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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Green Building: A Whole New Meaning
Scene of the crime: photo courtesy of WSB.
How do you collect rent from tenants
when they're likely headed to prison after turning a warehouse into
a giant marijuana growing operation?
This week's headache/question for
Raco General Contractors and King Industrial, who own and lease 550
Selig Drive, respectively, is brought to you by Desmond Lampkin, who
the Georgia Bureau of Investigation arrested last week for growing 1,900
pot plants in the 30,000-square-foot warehouse near Fulton Industrial.
Law enforcement valued the crops at $12 million, according to WSB. We
doubt Lampkin was paying any sales, income or inventory taxes on the
product, too, so that could further compound his legal problems.
Raco and King Industrial execs declined
to comment, but the bust did pique the interest of many interested
parties.
"I'm going by there Monday to see
what's left," one broker told us late last week. We think he was
kidding.
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NAIOP Breakfast: Money Talks
NAIOP's capital markets' brain trust (left to right): Jacob Vallo of Reynolds Capital
Group, Jamestown's Matt Bronfman, Brookdale Group's Chip Davidson,
CBRE's Justin Parsonnet and Weeks Robinson Properties' Forrest Robinson.NAIOP assembled a stellar panel to
discuss capital markets and investment last Thursday, with CBRE's
Justin Parsonnet moderating a group that included Jamestown's Matt
Bronfman, Weeks Robinson Properties' Forrest Robinson, Chip Davidson
of The Brookdale Group and Jacob Vallo of Reynolds Capital Group.
Capital markets are improving
incrementally,
but the opportunities to buy distressed properties haven't materialized
as many anticipated they would, primarily because banks have been able
to hold on.
"Banks took all this government money,
and they didn't take it so that they would have to sell off to
opportunity
funds seeking 20 percent returns - unfortunately," Bronfman said.
All assets are under increased scrutiny
and tighter underwriting, especially the distressed and non-core assets
hitting the market. Not all of these are going to pass the smell test
with shrewd investors like Brookdale and Jamestown, Davidson said,
especially
as institutional clients demand greater caution.
"You're not looking to sell to
Matt or me," Davidson said. "You're looking to sell to the guy
who just got off the banana boat."
That caution translates into a
more realistic outlook, too, Robinson said. After the past two years,
investors will take 8 percent returns in the current market.
"Some of them, especially the smarter
investors, are readjusting expectations," he said.
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Schwiiiing! 
From left to right: Brian Greene of CresaPartners,
Todd Faulkner of Grubb & Ellis, Dave Watson of Grubb & Ellis, Jay Padgett of Jones Lang LaSalle, Roddy
Bowdin of Grubb & Ellis,
Eric Corona of Grubb & Ellis, Nick Faber of Grubb & Elli and John Bradner of Grubb & Ellis.
You know summer is around the corner when the battle for the Dave Watson Cup begins.
Although everyone greatly anticipated the opening ceremony with American Idol's Big Mike singing the National Anthem, a team captain/umpire beer shotgun at home plate kicked off the night. Winning teams for the opening night included CoLaSalle (vs. Cushman), Majellis (vs. Pattillo) and NAIBG (vs. Carter); three upsets according to the (defeated) insiders.
CWC sponsored the kickoff with enough Papa John's pizza to feed a small army. It was the typically perfect start to another fun softball season.
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And Schwiiiing Again! 
From left to right: Ed Riggins of CresaPartners, Kurt Unger of Bryant CRE, Homer, Rusty Epperson of Wilson, Hull & Neal, Bret White of CB Richard Ellis, Lisa Ward of IDI and David Nixon of CB Richard Ellis.The Rooster joined IDI in a suite over right field for what may well be the most unforgettable Atlanta Braves game of the season! Last Thursday afternoon, the Braves took on the Cincinatti Reds and won with a walk-off grand slam in the bottom of the ninth.
Lots of the top industrial players joined in the fun with beer, finger food and cold hard cash. You read right. With a question and answer based raffle drawing, IDI gave away more than $1,000 in cash. Bret White of CB Richard Ellis and Darren Ross of Grubb & Ellis were the biggest winners; sure pays to know your baseball stats. |
Seyfarth Shaw's New Digs
From left to right: Steve Martin of SDM Partners, Julian Brown of Transwestern, Steven
Kennedy and Mark Block of Seyfarth Shaw.Seyfarth Shaw's Thursday open house showed off its new Atlanta
office at Daniel Corp., Selig Enterprises and MetLife's 1075 Peachtree
St. office tower, part of the 12th & Midtown mixed-use development.
With dazzling views of Midtown and the Atlanta skyline, Seyfarth Shaw's
new digs combine technology, form and function, epitomizing the 21st
century law firm.
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ACBR Rites of Spring
From left to right: John Wilson of Terminus Realty Advisors, Dave Watson of Grubb &
Ellis, Austin McDonald of McDonald Development, Gregg Metcalf of Jones Lang LaSalle,
Jimmy Adams of Adams Allied Transportation and Storage.
Team Rooster joined more than 250 CRE professionals last Thursday at the Atlanta Commercial Board of REALTORS Spring Fling. Held at The Park Tavern in Piedmont Park, the annual event serves as a fundraiser for the Board's Community Service Committee. This year, a whopping $32,000 was presented to The Study Hall. The combination of great weather, live music and a great turnout made for a tremendous success for all.
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