Walker & Dunlop arranged a $176 million credit facility for seven single-family rental communities in various neighborhoods within the Atlanta, Georgia, MSA.

The Walker & Dunlop New York Capital Markets team, led by Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Ianno, Jackson Irwin, and Christopher de Raet, arranged the financing on behalf of institutional investors advised by J.P. Morgan Asset Management. Brookfield Asset Management’s Real Estate Credit group provided the financing. 

The portfolio consists of 709 homes totaling 1.4 million rentable square feet across seven different communities, all situated within a 30- to 55-mile drive from Atlanta’s central business district. Located in Atlanta’s most sought-after suburbs, including McDonough, Loganville, Cartersville, Hoschton, Dallas, and Jefferson, the portfolio features a mix of 3-, 4-, and 5-bedroom homes with a variety of amenities.

Third & Urban acquired Northridge Commons, a seven-building, 470,000-square-foot flex industrial campus in Sandy Springs. The Dilweg Companies was the seller. While the most recent sales price was not disclosed, the campus last sold for $51.5 million in 2019. 

Tenants at the project include Pontoon Brewing Co., an Inspire Brands innovation center, and Invitation Homes, a subsidiary of Blackstone. The 38-acre campus is on Dunwoody Place, located off Roswell Road south of the Chattahoochee River.

Northridge Commons is currently 83% leased. Third & Urban said it will reposition some of the office spaces to attract more flex industrial users. 

Third & Urban is known for its creative urban infill projects, such as Common Ground, Westside Paper and Armour Yards. It has also proposed overhauling a sprawling, aging office park on the doorstep of the new Children’s Healthcare of Atlanta campus. The firm’s pipeline encompasses 3.2 million square feet valued at $1.4 billion.

A battery manufacturer has withdrawn plans for a $2.6 billion factory on 360 acres in Coweta County and must now repay money granted to it by local and state governments.

The Atlanta Business Chronicle reports Freyr Battery entered into an agreement to sell its 368-acre site south of Newnan to an undisclosed buyer for $50 million. The property is at Interstate 85 and Bethlehem Church Road, south of the Newnan-Coweta County Airport. Freyr purchased the property in late 2022 for $42.2 million.

Freyr had announced its Georgia project in 2022, promising over 700 jobs. It received a hefty incentive package and made Newnan its home base. Freyr has changed its business focus, moving into renewable energy.

In recent months, Coweta County has been the target of data center developers and homebuilders. A $17 billion data center proposal emerged in January, and a nearly 700-home project was pitched in November.

CBRE has arranged a $58 million senior loan and $9 million preferred equity investment to refinance The Blakely, a 420-unit multifamily community in Pendergrass, Georgia, 30 minutes northeast of Atlanta.

Blake Cohen and Charlie Clark with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, ARC Multifamily Group, in the deals. Fannie Mae provided the five-year fixed rate and senior loan, and Pensam Capital is the preferred equity investor.

Located at 542 Glenn Gee Road, the community was built on a 40-acre site in four phases beginning in 2022 and completing in July 2023. It comprises 10 residential buildings with one, two, and three-bedroom floorplans averaging 1,059 square feet. Community amenities include a clubhouse, two resort-style pools, a gaming room, a fitness center, a barn park and spa, and EV charging. 

Situated between I-85 and I-985 in Jackson County, the property benefits from the Atlanta Metro’s recent expansion.

Greenberg Gibbons paid $17.3 million for an 82,578 square foot shopping center in Tucker, just outside Atlanta. Northlake Square was the seller along with property management firm, Barnhart Commercial Management. 

Constructed in 1988, Northlake Square is 98% occupied with a mix of national and local retailers and anchored by ALDI, Best Buy and Mellow Mushroom.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Jim Hamilton, Brad Buchanan and Andrew Kahn.

Tucker is an established Atlanta submarket that is experiencing tremendous growth and transformation. “The acquisition of Northlake Square demonstrates the market’s appetite for well-positioned, grocery-anchored retail centers within growing submarkets of major metros,” Hamilton commented. “The center’s strong tenant mix, led by ALDI and Best Buy, combined with its strategic location make it a valuable addition to any diversified portfolio.”

Portman Holdings wants to convert an Alpharetta office park into a mixed-use development. Portman is asking the town to let him rezone about 20 acres of the Brookside office campus along Old Milton Parkway, not far from the Avalon development. The property includes two 5-story office buildings known as Brookside I and II.

According to plans submitted to the state and city of Alpharetta, Portman wants to redevelop the campus with more than 300 apartments, dozens of townhomes and retail space. The project would retain one office building or about 130,000 square feet. 

The Atlanta Business Chronicle reports Portman has the property under contract. Portman’s project is set to go before the planning commission and city council in April 2025. If it gets rezoning approval, the redevelopment could kick off in summer 2026.

Portman would join a host of developers looking at ways to revive outdated office properties across the metro area.

Steam Data Center has applied for a data center project near Douglasville with a Georgia planning agency. The development would consist of nine buildings, 150,000 square feet a piece, making up 1.3 million square feet under roof. The company is looking at land off Polk Road, about 4 miles west of Douglasville. The town is about a half-hour drive west of Atlanta.

The projects are huge power users and the Atlanta Business Chronicle reports Georgia Power estimates data centers will use 83% of the utility’s power generation in the next 12 years.

Google has already targeted Douglas County, investing more than $1.2 billion in the region.

Stream Data Centers, which is an affiliate of Stream Realty Partners, has projects in markets such as Chicago, Dallas, Houston, Phoenix and San Antonio. A site in West Atlanta that would span 246 acres and could be delivered in two years.

Sonida Senior Living Inc. paid $29 million for two senior living communities in the Atlanta area. The sale totals 178 units.

The assets have an average occupancy rate of 86% and average revenue per occupied room of more than $5,700. The deal will also give Sonida three assets in the Atlanta market. (Waterford at Decatur shown). Sonida intends to fund the transaction with cash on its balance sheet and proceeds from its senior secured revolving credit facility. 

The acquisition is the second purchase the company has announced in the past three months. Sonida also closed on a $102.9 million purchase of an eight-asset senior housing portfolio with 555 units across northern Florida and South Carolina. Once the purchase of the two additional communities closes, Sonida will have added 19 communities so far this year.  

The Company closed on an additional $75 million commitment under the senior secured revolving credit facility it entered with BMO Bank N.A.

Strategic Real Estate Partners is planning a 2.1 million-square-foot data center in Palmetto, Georgia. The project is expected to span 320 acres of land at 300 Johnson Circle in Coweta County. Developers are predicting a cost of $1 billion and believe build-out could take 15 years, finishing in 2036. The development, called Project Peach, will include eight data center buildings. The project is expected to kick off $3 million in tax revenue.

Project Peach will be located just four miles from Microsoft’s $500 million Azure data center campus. The area’s data center capacity has increased 76% since the beginning of the year. The region is slated to take the second position in the nation for data center development, following northern Virginia.

State lawmakers, leery of the amount of energy and water the facilities use, passed a law putting the brakes on future projects, but Governor Brian Kemp vetoed the legislation.