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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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FIB Opportunity  Hodges' Bruce Logue kicks back in his office after signing an office deal with the government.Fulton County's lease for
30,000 square feet of office space at 5440 Fulton Industrial Boulevard
tells part of the story. It's just one piece in the county's effort
to completely revitalize an entire corridor that's integral to metro
Atlanta's economy, an effort that may include a state Opportunity
Zone and tax credits of up to $3,500 per employee for new-job creation.
Fulton County holds an option
for the entire 140,145-square-foot building, which is owned by
LIT/Hodges
Industrial Trust and leased by Hodges Management and Leasing Co.'s
Bruce Logue. At the property, Fulton County will house a police
administrative
HQ, fire and rescue administrative HQ, two county commissioners'
offices, permitting and code enforcement, public works and a district
attorney's community prosecutor office.
"Once it gets in place, it's
a huge shot in the arm for Fulton Industrial," Logue said of the overall
effort.
The county has already
increased
police presence and code enforcement efforts in the corridor and taken
over maintenance of the area's right of way. The 4,500-acre corridor
was designated an Urban Redevelopment Area in 2006, and now the county
has applied for Opportunity Zone designation with the Georgia Department
of Community Affairs, a move that will qualify local businesses
for the $3,500 new-job tax credit. The county also is considering Free
Trade Zone designation for FIB and incentives to encourage redevelopment
of obsolete properties to meet the needs of green industry, said Deputy
County Manager Rob Hernandez.
"We're not trying to turn
FIB into Buckhead. We're trying to capitalize on its strengths as
a warehousing and commercial district," Hernandez said. "We've
shown the business community that we're willing to take a leadership
role and that we've committed our resources. It's a very important
business corridor, and we want it to flourish today and in the future."
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Centennial Holding Co.:  Centennial Holding's Dror Goldberg (left) and Andy Trotter (right) before a friendly challenge to an office golf tournament. It's great to be the only
game in town, and that's practically where Centennial Holding Co.
found itself last year.
The multifamily investor raised
an $80 million fund in 2008 and went to work placing it in 2009 when
most everyone else was on the sidelines. So far, Centennial has invested
60 percent of the fund, including Wednesday's acquisition of Century Carrington Park, a 266-unit property in Morrisville, N.C.
"We were buying last year
when few, if any, were doing so," said Andy Trotter, Centennial Chief Investment Officer. "We've been actively taking advantage of a market
that was ripe for the picking from a capital markets perspective."
Now things are a little
different,
but that creates opportunities, too. Where Centennial was one of a
handful
of active investors last year, the company bid on a multifamily property
last Friday that received 40 offers. That kind of demand may lead to
dispositions of properties in other Centennial funds, Trotter said.
Trotter's part of a team
that includes CFO Dror Goldberg, CEO Porter Payne and Chairman Billy
Payne - yes, THAT Billy Payne of Olympics and Augusta National fame.
To say Centennial is a little golf crazy, not to mention highly
competitive,
especially when it comes to company bowling outings, is bit of an
understatement.
The company is also well
positioned
to capitalize on a renter base of 20- to 35-year-olds that may be a
little gun shy of home or condo ownership right now.
"That's a huge sea change
from where we were five years ago," Trotter said.
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Terry Gets the Tour
 From left to right: Jeff Sherman of Lane Co., Jill Walton of Terry College of Business, Sabrina Altenbach of Ben Carter Properties, Katherine Molyson of Cousins Properties and Josh Champion of Prudential Mortgage Capital Company.
Even a die hard Georgia Tech fan can show a little love for UGA's Terry College of Business, as Cousins Properties'
Katherine Molyson, our Tech grad in question, helps show off her
company's Terminus development to members of Terry's
real estate alumni group. The Rooster joined the lively group for a tour of the T200 condos and the after party at neighboring Cantina last Thursday. Cousins and Seyfarth Shaw sponsored the evening's festivities.
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Luncheon of a Lifetime
From left to right: Jimmy Fluker of Taylor & Mathis, Ed Milton of CB Richard Ellis, John Murphy of Cousins Properties, John Heagy of Hines Interests, David Lanier of CB Richard Ellis, Connie Engel of Childress Klein, Clark Gore of Jones Lang LaSalle, Bruce Logue of Hodges Management and Leasing, Larry Kelly of Pope & Land Enterprises and Brian Hogg of Portman Management Company.
The Rooster got an insider invitation to NAIOP's Lifetime Achievement Luncheon in honor of the 2010 award winner, Connie Engel of Childress Klein, yesterday afternoon. In the sunny Park Room of the Piedmont Driving Club, 10 of the last 15 award winners gathered to celebrate the newest addition to their roster. Congrats to Connie Engel from Team Rooster!
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Spring (Social) is in the Air
Amanda Rhein of Atlanta Development Authority (left) and Judy Price of Coldwell Banker NRT Development Advisors (right).
The Rooster stopped in Hudson's Grille in Midtown last night to check out ULI's Young Leaders Group Spring Social with Emory Goizueta School of Business. About 60 mingling students and professionals filled the private room upstairs for the annual event.
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