ATLANTA—This week in the Southeast saw strong reports coming out of Alabama. Atlanta still dominated the commercial real estate news but suburbs showed up.

BY THE NUMBERS

Huntsville accounts for 24% of Alabama's 10-year population growth and is expected to be the state's largest city by 2025. Today, the population of the Huntsville MSA tops 1.14 million with a median household income of $75,400. (Source: US Census Bureau)

Moody's (2016-2021) projects an infusion of nearly 30,000 residents in Huntsville by 2021—a 4.6% population growth. Since 2001, the city has added more than 39,000 net new jobs representing 62% of Alabama's overall job growth and pushing the workforce to a peak of 750,000. Approximately 100,000 vehicles travel University Drive and Research Park Boulevard daily providing exceptional visibility to tenants. (Source: Moody's)

NEWS & NOTABLES

NORCROSS, GA—Cushman & Wakefield arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment property in Norcross. Mike Kemether, Josh Goldfarb and Travis Presnell of CushWake represented the seller, Duck Pond Realty Management LLC. Broadtree Residential acquired the multifamily property. “Gwinnett County continues to be one of Atlanta's top performing submarkets, especially along the Interstate 85 corridor,” Kemether says. “With Gwinnett boasting a pro-business government, improving transportation infrastructure, a population of well over 1 million people, and minimal new multifamily development activity, The Reserve at Gwinnett will continue to perform well as one of the newest and nicest properties in the area.”

ATLANTA—Pollack Shores Real Estate Group appointed of Steven Shores as CEO. Marc Pollack will remain chairman, with a continued focus on strategic initiatives and deal generation in concert with Shores. “This is a long-planned transition for our company,” says Pollack, who co-founded the company with Shores in 2006. “Positioning Steven at the helm as CEO, with his focused approach and steadfast leadership, will ensure continued success for our firm.” Pollack Shores began the formal transition process last year with the promotion of Michael Blair to COO. Blair joined the firm in 2006 and led development efforts for the company.  Pollack Shores also promoted Brian Metzler to Blair's former position of managing director of development. Metzler will lead all development efforts for the company. Director of development Brian Oates, who will focus on the construction of projects, will assist him.

DEAL TRACKER

ATLANTA—Peachtree Station, a 106,372-square-foot, Whole Foods-anchored retail center in Chamblee, GA, has traded hands. The retail asset sold for $68 million, or $630 per square foot. Fain Hicks of Cushman & Wakefield's Retail Investment Sales Team represented the seller, S.J. Collins Enterprises, in the transaction. Sarofin Realty Advisors, an out-of-state institutional investor acquired the property. According to CoStar, there is only one other shopping center sale that reported a higher price in the past 12 months. That was PGIM Real Estate's sale of North Point Marketplace to CBRE Global Investors for more than $108 million.

ATLANTA—Landmark at Coventry Pointe, a 250-unit multifamily property in Lawrenceville, GA, has traded hands. Financial terms of the deal were not disclosed. CBRE Capital Markets arranged the sale of the multifamily asset, which is located at 100 Veranda Chase Drive. CBRE's Shea Campbell represented the undisclosed seller in this transaction. “Investors are flocking to suburban areas like Lawrenceville due to its population surge and offering of quality products like Coventry Pointe with enormous upside potential,” Campbell, senior vice president at CBRE Capital Markets, tells GlobeSt.com. “This community features some of the largest floor plans and is one of the few properties in the submarket that hasn't undergone wholesale interior renovations, providing a unique opportunity for the new owner.”

HUNTSVILLE, AL—Berkadia announced the $13.7 million sale of Malibu Apartments, a 241-unit garden-style multifamily property in the City of Huntsville. Senior director David Wilson and senior managing director David Oakley, both with Berkadia's Birmingham team, listed and sold the 40-plus-year-old property. Malibu Apartments, which was still managed and operated by the original developer Jerome Averbuch, was purchased by a California investor with family ties to Huntsville and apartment holdings in Alabama. The sale price: $56,846 per unit, which represented a record price for a multifamily property of this vintage in Huntsville.

MARIETTA, GA—Stan Johnson Company completed the sale of a 79,854-square-foot office building that serves as the corporate headquarters for MiMedx Group, a biomedical company. The institutional-quality asset, located at 1775 West Oak Commons Court, sold for $9.7 million. “This asset, which offered mission critical office and lab facilities, was sold under a net lease with five years of lease term remaining,” says Craig Tomlinson, senior director in Stan Johnson Company's Tulsa office. The office building was acquired by Boca Raton, FL-based private investor, Fields Realty. The seller was CapRidge Partners, a private equity firm based in Austin, TX, and both parties were represented by Stan Johnson Company's team of Tomlinson, John Zimmerman, and Ian Clements.

ATLANTA—Plymouth Industrial REIT acquired three single-tenant industrial buildings in Atlanta totaling 330,361 square feet for $11.425 million in cash. The industrial acquisition is projected to provide an initial yield of 8.3%. The industrial portfolio is occupied by three longstanding tenants with extended histories at the properties with excellent visibility and access to Interstate 20. The 198,000-square-foot 1665 Conyers Drive is leased to DiversiTech, a leading supplier of HVAC components. The 100,000-square-foot 1715 Dogwood Drive is occupied by Bio-Lab, a chemical and cleaning products company for the pool and spa industries. The 32,361-square-foot 11236 Harland Drive is occupied by Clairon Metals Corporation, a leading metal stamping company.

ATLANTA—Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC (Bridge), acquired a portfolio of 13 office buildings from Piedmont Office Realty Trust through its affiliates. The properties, which total more than 2.2 million square feet of office space, have a combined occupancy of 76%. The office buildings acquired are located close to major thoroughfares and provide easy access and short commute times from a large professional job base.

BUILDING BLOCKS

NASHVILLE, TN—Hensler Development Group and South Florida-based Stiles will co-develop Peabody Union, a mixed-use, luxury commercial and residential project in Nashville. Peabody Union will establish a new Design District on approximately five acres along the Cumberland River on the northern bluff of Rolling Mill Hill. Peabody Union's new retail space will feature a mix of flagship anchors, health and fitness concepts, local artisans and an eclectic array of signature restaurants. These tenants will offer an experiential mix of fashion, food, fitness and fun.