To make sure the rooster gets
through to your coop, please add
newsletter@roostermedia.com to your address book!
|
The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
|
|
Disparate Landmarks
Pershing Park Plaza (left) and the Clermont Hotel (right) are hot on the market for sale.
One sits at the northern gates of Midtown. The other is a landmark of a more, um, colorful nature. Either way, Pershing Park Plaza and the Clermont Hotel property are on the market.
Eastdil Secured's Mike McDonald, Randy Evans, Miles Theodore and Kennedy Hicks are managing the sale of Pershing Park Plaza on behalf of Boston-based ELV Associates, and Jake Reid of Franklin Street Financial Partners is leading the marketing efforts for the Clermont on behalf of owner Fairway Capital.
Eastdil officially begins its marketing efforts on July 13 as it seeks a buyer for the eight-story, 159,891-square-foot office building at 1420 Peachtree St. NE. Law firm Jones Day anchors the property that ELV Associates acquired last summer.
On Midtown's eastern edge, the Clermont Hotel at 789 Ponce de Leon Ave. offers an opportunity for residential, retail or office redevelopment, Reid said. The six-story, 88,552 square foot main building was built in 1924, and the property includes adjacent parcels, all totaling 1.34 acres. The Clermont Hotel has been on and off the market a number of times over the past decade and may require $10 to $14 million to renovate mechanical systems, HVAC, parking and other aspects of the property, said Gene Kansas of Gene Kansas Commercial Real Estate who's previously marketed the property.
Despite the current market scraping bottom, Fairway fully intends to sell the property, Reid said, and piques investors' interest with a neighborhood that could be vastly transformed by City Hall East's potential redevelopment and the emergence of the Belt Line, which is taking shape and opening in bits and pieces.
Fortunately, for all of us, though, the Clermont Lounge, where strippers go to die, remains open in the hotel's terrace level. We'll see you there Saturday night.
|
|
A Long Time Coming
 Jason Calvo (left) and John Clancy (right) of Calvo Clancy Commercial Property Solutions.
For Jason Calvo and John Clancy, it was a matter of controlling destiny.
After six years with City Commercial and approximately 15 years in Atlanta commercial real estate, the two recently formed Calvo Clancy Commercial Property Solutions, with Calvo focusing on the office side of the business and Clancy tackling industrial. Even though they left City Commercial, Calvo and Clancy will be part of the Real Professionals Network formed by City Commercial founder Rick Lackey.
Calvo and Clancy plan to use technology to stay nimble and collaborative and reduce overhead, not to mention better focus on clients and referrals with peer small firms. Ultimately, they want to complement their brokerage skills into ownership opportunities and building up the leasing and management side of Calvo Clancy.
"We've been thinking about it for a while. It was a long time coming," Clancy said. "We really wanted to grow our own company."
"We're not hindered by the size of our company," Calvo added. "We have all the resources of any big firm, maybe more. |
APG's Wheel House
Kirven Brantley (left) and Tom Davenport (right), both of Lavista Associates in 41 Perimeter Center East (overlooking 47 Perimeter Center East) yesterday afternoon.Atlanta Property Group's goal is to buy well-located "B" assets, assume some leasing risk and apply a little TLC, so its acquisition of 41, 47 and 53 Perimeter Center East falls firmly in APG's wheel house.
APG acquired the three buildings from Rubenstein Partners, which was represented by David Meline and Stewart Calhoun of Cushman & Wakefield.
The three office buildings, which total 285,000 square feet, are 51 percent occupied, so APG has hired Kirven Brantley and Austin Chase of Lavista Associates to market the property. APG also is rebranding the property as the Park at Perimeter Center East and investing in rehabbing common-area corridors and other cosmetic changes. More importantly, the new owners and their friends at Lavista want brokers and potential tenants to know TI and commissions are covered.
|
ULI Sustainability Summit
 3630 Peachtree Road, Tower I in Buckhead.Sustainability has been a commercial real estate buzzword for nearly a decade now, and Atlanta's Urban Land Institute chapter will look at the issue and its future with a morning symposium Tuesday, July 13, 7:30 to 11:30 a.m. at Duke Realty and Pope & Land's 3630 Peachtree Road building. Greg O'Brien, principal of locally based Sustainable Options LLC, will moderate a panel that includes Scott Muldavin, executive director of San Francisco-based Green Building Finance Consortium; James Finlay, senior appraisal manager for Wells Fargo; Peter Belisle, president, energy and sustainability services, at Jones Lang LaSalle; and Eric Bowles, vice president of CoreNet Global. We'll see you there!
|
|
 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. | |
|
|
|
CONTACT EDITOR CONTACT ADVERTISING
The Real Estate Rooster is an online newsletter directed at the real
estate industry in Metropolitan Atlanta. You have received this newsletter
through your affiliation with the real estate industry. If you have received
this newsletter in error or would like to unsubscribe, please follow the link
below. The content of this newsletter is independently developed by Rooster Media, LLC and is not directed by the advertisers whose names and ads appear herein.
All of the content in this newsletter is the sole and exclusive property of Rooster Media, LLC. © 2009. |
|
|
|
|
