. Charles Parish.