An Atlanta firm run by former Jamestown executives has acquired a landmark portfolio along the Atlanta BeltLine Eastside Trail.

Asana Partners sold Krog Street Market, part of the Krog District.

26th Street Partners purchased The Krog District, a 180K SF portfolio that includes Krog Street Market, for $210M from Charlotte-based Asana Partners, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database.

The properties include Atlanta Stove Works, SPX Alley and the Butler and Gravel buildings, according to the Atlanta Business Chronicle. It has a mix of more than 40 tenants in the Inman Park neighborhood, The Atlanta Journal-Constitution reported.

The sale comes seven years after Asana paid $45M for Krog Street Market and Atlanta Stove Works, according to the AJC. Asana subsequently bought SPX Alley for $19M, according to the publication. 

This isn’t 26th Street’s first purchase from Asana Partners. In January, the firm bought both Plaza on Ponce, which is home to Majestic Diner and Plaza Theatre, and Morningside Village for $67.5M.

26th Street Partners is run by CEO Shak Presswala, Chief Investment Officer Andrew Shaw and Chief Operating Officer Noah Peeters, who are Jamestown alums.

SALES

Greenwood Star Holdings purchased the 281-unit Parkside Apartments and the 96-unit Creekside Apartments in Doraville for a total of $47M, according to a press release. 

LHNH Parkside Apartments LLC sold Parkside Apartments, and LHNH Creekside sold Creekside Apartments. Both entities are tied to the same New Jersey address, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database.

LHNH Creekside purchased the Creekside Apartments in 2019 for $12.3M. Bisnow couldn’t locate property records for Parkside Apartments.

Greenwood Star bought both properties through its Greenwood Star Income and Growth Trust fund, according to a press release. Greenwood assumed a 3.6% Fannie Mae loan that is set to mature in August 2029, according to the release. 

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Atlanta-based Penler purchased Trace Midtown, a 290-unit apartment tower off Peachtree Street, for $94.3M in August, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database. Bisnow previously reported Penler’s acquisition spree in the Southeast, which included Trace, but the price wasn’t disclosed at the time. 

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GSL Properties picked up the 347-unit Manor Barrett apartment complex in Kennesaw for $106M and the 360-unit Town Laurel Crossing apartments in Buford for $110M. 

Both properties were developed and sold by Miami-based Related Group. The sale included a $137M Freddie Mac loan.

FINANCING

Courtesy of JLL

Highlands at Sweetwater Creek apartments in Duluth

Greystar refinanced a three-property multifamily portfolio owned in a joint venture between Myers Apartment Group and Torchlight Investors. The properties include the 290-unit Highlands at Sweetwater Creek off Satellite Boulevard in Duluth and the 200-unit Symphony at Suwanee Creek off Peachtree Industrial Boulevard in Suwanee. 

A third apartment complex in Austin was part of the $125.5M floating-rate loan.

JLL’s Gerard Sansosti, Peter Rotchford, Nicco Lupo and Clayton Ross arranged the financing on behalf of the owners. 

PERSONNEL

Retail brokerage firm TSCG tapped Kris Murphy as vice president of landlord services in Atlanta. She had been working for Columbia Properties, where she served as director of leasing and totaled more than $75M in transactions during her career. 

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Duke Realty alumnus Chris Brown has joined the industrial developer Dermody as senior vice president, tasked with hunting for new investments in the Southeast. Brown, who spent more than 26 years at Duke before joining Constellation Real Estate Partners in 2023, will also assist in leasing and asset management for Dermody.

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Avison Young tapped Jay Johnson as principal and executive managing director of the firm’s healthcare services. A 30-year CRE vet, Johnson will lead Avison Young’s healthcare division and is tasked with growing its market share across the U.S.

Johnson was formerly the national director of healthcare markets for JLL. 

DEVELOPMENT

Thompson Thrift is developing Autry at Tulip Grove, a 300-unit apartment community in Buford. The 10-acre property at 1325 Laurel Crossing Parkway will include two fitness centers, a heated swimming pool, an outdoor pavilion with a gas fireplace, a golf simulator, a pet spa and a 24-hour social club, according to a press release. 

The developer expects to open units to residents in January.

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Underwood Ammo plans to develop a $41M manufacturing facility in Effingham County, a development that could create 120 new jobs, Georgia Gov. Brian Kemp announced this week. 

The rifle- and handgun-ammunition maker will break ground next year and develop the facility at the Savannah Portside International Park. The size of the facility wasn’t disclosed. 

Georgia Department of Economic Development Project Manager Connor Hall led incentive negotiations on behalf of the state.

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Atlanta-based RangeWater Real Estate broke ground this month on The Greene, a 300-unit apartment complex in Downtown Lawrenceville. The 21-acre site at 1032 Buford Drive is just north of the Gwinnett County Jail complex.

RangeWater is partnering with Brazil-based Kinea on the project. The Greene will offer one-, two- and three-bedroom units and will feature a resort-style pool, biergarten, coworking spaces and a dog park, among other amenities, according to a press release.

The Greene is scheduled to open in the first quarter of 2027.

LEASES

Global pediatric healthcare system Shriners Children’s has leased 159K SF at Science Square Labs in Midtown, the Atlanta Business Chronicle reported. The nonprofit healthcare operator will manage its research institute and occupy several floors of the facility, according to a press release.

Shriners will bring more than 470 jobs to the facility.

The deal brings the 368K SF lab and office tower to 83% leased. The facility, developed in 2024 by Trammell Crow Co., is part of Georgia Tech’s Science Square innovation district. At full build-out, the district can house 1.6M SF of lab and office space. 

CBRE’s Eric Ross, Jessica Doyle and Graham Little brokered the deal for Trammell Crow. 

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Burger purveyor Shake Shack leased 3K SF with CIM Group for space at Centennial Yards, the $5B, 50-acre mixed-use development rising on the former Gulch site in Downtown Atlanta. The eatery is expected to open in 2026 at Centennial Yards’ 470K SF entertainment district. 

CORRECTION, OCT. 9, 5:30 P.M. ET: A previous version of this story contained an incomplete sales price for the Krog District. The story has been updated.

The Trepp CMBS Delinquency Rate continued its upward trend in October 2024, increasing 28 basis points to 5.98%. Year over year, it’s up 135 bps. 

In October, all major commercial property types saw monthly delinquency rate decreases or remained unchanged, with the exception of office, which saw a 101-bp increase. Industrial held steady from September at 0.32%, multifamily delinquencies crept downward nine bps to 3.24%, lodging delinquencies fell 14 bps to 6.09% and retail delinquencies dropped 25 bps to 6.82%.

The office delinquency rate reached 9.37%, up from 8.36% in September and 5.75% a year ago. The last time the office rate breached 9% was in 2012 and 2013, when the overall CMBS delinquency rate reached an all-time high of 10.34% in July 2012. 

The office sector accounted for more than 60% of the newly delinquent loan amount in October, according to Trepp. Much of that was due to a single large office loan.

Aria Development Group, Largo and Place Projects have landed a $77M construction loan from Arkansas-based Bank OZK provided for a 105-condo project in Brickell, according to a release. The five-story development, called 2200 Brickell on the financial district’s Millionaire’s Row, is expected to break ground before the end of the year.

Courtesy of 2200 Brickell

Prices start at $1.2M for condos at 2200 Brickell, which is expected to break ground by the end of the year.

The development will replace 34 apartments on a 1.7-acre site that the joint venture acquired for $12.8M in 2021, according to property records. 2200 Brickell, designed by Miami-based Revuelta Architecture International with interiors by ODA New York, will offer condos from two to four bedrooms between 1,200 SF and 2,100 SF. 

Prices start at $1.2M and sales are being handled by One World Properties, which has offices in Miami, Fort Lauderdale and Shanghai.

Aria is a Miami-based development firm with projects in New York, Washington, DC, Miami, Nashville, Kansas City and Charlotte. Largo is based in New York and develops properties in Manhattan, Brooklyn and South Florida. Miami-based Place Projects is active in South Florida and on the Gulf Coast. 

FINANCING 

Neology Life Development Group refinanced a 192-unit apartment building in Allapattah with a $31.5M loan from Fannie Mae, according to a release. The loan has a 10-year term that includes five years of interest-only payments. 

The No. 17 Residences Allapattah, completed in April 2021 at 1569 Northwest 17th Ave., is billed as an “attainable luxury” development. Its one-, two- and three-bedroom apartments range from 600 SF to 1,125 SF. 

Berkadia South Florida brokers Charles Foschini, Christopher Apone and Shannon Wilson secured the financing on behalf of Neology, a local development firm led by Lissette Calderon. 

SALES

Nuveen sold the 415K SF office building at 801 Brickell Ave. in Miami’s financial district, according to a release, a week after the property was reported to be under contract. The buyers were New York-based Monarch Alternative Capital and Tourmaline Capital Partners, which has a CEO based in Philadelphia and staff throughout the U.S.

A price was not disclosed, but a source close to the deal told Bisnow that it sold for $250M, which would represent the highest price for an office asset to be achieved in South Florida this year. 

The property is 92% leased, according to the release, and renovation and repositioning have pushed from less than $60 per SF in 2018 to $120 per SF today. Nuveen paid $80.3M for the property in 2002, according to property records. 

Courtesy of Moris Moreno Photography

Rents at 801 Brickell Ave. have doubled since 2018. The property is 92% leased.

An Albanian conglomerate called Kastrati Group paid $55M for the SLS Brickell hotel, The Real Deal reported. Members of Qatar’s ruling family, the Al Thanis, were the sellers. The deal for the 124-key hotel, located at 1300 South Miami Ave., breaks down to $444K per room.  

Miami-based broker Jordan Karp represented both the buyer and seller in the transaction, with Disruptive Real Estate broker Stefano Santoro assisting Karp on behalf of Kastrati Group. 

Qatar’s ruling family acquired the hotel for $43M in 2018, according to property records. The 54-story tower designed by Arquitectonica was built in 2016 by Coconut Grove-based Related Group. 

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New York-based Related Cos. purchased a 320-unit, income-restricted rental community in Miramar from ZOM Living, a multifamily developer with more than 24,000 apartments nationwide, according to a release. The garden-style apartments, called Sorrento and located at 8991 Southwest 41st St., sold for $48M, Commercial Observer reported. 

ZOM built the 13-building development in 2012 with financing from the federal Low Income Housing Tax Credit program as well as state and county debt financing programs. Berkadia provided a $25M acquisition loan to Related for the purchase, according to Commercial Observer. 

Tenants must be making below either 50% or 60% of area median income in Broward County. Sorrento has units ranging from one to three bedrooms with rents between $826 per month and $1,382 per month. 

THIS AND THAT

Industrious opened its first Fort Lauderdale location Monday, the coworking firm’s seventh South Florida location and 12th in the state. The 44K SF location at 200 East Las Olas Blvd. includes 132 offices and 533 desks, according to a release.

The 282K SF office building is owned by the asset management subsidiary of Prudential Financial called PGIM Real Estate and Stiles, a Fort Lauderdale-based full-service real estate development firm. 

Avison Young broker Greg Martin represented PGIM and Stiles in the transaction, which was a management agreement. Industrious was represented by Cushman & Wakefield brokers Matthew Cheezem and Tyler Reynolds. 

Courtesy of Terra

Terra recently completed the 78K SF Doral Atrium retail center.

CONSTRUCTION & DEVELOPMENT

Miami developer Terra completed Doral Atrium, a 78K SF lifestyle-driven retail development on the northwest corner of Doral Boulevard and 79th Avenue, according to a release. 

The project, designed by Miami-based RSP Architects, is 65% leased with tenants including PNC Bank; Bonchon Chicken, a Korean fried chicken restaurant; Sushi Mas, a Japanese and sushi restaurant; UMARA, a nail salon and cosmetic franchise brand; TREMBLE Pilates Studio; and The Good Feet Store, a national purveyor of arch supports. 

Approximately 28K SF remains available for lease. 

Terra purchased the 3.9-acre site from an affiliate of Miami-based Banyan Street Capital in 2017 for $12.5M, the South Florida Business Journal reported at the time. 

LEASES

Frito-Lay signed a 131K SF lease at the under-construction Bridge Point Doral industrial development, according to a release and reporting from the SFBJ.

The snack manufacturer will occupy Building 6 upon its completion in mid-2024. Bridge Point Doral, on the corner of Northwest 107th Avenue and Northwest 41st Street, will include 2.6M SF of industrial space on a 175-acre parcel. The first section of the multi-phase development will total 1.2M SF. 

The owner and developer, Bridge Industrial, was represented in lease negotiations by Cushman & Wakefield brokers Wayne Ramoski, Gian Rodriguez, Skylar Stein, and Ivanna Leitner Perez. Jeff Hartsook and Adam Talbot of Cresa represented the tenant.

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Five retailers have agreed to open new shops on Miami Beach’s Lincoln Road, including two stores specializing in sweets. The five new tenants, according to the Lincoln Road Business Improvement District, are:

• HOKA, a footwear, apparel and accessories brand, recently opened in a 3,128 SF space at 701 Lincoln Road. The property was leased by Miami-based brokerage Comras Co.
• Luli Fama, a Latin-owned women’s swimwear brand, will open in late October in a 1,440 SF suite at 635 Lincoln Road. Comras Co. also handled leasing at the property.
• Candy retailer IT’SUGAR will open its 11th South Florida location in late October at a 2,751 SF space at 801 Lincoln Road.
• IT Italian Trattoria will open a 3,300 SF restaurant and bar before the end of the month at 1014 Lincoln Road.
• Turkish Delight, a purveyor of sweets sourced directly from Turkey, will open its first U.S. store in a 1,000 SF location on the pedestrian street. 

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Juvia, a luxury rooftop restaurant at 1111 Lincoln Road, is leaving Miami Beach for a 9K SF rooftop restaurant with a 7K SF outdoor patio on the 12th floor of Miami Worldcenter’s Block H development. The restaurant, expected to open by the end of 2024, will sit atop 50K SF of street-level retail and a 922-space public parking garage at 652 Northeast 2nd Ave. 

The 27-acre, mixed-use Miami Worldcenter is being completed in phases by a partnership between Art Falcone, the CEO of Boca Raton-based Falcone Group, and Nitin Motwani, managing partner at Fort Lauderdale-based Merrimac Ventures, in collaboration with investor and developer CIM Group. The project’s latest expansion includes four residential towers and an office building that were recently approved by the Miami Urban Development Review Board.