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News and Notes on Atlanta Commercial Real Estate
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Georgia Gets Chance to Sweeten Deal to Reel in
Neptune
The state of Georgia
has been given the opportunity to sweeten its incentive to land the country's
largest marketer of tires, which is seeking a 1.2 million-square-foot
distribution center in the Southeast.
The secretive search circling
three port cities has been dubbed "Project
Neptune," perhaps paying homage to the Roman god of the sea.
The
company is believed to be Palm Beach, FL based TBC Corp., parent of Tire Kingdom and National Tire & Battery. TBC is considering
the Port of Savannah, the Port of Charleston, SC, and the port in Norfolk, VA,
to house the large operation. South Carolina is said to be offering the largest
incentive package, and a result has emerged as the likely favorite.
The
incentive package South Carolina is offering dwarfs Georgia's latest by more
than $10 million. The South Carolina package includes a commitment to build a
new interchange for access to its proposed site for the distribution
center.
Wherever the new distribution center lands, it is expected to
create about 120 new jobs. However, these jobs likely won't come with big
salaries. The average wage is expected to be about $10 an hour.
The
Savannah site in contention is 595 Northport Parkway, a 576,000-square-foot
building at Northport that can be expanded to 1.1 million square feet. Solution Property Group of Atlanta developed
the Northport building pictured above. Executives at Solution Property Group
declined to comment.
Alison
Tyrer, Director of Communications at the Georgia Department of Economic Development,
said she could not comment on whether the department is working on a specific
project.
If Charleston is selected, it won't be a total loss for
Savannah. Much of the throughput is expected to come into the Port of Savannah
even if the distribution center itself lands in Charleston.
In August
2007, economic development and public officials in Jacksonville, FL, celebrated
Bridgestone Firestone's decision to build a similar 1 million-square-foot
distribution center in their city. However, Georgia ports also benefited from
the decision because a good chunk of the Bridgestone Firestone tires come
through Georgia ports before being transported to Jacksonville.
If South
Carolina is selected for the TBC center, Rockefeller Development Group will be the
developer and claim its second big win in the Southeast this year. Earlier this
year, General Mills picked Rockefeller to
build a 1.5 million-square-foot distribution center in Social Circle,
GA. |
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GVA Advantis' Losses are Transwestern's Gain
 Left to right: Rush Bradley, Virginia Cunningham, Don Reeves, Robert Poirier, Ann Cameron, Bill Knight, Amy Martinez.
The demise of GVA Advantis has proven to be a positive for Transwestern, a competitor.
Transwestern has cherry-picked some of GVA Advantis' top producers, including two of the company's Top 10 producers. All told, Transwestern has added 12 former Advantis employees - four brokers and eight property management staff members.
Bruce Ford, Executive Vice President of Transwestern in the Southeast, started the march across Peachtree Road in Buckhead in July 2008, when he left Advantis to oversee the leasing and management business at Transwestern. A year later, on July 13, Advantis announced it would shut down its brokerage services business due to the real estate recession.
Since then, Ford has helped to persuade several key GVA Advantis executives and brokers to join him at Transwestern. They include Robert Poirier, who had served as Managing Director overseeing Advantis' Atlanta operations; Bill Knight, who ranked as Advantis' No. 2 producer as of mid-year 2009; and Rush Bradley, a Top 10 producer for GVA Advantis in 2008. Poirier serves as a Transwestern Senior Vice President who leads its Atlanta tenant rep business.
In the past month, Ford and team have leveraged personal relationships and industry knowledge to help Transwestern add nearly 1 million square feet to its local management portfolio. Just this week, Transwestern said it has been hired to manage and lease the 98,000 square feet of Class A office at 75 14th Street, home to the Four Seasons, and Lenox Overlook, the 57,633-square-foot office component of the Westin Buckhead complex at 3391 Peachtree.
Both 75 14th Street and Lenox Overlook are owned by Host Hotels & Resorts Inc. Leasing agent Max White and property managers Virginia Cunningham and Tracy Purser joined Transwestern as a result of the new assignment from Host.
"We are very excited to add these high-profile properties to our growing Atlanta portfolio," said Ford, executive vice president of Transwestern in the Southeast. "Over the past two weeks alone, we have added just under 1 million square feet of new management and leasing assignments in the metro area."
Senior Property Manager Ann Cameron and Property Manager Amy Martinez also joined Transwestern as part of other new assignments won.  |
Hines Wins Gold LEED Certification at One Overton Park
Hines' One Overton Park, just off I-75 inside the I-285 beltline.
One Overton Park, a Cobb County office
tower overlooking the Chattahoochee River National Park, has received
gold certification in the U.S. Green Building Council's Leadership
in Energy and Environmental Design Green Building Rating System. The
15-story, 387,267-square-foot office building received Gold LEED certification
in the Existing Buildings: Operation and Maintenance program.
Hines developed One Overton Park at
I-75 and Cumberland Boulevard and now leases and manages the property
for a subsidiary of Franklin Street Properties Corp., which bought the
building in 2006.
"As Hines' second LEED Gold-certified
property in Atlanta, our development and operating teams have demonstrated
a mastery of the LEED process," said Kurt Hartman, a Hines Senior Vice President. "One Overton Park provides an excellent example of
how Hines partners with asset and portfolio owners to create and preserve
value while benefiting the environment."
Hines other LEED Gold-certified LEED
building in Atlanta is 1180 Peachtree Street in Midtown, home of law
firm King & Spalding.
Toby Daley, vice president of Franklin
Street Properties, said One Overton Park is the company's first building
to achieve certification since it launched its LEED initiative.
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