Hotel Near The Battery Sold For Significant Haircut: The Atlanta Deal Sheet
An extended-stay hotel near the Atlanta Braves complex traded hands for nearly 30% less than its 2015 purchase price.
Hospitality Asset Procurers purchased the 149-room Hyatt House Atlanta/Cobb Galleria near the interchange of Interstates 75 and 285 and 2 miles south of The Battery Atlanta for $18.2M, according to records in the Georgia Superior Court Clerks' Cooperative Authority database.
Hunter Hotel Advisors’ Mayank Patel brokered the sale from an unnamed seller, according to the brokerage’s press release.
Cobb County property records show that an LLC tied to Virginia-based Savara Hospitality purchased the property in 2015 for $25.4M.
Atlanta-based Noble Investment Group and Interstate Hotels & Resorts opened the Hyatt House in 2013, marking the first of the hotel giant’s House brands in Georgia.
“The Hyatt House Atlanta/Cobb Galleria presented a rare opportunity to acquire an institutional-quality, extended-stay hotel in one of Atlanta’s fastest-growing submarkets,” Patel said.
SALES
Ginger Leaf Holdings LLC purchased Castle Creek Apartments, a nine-building garden-style apartment complex at 2435 Aylesbury Loop in DeKalb County, for $17.5M.
The seller was an LLC attached to Florida-based Infinity BH Property Management Service, according to the Georgia Superior Court Clerks' Cooperative Authority database.
Infinity BH purchased the property in 2015 for $8.4M, according to DeKalb County records.
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North Carolina-based Bell Partners acquired Rock Springs Village, a 558-unit garden-style apartment complex off Rock Springs Court in Druid Hills, for an undisclosed sum, according to a press release.
The previous owner was listed as Atlanta-based Jamestown, which bought the property in 2020 for $145M, according to DeKalb County records. The project, rebranded now as Bell Rock Springs, was completed in phases between 1987 and 2005 and is next door to the 110-unit Bell Morningside apartment community that Bell Partners acquired in 2022.
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New Jersey-based The Silverman Group sold 7555 Wood Road, a 336K SF warehouse in Douglasville, to construction materials supplier Chadwell Supply for $41.9M, according to the Georgia Superior Court Clerks' Cooperative Authority database.
Lee & Associates’ Billy Snowden brokered the transaction.
LEASES
All Strong Industries leased 176,400 SF at Newpoint Distribution Center on Breckinridge Boulevard in Lawrenceville.
Lee & Associates’ Billy Snowden and Willie Candler brokered the deal for All Strong, which is a window blind and home decor maker. NAI Brannen Goddard’s Nathan Anderson represented Panattoni Development, the landlord of the 451K SF facility.
DEVELOPMENT
Senoia-based Knoll Top Partners is proposing a $74M, 740K SF industrial park in Newnan, according to an application with the Georgia Department of Community Affairs. Dubbed Pearl Springs Industrial, the project will consist of four warehouses ranging from 101K SF to 242K SF, according to the application.
The Community Affairs Department reviews projects that will have a regional impact on infrastructure.
Pearl Springs at 873 S. Highway 29 in Newnan is expected to deliver in 2028.
