Middle Market Digest: Early This Week in the Southeast.

Early this week in the Southeast saw some interesting statistics come out of Atlanta's office market. Meanwhile, Wood Partners has set its multifamily development sites on Midtown Atlanta.

BY THE NUMBERS

The largest amount of office square footage to come online in Atlanta, 600,000 square feet, will be in Selig Enterprises' 1.1 million-square-foot Works at Chattahoochee by the end of the year, closely followed by Cousins Properties' Spring @ 8th with 485,000 square feet of office, also in December. (Source: Commercial Café)

DEAL TRACKER

POOLER, GA—Greystone Brown Real Estate Advisors has closed on the sale of Oglethorpe Square, a 160-unit apartment community, for $18.095 million. Bo Brown and Steve Mack of represented the buyer and seller in the transaction. Constructed in 2006, the multifamily asset is a gated community within close proximity to historic Savannah, GA. “Bringing this fractured condo back together for a sale was a challenge, but it ultimately presented an incredible opportunity for the buyer to acquire a quality asset with substantial room for value-add,” says Mack. “The greater Savannah region is seeing rapid growth, and the Pooler market is certainly benefiting from its proximity to such a desirable city,” he added.

CONYERS, GA—ShopOne Centers REIT acquired Conyers Commons, a 118,420-square-foot shopping center in Conyers. The greater-Atlanta shopping center is anchored by Ross Dress for Less and Target, and also features national tenants including FedEx Office, Mattress Firm, Panda Express and Kirkland's Home. Conyers Commons, a property featuring two buildings on a 12.5-acre site with historically strong occupancy, is located along US Route 20, a major north/south travel artery in Georgia. Conyers is known for its world class equestrian facility and it is also a popular filming location for movies and television shows due to the scenic and historic town. The area enjoys a strong demographic profile with a median household income that exceeds the national average.

ATLANTA—Trammel Crow Company and partners Huntington Industrial Partners and Ascentris sold Fairburn 85 Distribution Center, a class A, speculative industrial building totaling 317,520 square feet to GLP US Management LLC. The ownership team acquired the 29.73-acre land site, which is located in the Interstate 85 South Atlanta submarket, in 2014. “This was our first speculative industrial development in Atlanta this cycle, and we couldn't be more pleased with the quality of the building, the strength of the I-85 submarket and the partnership we shared with Huntington and Ascentris,” says Mark Dishaw, principal of Trammel Crow's Atlanta business unit.

BUILDING BLOCKS

ATLANTA—A boutique, high-rise apartment building, Piedmont House, is coming winter 2018 to Midtown Atlanta. Wood Partners is building the multifamily project with 198 penthouse-inspired, lease-only residences overlooking Atlanta's beloved Piedmont Park. The property is on the western edge of the park at 205 12^th Street. “There is so much momentum in Atlanta right now, with a renewed focus on Midtown in particular,” says Bennett Sands, development director with Wood Partners. “From the Atlanta Beltline to Piedmont Park, thousands of new jobs are being created annually, and residents are building their lives around Midtown. Piedmont House is an extension of this momentum. By combining the lifestyle and amenities of a luxury condominium building with the flexibility of a lease, we hope this venture elevates the standard for boutique in-town living.”