Jamestown Reveals Vision For Proposed Mixed-Use NHL Stadium: The Atlanta Deal Sheet
What does it take to lure an NHL expansion team to Metro Atlanta?
The developer of the iconic Ponce City Market is betting it will take a 4,000-seat music hall, a 500-seat movie theater, a 400-room full-service hotel and nearly 1M SF of retail and dining spaces.
And a stadium, of course.
Jamestown filed a zoning application with the city of Alpharetta last week to redevelop North Point Mall into a 20,000-seat NHL stadium and mixed-use destination. The move comes a month after New York Life Insurance Co., owner of the beleaguered suburban mall north of Atlanta, tapped the Jamestown team to handle the entitlement and predevelopment process of the mall’s rebirth.
The project would also include a 45K SF conference center, a 300-room hybrid flex-stay hotel, 750K SF of offices, more than 1,300 apartment units and 16 acres of parks, plazas and trails, according to a press release.
Alpharetta also submitted Jamestown’s plans for a development of regional impact review with the Georgia Department of Community Affairs.
“Our plan combines an NHL-ready arena, a vibrant public realm, year-round programming and a balanced mix of retail, dining, office, hospitality and housing to create a walkable destination that serves Alpharetta,” Jamestown Director Frances Bohn said in the release.
Jamestown and New York Life are competing against a group led by Krause Auto Group CEO Vernon Krause to create a $3B mixed-use project with an 18,500-seat NHL-ready stadium in south Forsyth County.
While Atlanta-area developers hope the third time’s the charm for an NHL team in the area, the NHL itself has yet to commit to bringing a hockey franchise back to Atlanta.
DEVELOPMENT
CP Group plans to transform its office buildings at Piedmont Center into a Class-A medical office destination as part of the park’s redevelopment plan.
The development group has targeted Buildings 9 through 12 off Piedmont Road, collectively known as The Fountains at Piedmont Center, into a healthcare nexus.
The goal is to fill “a market gap for large blocks of space for private practice groups and large health systems to expand their footprints,” CP founding partner Chris Eachus said in a press release.
CP is on track to deliver a full floor of speculative medical office space ranging from 2,600 SF to 6,500 SF for quick move-ins.
CBRE’s Garrett Benefiel and Adam Butler have been tapped to lease the development, which is being dubbed Buckhead Medical Center.
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California-based Griffin Capital Co. broke ground on University Parkway, a 345-unit apartment community off Georgia Highway 316 in Gwinnett County, the major route that heads to Athens and the University of Georgia, Urbanize Atlanta reported.
The developer plans three- and four-story multifamily buildings with high-end amenities just east of Gwinnett County Airport. The project is expected to deliver in 2028, according to Urbanize Atlanta.
SALES
Minnesota-based Onward Investors picked up a pair of Alpharetta office buildings out of foreclosure for $19.5M, according to the Georgia Superior Court Clerks' Cooperative Authority database. That is less than half what the previous owner paid for them in 2019.
Onward acquired 800 and 900 North Point Parkway, a 306K SF office park off Old Milton Parkway and Georgia 400 from the foreclosure process of previous owner The Simpson Organization.
Simpson originally purchased the 21-acre campus from Blackstone Group for $45M, the Atlanta Business Chronicle reported.
In December, Onward sued Simpson in the Superior Court of Fulton County to appoint a receiver, accusing the former landlord of defaulting on two loans backed by the office complex for more than $25M.
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Partners Capital, the investment arm of Partners Real Estate, purchased Powers Ferry Business Park, a 26-acre, 262K SF office park a mile and a half from The Battery Atlanta at Truist Park, from an affiliate of EpiCity for $46.1M, the Atlanta Business Chronicle reported.
Partners bought the property, which is more than 90% occupied, via its newly created fourth opportunity fund, according to a press release.
PERSONNEL
Partners Real Estate has named Sherri Wilson a partner in the Atlanta office, joining the firm’s retail services team. A more than 20-year veteran in the industry, Wilson was most recently senior vice president at JLL.
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Newmark hired James Wilber as senior managing director of the Atlanta office, tasked with multifamily investment sales brokerage. Wilber, who has completed some $10B in deals over his career, previously worked at Cushman & Wakefield.
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Atlanta-based apartment giant Cortland has tapped Jennifer Glasgow as vice president of brand strategy, tasked with leading the firm’s residential experience.
An alum of the hotel giant InterContinental Hotels Group, Glasgow most recently worked as managing director with hospitality consulting firm Modiv Group.
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Newmark snagged industrial leasing veterans Michael Bennett, Jim Bob Taylor, Matt Skole and Kaleigh Schlosser from Cresa.
Bennett and Taylor were named vice chairmen, while Schlosser and Skole are senior managing directors. Bennett and Taylor combined have completed more than 70M SF of leasing in their careers.
Skole is a former MLB player who was with the Chicago White Sox in 2018 and 2019.
LEASING
Belgium-based storage firm EAE USA Inc. leased nearly 800K SF at Gordon Logistics Center, a 1M SF distribution facility in Adairsville, northeast of Atlanta. The deal brings the property, owned by Thor Equities Group, to fully leased.
Late last year, Thor refinanced Gordon Logistics with a $71.7M loan.
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Atlanta Golf & Social, an eatertainment establishment with golf simulators, has leased 4K SF at Southern Post, a mixed-use development in Downtown Roswell, the Atlanta Business Chronicle reported.
Virginia-based AH Realty Trust, formerly known as Armada Hoffler, is the landlord at the mixed-use project that includes 95K SF of loft office and 40K SF of restaurant and retail space.
