Colony Comes to Cobb
3333 Riverwood.
Colony Realty Partners fund has acquired 3333 Riverwood in Cobb County's Cumberland/Galleria market for an undisclosed sum, marking Colony's first office investment in the submarket.
Colony acquired the five-story, 105,000-square-foot building from Holder Properties, which developed the 3333 Riverwood in 1992, and a group of Holder's investment partners. David Meline and Stewart Calhoun of Cushman & Wakefield represented the seller in the sale.
Colony has selected Lincoln Property Co.'s Leigh Braswell and David Danhof to lease and manage 3333 Riverwood, which calls Holder Construction, Seefried Properties and Community & Southern Bank tenants. Lincoln also leases and manages Colony's 1117 Perimeter Center West, 730 Midtown and 3405 Piedmont office buildings.
"3333 Riverwood is a unique asset that is well leased and has extremely high-quality finishes typically not found in boutique office buildings," said Amanda Strong, Colony's asset management director for its 800,000-square-foot Atlanta portfolio. "We see the building as an excellent long-term investment, and it establishes a foothold for us in the Cumberland-Galleria submarket."
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Sealy Seals the Deal
Braselton 85 Distribution Center.
A few months after acquiring a distressed Northeast industrial property, Sealy & Co. has closed its first lease at Braselton 85 Distribution Center for more than half of the 440,165-square-foot building.
Sealy acquired the note on the vacant, LEED Silver distribution center in July and foreclosed on the property in August. Now, Cleveland-based Kichler Lighting has leased 247,704 square feet at Braselton 85. Tommy Hiles of Bull Realty represented the tenant, while Sealy's Lex Rickebaker represented ownership. The move allows Kichler Lighting to consolidate and expand its distribution operations.
"Our Braselton 85 Distribution Center was able to facilitate both Kichler Lighting's immediate and future growth needs, which were very important components in Kichler Lighting's decision-making process," said Klay Simpson, managing director of Sealy's Southeast and Mid Atlantic division.
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If You See Bob Voyles Building a Boat...
Bob Voyles of Seven Oaks.
Seven Oaks CEO Bob Voyles collects Noah's Arks from around the world, so perhaps that's an apt metaphor for a guy who knows when the water's rising and receding and the proper steps to take.
Seven Oaks and partner GE Pension Fund Trust put new office buildings at Riverwood 200 and 4004 Perimeter Summit on the shelf in 2008 just before the economy soured. Of course, Seven Oaks and its partners will gladly talk to suitors interested in a corporate build-to-suit or potential big-ticket anchors. The same goes for Seven Oaks, Kim King Associates and Brookdale Group's 11 acres in Midtown, while Seven Oaks and Orkin Associates patiently wait for the market to bounce back before beginning development of a master planned community in southern Forsyth County.
Meanwhile, Seven Oaks' leasing team and partners at CB Richard Ellis have leased more than 1 million square feet of office space at Riverwood and Perimeter Summit this year, including AutoTrader's 400,000-square-foot lease for all of 3003 Perimeter Summit, Hewett's 140,000-square-foot deal at Riverwood 100 and Zurich America's 115,000-square-foot deal at 1001 Perimeter Summit.
"We've really worked to stabilize our partners' real estate investments through this difficult time and build a bridge through this recession timeframe to 2015-2016," Voyles said. "The smoke is slowly clearing, and people are starting to move again."
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Art of the Deal
Graduating Class of Leadership CREW 2010.
This year's Leadership CREW graduating class hit Cocktails & Canvas in Brookhaven to celebrate their success. By the looks of their finished paintings, we have to wonder if the grads earned an honorary art degree while they were at it!
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On the Bright Side
John Wilson of Terminus Realty Advisors, Ryan Sawyer of Colliers International, Darren Ross of Grubb & Ellis, Lisa Ward of IDI, Bilijack Bell of Wilson Hull & Neal and Jennifer Decesare of IDI.
Put down the economic forecasts and just give Lisa Ward at IDI a call with any questions - they're predicting 2011 to be bright! IDI hosted a broker luncheon at Craft on Tuesday, and invited us to join the fun. We caught a few of them preparing for the bright future ahead, facing forward with smiles and sunglasses! |
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Yule Log for ULI
Angela Priest of Kimley-Horn Associates, John Goff of Cousins Properties and chair of ULI, Dana Williams of NOVA Engineering and Vanessa Manley of GreenbergFarrow.
Urban Land Institute's holiday party provided a bit of warmth on a frigid night as ULI Executive Director Jeff Dufresne, Chairman John Goff and their crew entertained members and guests at Max Lager's Downtown Tuesday night. |
A Good Time Was Hal'd By All
Group of Brokers at Hal's Restaurant.
Republic Property Co. certainly couldn't disprove the theory that you can't have a bad time at Hal's, and why would they even try? The industrial developer hosted brokers Tuesday evening for beverages, holiday cheer and some of Atlanta's best and most reliable people watching at the iconic Buckhead steak house and watering hole.
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Bringing Sexy Back
In an industry not lacking for vanity, ego and style, we must ask you, dear reader - and especially our female subscribers, though we're open minded and nonjudgmental - who is the sexiest man in Atlanta commercial real estate? Cast your anonymous vote here, and we'll announce the winner in 2011. Points may be subtracted for excessive use of hair product.
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