After $48M Sale, Sandy Springs Shopping Center To Be Redeveloped: The Atlanta Deal Sheet
An Atlanta investor is planning to raze a portion of a Sandy Springs shopping center to make way for multifamily.
The Ardent Cos. purchased Perimeter Pointe, a 360K SF retail center, from an LLC registered to Site Centers. The price was $48M, according to a press release.
In an announcement of the acquisition, Ardent said it planned to reposition the shopping center into a mixed-use destination prioritizing walkability and accessibility.
“This is a fantastic piece of Atlanta real estate that has been underutilized for some time,” Ardent partner Scott Werbel said in the release. “We see significant opportunity to refresh the tenant mix and add multifamily housing to the area, creating complementary uses that drive stronger utilization and long-term value.”
Ardent obtained a $29.1M loan from Ameris Bank, according to records filed with the Georgia Superior Court Clerks' Cooperative Authority database.
SALES
Buckhead Loop Hotel Partners LLC purchased the 220-room SpringHill Suites Atlanta Buckhead hotel from an LLC attached to Arlington, Virginia-based Northridge Capital for $19.2M, according to records in the GSCCCA database.
The SpringHill Suites is the only select-service high-rise hotel in Buckhead, according to Hodges Ward Elliott, the firm that brokered the transaction. It spans 11 stories.
HWE Senior Vice President Michael Tormey said the new ownership plans a “comprehensive capital plan” on the guest rooms, meeting spaces, public areas and amenities.
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Boston-based Marcus Partners purchased Creekside Distribution Center, a 539K SF warehouse in East Point, for $49M from Taurus Investment Holdings, according to GSCCCA database records.
Taurus purchased the property in 2022 for $51.5M.
According to Marcus, Creekside was 77% leased. Walmart leases more than half the building with 304K SF. Portable storage container company Pods Enterprises leases another 110K SF and has a little more than a year left on the lease, according to JLL marketing material.
JLL’s Dennis Mitchell, Britton Burdette, Jim Freeman and Maggie Dominguez brokered the sale.
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Georgia Power purchased its own corporate headquarters at 241 Ralph McGill Blvd. for $43M from a limited partnership tied to Boston-based Winthrop Capital Advisors, the Atlanta Business Chronicle reported.
Newmark’s Justin Parsonnet, Jay O’Meara and Ryan Reethof brokered the sale.
“We were able to purchase the main 241 Ralph McGill Boulevard building at a price well below what we believe is the value of the property, especially considering the investments we have made over the years,” Georgia Power spokesperson Jacob Hawkins told the ABC in a statement. “We already owned the physical land and other portions of the complex, and this completes our ownership.”
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Arkansas-based Core Equity Partners picked up Stone Mountain Festival, a 352K SF shopping center at 1825 Rockbridge Road from Brixmor Property Group for $20.1M, according to records filed with the GSCCCA database.
The center is anchored by Walmart, Hobby Lobby and NCG Cinemas.
DEVELOPMENT
Data center operator QTS is seeking to build 2M SF of data center space on more than 300 acres west of Veterans Parkway in Fayetteville, according to a development of regional impact application filed with the Georgia Department of Community Affairs.
The application lists the name of the data center as ATL2 East.
QTS looks to deliver the project by 2029, according to the application.
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Local development firm Carter is eyeing the redevelopment of Northside Plaza apartments and its surrounding parcels for a mixed-use project, the Atlanta Business Chronicle reported.
The site, next to Mercedes-Benz Stadium, is owned by companies associated with Atlanta Falcons and Atlanta United owner Arthur Blank. It includes a surface parking lot, Northside Plaza and a small retail strip center.
Carter Senior Vice President Joseph Severin wrote in a letter to the city of Atlanta that the property at 441 Markham St. would be “focused on residential and retail uses that will support the long-term growth and activation of the surrounding area.”
PERSONNEL
Brennan Investment Group has tapped Andrew Mazey as senior vice president for its Atlanta office while continuing to run operations in Nashville. In the new role, Mazey will seek investment opportunities in Atlanta and Nashville, where he has sourced more than $200M in investments since joining the firm in 2023.
Mazey will join Atlanta’s five-person team that includes Senior Vice President Victor Segrest.
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Highwoods Properties named Grace Thompson director of leasing, tasked with co-leading the leasing team alongside John Grimsley for its 5.5M SF Atlanta portfolio.
Thompson was most recently with Foundry Commercial.
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Casey Barber joined Boston-based Marcus Partners as senior vice president, opening the firm’s new Atlanta office. Barber will join Andrew Dolinsky in seeking Southeast investments for the firm, which in May acquired the Heights at Shadowood, a 287-unit apartment complex in the Cumberland/Galleria area.
Barber joined Marcus from RPM Living and has closed more than $8B in assets during his career.
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Retired EY partner Joseph King has been named to the board of managers for the apartment rental company ECI Group and will serve as its chair of the audit committee. King retired from EY in 2025 after almost 40 years in its professional practice group.
FINANCE
Developer River North Real Estate Partners scored a $33.5M construction loan to launch the first phase of a build-to-rent community in LaGrange. Called Canopy Crest, the first phase will include 152 units at the intersection of Young’s Mill Road and Hammett Road, a little more than 2 miles from Downtown LaGrange.
The project will feature duplexes, detached homes and ranch-style houses as well as a host of amenities. JLL’s John Davis, Hunter Goldberg and Hamp Gibbs helped arrange the three-year, floating-rate loan.
