One for the 'Burbs
A look at 6625 The Corners Parkway.
Now that the biggest ITP office investment sale of the past few years has closed at Buckhead's 3344 Peachtree, Will Yowell's team at CB Richard Ellis is out with a portfolio that will gauge investors' appetite for Atlanta core, stabilized suburban office properties.
Yowell, Justin Parsonnet and Jay O'Meara are marketing The LaSalle Select portfolio on behalf of LaSalle Investment Management. The four buildings total 399,641 square feet and, overall, are 95 percent leased. Properties in the offering include 5707 Peachtree Parkway, 99,142 square feet and fully leased; 3585 Engineering Drive, 99,092 square feet and fully leased; 6625 The Corners Parkway, 104,154 square feet and 94.7 percent leased; and 6455 East Johns Creek Crossing, which is 98,253 square feet and 85.7 percent leased.
Yowell counts the portfolio's location in a stable, "Country Club Corridor" market, tenant mix and minimum near-term tenant rollover as positives as he, Parsonnet and O'Meara work to attract income-oriented investors like private REITs and institutional buyers.
"We're looking for investors attracted to a stabilized return for an extended period of time," Yowell said. "From a historical perspective, this is a good time to buy." |
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Banking on JLL
Faron Thompson, co-founder of Primary Capital Advisors.
Jones Lang LaSalle has entered an agreement to acquire locally based commercial real estate lending and servicing firm Primary Capital Advisors.
The acquisition enables Jones Lang LaSalle to operate as a Freddie Mac Program Plus Seller/Servicer and includes a $2 billion loan servicing platform that JLL plans to expand nationally.
Primary Capital co-founder Faron Thompson will lead JLL's multifamily lending business and assume an executive role with the firm's Real Estate Investment Banking (REIB) unit, along with Primary Capital Advisors Managing Director John Bray. Thompson and Bray will partner with JLL Americas Capital Markets President Jay Koster and the REIB leadership team of Tom Melody, Mike Melody and Tom Fish, as well as Jubeen Vaghefi, managing director of JLL's national multifamily investment sales team, to expand the company's capital markets business.
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Next Cool Thing
Joseph Rogers and Rick Spiller of Wilson, Hull & Neal with the Bond girls.
All it takes is a little imagination to transform a warehouse into just about anything - outer space, Casino Royale or whatever The Next Cool Thing happens to be. In this case, The Next Cool Thing was an event over the weekend showcasing local vendors' set design, costume, furnishing and other capabilities essential to movie and TV production and giving them an opportunity to establish and build relationships with production studios and affiliates who are part of Georgia's burgeoning film industry.
Selig Enterprises hosted The Next Cool Thing at its 1235 Chattahoochee Ave. building, which was transformed into 50 different Hollywood sets, including a Gone with the Wind reproduction by exhibitor Wilson, Hull & Neal, and others. |
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Hooray for Hettich
Nathan Anderson of NAI Brannen Goddard and Lisa Ward of IDI at the Hettich America Grand Opening and ribbon cutting ceremony.
IDI and the Gwinnett Chamber of Commerce said, "Ja!" to Hettich America last week in celebration of the German hardware manufacturer's expansion and headquarters relocation at Hamilton Mill Business Center. Hettich, which was represented by NAI Brannen Goddard's Nathan Anderson, plans to bring up to 150 new jobs to Gwinnett in coming years. |
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FNTG Relieves Distress
The Fidelity National Title Group team.
Discussing foreclosures and deeds in lieu, bankruptcy, receiverships and bank failures could drive a person to drink, so, thankfully, First National Title Group's Distressed Debt Summit at the W Hotel Midtown last week closed the afternoon with cocktail hour for FNTG's local team and the seminar's 150 particpants. |
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REGA's Forecast Calls for...
Jonathan Rice of CB Richard Ellis, Jill McEntegart of GE Capital Real Estate and Chris Ahrenkiel of Tishman Speyer.
We think Wells Fargo Senior Economist Mark Vitner needs to trademark the "V - for Vitner!" economic recovery model, if only because it's catchy. Vitner shared his outlook for the economy with Real Estate Group of Atlanta at the Buckhead Club last week, discussing the economic recovery's shape and whether it's a V, U, W, L or even a  .
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Say a Little Prayer
Laurie Garrard, Doug Legg of Wm Leonard & Co. and Kelly Grunderman of Office Creations.
The New Year brings new resolutions, and the annual Real Estate Prayer Breakfast plays a central role in spiritual recommitment and gaining perspective for many. Thursday's prayer breakfast drew 1,300 attendees to the Cobb Galleria Centre, including guest speaker Jeff Foxworthy. |
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