This Week's Atlanta Deal Sheet: Lucid Opening Third Atlanta Coworking Location
A coworking operator is opening a third Metro Atlanta location, this time in the tony Buckhead neighborhood.
Lucid Private Offices has applied with the city of Atlanta to do interior build-out work on two floors of 3379 Peachtree Road for its executive suites program. Lucid inked a deal for 30K SF in the nine-story building.
The deal comes on the heels of Lucid’s first location outside of Texas, which opened in Alpharetta in mid-February, Lucid Executive Director Tosha Bontrager told Bisnow in an email. Lucid also is opening a location in Cumberland this summer at Pennant Park.
The Buckhead location will be Lucid’s 26th location, most of which are in the Houston and Dallas-Fort Worth areas, but Bontrager said the firm is eyeing two more Atlanta locations and locations in Arizona.
Cresa principal John Pelletier and CBRE Senior Vice Presidents Kush Mirani and Dale Lewis brokered the deal.
DEVELOPMENT
Crescent Communities is in the process of adding a second phase to its Novel West Midtown apartment complex in the Blandtown neighborhood. Engineering firm Kimley-Horn and Associates submitted a permit application for a project dubbed Novel West Midtown Phase 2. Crescent, which is finishing up its 340-unit first phase of Novel West Midtown, plans on adding 250 units, retail and a parking garage, Crescent Director of Development Eric Liebendorfer told Bisnow.
Kimley-Horn, which also worked with Crescent on Phase 1, submitted applications to raze two small retail buildings at 1095 and 1121 Huff Road on May 18.
FINANCE
Private equity firm ACRE has refinanced its own construction loan on a 135-unit apartment complex in Savannah called The Lowe. The firm provided $26.5M in financing through its newest debt fund, ACRE Credit II, to MED Developers, which just delivered the new complex. JLL Managing Director John Gavigan arranged the deal.
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WRF Housing, a division of Hunt Cos., refinanced a former military community-turned-apartment project in Warner Robins. The firm secured a $52M Fannie Mae conventional loan for its 671-unit Huntington Village project. Lument Managing Director Steve Beltran arranged the loan.
Acadia Realty Trust has refinanced its Canton Marketplace shopping center for $36M with a loan from Voya Investment Management.
The 335K SF power center at 1810 Cumming Highway, which is 95% leased, is anchored by Dick’s Sporting Goods, Best Buy and T.J. Maxx and is next door to Target and Lowe’s. Acadia acquired the center in 2021. CBRE Senior Vice President Richard Henry, Director JP Cordeiro, and Vice Chairmen Mike Ryan and Brian Linnihan arranged the financing.
PERSONNEL
Selig Enterprise Chief Operating Officer Jo Ann Chitty has been elected as the chairperson of the board of directors for the Town Center Community Improvement District in Kennesaw. Chitty joined the CID in 2016.
