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And Then There Were Three
 On the blocks?
Georgia's State Properties Commission has narrowed its search for a real estate consultant to three, two usual suspects and one that might make you say, "Hmmm."
Jones Lang LaSalle and UGL Equis Corp. are in the hunt, as is Alvarez & Marsal Real Estate Advisory Services, a division of a firm generally associated corporate turnarounds. Given the state's financial situation, it makes more sense.
Whoever wins the contract has a big job ahead of them. The state wants the initial planning project completed within 90 days of award. The State Properties Commission has not publicly divulged holdings that are part of the project, but it does control 15,700 state-owned buildings and 500,000 acres of land, 200,000 of which may not be under consideration due to restrictions on the property. Winning the contract for the planning phase doesn't guarantee listings for future dispositions or other work, as information on the SPC website notes, "the Owner intends to have the option of engaging the selected firm to assist with disposition on an as needed basis."
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The Virtues of Property Investment
Eli Green of Carter.
For Carter's Eli Green, patience is a virtue.
Green runs the office and industrial side of the Carter Fund, which takes a conservative approach to its stabilization assumptions in evaluating potential investments across the Southeast.
The wave of capital on the sidelines combined with a surprisingly small pool of distressed assets hitting the market (so far) leaves Green and many of his contemporaries a little frustrated. The distressed residential side of the Carter Fund has had a good run of late, though, acquiring Valencia at the Beach in Jacksonville and the mixed-use City Federal development in Birmingham.
The distressed market is picking up as we enter 2010's home stretch, Green said, and Carter's relationships with institutional investors and leasing, management and asset management capabilities position the fund to wait patiently and pounce when the timing is right and the numbers make sense.
"We hope that this distress that everybody sees will create opportunities for us as investors and operators," Green said. "There's definitely a renewed sense of optimism that we'll be successful with some of these opportunities. There's a lot of energy over here right now."
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Industrial Strength Networking
From left to right: Kevin Troy of CB Richard Ellis, Austin McDonald of McDonald Development, Rooster, David Nixon of CB Richard Ellis, John Downing of McDonald Development and Kris Arviso of ING Clarion.
Where could all of Atlanta 's top industrial players be found last Thursday? Mixing and mingling at Rooster's industrial networking gig at Smith's Olde Bar. A special thanks to our sponsors ARCO Design/Build, Pattillo Industrial Real Estate, McDonald Development, DCT Industrial and First Industrial Realty Trust. We look forward to the next one!
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Go Fish
Bruce Wilson of Wilson, Hull & Neal (left) and Jack Rooker of Rooker (right).
The Rooster spotted these two industrial legends - Wilson, Hull & Neal's Bruce Wilson and Rooker's Jack Rooker - on the lake at Piedmont Driving Club last Thursday. Who knows what big deal these two have in the works? Fishing...a likely cover.
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Shotgun Start to the Week
From left to right: Jennifer Smallwood, Lisa Jones and Robin Hook of Structor Group at the Hotlanta Charity Classic. If you weren't on the golf course Monday, what were you doing? The Rooster hit the road to catch everyone on the greens from Brookhaven to Alpharetta. From left to right: Mollie Hammett of CBRE, Joan Weghorst of Serv-Pro, Wynn Henderson of CBRE, Former Atlanta Falcon Warrick Dunn, Holly Hughes of C-W-C, Elizabeth Hoskins of CBRE and Jennifer Chandler of CBRE at the CBRE 1st Annual Golf Tournament.
The links were the office as Structor Group hosted the ninth-annual Hotlanta Charity Classic benefiting Children's Healthcare of Atlanta; CB Richard Ellis kicked off its first-annual tournament benefiting the Warrick Dunn Foundation, which is moving its HQ to Atlanta; and NAIOP's Members Only tournament teed off at Capitol City Club.
From left to right: Kris Arviso of ING Clarion, Doug Smith of Seefried Properties, Roger Watson of Hardin Construction and Steve Baile of Daniel Corporation at NAIOP's members-only tournament.
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