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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Summertime Hustle
Nathan Anderson (left) and Darren Butler (right) of NAI Brannen Goddard.
Sure, we'd all like to be at the beach or feel cool, mountain breezes blowing through our hair - or at least what's left of it - but this economy requires a little extra hustle and a willingness to go where you have to go and do what you have to do, even if it means working deals in Central Florida in the middle of summer.
Case in point: NAI Brannen Goddard's Nathan Anderson and Darren Butler represented metal-products distributor Ta Chen International in its lease of 140,000 square feet at First Industrial Realty Trust's 400,000-square-foot 6870 First Park Blvd. in Lakeland, Fla. First Industrial's Randy Bongard represented ownership.
Closer to home, Anderson and Butler also represented Ta Chen as it renewed for 157,280 square feet at 2995 Northmont Drive in Duluth. Seefried Properties' Greg Herren represented the building's owner, BlackRock.
"It was a perfect storm for TCI," Anderson said. "Blue Chip credit tenants expanding and renewing in this market garner a lot of landlord's attention. The leverage almost ran itself."
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Wyatt on a Roll
A look at the apartments at Defoors Crossing.
That summertime hustle
also means juggling various projects and deals all the way to the
closing
table, an area where Harold Wyatt's become rather adept over the past
month.
This week, Wyatt
Capital closed on the acquisition of Defoors Crossing, a 60-unit
apartment complex
on Defoors Ferry Road near the Defoors/Collier Road intersection. Wyatt
bought
the property from Denver-based AIMCO for $3 million and will partner
with
Habersham Properties on its operations and management.
"Our investment
platform involves diversification across our asset base and bringing in
expert
partners where we may be deficient," Wyatt said.
At closing, Defoors
Crossing had two vacant units that were subsequently leased up Tuesday.
Wyatt
Capital also owns the adjacent 1.8 acres where the plan calls for
entitlement
for a use compatible with Defoors Crossing, he said.
On the tenant rep side,
Wyatt Realty Co. represented Railcar Management, which provides software
for
the logistics industry, in its lease of approximately 34,000 square feet
at the
Prominence building in Buckhead. Jones Lang LaSalle's Jeff Bellamy and
Justin
Croxton lease Prominence on behalf of owner TIAA CREF, and also have
signed
Wells Fargo Insurance Service to a 57,704-square-foot lease at the
building.
Chad Koenig and Jim Devaney of NAI Brannen Goddard represented Wells
Fargo.
"They hit the market
just right with a great space in a great building," Wyatt said of the
Railcar
deal.
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Choate Construction: Diversity Builds
Character
Millard Choate, founder of Choate Construction.
On June 6, 1989, Millard Choate went
down to his basement and started Choate Construction Co. He had a Chevy
pickup - "Old Gold," since restored to its early '70s glory
- 150 business cards he bought at Office Depot for $39 and the contacts
he'd developed in 12 years as a principal at Toon Construction Co.
He also had a wife pregnant with the Choate's second child and an
economy not too much different from today's.
"It was in the midst of a previous
recession, and people said, 'have you lost your mind?'" Choate
recalls.
From the outset, that formative
experience
led to the Choate's current position as one of the Southeast's and
U.S.'s leading contractors.
"It was a blessing in some ways because
it forced me to go after everything, and over the years that led to
us becoming a truly diverse company," Choate said.
About the only thing Choate doesn't
build is prisons, and its projects involve design centers, engine and
mechanical shops and museums for NASCAR teams as well as approximately
300 auto dealerships; advanced manufacturing and science and technology
facilities for companies like CryoLife and McKesson; office, both base
building and interiors; healthcare projects like Newton General Hospital
and the Shepherd Center's Jane Woodruff Pavilion; parking deck,
residential,
athletic facilities, classroom and R&D space for colleges and
universities;
municipal and federal buildings; and high-rise condominiums.
Two of the company's current jobs
involve building the Imaging Research Lab at the University of North
Carolina, which is a long-term, $250 to $300 million project, and
redeveloping
the Hotel John Marshall in Richmond for residential use, all the while
preserving its historic, 1920s-era architecture.
"I love things like that where you
take something that's defunct and give it a new life," Choate said.
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NFL Hits the Road
The whole crew, minus two, on the green roof of the Duke Energy Center
in Charlotte.
Our NAIOP Future Leaders traveled to Charlotte last week for their
Annual Retreat and shared the scoop with us. The group met with the
Charlotte Center City Partners for a presentation on the redevelopment
and history of Uptown, and toured a few area buildings. With Bob
Bertges, head of Wells Fargo corporate real estate, they toured the Duke
Energy Center, which is one of only two LEED Platinum
buildings in the U.S. and the future home of Wells Fargo's trading floors.
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Icons
Usher (left) and Scott Selig of Selig Enterprises (right) at the World Leadership Awards at Cobb Energy Performing Arts Center.
"Scott Selig taught me everything I know," Usher tells us. "I owe my career to him."
OK, so international pop superstar Usher didn't really say that, but only because he didn't want to embarrass his modest friend at the recent World Leadership Awards at Cobb Energy Performing Arts Center.
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