This Week's Atlanta Deal Sheet
The studio where the latest Marvel series and movies, such as WandaVision and Ms. Marvel, were filmed is getting an Avengers-sized expansion.
The owners of Trilith Studios, formerly known as Pinewood Atlanta Studios, have applied with the Georgia Department of Community Affairs to expand the Fayetteville studio campus from nearly 700 acres to 913 acres, with an additional 4.7M SF of studios, production space, warehouses, office and retail, as well as 55 new housing units.
Once completed in 2032, Trilith and its surrounding mixed-use area would encompass nearly 7M SF, making it one of Georgia's largest film and media production facilities.
The plans for expansion come after a banner media production year in the state. According to the Georgia Film Office, productions spent $4.4B in the 12 months ending in June, a new industry record. The activity involved 412 productions, including 32 feature films, 269 TV and episodic shows, 42 commercials and 32 music videos.
Trilith Studios is where much of The Avengers series was filmed, and it is hosting the production of the upcoming Black Adam feature film and Hawkeye and She-Hulk: Attorney-At-Law series. Last year, MBS Equipment Co. announced that it was opening its East Coast headquarters on the campus.
DEVELOPMENT
Toro Development Co. purchased the former Reid's Body Shop site in Reynoldstown as it gets ready to break ground on The Reid, a 186-unit apartment development at 952 Memorial Drive along Atlanta's BeltLine Eastside Trail. Fifteen percent of the units are slated to be reserved for renters earning 80% of the area median income.
Construction is set to start in the first quarter of 2023 and deliver by the third quarter of 2024.
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AFB International announced this week that it plans to invest $79M in a new manufacturing facility at Muscogee Technology Park in Columbus, about 100 miles south of Downtown Atlanta. The project is slated to add 100 new jobs over the next five years, Gov. Brian Kemp's office announced.
AFB makes and sells flavoring ingredients for pet food companies. Georgia Department of Economic Development Project Manager John Soper led the talks for the state, along with the Greater Columbus Chamber of Commerce, Georgia Power and Georgia Quick Start.
SALES
Colorado-based Koelbel and Co. acquired Northridge Center I and II, a two-building, 189K SF office complex at 365 and 375 Northridge Center Road in Sandy Springs, from Pacific Oak for an undisclosed sum. The center last sold in 2017 for $20.3M, according to Fulton County Board of Assessors records. The county values both buildings at $21.2M.
CBRE Vice President Ryan Reethof and Executive Vice President Jay O'Meara brokered the sale for Pacific Oak. This is Koelbel's first purchase in Metro Atlanta.
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Jair Lynch Real Estate Partners and Nuveen Real Estate purchased two multifamily properties in Clarkston, Georgia, totaling 700 units. The Low-Income Housing Tax Credit portfolio includes Clarkston Station, a 356-unit complex on Montreal Creek Circle, and Woodside Village, a 360-unit apartment community at 3954 Memorial College Ave.
The seller is an LLC out of New Haven, Connecticut, according to DeKalb County Tax Commissioner data. The purchase price wasn't disclosed.
Woodside last sold in 2016 for $10.9M, and the county valued the property this year at $30.5M, according to county records. Clarkston Station last sold in 2016 for $15.4M and had a total value of $32.7M in 2022, according to records. Berkadia Senior Managing Director Paul Vetter brokered the sale.
PERSONNEL
Clinton Kurtz has joined H.J. Russell & Co. as a project executive, heading up efforts on industrial and mission-critical construction projects, including data centers. Clinton was an executive with Kajima Building & Design Group and JE Dunn Construction. The 20-year industry veteran will report directly to Russell Vice President of Operations for Construction Michael Swick, according to a press release.
CORRECTION, AUG. 5, 12:54 P.M. ET: A previous version of this article mistakenly reported that Black Panther: Wakanda Forever was filmed at Trilith. This article has been updated.
