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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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No Business Like Show Business 
Jackie Gleason in Smokey and the Bandit.
Smokey and the Bandit
is, undoubtedly, a great movie, but few would call it truly visionary
or a portent of Lakewood Fairground's future - until now. A number
of the movie's scenes were filmed at Lakewood, and, more than 30 years
later, the site is about to become one of the leading film and TV production
centers in the Southeast.
If you blinked, last week you
probably missed the Atlanta City Council's first reading on a deal
to lease Lakewood Fairgrounds to an entity, the Georgia Film and Television
Center, for film and TV production facilities that could bring 2,000
new jobs to metro Atlanta. City Council's finance committee will review
the transaction this week before a final vote May 17th.
According to a number of sources,
the Lakewood deal involves a 50-year lease for the 33-acre site, an
existing 186,000-square-foot facility and a new 40,000-square-foot state-of-the
art stage space. The city has been working to create a long-term lease
deal for Lakewood Fairgrounds for years, and the movie/TV production
facilities dovetail nicely with the state's tax incentives for the
film industry - up to 30 percent flat-tax credit for qualifying projects.
The state's done a nice job attracting films like The Last Song,
We Are Marshall and The Blind Side over the past four years, and the tax incentives are attracting even
bigger projects, bringing part of the $120 million Fast and the Furious
5's production to metro Atlanta.
Georgia Film and Television is represented by Raulet Property Partners. The team of brokers involved with the deal include John Raulet, Price Muir and Paul Raulet.
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Deals: Done and Looming
Terminus 200 in Buckhead.
With a new financial partner
and Greenberg Traurig wrapped up for Terminus 200, Cousins Properties
can breathe a sigh of relief. Morgan Stanley Real Estate Investing stepped
in to recapitalize Terminus 200 with an infusion of approximately $16
million. The new deal allows Cousins to restructure its construction
financing as well, with Wells Fargo remaining administrative agent on
the loan. For its part, international law firm Greenberg Traurig has
leased the building's top five floors as it plans to move from The
Forum to the heart of Buckhead next year. CB Richard Ellis' David
Todd, John Shlesinger and Jay Dowlen represented Greenberg Traurig,
whose 100,000-square-foot deal puts the property at approximately 20
percent leased. Refinancing enabled Cousins to complete the Greenberg
Traurig transaction and certainly opens the door to complete others.
According to one source, the property is poised to jump from 20 percent
to 40 percent leased within the next few weeks.
Out on the Perimeter, Eastdil
Secured has picked up the listing to sell 66 and 64 Perimeter Center
East and plans to begin marketing the properties in the next few weeks.
Rubenstein Partners and Barry Real Estate Cos. acquired the buildings
in 2007 as part of an Equity Office Properties portfolio, but the two
office buildings overlooking I-285 now sit vacant after Philips' lease
expired and the electronics giant headed for the suburbs. 66 and 64
PCE total more than 400,000 square feet of Class-A office space and
offer all the infrastructure and technological bells and whistles corporate
tenants demand these days. Barry and Rubenstein also are almost done
with a $6 million cosmetic upgrade on 66 and 64 PCE. For Eastdil,
the Perimeter properties mark the third big win recently, as the real
estate investment bank also won listings to market Atlantic Station's retail and The Campanile, BellSouth's former Midtown headquarters.
In Decatur, Bull Realty's
Rick Ferguson helped The Association for Clinical Pastoral Education
Inc. find a new location and purchase The McKinney Building, 542 Church
St., near the Decatur Square. ACPE will either renovate the 15,068-square-foot
building or demolish it and build a LEED-certified structure in its
place. Gene Kansas represented ownership in the $1 million deal.
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Two Guys Named Dave Watson in Blue Shirts Walk into Meet At ....
Dave Watson of Founders Properties (left) and Dave Watson of Grubb & Ellis (right).
Generally, there can be only one, but Meet At is such a momentous
networking event that it can handle two Dave Watsons, one of Grubb
& Ellis fame and the other of Founders Properties. The annual event, along with the ACBR's Spring Fling, is one
of the season's can't miss networking opportunities.
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The Lead CREW
From left to right: Panelists Mike LaFerle of The Home Depot, Beth McClurg of NCR and Matt Fanoe of Coca-Cola Enterprises.
Commercial Real Estate Women (CREW) assembled some of the best
corporate real estate brains in the U.S. -- all of them local -- to
discuss sustainability's impact on cost reduction, future expansion
plans and how a changing retail environment impacts strategic planning
and development. NCR's Beth McClurg, Coca-Cola Enterprises' Matt Fanoe and The Home Depot's Mike LaFerle led the discussion.
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Are You Smarter than a Study Hall Scholar?
From left to right: Jacquetta Watkins, Executive Director of The Study Hall; Carter's Dale
Lewis; Shepard Ansley of Carter, Terry & Co.; Cushman &
Wakefield's Ray Stache; IDI's Mike Salisbury; Elizabeth Finn-Johnson,
The Coca-Cola Co.; and Childress Klein's John Decker.
Members of The Study Hall's special events committee put the finishing
touches on the non-profit, after-school program's 20th Anniversary
celebration, which is Tuesday, May 18 at The Foundry at Puritan Mill.
The event features Saturday Night Live's Kenan Thompson as well a
silent auction and the opportunity to win a weekend at a North Georgia
luxury mountain home by playing "Are You Smarter Than a Study Hall
Scholar."
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