L.A. Group Buys Mansell Square Shopping Center for $5M

Pinehill Investments Inc. sold Mansell Square Shopping Center at 875 Mansell Road in Roswell, GA, to Los Angeles, CA-based Inspired Ventures for $5.39 million, or approximately $240 per square foot, with a 6.94% sellers cap rate.

Mansell Square Shopping Center is a Class C, 22,458-square-foot strip center constructed in 1985.

Tyson Glasser and Mark Cooley of The Shopping Center Group LLC represented the seller. Inspired Ventures was represented in-house.

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source: costar.com

Mixed-Use Project Set to Commence on Memorial Drive

Habif Properties closed on the multiproperty sale of an industrial building and an auto repair shop on Memorial Drive to Franco Defoor Properties for a total of $6.19 million, or about $92 per square foot.

The sale of the properties was part of an assemblage. They are being held for redevelopment as a mixed-use property, which will be called Memorial Station.

Memorial Station is set to break ground in the middle of 2008, and will include 65,000 square feet of ground floor commercial retail space with 200 to 250 apartment units above.

The proposed property is set at the center of Grant Park, Cabbagetown and Reynoldstown and more specifically at the Memorial-Glenwood Connector. It is also next to the first stop on the BeltLine, the Atlanta and West Point Station.

An additional property in the acquisition includes 269 Chester Ave.

Morris Habif represented Habif Properties in-house. Steven Franco and Wesley Defoor represented Franco Defoor Properties in-house.

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source: costar.com

Illinois Group Pays $8M+ for 1165 Northchase

Westminster Northchase LLC of Lake Forest, IL, purchased the Northchase Office Park 1165 Building in Marietta, GA, from CMD Realty Investment Fund III, LP for $8.4 million, or about $98.50 per square foot.

The 85,152-square-foot building, at 1165 Northchase Parkway, is on 5.31 acres and was completed in 1986.

There were no buyer or seller brokers reported for this transaction.

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source: costar.com

Lane, Griffin JV Adds $41M Multifamily to Portfolio

Waterton Associates LLC sold River Heights Apartments in Marietta, GA, to a joint venture of Lane Co., of Atlanta, and Griffin Realty Advisors for $40.7 million, or approximately $105,990 per unit.

River Heights includes one-, two- and three-bedroom units at 3702 River Heights Crossing. The 384-unit complex is Griffin’s first investment for its value-added fund. Interior and exterior renovations are planned.

The partnership will complete renovations of the first phase of apartments in early 2008, with the last group completed by November 2009.

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source: costar.com

Kimberly-Clark Takes Another 1.6M Sq. Ft. at SouthPort

Kimberly-Clark, the huge consumer and medical paper products conglomerate, agreed to take another 339,300 square feet in Oakmont Industrial Group's SouthPort Logistics Center. The firm plans to take occupancy of the expansion space during the second quarter 2008.

This lease follows the original 1,298,700-square-foot lease Kimberly-Clark signed last year in the SouthPort project. The expanded lease will total 1,638,000 square feet, making it one of the nation’s largest distribution centers under one roof in the country.

Oakmont Industrial Group President Richard Rider credited the spec project's financial backers and innovative design for securing the additional commitment from Kimberly-Clark.

"Our capital structure through strategic partnerships with Prudential Real Estate Investors and Hunt Investments allows us to embark on speculative projects of this size and scale," Rider said in a statement announcing the agreement.

SouthPort Logistics Center is located in the City of McDonough, approximately 30 miles south of Atlanta in the Henry County/I-75 submarket. The building provides immediate access to I-75 via Georgia Highway 20. The Henry County location is emerging as a preferred logistics node for goods brought in through the Southeastern seaports of Savannah, GA, Charleston, SC, and Jacksonville, FL.

Oakmont’s Atlanta-based design and construction team includes The Conlan Company (General Contractor) and Randall-Paulson Architects. Bank of America is providing the construction financing.

Veteran Atlanta industrial brokers Greg Haynes and Todd Barton of CB Richard Ellis represented Oakmont, while Kimberly-Clark was represented by Matthew Stauber of Colliers Bennett & Kahnweiler, along with Ben Logue and Price Weaver of Colliers Spectrum Cauble.

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source: costar.com