Commercial real estate investment stabilizing, but ‘a slow, long grind’ remains
Commercial real estate investment stabilizing, but ‘a slow, long grind’ remains
The national commercial real estate market saw $40.1 billion in transactions in the third quarter, down from $43 billion in Q2 and $44.4 billion in Q3 2023.
The national commercial real estate market saw $40.1 billion in transactions in the third quarter, down from $43 billion in Q2 and $44.4 billion in Q3 2023. Read MoreBizjournals.com Feed (2022-04-02 21:43:57)
The national commercial real estate market saw $40.1 billion in transactions in the third quarter, down from $43 billion in Q2 and $44.4 billion in Q3 2023.
South Downtown hotel project’s lynchpin tenant pulls out
South Downtown hotel project’s lynchpin tenant pulls out
South Downtown hotel project’s lynchpin tenant pulls out
Josh Green
Mon, 11/25/2024 – 10:48
A hotel restaurant concept considered a win for historic but less lively blocks of South Downtown won’t move forward as planned.
All-day restaurant Butter + Scotch, from the same team that owns the celebrated Che Butter Jonez in Southwest Atlanta, had signed on to operate at the Origin Hotel Atlanta, an adaptive-reuse former office building at 166 Pryor St.
But Butter + Scotch reps announced via email Sunday those plans have been cancelled.
“Despite the excitement and community support [for Butter + Scotch], unforeseen challenges during the development process have led the team to make the difficult decision to halt the project,” reads the announcement.
Back in April, owner Detric Fox-Quinlan told Urbanize Atlanta that construction crews had encountered hurdles at the property but that “everything promises to be absolutely beautiful upon completion.” This week, the team behind Butter + Scotch noted they remain optimistic the concept will come to life elsewhere in town.
The Afro-Caribbean and Southern-inspired restaurant and bar, spearheaded by Chef Malik Rhasaan and Fox-Quinlan, promised a unique mashup of flavors from Rhasaan’s native Queens, New York, and downhome comfort food. “We wanted to create something special for Atlanta,” Rhasaan noted in a prepared statement. “[But] this is not the end of our story.”
The Origin Hotel Atlanta, a Wyndham Hotels and Resorts property, has been delayed by construction issues, but hotel officials said last summer an October opening was realistic. The property still hasn’t opened and is not accepting reservations until mid-January.
We’ve asked Origin reps for a construction update—and if plans are moving forward to replace Butter + Scotch—and we’ll update this story with any additional information that comes.
[UPDATE: 12:03 p.m., Nov. 25: Origin Hotel Atlanta reps have provided the following statement: “[We] originally partnered with the Che Butter Jonez team to develop a restaurant. Unfortunately, delays in construction and permitting timelines have impacted the business plans for both parties. Although the Che Butter Jonez team will no longer be part of the restaurant, Origin Hotel Atlanta still plans to open a restaurant in the hotel, and it should be ready near the time of the hotel opening. The completion date for the hotel continues to be a moving target for late 2024 or early 2025.”]
The boutique hotel is remaking a 1950s office building into 122 guest rooms and suites. Other features include a private event space on the top floor. It marks a rare large-scale, non-governmental investment south of Five Points near the Georgia State Capitol.
Atlanta iconography—including a depiction of the Beaux Arts-style Terminal Station, demolished in the 1970s—is included in a model room’s wallpaper. Courtesy of Origin Hotel Atlanta
The Origin Hotel Atlanta’s location where Pryor and Mitchell streets meet, in the context of South Downtown. Google Maps
Situated about a block south of Underground Atlanta, the hotel marks an important historical save and “jewel” of redevelopment, project leaders have said. Marketing materials describe the property as being “where dynamic cityscapes and Southern hospitality intertwine.”
Online bookings begin Jan. 15, with nightly rates ranging from $175 to north of $600 for rooms with between 265 square feet (single queens) to 700 square feet (a “premiere suite” that sleeps four).
The building stands at the intersection of Pryor and Mitchell streets, roughly two blocks east of where developer Newport revived parts of downtown’s historic Hotel Row before handing over its portfolio to foreclosure. Tech-focused Atlanta Ventures has since purchased those properties and taken over redevelopment while adding more buildings.
Plans call for the hotel to join others under the Origin brand in Austin, Lexington, Baton Rouge, and Red Rocks (Colorado), along with another new property in Kansas City.
Mississippi-based The Thrash Group paid $16 million for the six-story office building in early 2022, when plans were announced to complete a stalled renovation and open the former offices as a boutique downtown lodging option.
Officials noted the hotel’s proximity to two MARTA stations—Five Points and Garnett—as a selling point at the time.
Origin reps said last summer a 50-foot art installation in the hotel’s lobby will serve as “a graceful nod to the neighborhood’s thriving arts community,” while bike rentals will be free for hotel guests. Plans for the loft-like aesthetics are described as a combination of high concrete ceilings and exposed brick walls with details such as patterned wallpaper featuring Atlanta landmarks, per the Origin website.
Hotel designs will lean into a midcentury aesthetic, with nods to Atlanta history. In addition to event spaces that include the rooftop with skyline views, the property will feature a retail storefront that sells ATL-themed souvenirs and gear, officials relayed in August.
…
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• Downtown news, discussion (Urbanize Atlanta)

South Downtown hotel project’s lynchpin tenant pulls out
Josh Green
Mon, 11/25/2024 – 10:48
A hotel restaurant concept considered a win for historic but less lively blocks of South Downtown won’t move forward as planned.
All-day restaurant Butter + Scotch, from the same team that owns the celebrated Che Butter Jonez in Southwest Atlanta, had signed on to operate at the Origin Hotel Atlanta, an adaptive-reuse former office building at 166 Pryor St.
But Butter + Scotch reps announced via email Sunday those plans have been cancelled.
“Despite the excitement and community support [for Butter + Scotch], unforeseen challenges during the development process have led the team to make the difficult decision to halt the project,” reads the announcement.
Exterior work in April at the 166 Pryor St. building in South Downtown. Submitted
Rendering of the Origin HotelNuveen Green Capital
Back in April, owner Detric Fox-Quinlan told Urbanize Atlanta that construction crews had encountered hurdles at the property but that “everything promises to be absolutely beautiful upon completion.” This week, the team behind Butter + Scotch noted they remain optimistic the concept will come to life elsewhere in town.
The Afro-Caribbean and Southern-inspired restaurant and bar, spearheaded by Chef Malik Rhasaan and Fox-Quinlan, promised a unique mashup of flavors from Rhasaan’s native Queens, New York, and downhome comfort food. “We wanted to create something special for Atlanta,” Rhasaan noted in a prepared statement. “[But] this is not the end of our story.”
The Origin Hotel Atlanta, a Wyndham Hotels and Resorts property, has been delayed by construction issues, but hotel officials said last summer an October opening was realistic. The property still hasn’t opened and is not accepting reservations until mid-January.
We’ve asked Origin reps for a construction update—and if plans are moving forward to replace Butter + Scotch—and we’ll update this story with any additional information that comes.
[UPDATE: 12:03 p.m., Nov. 25: Origin Hotel Atlanta reps have provided the following statement: “[We] originally partnered with the Che Butter Jonez team to develop a restaurant. Unfortunately, delays in construction and permitting timelines have impacted the business plans for both parties. Although the Che Butter Jonez team will no longer be part of the restaurant, Origin Hotel Atlanta still plans to open a restaurant in the hotel, and it should be ready near the time of the hotel opening. The completion date for the hotel continues to be a moving target for late 2024 or early 2025.”]
The boutique hotel is remaking a 1950s office building into 122 guest rooms and suites. Other features include a private event space on the top floor. It marks a rare large-scale, non-governmental investment south of Five Points near the Georgia State Capitol.
Atlanta iconography—including a depiction of the Beaux Arts-style Terminal Station, demolished in the 1970s—is included in a model room’s wallpaper. Courtesy of Origin Hotel Atlanta
The Origin Hotel Atlanta’s location where Pryor and Mitchell streets meet, in the context of South Downtown. Google Maps
Situated about a block south of Underground Atlanta, the hotel marks an important historical save and “jewel” of redevelopment, project leaders have said. Marketing materials describe the property as being “where dynamic cityscapes and Southern hospitality intertwine.”
Online bookings begin Jan. 15, with nightly rates ranging from $175 to north of $600 for rooms with between 265 square feet (single queens) to 700 square feet (a “premiere suite” that sleeps four).
The building stands at the intersection of Pryor and Mitchell streets, roughly two blocks east of where developer Newport revived parts of downtown’s historic Hotel Row before handing over its portfolio to foreclosure. Tech-focused Atlanta Ventures has since purchased those properties and taken over redevelopment while adding more buildings.
Plans call for the hotel to join others under the Origin brand in Austin, Lexington, Baton Rouge, and Red Rocks (Colorado), along with another new property in Kansas City.
Mississippi-based The Thrash Group paid $16 million for the six-story office building in early 2022, when plans were announced to complete a stalled renovation and open the former offices as a boutique downtown lodging option.
Officials noted the hotel’s proximity to two MARTA stations—Five Points and Garnett—as a selling point at the time.
Origin reps said last summer a 50-foot art installation in the hotel’s lobby will serve as “a graceful nod to the neighborhood’s thriving arts community,” while bike rentals will be free for hotel guests. Plans for the loft-like aesthetics are described as a combination of high concrete ceilings and exposed brick walls with details such as patterned wallpaper featuring Atlanta landmarks, per the Origin website.
Hotel designs will lean into a midcentury aesthetic, with nods to Atlanta history. In addition to event spaces that include the rooftop with skyline views, the property will feature a retail storefront that sells ATL-themed souvenirs and gear, officials relayed in August.
…
Follow us on social media:
Twitter / Facebook/and now: Instagram
• Downtown news, discussion (Urbanize Atlanta)
Tags
166 Pryor Street SW
Origin Hotel Atlanta
Origin Hotel
Berkadia
Access Point Financial
The Thrash Group
Atlanta Hotels
Adaptive-Reuse
Berkadia Hotels & Hospitality
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Images
The Origin Hotel Atlanta’s location where Pryor and Mitchell streets meet, in the context of South Downtown. Google Maps
Exterior work in April at the 166 Pryor St. building in South Downtown. Submitted
Rendering of the Origin HotelNuveen Green Capital
Atlanta iconography—including a depiction of the Beaux Arts-style Terminal Station, demolished in the 1970s—is included in a model room’s wallpaper. Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Interior designs of a demo room at the Origin property. Courtesy of Origin Hotel Atlanta
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Butter + Scotch concept won’t open as planned at delayed, forthcoming Origin Hotel
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South Downtown hotel project’s lynchpin tenant pulls out
Josh Green
Mon, 11/25/2024 – 10:48
A hotel restaurant concept considered a win for historic but less lively blocks of South Downtown won’t move forward as planned.
All-day restaurant Butter + Scotch, from the same team that owns the celebrated Che Butter Jonez in Southwest Atlanta, had signed on to operate at the Origin Hotel Atlanta, an adaptive-reuse former office building at 166 Pryor St.
But Butter + Scotch reps announced via email Sunday those plans have been cancelled.
“Despite the excitement and community support [for Butter + Scotch], unforeseen challenges during the development process have led the team to make the difficult decision to halt the project,” reads the announcement.
Exterior work in April at the 166 Pryor St. building in South Downtown. Submitted
Rendering of the Origin HotelNuveen Green Capital
Back in April, owner Detric Fox-Quinlan told Urbanize Atlanta that construction crews had encountered hurdles at the property but that “everything promises to be absolutely beautiful upon completion.” This week, the team behind Butter + Scotch noted they remain optimistic the concept will come to life elsewhere in town.
The Afro-Caribbean and Southern-inspired restaurant and bar, spearheaded by Chef Malik Rhasaan and Fox-Quinlan, promised a unique mashup of flavors from Rhasaan’s native Queens, New York, and downhome comfort food. “We wanted to create something special for Atlanta,” Rhasaan noted in a prepared statement. “[But] this is not the end of our story.”
The Origin Hotel Atlanta, a Wyndham Hotels and Resorts property, has been delayed by construction issues, but hotel officials said last summer an October opening was realistic. The property still hasn’t opened and is not accepting reservations until mid-January.
We’ve asked Origin reps for a construction update—and if plans are moving forward to replace Butter + Scotch—and we’ll update this story with any additional information that comes.
[UPDATE: 12:03 p.m., Nov. 25: Origin Hotel Atlanta reps have provided the following statement: “[We] originally partnered with the Che Butter Jonez team to develop a restaurant. Unfortunately, delays in construction and permitting timelines have impacted the business plans for both parties. Although the Che Butter Jonez team will no longer be part of the restaurant, Origin Hotel Atlanta still plans to open a restaurant in the hotel, and it should be ready near the time of the hotel opening. The completion date for the hotel continues to be a moving target for late 2024 or early 2025.”]
The boutique hotel is remaking a 1950s office building into 122 guest rooms and suites. Other features include a private event space on the top floor. It marks a rare large-scale, non-governmental investment south of Five Points near the Georgia State Capitol.
Atlanta iconography—including a depiction of the Beaux Arts-style Terminal Station, demolished in the 1970s—is included in a model room’s wallpaper. Courtesy of Origin Hotel Atlanta
The Origin Hotel Atlanta’s location where Pryor and Mitchell streets meet, in the context of South Downtown. Google Maps
Situated about a block south of Underground Atlanta, the hotel marks an important historical save and “jewel” of redevelopment, project leaders have said. Marketing materials describe the property as being “where dynamic cityscapes and Southern hospitality intertwine.”
Online bookings begin Jan. 15, with nightly rates ranging from $175 to north of $600 for rooms with between 265 square feet (single queens) to 700 square feet (a “premiere suite” that sleeps four).
The building stands at the intersection of Pryor and Mitchell streets, roughly two blocks east of where developer Newport revived parts of downtown’s historic Hotel Row before handing over its portfolio to foreclosure. Tech-focused Atlanta Ventures has since purchased those properties and taken over redevelopment while adding more buildings.
Plans call for the hotel to join others under the Origin brand in Austin, Lexington, Baton Rouge, and Red Rocks (Colorado), along with another new property in Kansas City.
Mississippi-based The Thrash Group paid $16 million for the six-story office building in early 2022, when plans were announced to complete a stalled renovation and open the former offices as a boutique downtown lodging option.
Officials noted the hotel’s proximity to two MARTA stations—Five Points and Garnett—as a selling point at the time.
Origin reps said last summer a 50-foot art installation in the hotel’s lobby will serve as “a graceful nod to the neighborhood’s thriving arts community,” while bike rentals will be free for hotel guests. Plans for the loft-like aesthetics are described as a combination of high concrete ceilings and exposed brick walls with details such as patterned wallpaper featuring Atlanta landmarks, per the Origin website.
Hotel designs will lean into a midcentury aesthetic, with nods to Atlanta history. In addition to event spaces that include the rooftop with skyline views, the property will feature a retail storefront that sells ATL-themed souvenirs and gear, officials relayed in August.
…
Follow us on social media:
Twitter / Facebook/and now: Instagram
• Downtown news, discussion (Urbanize Atlanta)
Tags
166 Pryor Street SW
Origin Hotel Atlanta
Origin Hotel
Berkadia
Access Point Financial
The Thrash Group
Atlanta Hotels
Adaptive-Reuse
Berkadia Hotels & Hospitality
Life Company
Proprietary Bridge Lending
Capital Markets Advisory Services
Downtown Atlanta
Atlanta Construction
Wyndam
Wyndam Rewards
Butter +Scotch
b&B
Images
The Origin Hotel Atlanta’s location where Pryor and Mitchell streets meet, in the context of South Downtown. Google Maps
Exterior work in April at the 166 Pryor St. building in South Downtown. Submitted
Rendering of the Origin HotelNuveen Green Capital
Atlanta iconography—including a depiction of the Beaux Arts-style Terminal Station, demolished in the 1970s—is included in a model room’s wallpaper. Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Courtesy of Origin Hotel Atlanta
Interior designs of a demo room at the Origin property. Courtesy of Origin Hotel Atlanta
Subtitle
Butter + Scotch concept won’t open as planned at delayed, forthcoming Origin Hotel
Neighborhood
Downtown
Background Image
Image
Before/After Images
Sponsored Post
Off
Rockpoint, Oppidan Sell Off First of 4 Apex Warehouses
Rockpoint, Oppidan Sell Off First of 4 Apex Warehouses
Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset.
Commercial Edge reports the duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce Center’s other three facilities are slated for occupancy between July and September 2025.
The rear-load Building I features 32-foot clear heights, 60-foot speed bays and 180-foot truck courts. Two drive-in doors are available, as well as 12 dock-high doors with the option of adding an extra 37. Located at 1251 Burma Drive, the facility is about 6 miles from North Carolina Route 540, which is currently undergoing an expansion meant to extend the thoroughfare, looping around the Greater Raleigh area. The Research Triangle Park and the Raleigh-Durham International Airport are roughly 21 miles north.
JLL Dave Andrews and Pete Pittroff led the team representing Rockpoint in the transaction.
The post Rockpoint, Oppidan Sell Off First of 4 Apex Warehouses appeared first on Connect CRE.
Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset. Commercial Edge reports the duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce …
The post Rockpoint, Oppidan Sell Off First of 4 Apex Warehouses appeared first on Connect CRE. Read MoreAtlanta & Southeast Commercial Real Estate News
Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset. Commercial Edge reports the duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce …
The post Rockpoint, Oppidan Sell Off First of 4 Apex Warehouses appeared first on Connect CRE.
Scannell Spins Off Savannah Warehouse for $100.6M
Scannell Spins Off Savannah Warehouse for $100.6M
Scannell Properties sold a 942,210-square-foot Savannah distribution center to Goldman Sachs Alternatives for $100.6 million. Rockingham Farms Building 9 is located at 125 Feldspar Drive.
The property, built in 2023, is fully leased to four tenants. It features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors, ample trailer and auto parking, cross-dock configuration and 7,500 square feet of office space.
The property sits within Rockingham Farms Logistics Park, a new 5.75 million-square-foot industrial park.
Britton Burdette, Matt Wirth, Dennis Mitchell, and Jim Freeman led a JLL Investment Sales and Advisory team.
“The Savannah industrial market continues to experience remarkable growth, driven by record cargo volumes at the Port, multimillion-dollar expansion projects in the area and extensive logistical connectivity,” Burdette said.
The post Scannell Spins Off Savannah Warehouse for $100.6M appeared first on Connect CRE.
Scannell Properties sold a 942,210-square-foot Savannah distribution center to Goldman Sachs Alternatives for $100.6 million. Rockingham Farms Building 9 is located at 125 Feldspar Drive. The property, built in 2023, is fully leased to four tenants. It features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors, ample trailer and auto parking, cross-dock …
The post Scannell Spins Off Savannah Warehouse for $100.6M appeared first on Connect CRE. Read MoreAtlanta & Southeast Commercial Real Estate News
Scannell Properties sold a 942,210-square-foot Savannah distribution center to Goldman Sachs Alternatives for $100.6 million. Rockingham Farms Building 9 is located at 125 Feldspar Drive. The property, built in 2023, is fully leased to four tenants. It features a 40-foot clear height, 185-foot truck court depth, 183 dock-high doors, ample trailer and auto parking, cross-dock …
The post Scannell Spins Off Savannah Warehouse for $100.6M appeared first on Connect CRE.
Buckhead Marriott In Special Servicing After Years Of Cash Flow Struggles
Buckhead Marriott In Special Servicing After Years Of Cash Flow Struggles
The owner of the Atlanta Marriott Buckhead Hotel & Conference Center appears to be throwing in the towel after taking years of body blows from the pandemic.
The owner of the Atlanta Marriott Buckhead Hotel & Conference Center appears to be throwing in the towel after taking years of body blows from the pandemic. Read MoreBisnow News Feed
The owner of the Atlanta Marriott Buckhead Hotel & Conference Center appears to be throwing in the towel after taking years of body blows from the pandemic.
CA Ventures Sells Newly Built Atlanta Apartment Tower For $119M
CA Ventures Sells Newly Built Atlanta Apartment Tower For $119M
An embattled Chicago developer parted ways with an apartment tower it recently completed in Midtown Atlanta.
CA Ventures has sold 903 Peachtree, a 427-unit, 33-story apartment building that opened last year, to fellow Chicago real estate firm Waterton, the buyer announced Thursday.
The price of the deal was $118.6M, which works out to roughly $278K per unit, the Atlanta Business Chronicle reported.
“The acquisition of 903 Peachtree is a great opportunity to leverage Waterton’s in-house operations platform to complete the lease-up of a new, well-amenitized high-rise,” Waterton Senior Vice President of Acquisitions Julie Heigel said in a statement.
That price represents a significant discount for a…
An embattled Chicago developer parted ways with an apartment tower it recently completed in Midtown Atlanta.
CA Ventures has sold 903 Peachtree, a 427-unit, 33-story apartment building that opened last year, to fellow Chicago real estate firm Waterton,… Read MoreBisnow News Feed
An embattled Chicago developer parted ways with an apartment tower it recently completed in Midtown Atlanta.
CA Ventures has sold 903 Peachtree, a 427-unit, 33-story apartment building that opened last year, to fellow Chicago real estate firm Waterton,…
Chinese Logistics Companies Are ‘Everywhere’ In Savannah’s Industrial Market
Chinese Logistics Companies Are ‘Everywhere’ In Savannah’s Industrial Market
Large retailers have pulled back on industrial leasing over the past year, but in the warehouses surrounding the Port of Savannah, a new customer has quickly filled the vacuum: Chinese third-party logistics companies.
Large retailers have pulled back on industrial leasing over the past year, but in the warehouses surrounding the Port of Savannah, a new customer has quickly filled the vacuum: Chinese third-party logistics companies. Read MoreBisnow News Feed
Large retailers have pulled back on industrial leasing over the past year, but in the warehouses surrounding the Port of Savannah, a new customer has quickly filled the vacuum: Chinese third-party logistics companies.
Prime Rents Stall In Atlanta As More Vacant Trophy Space Comes Online
Prime Rents Stall In Atlanta As More Vacant Trophy Space Comes Online
While owners and developers of Atlanta’s newest and freshest office towers are still attracting the bulk of tenant activity, their ability to raise rents may have hit its apex.
While owners and developers of Atlanta’s newest and freshest office towers are still attracting the bulk of tenant activity, their ability to raise rents may have hit its apex. Read MoreBisnow News Feed
While owners and developers of Atlanta’s newest and freshest office towers are still attracting the bulk of tenant activity, their ability to raise rents may have hit its apex.
This Week’s Atlanta Deal Sheet: Boler Plans 1.9M SF Warehouse Park South Of Atlanta
This Week’s Atlanta Deal Sheet: Boler Plans 1.9M SF Warehouse Park South Of Atlanta
Nearly four months after launching his own firm, Greg Boler is going big for his debut industrial project.
Nearly four months after launching his own firm, Greg Boler is going big for his debut industrial project. Read MoreBisnow News Feed
Nearly four months after launching his own firm, Greg Boler is going big for his debut industrial project.
Dan Granot In, Chris White Out At Savills
Dan Granot In, Chris White Out At Savills
Savills has shaken up the leadership of its Atlanta office, parting ways with one of its senior leaders and hiring the co-owner of a local commercial brokerage away from the firm that bears his name.
Savills has shaken up the leadership of its Atlanta office, parting ways with one of its senior leaders and hiring the co-owner of a local commercial brokerage away from the firm that bears his name. Read MoreBisnow News Feed
Savills has shaken up the leadership of its Atlanta office, parting ways with one of its senior leaders and hiring the co-owner of a local commercial brokerage away from the firm that bears his name.