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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Cox Closes the Deal
Cox's newest portfolio addition: 9000 Central Park.
An affiliate of Cox Enterprises Inc.
has acquired the 9000 Central Park office building from an affiliate
of Ackerman & Co. for just under $32 million, according to real
estate information firm DataBank. CB Richard Ellis' John Shlesinger
represented Cox in the transaction.
Cox leased approximately 95,000 square
feet at the building last year and houses auto auction firm Manheim's
IT department at the 239,806-square-foot building. Cox also has
announced
plans for a new Central Perimeter - and Central Park - corporate
campus and recently moved the Atlanta Journal-Constitution's
HQ to the submarket.
For its part, Ackerman acquired 9000
Central Park in 2007 from Rubenstein Partners and Barry Real Estate
Cos. for approximately $33 million.
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Lance Patterson: Full Circle
Lance Patterson of Patterson Real Estate Advisory Group. Lance Patterson has a long
history as a fixer, one that developed out of circumstances much like
today's.
It was 1991, and Patterson
returned from a fellowship working for the German government, what he
thought would be a great opportunity to springboard into international
business. Moving back to the U.S., though, he found a real estate market
similar to current conditions. He picked up a lot of assignments to
help clients with tough real estate finance situations but "getting
a real job" wasn't so easy.
That led to Patterson starting
his own consulting firm, which later led to a position with commercial
mortgage banking client First Fidelity, where he rose to chief
operations
officer before joining Barry Real Estate Cos. as president in 2005.
Patterson announced his resignation from Barry in the middle of last
year and remained at the firm for the next three months as it worked
through the recession.
Patterson then figured out
the next chapter and started Patterson Real Estate Advisory Group, where
he's helping clients, many of them long-time friends and associates,
raise debt and equity and "fix broken money" across just about every
real estate product type, from residential land to hotels, retail and
office. Ken Grimes, formerly of Eastdil Secured, recently joined the
firm, and Patterson plans to add a few more real estate finance pros
over the next 12 months.
"It wasn't until early
fall that I figured out what I wanted to do, and what I wanted to do
was get back into the intermediary business," Patterson said. "I
just enjoy it, and it's fun. I quickly became swamped with
opportunities
to help."
Equity markets have turned
on a dime this year, Patterson said, but debt is still sluggish at best.
Distressed sellers still aren't willing to sell at the massive discounts
investors expected, either. All these factors are combining to create
a heated market for core properties and a tense environment for
opportunity
funds, many of them looking for returns around 20 percent.
"It's amazing how fast
things have changed," Patterson said. "From an operating perspective,
real estate still has a ways to go, but from a capital markets
perspective
the market is very aggressive. They can't find anything to buy because
sellers still aren't willing to take the discounts, but, No. 2, debt
hasn't caught up."
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It's Only Pictures of Dead Presidents
Marty Higginbotham (center) works the room at Tuesday's real estate auction at Great Gatsby's.
These days, an auction can
be like ripping off a band aid. It hurts a little at first, but when
it's done, it's done.
Tuesday, we checked out
Higginbotham
Auctioneers' real estate auction at Great Gatsby's on Peachtree
Industrial, where auctioneers Mike Abdalla and Marty Higginbotham were
moving commercial properties, residential land and one luxury home at
a furious pace. Great Gatsby's auctions all kinds of antiques and
exotic cars, but this was its first real estate auction, owner Ted
Tzavaras told us.
The deluge of distressed
properties,
especially lender-owned, has yet to transpire as many imagined, but,
at some point, these unintentional owners will have to clean up their
books. Auctions are one way to do it quickly and may become more
prevalent
in metro Atlanta. For its part, Colliers recently formed Colliers-John
Dixon Commercial Auction Services with long-time auctioneer John Dixon.
Tuesday's absolute auction
included the sale of a 4,115-square-foot home in Johns Creek for
$550,000
and four unfinished Lake Sinclair condos for a total of $150,000.
Proceeds
from the morning's auctions totaled $1.5 million and an additional
$700,000 in post-auction sales, said Higginbotham, who founded his
company
in 1959. A number of residential and commercial parcels were passed
over in the auction, itself, but he ultimately expects to sell those,
too.
"We're going to see a lot
more auctions in this world," Higginbotham said. "The market's
coming back, and this was a good indicator that it's stabilizing a
little bit."
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Nothing Says "Thank You" Like
Low Country BBQ
From left to right: Annie Baxter of Georgia Department of Economic Development, Douglas Biggs of
Colliers, John Rooker of Rooker and Misti Martin of Cherokee County Economic Development.
Rooker
showed its appreciation for industrial brokers and other friends
Wednesday with its annual barbecue feast at Piedmont Park's Magnolia
Hall, drawing a couple hundred deal makers, economic development types
and construction and finance pros. If you couldn't find your industrial
tenant rep guys Wednesday afternoon, they were probably in a food coma.
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Carter Crowns Cornhole Champs
Tyler Courtney defending the cornhole crown.
UGL Equis' Tyler Courtney knows the thrill of victory and the agony of
defeat. He took home 2009's Cornhole Cup but CresaPartners' Brett Sumner
and Brian Greene thwarted his bid for a repeat Tuesday at Carter's
Atlantic Station broker event where winners took home cruiser coolers,
perhaps the greatest invention of the 21st century.
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See You Tonight!
The American Cancer Society Headquarters downtown.
Team Rooster and Cousins Properties are looking forward to seeing more than 500 of you at tonight's Office Market Reception downtown! It all starts at 5:30 in the street level lobby of the American Cancer Society Center - cocktails, appetizers, live music, a silent auction, raffle prizes, even free parking. See you there!
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 We want to cover your next event! Send our marketing staff a note with all the deets and we will do our best to be there.
In case you missed us, click here for past issues. | |
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