This Week's Atlanta Deal Sheet
An Orlando real estate firm is planning to turn the former United Way office tower off Edgewood Avenue into an apartment building.
Parkway Property Investments has filed an application with the city of Atlanta to convert the 17-story, 1970s-era 100 Edgewood Ave., once the headquarters of the nonprofit United Way and a host of other nonprofit organizations, into 286 residential units in a mix of studio, one-, two- and three-bedroom market-rate units, according to the permit application.
The project is expected to include a dog run in the basement, coworking spaces, public balconies, a pool, retail spaces and a residential amenity clubroom.
Parkway purchased the building in 2019 for nearly $18M and said it planned to invest $45M to renovate the 306K SF building, the Atlanta Business Chronicle reported at the time. According to this week's application, residents would share 450 parking spaces at an existing parking deck with the Woodruff Volunteer Center just off Auburn Avenue in Downtown Atlanta.
SALES
JLL Income Property Trust has acquired the Northeast Atlanta Distribution Center, a 458K SF warehouse facility located in the McLure Industrial Park in Jackson County, for $54M. The building at 200 Thomas Parkway was built in 2016, according to Jackson County records. It is home to a tenant with a long-term lease with seven years left, according to a press release. JLL bought the property from 200 Thomas LLC, an entity that had purchased it in December for $25.7M.
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Westmount Realty Capital purchased 2121 Newmarket Parkway in Marietta, an 86K SF single-story flex office building that is part of the 37-acre Marietta Technology Center office park. The last listed owner was SLK Global America Inc. out of Dallas, according to Cobb County property records. The seller and price were not disclosed. The building last sold for nearly $3M in 2017 and was recently appraised as worth more than $6.5M. The nearly 40-year-old building is 87% occupied with 14 tenants, according to a press release.
Valsad Properties sold its 6025 Professional Parkway three-story medical office building in Douglasville for $7.2M, according to a CBRE press release. The 21,500 SF building — 20 miles west of Downtown Atlanta — is on the Wellstar Douglas Hospital campus and is anchored by Village Medical and is 97% leased.
CBRE Vice Chairmen Lee Asher and Chris Bodnar, Senior Directors Jordan Selbiger and Ryan Lindsley, First Vice President Sabrina Solomiany, Senior Vice President Zack Holderman and Senior Analyst Jesse Greshin brokered the sale. The buyer was not disclosed.
PERSONNEL
Kristine Maggio has been named the Southeast regional operating officer for Transwestern Real Estate Services. Along with East Region President Bruce Ford, Maggio is tasked with leading the strategy on service lines and business planning. She also will oversee marketing, research and administrative teams. Maggio joined Transwestern in 2014 as the director of marketing and most recently acted as executive vice president of administration and marketing.
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JLL named Ryan Fetz as vice president of the public institutions group in the Atlanta office, focused on government and higher education clients in the Southeast. Previous, Fetz was vice president of JLL Atlanta's tenant representation group. Fetz joined JLL in 2010.
