DEAL TRACKER

SAVANNAH, GA—McCraney Property Company acquired 22 acres in Savannah to develop a 345,600-square-foot class A industrial building. The property, dubbed 95 Logistics @ Pooler Parkway, is well positioned at a “main and main” location for industrial growth with tremendous ingress/egress to Interstate 95 and Interstate 16, providing exceptional access to the Port of Savannah and major east coast distribution hubs. The proposed industrial development of 95 Logistics @ Pooler Parkway is a front-loaded building with 32-foot clear height, approximately 48 dock high doors, and 100 tractor trailer parking spaces. To mitigate lease-up risk, the building's design will allow for the option of subdividing the space for tenants ranging in size from 100,000 to 345,600 square feet.

ALPHARETTA, GA—Velocis acquired Parkway 400, a two-building, 194,664-square-foot class A office complex located at 11720 and 11800 Amber Park Drive in Alpharetta. Built in 2000 and 2001, the property is located in North Fulton County, one of Georgia's strongest economic and demographic areas. “The asset's accessibility and proximity to amenities, while offering competitive rates, give Parkway 400 the opportunity to fill a unique niche in the market,” says Jim Yoder, Velocis principal. “Due to the success we've enjoyed at Royal Centre One, our other property in the market, we felt very comfortable making another investment in the North Fulton submarket. While close in proximity, Parkway 400 and Royal Centre One offer tenants two distinct environments.”

NASHVILLE, TN—Transwestern has been retained to provide management services for the new ownership of One Century Place, an eight-story, 538,790-square-foot, class A office building at 26 Century Boulevard in downtown Nashville. Transwestern senior property manager Amber Pfeiffer will lead the management team. The building offers a full-service, upscale cafeteria and a 37,000-square foot conference facility. The building sits on 28 landscaped acres, offering an exceptional combination of location and amenities to an extremely tight office market. It is home to a significant operation for the investment-grade insurance firm Willis North America, as well as Sodexo, Asurion, Cummins and Kimberly Clark.

MILLBROOK, AL—Greystone Brown Real Estate Advisors closed on the sale of The Belmont in Montgomery, AL and Crossings of Millbrook in Millbrook, AL, for a combined $48.15 million. Walter Miller, Jim Jarrell, Cory Caroline Sams, and Bo Brown of Greystone Brown Real Estate Advisors advised the buyers and sellers for The Belmont and represented the seller for The Crossings at Millbrook. Both deals closed within a few days of each other. Crossings of Millbrook, acquired by PEM Real Estate Group for $24,400,000 on October 17, is a 240-unit property constructed in 2010. The Belmont, which was acquired by Anthos Properties for $23,750,000 on October 19, boasts 468 total units which were built in phases in 1988, 1996, and 1997 Anthos Properties estimates that $3 million will be invested in capital expenditures to renovate roofs, siding, piping and improving the property's amenities.

MCDONOUGH, GA—Cushman & Wakefield secured 505,000-square-foot lease for S&S Activewear at Midland Logistic Center in McDonough. Britt Casey of Cushman & Wakefield of Illinois represented S&S Activewear in the lease negotiation, and Cushman & Wakefield Atlanta's Strategic Consulting team secured incentives on behalf of the company. Lisa Pittman, Ray Stache and James Philpott of Cushman & Wakefield's Atlanta office represented the landlord, Scannell Properties, in the transaction. “The Atlanta facility marks critical progress in S&S's nationwide expansion,” says Frank Myers, COO of S&S Activewear. “The strategic location and sophistication of the new facility will allow us to provide our industry's best service and product to our customers in the South East.” The new warehouse, which is expected be operational in the second quarter of 2018, will create 300 jobs over the next four years, including warehouse, supervisory and management positions.

MOBILE, AL—HFF brokered the sale of and the acquisition financing placement for a 13-property portfolio of Courtyard by Marriott hotels totaling 1,913 rooms in Alabama, Arkansas, Arizona, Florida, Illinois, Kentucky, Ohio, Oklahoma and Virginia. The HFF team marketed the properties on behalf of the seller, Clarion Partners. Canada-based Skyline Investments purchased the portfolio unencumbered of the existing management contract and with a new 20-year Marriott franchise agreement. Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate loan with a global investment bank.

The portfolio properties are located in Midwest, Southeast and Southwest markets: Birmingham and Huntsville, Alabama; Little Rock, Arkansas; Tucson, Arizona; Fort Myers, Florida; Chicago, Illinois; Lexington, Kentucky; Dayton and Toledo, Ohio; Oklahoma City, Oklahoma; and northern Virginia.

BUILDING BLOCKS

ATLANTA—A joint venture between affiliates of Atlanta-based developer Songy Highroads, and Hyatt Hotels Corporation completed the acquisition of a site in Downtown Atlanta. Located at the corner of Luckie Street at Latimer Street, the site is situated directly across from the Georgia Aquarium and one block from Centennial Olympic Park. The abandoned two-story commercial building and public parking lot, which currently occupy two purchased lots, will be demolished. The site location offers front-door access to some of the city's best galleries, restaurants and attractions, notably, Centennial Olympic Park, which is undergoing an extensive $17 million renovation expected to be completed in early 2019. The site will be developed into a Hyatt Place hotel.