A Tennessee higher education institution focused on producing medical professionals is expanding into Atlanta with the purchase of three suburban office buildings.
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Lincoln Memorial University bought three mid-rise buildings next to the District at Chamblee and Mercer University’s Atlanta campus, with plans to open its first location in the Metro area, the college told Bisnow.
LMU paid nearly $22M for 2835 and 2877 Brandywine Road, a four-story, 59K SF building and a five-story, 131K SF building, and 2900 Woodcock Blvd., a four-story, 87K SF building, in Chamblee from two separate landlords, according to sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database.
“With these purchases, LMU is preparing for the extension of additional health sciences programs for the Atlanta market, including medical and other health professions education,” university spokesperson Rachel Worley said in an email. “The acquisition of these three buildings will provide LMU with the physical capacity to execute on these goals.”
Ohio-based Boyd Waterson Asset Management sold 2900 Woodcock and 2877 Brandywine, while an LLC attached to Atlanta-based Parkside Partners sold 2835 Brandywine, according to records.
LMU’s main campus, which opened in the late 1800s, is located off the Cumberland Gap Parkway in Harrogate, Tennessee. The institution also has campuses in Knoxville and Chattanooga, Tennessee, as well as Virginia, Kentucky and Tampa, Florida.
Worley said LMU’s expansion is designed to help alleviate a physician shortage in Georgia, especially in osteopathic medicine, and improve coverage of rural and underserved communities.
“This is more than a real estate investment. It is a long-term investment in healthcare education, workforce development and improved access to care,” she said.
SALES
Sagard Real Estate purchased 5070 Philip Lee Drive, a 401K SF warehouse in the Atlanta Fulton Industrial submarket, for around $30M, a spokesperson for the company told Bisnow.
An LLC tied to SkyREM sold the property to Sagard after obtaining a $100M loan from Truist Bank backed by 5070 Philip Lee and two other properties, according to Fulton County records. SkyREM snagged consumer goods-maker Kittrich in a long-term renewal at the facility last year.
Sagard purchased the facility on behalf of its open-end core-plus real estate fund. It includes four contiguous warehouses on 15.5 acres.
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Atlanta-based multifamily giant RangeWater appears to be jumping into the redevelopment of North DeKalb Mall.
RangeWater purchased a portion of the mall from Edens Realty for $15.3M, according to sales tax records in the Georgia Superior Court Clerks' Cooperative Authority database. It wasn’t immediately clear what specific plans RangeWater has for the parcel, but DeKalb County property records describe it as a multifamily site.
Edens has been working on North DeKalb Mall’s redevelopment, dubbed Lulah Hills, since 2024. Multifamily developer Crescent Communities is developing a 303-unit apartment complex, and Empire Homes is building a 92-unit for-sale townhome project there, according to Decaturish. Earlier this year, L.L. Bean announced plans to open its first Georgia store at the site.
ASSIGNMENTS
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Insignia tapped Newmark’s Craig Kalinowski and Brad Kirschner to head the leasing for 2727 Paces Ferry, a 640K SF, 18-story office tower in Vinings. Insignia is spending eight figures to refurbish and reposition the property as a mixed-use destination.
Insignia bought the two-building property, formerly called Paces West, last year for nearly $22M, the Atlanta Business Chronicle reported. It was the headquarters for Piedmont Healthcare until the medical provider moved to Atlantic Station.
PERSONNEL
CBRE’s office leasing heavy-hitter Ellen Stern is joining Atlanta’s largest office landlord.
Stern was named senior vice president of leasing at Cousins Properties Inc., taking over for Bill Hollett, who retired this past summer, the Atlanta Business Chronicle reported. Stern is joining the leasing team that includes Jeff Dils, Emily Holmes and Cameron Bloodworth.
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Jim Chapman Construction Group named Brandon Woods assistant vice president of land acquisition for the build-to-rent developer, tasked with finding new sites for potential BTR projects.
Woods previously worked for ResiBuilt and ResiCap, focused on BTR, multifamily and mixed-use projects.
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JLL hired John Topping as a senior director for its multifamily housing investment sales platform, joining Peter Yorck, John Weber and Nick Brown in the Atlanta office. He will report to Richard Reid.
Topping, who started his career with Marcus & Millichap, most recently served as senior director at Global Real Estate Advisors in Atlanta.
LEASES
CIM Group snagged Park Bench, the interactive dueling piano bar, for a 2K SF space at its $5B Centennial Yards development in Downtown Atlanta. Park Bench, which operates its home location in Buckhead, will occupy space in Centennial Yards’ Entertainment District, which is home to Cosm, Shake Shack and The Irish Exit.
LaVista Associates’ Ed O’Connor and Mindy Elms brokered the transaction, according to Centennial Yards Development’s Brian McGowan.
FINANCING
1031 CF Properties secured a $21M loan for its acquisition of Oaks at Eagle’s Landing, a 122-unit assisted living and memory care facility in Stockbridge, from Old Second National Bank. The project, which includes 54 assisted living units and 32 memory care units, is located at 2700 Patrick Henry Parkway.
JLL’s Sam Dylag, Erik Von Hamm and Caroline McClelland arranged the financing for 1031 CF Properties, while Old Second National’s Don Clark, Jack Slovick and Damir Milos provided the loan.
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Kimco Realty Corp., along with an unnamed joint venture partner, obtained more than $154M in financing for a six-property, 1.3M SF retail portfolio in California, Arizona and Georgia from JPMorgan Asset Management.
The portfolio includes North Decatur Station, an 89K SF Whole Foods-anchored shopping center in DeKalb County. JLL’s Chris Drew, John Marshall, Wells Waller, Jarrod Howard, Gabriel Davenport and Preston Bacon arranged the financing.
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