Although the winter holidays come with an obvious slowdown in real estate activity, the Atlanta market has had its fair share of notable deals and landmark announcements over the past four weeks. Diving into the first innings of 2020’s debut quarter, here’s Commercial Property Executive‘s wrap-up of Atlanta must-knows for the past month:
1. DEAL – Apsilon Hotels acquires the 218-key Radisson Atlanta-Marietta.
Located at 4500 Circle 75 Parkway in Marietta, the property is adjacent to Interstate 75, close to the new Braves stadium, The Battery and the Dobbins Air Force reserve base. Monty Levy, Tom Huegel and Mike Armstrong from HREC Investment Advisors represented the seller, an out-of-state private equity firm.
2. DEAL – Clarion Partners buys Stockyards Atlanta for $70 million.
The adaptive reuse project, originally completed in the early 1900s, comprises three historic warehouses located at the corner of 10th Street and Brady Avenue in Midtown Atlanta. FCP and Westbridge Partners had purchased the asset in 2017 and transformed it into a mixed-use office and entertainment space.
3. DEVELOPMENT – Lidl plans 925,000-square-foot distribution center in Covington.
The regional facility is slated to become the discount retailer’s fourth in the U.S. and will cost $100 million to build. Situated alongside Interstate 20, the development will be 35 miles southeast of downtown Atlanta.
4. LEASE – Siemens inks 75,000-square-foot lease in Peachtree Corners.
The company’s new base, a two-building office park, is 22 miles northeast of downtown, just off Peachtree Industrial Boulevard, at 3567 Parkway Lane. Siemens will relocate from Lakeside at Peachtree Corners, situated less than 2 miles away.
5. LEASE – NearShore Technology to relocate in the city core.
The software company is setting its headquarters at the 765,600-square-foot, newly opened Cora building in downtown Atlanta, where it intends to open an innovation hub. Located at 771 Spring St. NW, in the metro’s Technology Square, the tower is within walking distance of the Georgia Institute of Technology.
6. PEOPLE – Stan Johnson Co. names new managing director.
The company selected Margaret Caldwell for its Atlanta office. Caldwell is a specialist in both acquisitions and dispositions of multi-tenant retail shopping centers and brings more than two decades of real estate experience to the role.
BONUS READ: Avison Young’s 2020 forecast for the metro’s real estate market paints blue skies across asset classes, with a couple of clouds on the horizon. While the general pace of growth may slow down, Atlanta remains highly dynamic. Read more about it here.