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Investors Pour Millions Into Armour Yards District

Investors Pour Millions Into Armour Yards District

Investors Pour Millions Into Armour Yards District

08/26/19

Investors continue buying in to the overhaul of Atlanta’s Armour Yards district.

The Ardent Cos. purchased three industrial buildings in the project for $14.7 million, or about $129 per foot. Ardent bought the properties from DH Pace, the parent company of Overhead Door Co.

Overhead Door will move out of the buildings at 279 Ottley Drive, and 221 and 219 Armour Drive by the fourth quarter. Then, Ardent will launch a multi-million dollar renovation to convert the buildings into creative office space.

Demand is strong in the district, Ardent Managing Director Scott Werbel said.

One reason: A long-range plan calls for the Beltline Northeast Trail to help connect the Armour Yards district to Piedmont Park. It may also link with other trail systems in the Armour Yards area. Meanwhile, interest from companies seeking office space in converted industrial buildings is growing.

“Our real excitement was always the Beltline coming through there,” Werbel said of Armour Yards. “We’ve seen what happened on the Eastside Trail. But, now we also see the demand growing for these types of buildings across Atlanta.”

Armour Yards is “beachfront property,” Werbel added.

Preferred Office Properties has invested heavily into the buildings of Armour Yards, a collection of industrial properties along Interstate 85 on the southern edge of Buckhead.

The first phase was developed by Third & Urban and capital partner J.P. Morgan Asset Management. The success of the project underscores growing demand tenants have for alternatives to standard glass office towers, which dot the Atlanta skyline from Buckhead to downtown.

The buildings are within walking distance of the popular SweetWater Brewery and ASW Distillery. Other tenants within the development include East Pole Coffee Co., Fox Brothers, Coyote Logistics, and Atlanta Track Club. Michael Anderson of Cresa Global Inc. represented The Ardent Companies in this transaction.

In working on the deal at Armour Yards, Anderson saw demand from professional services firms including doctors’ groups and law firms. They were once content to lease space in traditional office buildings.

Not anymore.

“There was a little over 200,000 square feet of interest prior to closing,” Anderson said. “This type of space is becoming popular across the entire country.”

Douglas Sams

Commercial Real Estate Editor

A t l a n t a B u s i n e s s C h r o n i c l e

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LPC Secures 20K-SF Office Lease In Norcross

LPC Secures 20K-SF Office Lease In Norcross

LPC Secures 20K-SF Office Lease In Norcross

06/26/19

Lincoln Property Company (LPC) secured a new office lease at Lakeside at Peachtree Corners, a three-building office park in Norcross. Cresa Partners’ Doug Wise represented the tenant, NanoLumens, in securing a 19,279-square-foot lease. LPC’s Matt Davis represented the landlord, The Ardent Cos.

Based in Atlanta, NanoLumens manufactures indoor and outdoor LED displays and video walls for private and commercial projects. The company will relocate its southeastern headquarters to 5390 Triangle Parkway, a 68,832-square-foot office building inside the park.

“Now 91% leased, we are thrilled to see the ongoing leasing activity and interest in Lakeside at Peachtree Corners,” said LPC’s Davis. “With easy access to upscale amenities and connection to Peachtree Corners’ booming Town Center development, Lakeside at Peachtree Corners will provide the perfect location for NanoLumen’s southeastern headquarters and position the company for success.”

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Wayfair Joins Terrapin At Ardent’s Mixed-Use Development In Athens

Wayfair Joins Terrapin At Ardent’s Mixed-Use Development In Athens

Wayfair Joins Terrapin At Ardent’s Mixed-Use Development In Athens

Wayfair Inc. is the latest company to bring new life back to the old General Time Corp. plant in Athens, Georgia.

The Boston online retail giant known for household goods will occupy a new customer support center on the site of the former General Time plant, which shut down almost 20 years ago.

Wayfair is investing $8 million in the project and creating up to 500 jobs, Gov. Brian Kemp announced June 19.

Now, more details are now emerging about the redevelopment. Wayfair will occupy a little more than 45,000 square feet in a new building on the site of former General Time property. It’s being redeveloped by The Ardent Cos. and Knotting Developments.

Architect McMillan Pazdan Smith will design the project.

Last year, Terrapin Beer Co. said it’s putting a new distribution center at the former plant, where it’s now occupying 68,000 square feet. The warehouse is across the street from Terrapin’s headquarters and brewery.

The entire adaptive reuse of the General Time plant will include 275,000 square feet of new offices, stores and restaurants and warehouse space along the Athens Perimeter and near the North Oconee Greenway.

In the lease for Wayfair, Ardent and Knotting were represented by Atlanta-based Pollock Commercial. Wayfair was represented by Site Selection Group.

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Harrison Design Signs 25K-SF Office Lease At Piedmont Center

Harrison Design Signs 25K-SF Office Lease At Piedmont Center

Harrison Design Signs 25K-SF Office Lease At Piedmont Center

06/24/19

Cushman & Wakefield and Tyler Real Estate Partners arranged a 25,000-square-foot lease with Harrison Design at Piedmont Center in Buckhead. Will Porter and Laura Power of Cushman & Wakefield represented the landlord, Ardent Cos., in the transaction. David C. Tyler Realty represented Harrison Design.

Piedmont Center is a four-building office neighborhood in Buckhead with 518,864 square feet of indoor-outdoor creative work space. Amenities include a courtyard with putting greens, bocce ball court and outdoor break-out spaces, as well as a fitness center, multiple on-site cafes, conference facilities, free parking, Bright Horizons Daycare and indoor tenant lounges.

“We are happy to welcome Harrison Design to the Piedmont Center campus family,” said Mike Guynn, managing director at Ardent Cos. “We have made strategic, user-driven investments across the newly unified Piedmont Center campus focusing on common area improvements, wayfinding, technology and cohesive connectivity, and it’s great to see these improvements are being well received by the market as well as the end users they were designed to benefit.”

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The Ardent Companies Buys Premier Multi-Tenant Office Building In Atlanta’s Buckhead Submarket For $58M

The Ardent Companies Buys Premier Multi-Tenant Office Building In Atlanta’s Buckhead Submarket For $58M

The Ardent Companies Buys Premier Multi-Tenant Office Building In Atlanta’s Buckhead Submarket For $58M

04/26/19

The property is located at 3535 Piedmont Road within Piedmont Center, a multi-building office park containing 2.1 million square feet on 52 acres in the heart of Buckhead. Buckhead has long been considered Atlanta’s preeminent office market due to its renowned neighborhoods and multitude of hotels, restaurants, nightlife and upscale retail offerings. Piedmont Center 14 is positioned on 4.9 acres within the park and features 18 stories of Class A office space that is 79 percent leased to tenants, including MagMutual, Change Healthcare, Kenzie Lane and NCC Media.

The HFF investment advisory team representing the seller consisted of senior managing directors Richard Reid and Ryan Clutter and managing directors Ralph Smalley and Huston Green.

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Ardent Cos. Buys Latest Piedmont Center Building, Becomes One Of Largest Buckhead Landlords

Ardent Cos. Buys Latest Piedmont Center Building, Becomes One Of Largest Buckhead Landlords

Ardent Cos. Buys Latest Piedmont Center Building, Becomes One Of Largest Buckhead Landlords

The Ardent Cos. is becoming an even bigger player in Buckhead’s office market.

The real estate investment firm recently acquired its latest piece of Piedmont Center, the sprawling office park at Piedmont Road and Georgia 400.

Ardent bought the 16-story Piedmont Center 14 building. It expanded Ardent’s holdings in the familiar Buckhead office park to 10 buildings, or about 1.7 million square feet.

In 2017, it bought five buildings in Piedmont Center (1-4 and 15) for $144 million. The year before, it acquired buildings 9-12 for $76.5 million.

The price of the Piedmont Center 14 transaction was not released. A warranty deed is not yet publicly available through the state’s online database.

Ardent has grown into one of Buckhead’s three largest office landlords, after Cousins Properties Inc. (NYSE: CUZ) and Highwoods Properties Inc. (NYSE: HIW).

It will be interesting to see whether Ardent makes a play for the only Piedmont Center buildings left that it doesn’t own. Granite Properties is the landlord of Piedmont Center buildings 5-8.

 

PATH Foundation plans to expand its PATH400 trail from Buckhead into the Perimeter area.

Something else to watch is the possible emergence of a tech corridor on Piedmont between Lenox and Roswell roads. Ardent would be a major influence on the corridor’s potential. Piedmont Center covers more than 50 acres. It can connect with the PATH 400 Greenway, a multi-use trail that weaves its way through Buckhead. Atlanta Tech Village, which houses many of the city’s upcoming technology startups, is also just a short walk from Piedmont Center.

The Piedmont Technology Corridor is an idea that started with Atlanta Tech Village creator David Cummings. He’s seen the potential for years.

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Terrapin Brewery Breaks Ground On Athens 35-Acre Development, Music Venue

Terrapin Brewery Breaks Ground On Athens 35-Acre Development, Music Venue

Terrapin Brewery Breaks Ground On Athens 35-Acre Development, Music Venue

Terrapin Beer Co. of Athens broke ground Thursday on an attractive mixed-use project that will build a big music venue, apartments and retail in Athens, Ga.

The beer company is the anchor tenant to activate the 35-acre space, part of phase one of the adaptive re-use project called ‘General Time.’

Terrapin, which has a brewery at 265 Newton Bridge Road directly across the street from the development site, signed a long-term lease for a 68,000-square-foot warehouse at General Time.

The project, which has been in the works for two and a half years, plans to include a 3,000-seat music venue, “maker space” for crafts people, around 100 apartment units, three to four restaurants, and retail space.

Atlanta Business Chronicle previously reported Terrapin needed more room and bought into the concept immediately.

“I’m excited for the continued success of a locally-based business, and even more so for activating a key part of the core of Athens,”  said Kelly Girtz, Athens-Clarke County District 9 & Incoming Mayor. “This is an area in which we will see public infrastructure investment and enormous private sector growth in the years ahead.”

The project site is a couple of miles from The University of Geogia at 100 Newton Bridge Road on the northside of Athens.

The development has been vacant for the last 17 years, and its proposed name General Time is a reference to the manufacturing facility previously located on the site.

“The development really named itself. We like the historical reference and how it illustrates the gathering space we are creating. A place where people will come to spend quality time together across a wide variety of activities”, said Michael Dinerman, CEO of Knotting Developments, one of the project’s developers, who has partnered with The Ardent Companies for this project.

Leasing efforts have started through Atlanta-based Pollock Commercial, and full-scale construction will begin by mid-2019.

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Atlanta’s High-Tech Buildings: Technology Powers Community At Piedmont Center

Atlanta’s High-Tech Buildings: Technology Powers Community At Piedmont Center

Atlanta's High-Tech Buildings: Technology Powers Community At Piedmont Center

10/18/18

Offering unmatched amenities and community in Buckhead, Piedmont Center affirms tech-forward offering with Wired Certification.

The Ardent Companies’ recent renovations at Piedmont Center are bringing new life to all 9 buildings in Buckhead. Newly named The Commons, The Fountains, and The Tower, Ardent is prioritizing in-building tech with features like multiple high-speed fiber providers and fixed wireless to meet the digital demands of the modern tenant. The Wired Certified Platinum properties within the campus will provide a seamless and dynamic experience for tenants to remain connected.

“We’re making significant capital improvements to Piedmont Center including a new pedestrian bridge to make the campus more walkable in addition to ride-share structures to improve ease of use for our tenants. Additionally, we asked Codesmith, one of our own tenants, to develop an app which creates an enhanced user experience across all the new amenities we are rolling out. Pairing a robust amenity mix with premium digital infrastructure ensures a seamlessly connected experience — whether someone is in the fitness center, outdoor workspaces, or actual office spaces, they can remain productive.”

– Mike Guynn, Managing Director, The Ardent Companies

Read more about WiredScore’s growth in Atlanta: 2 6 0 | 2 7 0 Peachtree Combine Top Tech with Unmatched, Walkable Location

About JD Jeske, WiredScore Head of Atlanta

JD leads the expansion of the Wired Certification in the Atlanta office market. He previously served as a Senior Associate at Avison Young where he specialized in tenant representation with a focus on technology and startups.

Want to learn more about Wired Certification in Atlanta? Contact us today.

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The Ardent Companies Buys Two Suburban Atlanta Business Parks For $41 Million

The Ardent Companies Buys Two Suburban Atlanta Business Parks For $41 Million

The Ardent Companies Buys Two Suburban Atlanta Business Parks For $41 Million

05/04/18

A 21-building portfolio of suburban Atlanta business parks has traded hands for $41 million.

The Ardent Companies acquired the 880,000 square feet of warehouse/flex properties. The two separate business park included nine buildings in Marietta’s Franklin Forest Business Park and another 12 in Norcross’ Northwoods Business Office Park.

Ardent paid about $47 a foot, or $41.4 million, according to people familiar with the transaction.

Managing Director Scott Werbel said the real estate company will start capital improvements to the properties and launch a strategy to attract new tenants.

Ardent acquired the portfolio in a partnership with Axonic Capital LLC and Taconic Capital Advisors LP.

Axonic is a New York based investment advisor founded by Clayton DeGiacinto in 2010. Taconic is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody.

Ardent has completed several large transactions over the past year, including an expansion of its ownership in Buckhead’s Piedmont Center, where it now controls nine buildings and 63 percent of the project.

 

Douglas Sams
Commercial Real Estate Editor
Atlanta Business Chronicle

From the Atlanta Business Chronicle: https://www.bizjournals.com/atlanta/news/2018/05/03/the-ardent-companies-buys-two-suburban-atlanta.html

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Can Smyrna Turn The Chattahoochee Riverfront Into A Destination?

Can Smyrna Turn The Chattahoochee Riverfront Into A Destination?

Can Smyrna Turn The Chattahoochee Riverfront Into A Destination?

01/19/18

By Meris Lutz – The Atlanta Journal-Constitution

Way down yonder on the Chattahoochee, Smyrna officials are hoping a public park and hundreds of new homes will transform the waterfront from an industrial corridor into a flourishing attraction.

While cities like San Antonio and Asheville have invested in their rivers with walkways, trails, restaurants and shops, the Chattahoochee remains largely undeveloped with limited accessibility. The ‘hooch is less of a meeting place than a border separating Cobb from Atlanta.

READ MORE: Acworth goat farm dropped from Cobb parks list amid money concerns

Today, the river is cleaner than its been in decades, and, some say, ripe for development.

“Our goal is to make sure we have a clean river and then after that we would love to increase access,” said Kevin Jeselnik, staff attorney for the Chattahoochee River Keeper. The organization won a lawsuit against Atlanta in the nineties that was instrumental in fighting pollution of the waterway.

But redeveloping the Cobb section of the river has proven difficult. Jamestown Properties, the investor behind Ponce City Market, spent nearly ten years working first with Cobb County and then the city of Smyrna to try to build Riverview Landing, a $300 million mixed-use development on 82 acres. It would have included more than 1,600 residential units in addition to office and retail space.

Last year, Jamestown sold the land to the Ardent Companies, which downsized the project significantly. The plan submitted by Ardent and approved by city council in March includes about 600 apartments, town homes and detached houses, and 3,000 square feet of commercial space.

Ardent and Smyrna are also in talks to deed 12 acres on the river to the city for a public park.

Neville Allison, a director at Ardent, said his company is committed to giving Smyrna a public park on the water, which would also serve as the “main draw” for the development.

“We think this is an incredible civic opportunity,” Allison said. “I think that a development of this size will absolutely spur additional development. It’s going to be a catalyst.”

The Riverview Landing project in Smyrna proposes hundreds of homes on the Chattahoochee. BOB ANDRES /BANDRES@AJC.COM

Allison said the decision to scale down was based on market research, and he expected to break ground soon.

But two dozen local businesses, some of which have been operating next to the river for more than half a century, say sandwiching residential development between heavy industrial facilities on Riverview Road threatens their livelihoods. The road is heavily trafficked by tractor trailers and cranes, and much of it falls below the 100 year floodplain.

Clint Stamps, president of the Chattahoochee Business Industrial Association, said he understands the desire to build by the river, and while he’s not thrilled with the project, he’s not opposed to it either.

“I just want to make sure after the ribbon cutting takes place we’re not inundated with lawsuits for what we do,” Stamps said.

Smyrna City Councilman Ron Fennel said he respects the existing businesses along Riverview Road, but that the area was on a trajectory toward residential and reacreational use. He pointed to Smyrna’s status as one of the hottest real estate markets in the metro area, and said the city needs to attract and retain a millenial workforce.

“That land is right on the river, close to the city of Atlanta, in the middle of one of the fastest-growing metros in the country,” Fennel said. “There are areas where certain activities are more appropriate and welcome, and certain areas where the growth is obvious and coming.”

READ MORE: The Rock had fun with his family on Memorial Day in the Chattahoochee River

Stamps and other business owners want the county and the developer to raise the road above the floodplain and get rid of parallel parking they say poses a safety risk. The county is planning improvements to the intersection of Veteran’s Memorial Highway and Riverview Road funded by $4 million in SPLOST funds.

Cobb County Transportation Director Jim Wilgus wrote in an email that the project is to realign the intersection of Riverview Road and Veterans Memorial in anticipation that a signal could be placed at that location in the future. The project also adds a turn lane and drainage improvements, he wrote.

The industrial history of the area could also pose an obstacle to further development.

Riverview Landing is an approved brownfield redevelopment project with the Georgia Environmental Protection Division, meaning the developer has agreed to bring the site into compliance in exchange for a release from liability. The riverbank was a popular dumping site before environmental standards were enforced.

Test pit samples from the site showed concrete, wood, and plastic waste, according to the EPD.

“From what we know of the site, there’s nothing dastardly there,” said Kent Pierce, an environmental engineer with the Georgia Environmental Protection Division’s Brownfield Program.

Nakul Sharma is captain of the Georgia Tech crew team, which has been using the boat launch at Riverview Landing with the permission of the previous and current owners. He fell in love with rowing as a high school student at Woodward Academy and likes to hit the river as early as 5 a.m.

“The water is clear, pretty nice,” Sharma said.

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