Investment Sales Rockin' the Suburbs

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July 29, 2010

The Inside Scoop on the People & Places that Shape Atlanta Real Estate

A look at 1355 Windward Parkway in Alpharetta.

So what does a foreclosed but fully leased suburban office building go for these days? Apparently, $11.3 million if we're talking about 1355 Windward Concourse in Alpharetta.

Colliers' Dennis Mitchell represented Berkadia Commercial Mortgage, which acquired Capmark's North American mortgage business late last year, in the sale of the 102,569-square-foot office building to an affiliate of Boston-based TA Associates. Capmark's original loan was with Alpha United LLC. We picked up the acquisition price from Databank Atlanta.

Bank of America is the property's lead tenant, occupying 88 percent of the building in a lease that runs through September 2015. The 12-year-old office building is within the Windward mixed-use development off Georgia 400.

Mitchell declined to comment about the 1355 Windward Concourse transaction but indicated that more, similar transactions are on the way as the summer winds down and deals heat up.

No Place Like Home

Kilpatrick Stockton decides to stay at Manulife Financial's 1100 Peachtree.

For one of Atlanta's oldest law firms, there's no place like home.

Kilpatrick Stockton has renewed its tenancy at Manulife Financial's 1100 Peachtree Midtown office tower, leasing more than 200,000 square feet in the top 10 floors. As is the trend in the legal world and Corporate America, the law firm is taking 70,000 square feet less than in its original deal, increasing the efficiency of its office footprint. Carter Senior Vice President Glenn Kolker represented Manulife in the transaction, while Jones Lang LaSalle's Duncan Gibbs led the charge in representing Kilpatrick Stockton in its 15-year renewal.

Carter developed the 581,833-square-foot office tower in 1990, and Kilpatrick Stockton has been a tenant since 1992. The firm is Atlanta's fourth largest with 248 attorneys.

Speaking of Homes ...
C&W Closes Multi-Family Sale

Oxford Ridge Apartments in East Point.

Cushman & Wakefield's local apartment brokerage team has closed the $39 million sale of Oxford Ridge Apartments in East Point, representing Oxford Ridge JV LLC. Landmark Residential Properties/ Asset Development Group acquired the 492-unit development.

"This sale is especially notable in that it's one of the few non-distressed properties to have traded this year," said David Gutting, executive director of Cushman & Wakefield's apartment brokerage team. "Oxford Ridge has been a solid performer throughout the downturn, which helped it attract a knowledgeable buyer from among the many investor groups now ready to re-enter the multifamily market.

Carter's Sweet Victory

Carter's Tim Farley was slightly excited to wear the crown and hold up the trophy.

When the Dave Watson Cup is at stake, things get serious. Well, until Grubb & Ellis' Dave Watson shows up to hand off the namesake trophy and offer up a "special MVP hat" to the game king.

Team Carter celebrating the 2010 Dave Watson Cup Championship at Pace Field last night.

Rooster joined the broker softball league last night to watch the season wrap up. CBRE won against Pattillo, Carter won against the TPA Indies, and ultimately, Carter won in the end against CBRE. Congrats to the players, and we look forward to seeing you out there again next year!

Planning Ahead

Left to right: Travis Vickers of Baker Barrios Architects, Inc., Felix Figueroa of Northwestern Mutual, Carlos Pineda of VeenendaalCave, Suzanne Markley of Thomson Reuters, Jeff Pollock of Pollock Commercial, Inc., Kimberly Strong of Highwoods, Kennedy Hicks of Eastdil Secured, Alex Brennan of Cannon Equities, Inc. and Marcellus Parker of Regus.

Rooster paparazzi stopped in to see our friend Ed Cave at VeenendaalCave yesterday afternoon, and we caught ten members of Atlanta CRE's future hard at work. Debbie Koenig led a monthly meeting with the NAIOP Future Leaders in VeenendaalCave's Resource Center to go over upcoming calendars and other future plans for the rising group. You never know where the Rooster will pop up; be on the lookout.

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