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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Jubilation Replication:
Repeating the Vinings Formula
George Banks (left) and David Cochran (right) of Paces Properties at Vinings Jubilee.
David Cochran tried to lure George Banks over to Paces Properties several times over the past decade and each time was rebuffed for one reason or another. About 18 months ago, Cochran found himself in condo/lender/retail-tenant-roll hell and once again took Banks' temperature. Banks response - "I've never been more concerned about the real estate market, but I've never been more excited about opportunities in the near term" - flipped on a light.
"I kind of lost sight of what was our backbone - development, leasing and management of exceptional retail," said Cochran, who joined Paces in 2001.
Banks joined Paces Properties a year ago, and now he and Cochran, whose father, Felix, founded the company in 1973, focus on retail acquisition and redevelopment opportunities, with a goal of investing $50 to $80 million over the next three years.
The company has two advantages, Banks said. First, Paces' development experience, especially in multifamily, helps it identify shopping center acquisitions that ultimately are land and redevelopment plays. Second: Vinings Jubilee, the enormously successful Vinings landmark that Paces Properties developed in the mid 1980s. Vinings Jubilee has retained many of its national and local tenants since it opened and gives Paces instant credibility with municipalities and tenants, not to mention shoppers, Banks said.
Vinings Jubilee can't be replicated on every site, and, instead of chasing every foreclosed shopping center in the Southeast - which would take a while - Banks and Cochran are focusing on pursuing real estate they actually want to own, where demographics and timing will either create an opportunity for another Jubilee concept or redevelopment of another property type.
"If you ask any neighborhood in metro Atlanta, 'if a hurricane knocked down your local shopping center, what would you want to replace it?' every single one of them would say 'Vinings Jubilee,'" Banks said.
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Afterthought vs. Opportunity:
64 Perimeter Center East
64 PCE's leasing team shows CRESA Advisors reps around the newly revamped building last week.
64 Perimeter Center East has a blessing and a curse going for it. The blessing: it was originally a Southern Co. build-to-suit, and then Philips, whose sign loomed over I-285, occupied it. It's a great building, former home of two high-credit corporate tenants, and it's only had space on the market once in the past two decades.
Therein lies the curse, though. As a vacant property, it's a 325,000-square-foot afterthought.
Owner Rubenstein Partner's leasing team - Barry Real Estate's Andy Sumlin, Caroline Nolen and Deming Fish and Cushman & Wakefield's Aileen Almassy and Lisa Dunavin - is working to raise 64 PCE's profile among the brokerage community and last week took CRESA Advisors office tenant rep group on a tour of the property.
Sumlin points out it's the largest contiguous block of office space in the Southeast - outside Buckhead - and has the requisite tech and utility backbone, including a tier-two data center, triple-redundant power and triple fiber-loop redundancy. The property's also undergoing a $6 million cosmetic renovation, and offers potential tenants the opportunity to duplicate Philips' former signage on the building, where asking rates are $21.50 per square foot.
Unlike past downturns, the Central Perimeter has no new, speculative construction, and no available large blocks of contiguous space. That big block combined with recessionary cost pressures that drive corporate real estate to the lowest cost locations - companies like NCR and First Data, for example - may position 64 PCE perfectly.
"Historically, the Central Perimeter market has been a corporate location and benefited from large corporate relocations," said Sumlin, Barry's director of project leasing. "With its quality and technology capabilities, 64 is a unique opportunity with a much more efficient cost profile than new construction."
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Philanthropies Bring
Competitors Together for a Cause
From left to right: Josh Hirsh of Studley, Kate Atwood, Founder of Kate's Club, Don Lemon of CNN and Allison Bittel of Cushman & Wakefield.
We'll give credit where it's due. Studley Managing Director Josh Hirsh invited us to last week's Kate's Club Dinner of Champions, but, across the city, we kept running into Cushman & Wakefield brokers doing their philanthropic best. Hirsh and fellow Kate's Club board member Allison Bittel, a C&W office tenant rep broker, welcomed us to the nonprofit's annual dinner at the Fox Wednesday night. Since its inception seven years ago, Kate's Club has helped more than 330 metro Atlanta children who've lost a parent or sibling with grief counseling, camps and activities and mentoring.
Ray Stache catching up on some reading material at The Study Hall last Thursday afternoon.
The next day, we joined The Study Hall board member and C&W's Ray Stache as he took a break from running seemingly every big industrial deal in metro Atlanta to help plan the nonprofit's 20th anniversary celebration, which will be May 18th at Puritan Mill and feature Saturday Night Live's Kenan Thompson. Individual tickets are $150, and sponsorship opportunities are still available (hint, hint). In its two decades, Atlanta's commercial real estate community has taken The Study Hall under its wing, with a board including executives from Colliers, IDI, Carter, C&W, RWB Interiors, Childress Klein and Panattoni. Each school day, the non-profit, after-school program serves approximately 90 children, K-6th grade, who live in Peoplestown and surrounding South Atlanta neighborhoods.
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Full Circle at Cantina
From left to right: Lynette Todd, Suzanne Flowers, Jennifer Keith, Elizabeth Hoskins and Amanda Smith, all of CBRE.
With the current real estate market resembling that of 1989, it's fitting that
the staff at Terminus' Cantina were attired in their best '80s gear as
they hosted Circle of Trust's power networking event last Thursday night.
Circle of Trust, on the other hand? Always stylish. Terminus and
Showhomes of Atlanta sponsored the event, which featured a tour of 10
Terminus' model home. Next up for the Circle: the new Five Seasons
Brewing Co. on Howell Mill, April 25th. See you there!
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