NEWS & NOTABLES

ATLANTA—Atlanta-based national staffing services firm Insight Global has signed a 175,000-square-foot office lease at Twelve24, a planned 16-story, class A transit-oriented building in Atlanta's Central Perimeter area. Trammell Crow Company and joint-venture partner CBRE Global Investors expect to begin construction of Twelve24 in summer of this year on a 3.94-acre site. Twelve24 will contain 334,00 square feet of office space and 11,000 square feet of ground-floor retail and restaurants. Delivery is expected Spring 2020.

BUFORD, GA—JLL Income Property Trust acquired Mason Mill Distribution Center, a newly-constructed 340,000 square-foot class A industrial property in Atlanta's northeast submarket located in Buford. The property is fully leased to a publicly-traded global pharmaceutical distribution company through 2027. The tenant invested heavily in the property which is a mission critical facility servicing the southeast region. The purchase price was approximately $31 million.

DEAL TRACKER

COVINGTON, GA—A joint venture affiliate of Tampa-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds acquired a $34 million Southeast multifamily portfolio comprised of three prime value-add assets. Included among the 604-unit, 565,282 square foot purchase were apartment home communities in: the Atlanta suburb of Covington, Ga.; Robinsonville, MS, near the Memphis-area casino resort Tunica, MS; as well as Dothan, AL. Cushman & Wakefield, Atlanta, brokered the transaction, and Ladder Capital provided debt financing for the purchase.

PORTLAND, TN—Equus Capital Partners' affiliate completed the acquisition of a four-building industrial portfolio totaling 1,332,420 square-feet located in Portland. The acquisition was made on behalf of Equus Investment Partnership X, a $361 million discretionary equity fund managed by Equus. The portfolio is located within Nashville's North industrial submarket and is within close proximity to Interstate 65, the main North-South thoroughfare in the greater Nashville and Middle Tennessee regions. At approximately 37 million square-feet of industrial space, Nashville's North Industrial submarket's tenancy includes names such Caterpillar, General Electric, Macy's, XPO Logistics, and Sun Products.

ATLANTA—HFF secured acquisition financing for Resurgens Plaza, a 402,929-square-foot, 26-story, class A office tower in the Buckhead submarket. The property is being acquired by a joint venture of Zeller Realty Group and Partners Group, the global private markets investment manager, on behalf of its clients. Located at Lenox Station, Resurgens Plaza is the only building in Atlanta with direct covered access to MARTA, which provides connectivity to the Hartsfield-Jackson Atlanta International Airport, residences in Brookhaven and Chamblee and the Midtown and Downtown business communities.

FLORENCE, KY—Huff, Niehaus & Associates, a member of Hotel Brokers International, brokered the sale of Microtel Inn & Suites Florence/Cincinnati Airport located in Florence. The three-story, 83-room hotel sold for $3.9 million. The hotel is ideally located at just off Interstate 75/71 in Florence, just minutes from Cincinnati/Northern Kentucky International Airport and roughly 15 miles from Downtown Cincinnati and riverfront attractions.

ATLANTA—Coro Realty Advisors sold Glenwood Park to Asana Partners. The sale includes 48,632-square feet of ground floor retail, which is a part of the Glenwood Park mixed-use community located off of Glenwood Ave. The property's tenant list includes: Kevin Gillespie's Gunshow, The Shed, Drip Coffee, Vickery's Bar & Grill, #1 Nails, Southern Smiles, RH Eyes, Relish Salon, Festivals Jerk Chicken Grill, The Body Well, Snap Fitness, Dry Cleaners and In-Town Pediatrics. Patti Pearlberg, partner and executive vice president at Coro says, “Coro experienced much success with Glenwood Park, taking it from 70% occupancy in 2014 to today's 94% because of the growth, energy and vibrancy taking place in the Glenwood/Memorial Drive corridor.”

ATLANTA—Jonathan Rose Companies, in partnership with Columbia Residential, purchased Edgewood Court Apartments in Atlanta's Edgewood neighborhood. Edgewood Court will be redeveloped with a $18 million capital budget. The garden-style community will continue to be affordable, with 100 percent of units designated for those at or below 60% area median income. Jonathan Rose Companies partnered with Atlanta-based Columbia Residential as a co-owner, co-developer and long-term property manager.

ATLANTA—Berkadia completed $39.6 million in combined sales for two properties in Georgia. Managing director Paul Vetter and senior director John McCalla of Berkadia's Atlanta office secured both deals on behalf of the seller, Asia Capital Real Estate Partners, based in New York. The deals closed in late 2017. Biscayne Apartments, a multifamily garden-style property in Atlanta was sold to Bloomfield Hills, Michigan-based Contour Development Group for $16 million. The team also completed the $23.6 million off-market sale of Eastwyck Village, a 436-unit multifamily property in Decatur. Berkadia also represented the buyer, Contour Development Group.

BUILDING BLOCKS

CUMMINGS, GA—Beazer Homes purchased 42 acres of land and will begin building Herrington, a 55-plus active-adult community in 2018. This multi-product, age-restricted community will feature four-story condominium buildings as well as single-family ranch homes in an amenity-rich setting. Herrington will provide a breadth of floorplan options and a vibrant lifestyle well-suited to those looking to downsize without compromising convenience, location, or individuality.