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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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Icecapades
Cousins' property management team digs out at 191 Peachtree.
They're often an afterthought unless something goes wrong, so give your property management people a big hug - better yet, a raise - next time you see them.
Most of us bunkered in as property managers and engineers and their security and landscaping vendors all battled the elements and made their way in to work, often settling at hotels near their properties or even on site. Executing severe-weather plans began over the weekend with efforts to pretreat parking lots, sidewalks and drives and communicate with tenants and vendors, all the while maintaining property operations and systems. For people who tend to have a solution for every problem, subfreezing temperatures and ongoing iciness - the inability to control the weather - proved exasperating.
"Property managers tend to be people who can solve problems and fix things, and this is one we can't fix," said Mark Dukes, Duke Realty's VP of asset management who oversees a 14 million-square-foot of office and industrial properties. "It's frustrating down to our core."
Dara Nicholson, senior VP at Cousins Properties, bought snow blowers for her property management team a few years ago. They thought it was funny then but really appreciate it this week, said Nicholson.
"Anybody who has a shovel shovels, but the great thing is the snow blowers," said Nicholson, who oversees property management for approximately 10 million square feet of office and medical space in metro Atlanta. "It's been a good challenge, and it's always great to see our teams so well prepared. They've made it easy."  |
Hines' Hartman Looks Ahead
Kurt Hartman of Hines.
Hines' Senior VP Kurt Hartman is a no-nonsense Midwestern guy, born and raised in Cleveland and a grad of Purdue and Case Western Reserve B-school, but, occasionally, he'll drop something both cryptic and coy.
Hines and its various funds and partners around the world have successfully raised capital - lots of it, in technical terms - for acquisitions and development, but, like everyone else, found a tough, bifurcated investment market where the types of deals that usually draw Hines' interest are few and far between. The global investor/developer has no immediate plans for Atlanta development, but other Southeast markets where it's active offer more intriguing development prospects.
"That may be in the near term more than the far term, and I can't believe I'm saying that," Hartman said.
Locally, Hartman and Hines are cautiously optimistic for 2011 but more bullish on 2012 and 2013. Metro Atlanta also has a history of unanticipated gains in down economies, picking up UPS's HQ in 1991, NCR in 2009 and Novelis' North American HQ in 2010, for example, and perpetuating a sense of optimism when it comes to the metro area's ability to recruit big corporate HQ requirements.
"There's always something positive and unanticipated that no one's foreseen," Hartman said. "Atlanta's longer term future is bright despite some short-term hurdles. We still have a fair bit of pain to sort through in the Atlanta market, but we'll get through it because we always do." |
The Right Side of the Divide
A look at 1050 Northbrook Parkway.
David Beak, managing director of NAI Brannen Goddard, has found himself on the right side of the investment sales divide lately, sourcing deals for investors involving well-located, fully leased industrial properties in Atlanta and Miami.
In metro Atlanta, Beak represented Kansas City-based Block Funds in its acquisition of 1050 Northbrook Parkway in Suwannee for a little more than $5 million. The deal involved a sale-leaseback with tenant Evermark Building Products signing a 12-year lease for the 108,632-square-foot building on 6.9 acres.
In Miami Lakes, Fla., Beak represented The Blackstone Group, which was also advised by MDH Partners, in its acquisition of Palm Corporate Centre, a fully leased, multi-tenant 251,518-square-foot distribution center. A local, private LLC sold the property for $17.9 million.
Beak made a strong close to 2010 with its vastly better investment sales market compared with the previous year. He has four more properties under contract and expects the end-of-the-year momentum to continue to spill over into 2011.
"There are more buyers coming off the sidelines interested in all product types and investment classifications," Beak said. "It definitely feels sustainable."
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Snowpocalypse
National Champion snowman shared with us from a Rooster fan.
Was your event cancelled due to the snowpocalypse in Atlanta? Please be sure to let us know the rescheduled dates so we can be there! Also, please send us any fun snow pictures you have from these past couple of days. We'd love to see who remedied cabin fever best. |
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