A development team has been chosen for a project that would build an entertainment destination next to Mercedes-Benz Stadium. The Georgia World Congress Center Authority (GWCCA) is looking to repurpose the 11-acre Home Depot Backyard adjacent to the stadium. Located on the site of the former Georgia Dome, The Backyard serves as a prime parking and tailgating destination for Falcons and Atlanta United fans. The green space is also used to host community events.

The Atlanta Business Chronicle reports the team is comprised of Pope & Land Real Estate, Fuqua Development and architecture firm Nelson Worldwide. 

Pope & Land, Fuqua Development and Nelson Worldwide previously worked together on The Battery Atlanta, the mixed-use project surrounding the Atlanta Braves’ ballpark in Cobb County. 

The proposed development could span 250,000 square feet and aims to connect state-owned properties, including the Georgia World Congress Center, Mercedes-Benz Stadium and the Signia by Hilton Atlanta hotel, which opened in January.

Starwood Capital Group, Crescent Real Estate LLC and High Street Real Estate Partners completed the sale of the 1 Hotel and Embassy Suites in Nashville, Tennessee, to Host Hotels and Resorts, a lodging real estate investment trust. Numerous sources reported the sales price exceeded $500 million.

Opened in 2022, the dual-branded Nashville 1 Hotel and Embassy Suites consists of an 18-story 1 Hotel—Starwood Capital’s brand hotel—and a 30-story Embassy Suites by Hilton hotel tower. The development totals 721 rooms and more than 26,000 square feet of meeting space, including guest amenities such as the 1 Hotel’s spa, rooftop bar and event deck area and Embassy Suites by Hilton’s rooftop swimming pool, bar and event space.

Located on the corner of Demonbreun Street and 7^th Avenue South, directly across from Nashville’s Music City Center, the site is in the heart of Nashville’s downtown restaurants and entertainment venues and one block from Bridgestone Arena, home of the Nashville Predators, and host to numerous concerts and events.

Berkadia secured financing for the acquisition of Colonial Forest and Northwood Apartments, two garden-style multifamily properties with a combined 328 units located in Jacksonville. Both complexes have been the subject of numerous news stories reporting on the condition of the properties. The properties cost a total of $20.3 million.

Southeast Property’s Joe Rubin added, “We are very excited to have had the opportunity to purchase both assets at below-market pricing. We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville.”

Berkadia secured a $21.15 million bridge loan on behalf of Southeast Property. The fixed-rate, three-year loan includes $9.6 million for future capital expenditures. 

Built in 1969, Colonial Forest is located at 5928 Firestone Road. Built in 1975, Northwood Apartments is located at 1601 Dunn Avenue, just north of Downtown Jacksonville. The Chetrit Group was the seller.

The Atlanta Property Group (APG) sold a three-building office park near The Battery Atlanta for $14 million, after paying $22.3 million for the property in 2017. Woodside Capital Partners was the buyer of Shadowood at Powers Ferry Road.

APG financed the acquisition with a $19 million mortgage that was set to mature in December 2024 after one extension. Despite the sale at a 30% discount, The Atlanta Business Chronicle reports the company sold “in conjunction with its lender, and the firm remains well-capitalized.”

The three buildings in the complex total just under 200,000 square feet of space. They were built between 1975 and 1998. APG renovated the buildings’ lobbies, common areas and mechanical systems during its time as landlord. The building’s occupancies range from 73% to 80%.

Nearly $1.1 trillion worth of commercial mortgage loans are anticipated to mature before the end of the year, according to Goldman Sachs Global Investment Research.

A lot is known about the requirements of a Japanese life sciences project slated for Sanford, NC. Besides the expected investment by the company, it will create over 100 jobs at a new industrial park on 70 acres at Helix Innovation Park at the Brickyard. What’s not known is the name of the company. The Sanford City Council is set to vote on more than $3.86 million in incentives for the development.

Besides the city inducements, the Charlotte Business Journal reports the state is likely to give incentives to the project following approval of local incentives from Sanford City Council.

Sanford has drawn interest from other pharmaceutical firms. Pfizer (NYSE: PFE) operates a gene therapy manufacturing operation in Sanford and has also committed to expanding in the town. The drugmaker said the plant would employ about 300 people by 2025, growing the company’s headcount in North Carolina to more than 4,500 workers.

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