Parsons Corporation to lease space in Georgia Cyber Center

Parsons Corporation–A Defense, Security, Infrastructure and Intelligence Company with 16,000 employees and $3.6 Billion in Revenue–is the latest company to lease space in  the Georgia Cyber Center.  It is estimated that they will create twenty-six jobs with the potential for more in the future.  

 

According to Wikipedia, Parsons Corporation provided jet propulsion facilities during the cold war, and worked with nuclear, chemical weapons, as well as working in systems design for aircraft, missiles, and rockets.  Today Parsons focuses on defense, infrastructure, and security, and handles many federal and municipal agencies along with private customers. 

 

According to their website, Parsons has worked with the US Government for over 30 years providing technical and cyber intelligence solutions.  The Cyber Center will be a great match for them and they will be a welcome addition to Augusta!  

 

What are your thoughts about Parsons coming to Augusta?  It seems the nation’s intelligence and cyber contractors are coming to Augusta!  Do you think they will bring their whole operations here or just small teams? 

 

Additional Links:

Cyber Center Website
Press Release

 

 

3rd Quarter 2019 Olde Town Market Update

There are a lot of good things happening in Olde Town!  I had the privilege of turning over the role of President of the Olde Town Neighborhood Association to Bob Trescott, who’s been serving as Vice President.  As the father of five and brand new twins, I needed to trim my commitments, but I was encouraged to see lots of new and excited people with fire and energy to move the neighborhood forward!   

As far as real estate goes, many homes are under renovation and we’ve seen some notable sales driving up the prices.  The Renaissance Apartments at Third and Broad were foreclosed on by HUD last week, and likely will be sold as market-rate apartments in the next few months–that will be great for the neighborhood. We’ve definitely seen the prices rising–in 2016 and 2017 the average price per foot was (38) per square foot, and in 2019 so far it is (72) per square foot!  We are definitely seeing Gentrification is coming to the neighborhood. Also Olde Town Apartments is continuing to renovate and lease units.  

 

Recent Notable Sales in Olde Town:

102 Third Duplex, Sold to Jeremy Rueggeberg for $165,000 on 5/16/19

222 Ellis, Sold to Kelsey Kalyta for $122,870. (Not yet Recorded, should be soon)

220 Broad Sold to James Demons for $61,465.  They are already renovating and this will be a great home.  

224 Greene, Sold to Emily Beatty for $139,000 (Not yet Recorded, should be soon)

235 Broad. Sold to Shivaun Delisser for $115,000 (Not yet Recorded, should be soon)

Under Contract: 307 Broad.  This was listed by Atul Sinha, appears to be under contract at almost full price.

Under Contract: 224 Broad.  This duplex is under contract at almost full price, and should be closing in the next two weeks. 

 

Rents are also rising.  We’re estimating a $0.20 PSF increase on average across rental units in Olde Town over the last 2 years.  

 

Here’s links to two properties we have listed in Olde Town:

407 Third Street

260 Reynolds Street 

 

What are you seeing in Olde Town?  Are you a resident or tenant?  How has the neighborhood changed?  What changes have you seen?

 

 

Downtown Market Update–3rd Quarter 2019

It looks like the market in Downtown Augusta is continuing to improve!  There have been some notable sales downtown, with murmurings of decent deals being considered and hunted for.  It appears that the investors are bullish on Downtown, and that prices have not peaked.  It also appears that although there is talk of a recession, most people don’t believe Augusta will be significantly impacted.  It appears that some notable buildings are potentially transacting–Bonnie Ruben has put her portfolio on the market, and the Lamar building and the Marion building are both said to be under contract.  Ironwood Apartments sold the first week of August, and 1500 apartments are either just delivered or in development.  

 

Recent Notable Sales:

714 Broad Sold to Rafy Bassali at $39.66 per foot

1109 Broad: Security Federal bought the Geneological society for $900,000, or $126.30 per foot

1361 Broad: The Kendrick Group bought this at $170,000, or 42.92 Per foot

401 Greene: Heard Robertson purchased the building at 401 Greene Street to develop into Apartments

701 Greene:  Street sold for 2.5M from DWT Properties (Donnie Thomson) to Greene St Real Estate Investments.  

46 Thirteenth Street–the new Domino’s Pizza sold to Lead Dog LLC

 

Recent Notable Leases:  Notable leases include

Toaste of Augusta @ 722 Broad

State Farm @ 1126 Broad Street

Constantine Engineering @ 608 Broad

Best Lawyers at 801 Broad. 

Not included in the report are leases from the GA Cyber center.  

 

Here’s links to some of our downtown listings:

305 Eighth Street

822 Broad Street

1427 Broad Street

1295 Broad Street

King Mill Industrial

502 Greene Street

 

What are you seeing downtown?  What are your thoughts about the downtown market?  Are there transactions or activity that we’ve missed?  

 

Lease Report

https://presleyrealty.sharepoint.com/:b:/s/PresleyRealtycomTeamSite/EVIesZVZnEhAltvco0V8-FwB-Ce6iFAfIm_06kpH6n6yfw?e=gaAo2Z

Sale Report:

https://presleyrealty.sharepoint.com/:b:/s/PresleyRealtycomTeamSite/EVIesZVZnEhAltvco0V8-FwB-Ce6iFAfIm_06kpH6n6yfw?e=gaAo2Z

 

Downtown Augusta’s Luxury Apartment Boom

Downtown Augusta is experiencing a luxury housing boom.  Over 1500 luxury apartments have just been delivered, are under construction or in planning in and around Downtown Augusta:

    • Ironwood, Downtown North Augusta, 280 units Website
      • Ironwood apartments are adjacent to SRP Park–the Greenjacket’s stadium, with an upscale hotel and retail space, connected to Hammond’s Ferry subdivision. 
    • Residence at Riverwatch, Riverwatch Pkwy: 260 Units Website
      • These apartments were delivered in 2018, adjacent to the Costco Regional Shopping Center, and will walking distance to Topgolf.  
    • Beacon Station, Wrightsboro Rd: 220 Units  Website
      • These apartments are adjacent to the Medical College of Georgia, and a landmark as one of the first market rate apartment projects to be built in the Laney-Walker Neighborhood.  
    • King Mill, Broad Street: 250 Units
      • This is a luxury apartment complex that will be built in the King Mill utilizing historic tax credits and connected to the Augusta Cyberworks.  
    • Train Depot, Reynolds Street: 140 Units
      • The city of Augusta is partnering with BLOC Development to bring these units to market. 
    • Historic Cotton Warehouse, Wrightsboro Rd, 190 Units
      • Burt Development of Albany, GA, bought these in February of 2018.  
      • Plans for Historic Tax Credit development
    • Ivey Apartments, Fenwick Street, 165 Units
  • What do you think is driving the growth downtown?  Do you have any more details about any of these projects?   Have we forgotten any upcoming multifamily projects? What impact will 1500 luxury apartments have on Downtown Augusta?
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Update: Damon Cline at the Chronicle published a great story that goes into more detail on this.  Link

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