OA Development Buys Vinings Office Tower: The Atlanta Deal Sheet

OA Development, an Atlanta investment firm looking to bulk up its office portfolio, bought a new Class-A tower near the home of the Atlanta Braves.

OA Development Inc. purchased 100 City View, an 11-story office tower that sits 1.5 miles south of Truist Park at The Battery Atlanta, from Granite Properties for $50.4M, according to a press release. The 250K SF building at 3330 Cumberland Blvd. is 91% leased to 26 tenants, including Murata Electronics North America Inc.

OA Development partner Brian Granath told Bisnow the purchase is the firm's second office acquisition over the past 13 months. It bought Sugarloaf Corporate Center, a three-building suburban office park in Gwinnett County, last year for nearly $32M, The Atlanta Journal-Constitution previously reported.

The property was developed by Pope & Land Enterprises at the turn of the millennium. Granath said Granite financially backed and co-owned the property with Pope & Land and eventually became the majority owner. This is the first time 100 City View changed hands, he said. 

Cobb County appraised its value at $41.5M this year.

Granath said OA Development is only searching for “best-in-class, relevant office” properties, ones that demonstrated leasing resilience through the coronavirus pandemic. 

“Two hundred thousand of the 250K SF [at 100 City View] has been re-leased since Covid,” Granath said. “It’s not a building with hangover.”

Cushman & Wakefield’s David Meline, Samir Idris and Burch Mixon brokered the sale. 

OA’s purchase comes weeks after it selected a buyer for 100 Ashford Center North, a 162K SF mid-rise office building in Central Perimeter whose potential new owner is looking to tear it down to make way for new housing, Bisnow previously reported. 

SALES

Bridge Logistics Properties, a subsidiary of Bridge Investment Group Holdings, purchased a two-building, 1.5M SF industrial complex in McDonough for an undisclosed sum.

The portfolio includes 150 Distribution Drive, a 760K SF warehouse that last sold in 2021 for $36.9M, according to Henry County records. The county lists the Henry County Development Authority as the previous owner, while real estate database Reonomy lists the owner as Texas-based The Tipton Group and Blackstone Inc.

The facility is occupied by packaging-maker Pregis, the AJC previously reported.

The other property is the 800K SF 201 Greenwood Court, which last sold to Link Logistics in 2017 for $39.5M, according to county records. The facility is fully leased, according to Bridge. The firm said in a release that it purchased both facilities below replacement cost, with rents 30% below market level.

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Provident Realty Advisors purchased 3000 Marconi Drive, a 252K SF industrial facility in Alpharetta, for $40.2M from JDM Partners, the Atlanta Business Chronicle reported. JDM bought the facility in 2015 from State Farm for $38.2M, according to Fulton County property records. 

The facility is fully leased to State Farm, according to Reonomy. 

Newmark’s Casey Keitchen, Collin BeVier, Barry Gabel, Chris Marchildon and C.J. Osbrink brokered the transaction, according to a press release. 

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Buckhead Athens Hotel LLC purchased the Hyatt Place Athens Downtown next to the University of Georgia for $51.4M from co-owners HP Athens LLC and Southern Hospitality Group, according to Athens-Clarke County property records.

HP Athens was the developer of the hotel.

The 190-room hotel is connected to The Classic Center event venue in Downtown Athens. Hunter Hotel Advisors’ Tim Osborne brokered the transaction, according to a press release. 

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New York-based investor WTWJ Holdings purchased a 3,300 SF standalone Whataburger restaurant in Acworth for $2.7M from AX-WDG Acworth, according to Cobb County records. The seller’s address is tied to Atlanta-based developer WDG, which developed the restaurant that opened in April. 

Whataburger has a 15-year corporate ground lease on the property, according to Marcus & Millichap. The firm’s Don McMinn and Andrew Koriwchak brokered the sale for WDG, while Marcus & Millichap’s Mark Ruble, Chris Lind and Zack House represented the buyer.

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Texas-based McDowell Properties, through an LLC titled BCM Atlantic Perimeter, purchased The Quinn at Perimeter apartments for $77M from CWS Capital Partners, the ABC reported.

The five-story apartment complex has 300 units and was built in 2009. CWS bought The Quinn, formerly known as Marq Eight, in 2017 for $60.5M, according to the ABC.

DEVELOPMENT

Atlanta-based Lynwood Group filed plans to build 558 apartment units, 73 townhouses, 13,500 SF of office, 16K SF of restaurants and 8,600 SF of retail, according to a Development of Regional Impact application filed with the Georgia Department of Community Affairs. The site of the proposal is between Georgia Highway 92 and Old Highway 92 in the southwest portion of Cherokee County.

The development, dubbed Woodworth Main, is projected to be completed by March 2030, according to the application. 

PERSONNEL

Ritu Chopra joined Atlanta-based retail brokerage firm Terrs Alma. The 25-year commercial real estate veteran previously worked with shopping center developer McArthur + Co., according to her LinkedIn profile.

Terra Alma also hired Sarah Gretzmacher, who spent more than a decade at Mimms Enterprises in Atlanta.