Vinings Jubilee
Cushman & Wakefield's Lisa Dunavin.
No, we're not talking about the landmark Vinings shopping and dining destination but the feeling Cushman & Wakefield's Lisa Dunavin must enjoy after bringing Paces Summit from 60 percent empty to 91 percent leased.
Owner Builders Insurance awarded Dunavin and C&W leasing responsibility for the 2410 Paces Ferry Road building 18 months ago. Silverton, formerly known as Bankers Bank, still had lease term on 60 percent of the building but was out of the picture and gave back its space last year.
First, Dunavin worked with Abba Waller and Monica Davis at Partners Atlanta to craft a deal for 27,000 square feet with Archer Western Contractors at the end of 2009.
Now, Arcadis US has leased 35,000 square feet at the 121,223-square-foot building, with Matt Anderson, Chris Wagner and Dom Wyant of Jones Lang LaSalle representing the tenant.
Paces Summit's location adjacent to I-285 creates signage opportunities for tenants like Archer Western and Arcadis, but getting leasing transactions across the finish line is as much, if not more, about doing your homework than location, location, location.
"Primarily, we just really dug deep and found out what it was going to take to make the deal," Dunavin said.
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Brookhaven's Spot
Orinda Corp. President Dillon Baynes.
Every neighborhood needs a spot, a walkable, browseable stretch - or two - with retail and restaurants, homes and commercial space.
The foundation for Brookhaven's spot was laid a few blocks east of Peachtree Road on Dresden Drive by the developers of Village Park Place at Brookhaven and then Village Place at Brookhaven, which Dan Woodley began before recession brought the project to a standstill.
Enter Chicago-based Wrightwood Capital and its local partner, Orinda Corp. and its president, Dillon Baynes. Wrightwood and Orinda took over the project in mid 2009 and have it back on track, with 85 percent of the retail leased, 25 of 41 condos sold and six of 12 office condos sold or under contract. Baynes isn't satisfied with a market moving at 40 miles per hour - he'd prefer 70 - but the pieces are coming together.
Restaurants and stores like Yoforia, Verde, Mercantile, J. Christopher's, Cocktails and Canvas and The Library have set the stage for the next round of imminent openings, which includes wine store and event space Pour; baby furniture and nursery design with Egg's Nest, which is owned by interior designer Katherine Kinney; and Kaleidoscope Bistro and Pub, which opens next month with former Buckhead Diner chef Joey Riley at the helm.
"Getting that initial traction took a while, but we had a patient, financially strong owner, strong location and demographics that are just a dream," Baynes said. "It was the right idea, just the timing wasn't right. Fifteen years from now this will all be infill."
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Each at the Top of His Game
Hugh Acheson of Empire State South (left) and David Shope of Cousins Properties (right).
Somehow, Cousins Properties' David Shope maintains his svelte figure despite the presence of Hugh Acheson's Empire State South at 999 Peachtree, which Cousins leases on behalf of owner Jamestown. Shope called landing Empire State South a "coup" for the building, where meeting space was transformed into one of Atlanta and the Southeast's most anticipated restaurant openings of the year. Acheson's take on farm-to-table Southern fare is, in a word, sublime, but don't take our word for it. Try it yourself. Rule Joy Trammel + Rubio served as architect for the nouveau rustic sustainable space, while Structor Group served as general contractor.
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More Distressed Moves
From left to right: Bailey Webb of Rooster Media, Tony Wilbert of Wilbert News Strategies, Mary Krueger of Wilbert News Strategies and Michael Bull of Bull Realty at Rooster's Industrial Gig last month.Bull Realty's Kyle Stonis has closed the sale of Boulevard at Breckinridge in Duluth on behalf of Ameris Bank.
A private investor acquired the vacant, 23,393-square-foot retail center for $1.6 million in an all-cash sale that closed within 20 days of listing. Quinning Rong of Global Brokers represented the buyer.
"We are seeing more lenders willing to sell at current values and willing to consider short sales, if it can be documented that the properties are well marketed," Stonis said.
Bull's National Retail Group is working with 74 lenders, receivers, trustees and servicers selling distressed assets in the Southeast and is currently marketing Alpharetta Summit, a 39,531-square-foot center on Highway 9 in Alpharetta.
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Real Estate Freaks Come Out
Ghouls of Grubb & Ellis.
Halloween's a scary time, but no scarier than the economy over the past two years.
Halloween fun at NAI Brannen Goddard.
That's why it was time to blow off a little steam, whether is was ghouls escaping from Grubb & Ellis, ghosts haunting NAI Brannen Goddard or bemulleted tennis stars lurking in the halls of Richard Bowers & Co.
Yes, Richard Bowers, he is on your desk.
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