This Week's Atlanta Deal Sheet: High Street, Third & Urban Plan Sandy Springs Project
Trammell Crow Co.'s residential subsidiary is partnering with the team behind Westside Paper for a new mixed-use project in Sandy Springs.
High Street Residential and Atlanta-based Third & Urban are planning an 8.1-acre development called Hillcrest, the companies said in a press release. Hillcrest is slated to include 362 apartment units, 30 luxury for-rent townhouses and 18K SF of retail on the site formerly owned by the Sandy Springs United Methodist Church.
High Street, which is developing the apartments, plans to include a rooftop pool, a golf simulator, private movie screening room, sauna, fitness center, dog park and a "café-inspired work-from-home space," according to the release.
The project will rise along Mount Vernon Road and is scheduled to break ground this month and deliver in 2027.
Both developers have also recently announced other metro area projects. Third & Urban is redeveloping the Corporate Square office park in Brookhaven into a mixed-use destination. High Street broke ground in February on the Residences at Perimeter Summit, a 350-unit mid-rise apartment building in the Perimeter Summit office park, also in Brookhaven.
DEVELOPMENT
Digital Realty plans to build a 1.9M SF data center on 97 acres at Fort Gillem in Clayton County, according to a Georgia Department of Community Affairs filing. Digital Realty purchased the property in April for $120M from TPA Group, the Atlanta Business Chronicle reported.
The $2B project is expected to include two two-story buildings and a 10-acre power substation and be completed by 2028, according to the ABC.
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Atlanta-based Grand Etowah Partners is planning a mixed-use development with 2,950 residential units, 50K SF of retail, an 80-room hotel and 182 acres of recreational amenities, according to a Development of Regional Impact application. The project in Bartow County would be built on land owned by Willoughby Investments, according to the application.
The developer estimates it would have a $2.4B value at build-out, which is projected to be complete by 2035.
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RangeWater Real Estate broke ground this week on The Porchline, a 269-unit apartment complex in Downtown Lawrenceville. The development at 45 Railroad Ave. is being built in partnership with an affiliate of Dallas-based The Meridian Group and will include a 700-space parking deck in partnership with the city of Lilburn and the Lilburn Downtown Development Authority.
SALES
San Francisco-based Spear Street Capital purchased 1100 Peachtree from Manulife US REIT for $133.75M, the Singapore-traded REIT announced. Spear Street acquired the 28-story, 582K SF office tower in Midtown for a 20% discount from its 2016 purchase price of $175M.
Law firm Kilpatrick Townsend & Stockton is the anchor tenant in the tower. Spear Street obtained an $82.8M loan from an affiliate of Blackstone Real Estate Debt Strategies, the Atlanta Business Chronicle reported.
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CenterSquare purchased Liberty Village, a 14K SF shopping center in Braselton, according to a press release.
CMG Cos. owned the retail property, according to Barrow County property records, which don't yet reflect the sale. The fully occupied property is home to Chipotle, Chicken Salad Chick, Sage Dental and Tin Drum.
CMG purchased the retail center in 2022 for $3.6M, and the county appraised the property at $2.5M this year.
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Equity Residential is under contract to purchase eight Atlanta-area apartment complexes from Blackstone for $535M. The portfolio involves 2,064 units and includes Cortland Lex in Alpharetta, The Falls at Forsyth, Summit Crossing I and II and The Reserve at Summit Crossing, all in Cumming, The Lofts at Perimeter Center in Atlanta, The Drexel and The Heights at Perimeter Center, both in Dunwoody.
LEASES
Porter Logistics inked a 150K SF deal at Logistics Pointe in South Fulton, backfilling space recently vacated by another tenant. The third-party logistics firm already occupies 267K SF in the 650K SF facility at 504 Selig Drive. JLL’s Austin Kriz brokered the lease for Porter Logistics.
FINANCING
Spear Street Capital refinanced Summit Two, a 413K SF office building in Central Perimeter, with a $72M, five-year loan with RBC Capital Markets. The 18-story tower in the Summit Office Park overlooking Interstate 285 is 81% leased with Aprio, Beazer Homes and Zaxby’s as tenants. JLL’s C.J. Kelly and Hunter Goldberg arranged the financing.
PERSONNEL
CBRE hired Emily White as its property management market leader for Atlanta, tasked with business development and daily operations of the firm’s property management business and its 49.5M SF portfolio. White previously was executive vice president of industrial property management at JLL.
