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Archived News Briefs
November 22, 2006
METRO REAL ESTATE INVESTMENT ADVISORS ANNOUNCES INAUGURAL DEAL
Atlanta Real Estate Veterans Create Unique Investment Opportunity County
ATLANTA — Metro Real Estate Investment Advisors (MREIA) announces its first land acquisition at the intersection of Rockmart Road (State Route 101), Industrial Boulevard and the proposed Villa Rica Bypass in Villa Rica, Ga. MREIA intends to master plan, rezone, market and sell individual parcels to retail and residential developers as well as commercial end-users over the next 36 months. The Atlanta-based investment firm closed on the 128 acres on November 8, 2006 for an undisclosed amount.
"The Villa Rica site is primed for future development," explains Mark Gottlieb, principal, MREIA, and partner, MetroGroup Development. "Factors including Villa Rica's projected population growth and increasing household incomes as well as infrastructure improvements are aligning to make this site ideal for future development in this burgeoning west Atlanta suburb."
Once developed, the 128-acre site will include approximately 38.5 acres for retail development and 70 acres for a significant residential community expected to consist of single family residences and townhomes. In addition to a well-known, regional grocer, the 170,000-square-foot retail component will also include small shop space and up to six outparcels. Rezoning of the 38.5 acres designated for retail from industrial to commercial was approved by the Villa Rica City Council on October 3, 2006. Approximately 20 acres is dedicated to the proposed Bypass, which will stretch east and west through the development to adjoin with Mirror Lake Road and is expected to begin construction in 2008.
"Villa Rica is in the path of progress for Metro Atlanta's development track," states Gottlieb. "And the construction of the [Villa Rica] Bypass is key to keeping local development on course in Carroll County. Not only will the Bypass support the County's continued growth, it also will establish the intersection adjacent to our development of State Route 101 and the Bypass as the major intersection in Villa Rica."
Since 2000, the region surrounding the Villa Rica site has witnessed explosive population growth. The number of households within a 5-mile radius and 10-mile radius from the site has grown by 116% and 50%, respectively, according to postal counts. According to postal counts, the total number of households within a 5-mile radius is 13,377 and a 10-mile radius is 40,742. Based on the Census 2000, the average household income within a 5-mile radius is $46,476 and $54,422 within a 10-mile radius.
Atlanta Investment Firms Fills Void
Established in 2006, Metro Real Estate Investment Advisors offers unique intermediate term investment opportunities (maturation within 1-7 years) for private equity investors. Founded by Atlanta real estate veterans: Frank Buonanotte, co-founder and partner, The Shopping Center Group; Mark Gottlieb, partner, MetroGroup Development; Bob Wordes, operating partner and director, landlord services, The Shopping Center Group; and Mark Berger, chief financial officer, Metro Group Development, and principal, MetroGroup Properties Services; the firm identifies and acquires land parcels in the path of future growth as well as infill properties appropriate for redevelopment, primarily in metro Atlanta and other growing southeastern markets. MREIA seeks to acquire and hold real estate assets in order to maximize opportunities. During such time, the firm capitalizes on its market knowledge and strategic insight to identify a course of action that will deliver significant returns for its investor group upon the sale of the asset.
"MREIA is doing what many other firms are not," states Buonanotte. "Most real estate companies are not positioned to buy land that is not primed for immediate or even near-term development. Likewise, most investors with an income-producing focus are not positioned to hold land or deteriorating, obsolete properties. We are in a position to do both. With our significant experience and specific expertise, MREIA capitalizes on these opportunities and is able to identify and create value where others can not."
October 9, 2006
MetroGroup to Develop 16 CVS/Pharmacy Store
Eight Under Construction; Eight Planned for 2007 & 2008 County
ATLANTA — MetroGroup Development, LLC announces today the development of 16 CVS/pharmacy stores throughout Georgia. As a preferred developer for CVS/pharmacy, MetroGroup has eight stores under construction and eight approved for completion between 2007 and 2008. Since 1995 as a preferred developer for the retail chain, the developer has completed almost 60 CVS/Pharmacy stores throughout Georgia and Florida. MetroGroup has 8 free-standing CVS/pharmacy stores currently under construction in the following Georgia markets:
- Americus (at Forsyth Street and Mayo Street)
- Carrollton (at Georgia Highway 166 and Maple Street)
- Cedartown (at Girard Avenue and Main Street)
- Cumming (at Georgia Highway 20 and Sawnee Drive)
- Newnan (at Newnan Crossing and Lower Fayetteville Road)
- Oakwood (at Mundy Mill and McEver Roads and Martin Road and Winder Highway)
- Summerville (at Georgia Highway 48 and Rome Boulevard)
Eight additional stores are planned for 2007 and 2008 and will begin construction in the next 2-12 months in the following markets: Atlanta (at Camp Creek Parkway & Campbellton Road), Braselton, Canton, Cumming (at Post and Kelly Mill), Dallas, Forsyth, Ringgold and Union City.
As a preferred developer for CVS/pharmacy, MetroGroup works closely with the retailer to develop market strategies and identify prime locations for one of the nation's top pharmacies. “It's our job to identify the best market opportunities where growth and success intersect,” explains Mark Gottlieb, partner, MetroGroup Development.
August 22, 2006
MetroGroup Announces Sawnee Mountain Crossing
45,000 SF Mixed-Use Development in Forsyth County
ATLANTA — MetroGroup Development plans to develop Sawnee Mountain Crossing, a mixed-use development set to include a CVS/Pharmacy, retail shops and an office building. The Roswell, Ga.-based developer closed on the six acres, situated at the northwest corner of Georgia Highway 20 (Canton Highway) and Sawnee Drive in Cumming, Ga., August 15, 2006 for an undisclosed amount. Site work and construction is set to begin mid-September. The development is a joint venture with Liu Investments.
“With Forsyth’s continued explosive growth, it made sense to bring more convenience retail and dining along with small-business office environments to the Cumming sub-market,” explained Mark Gottlieb, partner, MetroGroup Development. “We pride ourselves on delivering retail that reflects the communities in which we build. Cumming is no different with Sawnee Mountain Crossing continuing our tradition of quality development.”
The 45,000-square-foot development will feature a CVS/Pharmacy, a free standing bank, 10,000 square feet of retail shop space and a 15,000-square-foot, two-story office building. Popular, national eateries will bring new dining options to this burgeoning commercial node. The pedestrian friendly environment will seamlessly integrate office, retail and dining in an effort to encourage foot traffic throughout the property.
“Explosive population growth creates demand for quality, convenience retail and unique office environments,” explains Gottlieb. In the path of Metro Atlanta’s growth along Georgia SR 400, Forsyth County continues to be one of the fastest growing counties in United States. Sawnee Mountain Crossing will be strategically situated along the popular Highway 20 commercial corridor that drives traffic to the Cumming node. Regional population increased by 13% since 2005 with nearly 40 residential developments under construction or planned in the trade area.
Sawnee Mountain Crossing is scheduled to open Summer 2007.
As the preferred developer of CVS/Pharmacy, the completion of this project will represent MetroGroup’s 61st CVS/Pharmacy development in just nine years.
April 26, 2006
MetroGroup to Develop Retail and Lofts at Maple Street Commons
123-Acre Master Planned Community Located in Carrollton, Ga.
MetroGroup Development plans to develop shops, restaurants, and lofts on seven acres within Maple Street Commons, a new master-planned community located on 123 acres in Carrollton, Ga., which is 50 miles west of Atlanta and 80 miles east of Birmingham. As Carrollton’s first mixed-use development, Maple Street Commons will include shops, restaurants, office, a hotel/conference center, single-family homes, townhomes, lofts, and an active adult living component. Site work has begun and construction on this first phase of the commercial district will begin April 26. Construction on the first 90 single-family homes will begin this summer.
“MetroGroup has an outstanding reputation for building charming commercial villages, such as Roswell Crossing and Ellard Village in Roswell, Ga., that complement the character of surrounding residential developments,” said Dave Schmit, president of Marathon Land Company, master developer of Maple Street Commons. “We are pleased to have them bring their expertise to Maple Street Commons’ commercial district.”
Located on seven acres at the intersection of Highway 166 Bypass and Maple Street, MetroGroup’s pedestrian-friendly development will include a CVS Pharmacy and two additional two-story buildings with 25,000 square feet of shops, restaurants, or office on the street-level with 30 residential lofts above. The CVS will open fall 2006 followed by the street-level retail and lofts in spring 2007.
Maple Street Commons’ commercial district will have a village-like style similar to MetroGroup’s other developments in Roswell, Ga. Designed by Atlanta-based architects Phillips Partnership, the buildings will feature a blend of interesting architectural elements and design details that complement the surrounding residential development and create an inviting commercial environment. To encourage connectivity with the surrounding community, MetroGroup will extend sidewalks from Maple Street Commons’ commercial district to the University of West Georgia campus, located ½ mile away.
In the path of Metro Atlanta’s growth sphere, Carroll County’s population grew almost 21% during 2000-2005. The University of West Georgia, with 10,255 students, has also experienced an increase in enrollment as a result of the HOPE Scholarship.
“Carroll County’s population is growing and shows no signs of slowing down,” said Mark Gottlieb, partner of MetroGroup Development. “The influx of new residents and students creates a demand for quality commercial development that provides shopping and dining establishments in a convenient, accessible location. Our development at Maple Street Commons will meet that demand and become an amenity for the city of Carrollton.”
Plans for an additional 14 acres of commercial development at Maple Street Commons will be announced in 2007.
November 1, 2005
MetroGroup Development Delivers Eight CVS Pharmacy Stores in 2005
MetroGroup Development completed construction and delivered eight CVS Pharmacy stores this year. These build to suit stores are all located in high growth markets throughout Georgia including: Atlanta, Calhoun, Macon, Moultrie, Newnan, Stockbridge, Thomasville and Trenton. Since 1997, MetroGroup has been a part of CVS grand openings for over 50 locations throughout the Southeast.
October 26, 2005
MetroGroup Unveils Four New Developments at the Southeastern ICSC Conference
MetroGroup Development announced four new developments at the Southeastern ICSC Conference: Sandtown Crossing -- This mixed-use development located at Camp Creek Parkway and Campbellton Road in South Fulton County, features a CVS Pharmacy and an additional 50,000 SF of retail for shops, restaurants or bank uses. Maple Street Commons -- Located in Carrollton, Ga., Maple Street Commons is a 123-acre, master-planned community of residential and commercial uses. Phase I of the commercial development will include 5,000 SF of shops/restaurants, 24,000 SF of retail/lofts and 10,000 SF of office/lofts. Battlefield Crossing -- Located in Ft. Oglethorpe, Ga., this is a 85,000 SF grocery-anchored shopping center. Hickory Flat Village -- A 225,000 SF community center with 3 anchors and 3 outparcels located in Canton, Ga. adjacent to Hickory Flat Crossing
April 15, 2005
BENTWATER CROSSING BRINGS CRAFTSMAN-STYLE OFFICE BUILDINGS TO
PAULDING COUNTY’S BENTWATER VILLAGE
DALLAS, Ga. ¾ Business owners who live in northern Paulding County and want to office close to their homes are setting up shop in Bentwater Crossing, a unique, 16,000-square-foot office community of one-story, craftsman-style buildings located on Cedarcrest Road in Bentwater Village, the commercial district of Bentwater, an exclusive, master-planned, golf, pool and tennis community of 1,700+ homes. Developed by MetroGroup Development, Bentwater Crossing creates a charming setting for tenants and their customers and provides convenient access to other commercial establishments such as retail, restaurants and schools.
“It is our mission to build office environments that are inviting and welcoming to its occupants and customers ¾ a home away from home,” said Mark Gottlieb, partner, MetroGroup Development. “Bentwater Crossing provides professional services businesses in fast-growing Paulding County with an upscale, architecturally pleasing office that is customized to meet their needs and complements the style of the surrounding residential development.”
The demand for this type of office space in Paulding County is demonstrated by the strong tenant interest during the pre-construction phase of the project. Forty percent of Bentwater Crossing’s 16,000 square feet was pre-sold to FairWeighFitness (fitness facility) and Homes Across America prior to construction. Another 10,000 square feet is still available for purchase.
“The architectural character of the complex, along with the unique details in our unit, creates a place designed specifically for women that far exceeds the traditional ‘fitness-in-a-box’ model,” explains Karen Di Troia, owner/personal trainer, FairweighFitness, and resident of Bentwater community in Paulding County. “The skylights and additional windows with a view provide an abundance of natural light ¾ a new dimension to working-out. It feels like being at home.”
MetroGroup will personalize each space according to owner preferences and will customize specific amenities to create an even more engaging work environment. Customization may include: cozy kitchens to prepare lunch; outdoor porches and patios for dining and relaxing, and workout areas.
Troy Johnson of Rockingham Properties will be marketing the office suites.
Bentwater Crossing is the second office community of this type developed by MetroGroup in metro Atlanta. The first, Hackett Crossing, located in the Village Corridor of Roswell on State Route 92, was completed in 2002 and is 100% leased. Both tenants and the surrounding community have embraced MetroGroup’s brand of office development.
March 10, 2005
First Mixed-Use Development Under Construction in Peachtree City
Village at Lexington Circle Provides Live-Work-Play Community
Peachtree City, Ga. – Construction of Peachtree City’s first mixed-use development is underway. Located within the master-planned Lexington Circle community between Highway 54 and Walt Banks Parkway, the 13-acre Village at Lexington Circle is a unique, community of upscale, single-family residences, shops, restaurants and offices designed to integrate live-work-play in a pedestrian-friendly village. Site work has begun and residents will begin moving in this summer.
“For the past year, we have worked with city officials to determine the right balance of office, retail and residential as well as an architectural style that would compliment the distinct ambiance of Peachtree City,” said Mark Gottlieb, partner, MetroGroup Development, developer of Village at Lexington Circle. “Our collaboration has produced a uniquely designed, live-work-play community. We are pleased to be the first to deliver a mixed-use project of this caliber to Peachtree City.”
The residential component of the Village at Lexington Circle will include 46 three-story townhomes with a Craftsman-influenced architectural style, complete with attached two-car garages. Some floor plans also include attached golf cart garages. Ground-level office space will also be featured in certain floor plans, offering homeowners the convenient luxury of working from home, yet the privacy of a dedicated work environment. With prices starting in the upper $200,000 range, each residence will face a village green space providing immediate access to golf cart paths and sidewalks. The developer has partnered with The Van Pelt Company, Inc., a high-end, Atlanta-based residential builder to complete the townhome portion of the project.
Additionally, 10 residential loft units with open floor plans will be built over 20,000 square feet of street-level retail and office in a new multi-story commercial building designed by Atlanta-based architects, Phillips Partnership. The building’s upscale, modern design compliments the architecture of the townhomes. The additional shops, restaurants and office space will augment the existing 30,000 square feet of shops and restaurants previously developed by MetroGroup at Lexington Circle. Existing tenants include: CVS Pharmacy, Buckhead Brewery and Bruster’s Real Ice Cream.
“The Village at Lexington Circle offers residents a unique mixed-use environment not typically found in a suburban setting,” said Gottlieb. “Architecture and landscape elements combine to create a sense of place and cohesiveness where you can walk to work, shops and restaurants and enjoy the amenities of this special neighborhood.”
Van Pelt Properties, Inc. will be marketing the townhomes.
September 14, 2004
Approval Granted for Phase II of Lexington Circle in Peachtree City, Georgia
MetroGroup Development was granted approval today by Peachtree City officials
for Phase II of Lexington Circle, a mixed-use development in Peachtree City, Georgia.
Construction is slated to begin this October on 20,000 square feet of retail/office
space and 46 townhome units. This 13-acre site is strategically situated at Highway
54 at Lexington Circle with direct access to Walt Banks Road, a major residential
feeder street. The average household income within a 1-mile radius of the site is
$128,000 which far surpasses the national average. The master plan calls for the
vertical integration of office, retail and residential. Phase II of Lexington Circle
is scheduled to open in the summer of 2005.
September 1, 2004
MetroGroup Development Delivers Four CVS Pharmacy Stores in 3rd Quarter 2004
MetroGroup Development completed construction and delivered four CVS Pharmacy
stores in 3rd quarter of this year. These 10,880 square foot build to suit stores
are all located in high growth markets in Georgia including: Barnesville, Tifton,
Tyrone and Villa Rica. Grand openings for these stores mark another milestone for
MetroGroup as they continue their relationship with CVS as the preferred developer.
Since 1997, MetroGroup has been a part of CVS grand openings for over 40 locations
throughout the Southeast.
August 27, 2004
The Shops at Seven Hills Retail Development Announced in Dallas, Georgia
MetroGroup Development announces The Shops at Seven Hills in Dallas, Georgia.
This new retail development will include a CVS Pharmacy and 6,000 square feet of
shops. Located in the heart of growing Paulding County between Highway 92 and U.S.
Highway 41, this center will enjoy high visibility with convenient ingress and egress.
Scheduled to open summer of 2005, The Shops at Seven Hills will complement Cousins
Properties’ master planned development, Seven Hills which will be situated
directly behind MetroGroup’s retail shopping center.
August 25, 2004
Construction Begins on Four New CVS Pharmacy Stores in Georgia
MetroGroup Development announced today the closing and construction commencement
of four CVS Pharmacy stores in Georgia. The new CVS Pharmacy stores will be developed
in growing markets outside of the Metro Atlanta area. These 10,880 square foot locations
include: Calhoun, Dallas, Macon and Trenton. As the preferred developer in Georgia,
MetroGroup has built over 40 locations for CVS throughout the Southeast.