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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Core Hunger 
IDI's Westpoint A in Westpoint Business Park, FL.
Other product types may
languish,
but, after a year of capital markets appetite suppressants, a hunger
has emerged for core assets - core assets like the distribution
centers IDI develops and leases to Corporate America.
Last month, IDI sold a South
Florida portfolio to a German mutual fund advised by RREEF. The
transaction
involving four buildings at Weston Business Park in Broward County
closed
in 39 days. In March, IDI sold three buildings totaling 283,559 square
feet in Plano Business Park outside Dallas to an affiliate of KBS Cos.
IDI's Senior VP Bryan Blasingame declined to comment on the
transactions'
pricing, but did point out that pricing has certainly improved over
the past two years, especially for well-leased, well-located core
product.
"There seems to be a decent
amount of core capital in the marketplace," Blasingame said.
"That's what the vast majority of people want."
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And It's Not Just Core.
1039 Northpoint Parkway in Acworth, GA.
It's not just core buyers snapping
up buildings, either, especially given the pricing on assets that need
to move for one reason or another.
Locally based Contract Packaging has
acquired 14481 Lochridge Blvd. in Covington from Komatsu for
approximately
$4 million, or $12.60 per square foot. Colliers' Sean Boswell, Ryan
Sawyer and Chris Irby marketed the building on behalf of Komatsu, which
placed competitive lease and sale restrictions on the deal but
ultimately
needed to dispose of what had become surplus real estate. Located near
I-20, the 42-acre site includes a two-building, 315,181-square-foot
manufacturing and warehouse facility and vacant land.
Similarly, MDH Partners last month
acquired the 210,000-square-foot 1039 Northpoint Parkway, the former
Stock Building Supply building in Acworth, for $12 per square foot. Could this signal a new market price for empty buildings in Atlanta?
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Benning Bends: Flexibility = Survival
in Construction Industry
Ted Benning (left) and Ted Benning III (right). Ted Benning III, retired, wasn't available for the photo shoot.
Ted Benning III took a step back and
evaluated the Southeastern construction business a few years ago. Retail
overbuilding and lax residential lending standards troubled him, and
he came to the conclusion that it might be a good time for Benning
Construction
Co. to start a government facilities construction group.
Benning has built hundreds of movie
theaters and shopping centers across the Southeast, including the
District
at Howell Mill and more than 150 Publix-anchored centers, but a
construction
company doesn't last more than 60 years by being too rigid. The company
currently is building out MegaMart in the former Macy's space at
Gwinnett
Place Mall and multiplex theaters in Pooler and Warner Robbins, Ga.,
but government facilities construction now accounts for one third of
Benning's business.
"The general contractor who said
they were going to stay in their niche and not diversify is a lot
smaller
than they were four years ago," Benning said. "We've been able
to survive this because of the good, solid principles drilled into our
heads by my dad and granddad and their peers."
The Bennings have been involved with
Atlanta development and construction for more than a century. Ted
Benning
III's great grandfather, A.H. Benning - a man who literally ran
away and joined the circus when he was a kid - was one of the original
investors in the Flat Iron building's development in the 1890s. Ted's
father and grandfather started Benning Construction Co. in 1953 and
developed shopping centers, theaters and other commercial properties
across the Southeast, riding a wave of Sunbelt growth. This month,
Benning
Construction Co. will be recognized as a finalist for the "Georgia
Family Business of the Year Award" presented by Kennesaw State
University.
After a tough few years for the
construction
industry, Benning also is expanding its facilities and hiring again.
You could call Ted Benning III an optimistic realist.
"Atlanta's always been a transportation and communications town,"
Benning said. "This town always knows how to pull itself up by its
bootstraps, and it always will."
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Prudential Picks AFF
Dave Smith (left) and Alan Joel (right) recently on the Piedmont Driving Club golf course.
Prudential is moving its Buckhead offices
from One Alliance Center to 14,600 square feet in the Atlanta Financial
Center on Peachtree Road. Alan Joel, Holley Mitchell and Dave
Smith of Joel & Granot Commercial Real Estate represented
Prudential,
and Hines' Scott Martin represented ownership. Prudential plans to
move to Atlanta Financial Center in July.
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The Event of the Seasons
A look at last years' Spring Fling festivities.
The Atlanta Commercial Board
of REALTOR's Spring Fling is coming up, and it's an event you don't
want to miss.Thursday, May 20, the ACBR
returns to Park Tavern at Piedmont Park for the annual event, which
benefits The Study Hall, a non-profit after-school program for children
and families in Peoplestown and other South Atlanta neighborhoods.
Spring
Fling begins at 5 p.m., and tickets are $25 in advance, $35 at the door.
Tickets include open bar, food, live music with the band Olde Dog and
one of Atlanta real estate's premier networking opportunities. For
more information, check out the Spring Fling here.
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