Emory Takes Over Proton Center For $82M: The Atlanta Deal Sheet
Emory University has acquired a cancer treatment center that houses a 90-ton cyclotron after its original owner filed for bankruptcy.
Emory paid $82M for the Emory Proton Therapy Center at 615 Peachtree St. from Georgia ProtonCare Center, according to sales tax records filed in the Georgia Superior Court Clerks' Cooperative Authority database.
The center’s assets include the 107,500 SF facility, adjacent parking deck and more than 2 acres of land. Emory said in February a bankruptcy court designated it the stalking horse bidder of the facility, according to a press release. In bankruptcy proceedings, a stalking horse is the debut bidder selected by the court to set a floor on pricing.
The Atlanta Business Chronicle reported that Emory paid $101M after closing costs and settling bankruptcy-related debt. While previously owned by Georgia ProtonCare, Emory operated the facility.
Since opening in 2018, Emory Proton — located a block from Emory University Hospital Midtown and the Winship Cancer Institute at Emory Midtown — has treated more than 5,800 patients, or around 100 per day, according to Emory. The cyclotron uses positively charged proton particles to deliver targeted radiation therapy to cancer tumors.
According to The Bond Buyer, the bondholders of the $550M in tax-exempt bond debt for the project will only get reimbursed for a portion of that initial outlay with the sale.
LEASES
Luxury fashion boutique Jeffrey has leased and opened its 3K SF store and 1K SF styling lounge at Buckhead Village. The store, located at 3070 Bolling Way, marks the return of shop owner Jeffrey Kalinsky to Atlanta.
Kalinsky opened his first high fashion boutique in Buckhead in 1990 and eventually expanded into New York City in the Meatpacking District and a third store in Palo Alto, California, by 2018. But during the pandemic, Kalinsky shuttered all three locations.
FINANCING
Capital City Real Estate closed construction financing for Spivey Grove, a $78M, 318-unit apartment complex off Highway 138 and Spivey Road in Stockbridge. The project will include six garden-style buildings with a resort-style pool, fitness center, coworking lounge, dog park and gathering spaces.
The development will be in conjunction with CamWest Cos., with Protective Life Insurance Co. providing the financing. Terms of the loan were not disclosed.
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Core Spaces obtained financing from Affinius Capital to redevelop a defunct Downtown Athens hotel into a new student housing development, the Atlanta Business Chronicle reported.
Core Spaces, along with Mallory & Evans, will create Hub Athens, a $150M, 536-unit apartment complex with 1,656 beds targeting University of Georgia students, scheduled to deliver in 2028. Up until February, the property had operated as the 122-room Hotel Abacus since the 1970s. The site also houses a historic ironworks building that served as a restaurant and music venue.
Terms of the financing were not disclosed.
SALES
The family of Gayle Hamrick and Janie Hamrick Jacobs sold 22 acres in Cedartown for a Publix-anchored mixed-use development. Willow Capital Partners purchased the acreage from the Hamrick family, as well as a 1.4-acre parcel owned by Rent Home Today, for $4.78M, according to a press release by SSG Realty Partners, which brokered the transaction.
Three years in the making, the project will include a 45K SF Publix Super Markets store, 53K SF of retail and restaurant space, and nearly 8 acres of outparcel sites.
SSG’s Peyton Stinson and David Branch represented the Hamrick family, while Wildwood Property Group’s Rob Adamson represented Willow Capital.
ASSIGNMENTS
ESJ Capital has tapped Colliers’ Deming Fish and Kevin Driver to lease the five-building Sugarloaf Office campus in Duluth.
The move follows ESJ’s purchase of the 450K SF office complex from The Simpson Organization in March. Both Fish and Driver also leased the campus for The Simpson Organization, inking 190K SF of deals there in the past 18 months.
