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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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TLC Turnaround
David Andes (left) and Steve Farrar (right) of Newburger-Andes.David Andes knows how to find
the sweet spot, whether it's single-tenant retail properties with
long-term leases or the less-obvious empty industrial building that
just needs a little polish.
The latter category includes
600 Interchange Drive, a 78,120-square-foot flex building in the Fulton
Industrial submarket that Newburger-Andes acquired in April when 12
of the property's 15 units were vacant. The investor completely
renovated
600 Interchange and, within two months, has the property re-tenanted
at 70 percent occupancy.
Andes knew the building could
be successful because Newburger-Andes accomplished the same thing at
500 Interchange five years ago when it acquired, renovated and fully
leased the adjacent property. Tenants were clamoring for quality, small
flex spaces, so Andes looked next door at an asset in disrepair and
saw the potential. Fulton County's invigorated public safety,
infrastructure
and economic development efforts in the Fulton Industrial area played
a role, too.
"What drew me to it was the
success we had on the first investment," Andes said. "You clean
up a property a little bit and get rid of the bad element and bad
tenants,
and you can do it. Everybody else is running from the area, and I'm
not."
David Andes' father,
Jerry, and Sid Newburger founded Newburger-Andes in 1976, and the
company
has returned to its roots as a syndicator of commercial real estate
investments that culminate in all-cash deals. With the ability to tackle
potential investments with no debt, Andes hopes to double the size of
the 2 million-square-foot, more than $200 million portfolio over the
next five years.
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Avison Young Adds Tritschler
Matt Tritschler of Avison Young.
Avison Young has added Matt
Tritschler to lead its Southeast capital markets efforts, the firm's
first hire since it brought in Steve Dils to launch its Atlanta office
in January. Tritschler joins Avison Young from Colliers. Over the past
year, the Canadian real estate services firm has expanded rapidly in
the U.S., adding a presence in Chicago, Washington, D.C., and Atlanta.
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It's a Small World After All
John Beasley (left) and Lamar Wakefield (right) of Wakefield & Beasley.Wakefield & Beasley takes
diversity seriously on a number of levels.
When John Beasley and Lamar
Wakefield started the firm 30 years ago it was diversity for survival's
sake. The two young architects met with H.G. Pattillo, who didn't
offer up any design work but connected them to people like Ray Weeksand M.D. Hodges, which eventually lead to projects for developers Pope
& Land, Barry, Cousins, Duke Realty and Thomas Enterprises,
designing
office buildings, build-to-suits and 85 million square feet of retail
around the world.
When the economy tanked,
Wakefield
& Beasley refocused on education, Corps of Engineers and healthcare
projects and hired Doug Shaw to lead the its municipal practice. The
company's WB Interiors subsidiary has always been profitable, and,
to counterbalance that, Wakefield & Beasley also has a high-end
residential design studio - "a separate company to lose money in
a much more organized fashion," Beasley said.
"It's a diverse dichotomy,
but that's what it takes anymore," Beasley said.
"Diversity's the key to
our longevity, but, beyond that, it's about design and service,"
Wakefield added. "We don't do all of anybody's work - and we
know they're not going to give us all their work - but we work for
everybody."
Wakefield & Beasley
approaches
diversity from another perspective, too. Early on, they visited college
job fairs around the U.S. to recruit the best and brightest architecture
students. They noticed that many of those students where from other
countries, and they often were among the social, political and
intellectual
elites. Adding those connections and capabilities helped Wakefield &
Beasley win projects such as Dubai Festival City, Jisan Golf Community in South Korea, the Sahl Hasheesh mixed-use development in Egypt and
Arena Blanca, a high-rise condo in Panama City, Panama.
"It's a small world anymore,
really small," Beasley said.
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Hollywood South
Commercial shoot for EA Sports' Skate 3 at Terminus 200 in Buckhead.Cousins Properties'
Terminus development has become a hot spot for film, television and
commercial shoots, drawing the likes of the Farrelly brothers'
Hall Pass, a movie starring Owen Wilson, and the pilot for Queen
Latifah's Single Ladies, which wrapped early Friday morning.
Later the same day, Spitfire Studios took over the lobby of Terminus
200 to shoot a commercial for EA Sports' Skate 3 skateboarding
videogame.
The 15 skaters rolling through the lobby were not to be confused with
attorneys and executives from Greenberg Traurig or Sony Ericsson, two
big-ticket tenants recently signed at T200.
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Catching Up at 5P
From left to right: Jeff Cook of Jones Lang LaSalle, Lindsey Morrissey of Aura Salon, Jeff Henson of CB Richard Ellis and Mike White of Jones Lang LaSalle.
Rooster paparazzi was on the loose over the weekend and found mission success at Five Paces Inn. Jeff Cook and Mike White of Jones Lang LaSalle and Jeff Henson of CB Richard Ellis were spotted with a beautiful blonde enjoying drinks and camaraderie. Who knows where the paparazzi will be next time; be on the lookout. |
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