This Week's Atlanta Deal Sheet: Developers Wanted For Gun Club Park
The Atlanta Urban Development Corp. is seeking developers for a project at Gun Club Park, a decommissioned Atlanta park that has sat vacant for more than 20 years, Mayor Andre Dickens announced.
The city is seeking to turn the 44-acre site into an “amenity-rich, mixed-income community” where 40% of rental units would be set aside for households earning 50% to 80% of the area median income and 25% of the for-sale homes preserved at affordable prices, according to a press release.
The site, at 2140 Alvin Drive, is just northwest of Westside Park and 15 minutes from Georgia Tech and Atlantic Station, according to Urbanize Atlanta, a site that was once considered a public safety concern.
The city had previously approved a plan to sell the park to homebuilder Brock Built for a residential project, The Saporta Report reported in 2021, but the deal never materialized.
Submissions are due Feb. 14.
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Having completed two parking decks, Southeastern is now preparing to go vertical on its 321-unit apartment complex at 480 17th St. in West Midtown. The $90M project, called Urba ATL, will include 30K SF of retail on the ground floor of the two apartment buildings. The firm expects to break ground in the spring.
SALES
An entity tied to Atlanta retail developer Halpern Enterprises sold the Hightower Station retail center to an undisclosed out-of-state investor for $8.3M. The 56K SF property is anchored by Dollar Tree and Smart Academy Charter School. The property was valued at $6.6M last year, according to Fulton County records.
The buyer secured a 10-year loan at a 6.75% interest rate, according to Marcus & Millichap, whose Zach Taylor, Eric Abbott, Salim Valiani and Shujan Valiani brokered the sale while Garrett Fierstein arranged the financing.
LEASES
Paulson-Cheek Mechanical leased 52K SF at Jefferson Plaza, a 118K SF, seven-story office building at 3169 Holcomb Bridge Road in Norcross, CBRE’s Jessica Doyle announced on her LinkedIn page. The deal is an expansion for the company after it leased 27K SF at the building last year, Bisnow previously reported.
Doyle represented the landlord, ICM Asset Management, in the deal.
Asset Living signed a 27K SF sublease for office space at 6 Concourse Parkway, the famed 33-story King Building at Concourse Corporate Center in Central Perimeter.
Partners Real Estate’s Dan Boyles and CBRE’s Kush Mirani represented Asset Living in the deal, while Scotland Wright Associates’ Sabrina Gibson and Michael Tucker represented the sublandlord, accounting firm Warren Averett. The buildings are owned by Connecticut-based Building and Land Technology.
PERSONNEL
Stephen Clifton, Zach Wooten and Payton Maxheimer have joined Cushman & Wakefield in Atlanta to work for its office agency representation platform, jumping over from Transwestern. Both Clifton and Wooten were named executive directors, while Maxheimer was hired as an associate.
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Cori Nuttall joined Trinity Partners as its director of office leasing, moving over from Lee & Associates, where she brokered more than $100M in transactions in the Southeast. Nuttall is Trinity’s latest hire since entering the Atlanta market last year with the purchase of Atlanta Property Group’s real estate services division.
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Trammell Crow Co. promoted Scott Kirchhoff to principal in its Atlanta office to lead its apartment development business. Kirchhoff joined Trammell Crow in 2014 in Dallas before moving to Atlanta in 2022. During that period, he reaped $46M in development fees and $96M in profits for the firm.
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Coro Realty promoted Taylor Hill to senior property manager, tasked with overseeing tenant relations, property management and marketing and insurance for the firm’s entire portfolio. Hill, who has been with Coro for two years, previously was a property manager at The Shopping Center Group.
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Colliers tapped Chad DeFoor as senior vice president for the firm’s multifamily investment sales team. The 20-year CRE veteran previously served as a managing director at Capstone Cos. and has sold more than 37,000 apartment units valued at more than $2.6B since 2011, according to a release.
CORRECTION, JAN. 14, 1:15 P.M. ET: Stephen Clifton, Zach Wooten and Payton Maxheimer joined Cushman & Wakefield's office agency leasing platform, not its tenant representation business. The story has been updated.
