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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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All Signs Point to...
A look at Three Ravinia.
According to our myriad sources, all signs point toward a Crocker Partners affiliate closing in on acquisition of Three Ravinia from Colonial Properties Trust.
Crocker is poised to pay $175 per square foot, or more than $140 million, for the 813,145-square-foot, Class-A Perimeter office building, our sources indicate. Colonial paid $131 million for 100 percent interest in Three Ravinia in 2009, acquiring the building from its JV with DRA Partners.
Three Ravinia draws mostly raves, given its stability and value that's well below replacement cost for a new, Class-A building. The building's also experienced recent leasing success with last year's addition of Access Insurance, a 77,500-square-foot tenant, and restructuring/renewal with Intercontinental Hotels Group for 360,000 square feet to bring the building to more than 90 percent leased.
Crocker's current Atlanta portfolio includes NorthPlace, a Central Perimeter, mixed-use development, and Cumberland Center II in Cobb County's Cumberland/Galleria area.
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There's Something About Matt Hene
Matt Hene of Ironwood Insurance Services.
Matt Hene comes across as a nice, normal smart guy, born and raised in metro Atlanta and a UGA grad, but there's one thing that's a little unusual about him: He likes insurance.
It's a good thing, too, since someone has to, and it's his job as a partner at Ironwood Insurance Services to produce solutions for complex insurance dilemmas for clients all over the world. Hene joined Ironwood in 2003 from Palmer & Cay, where he worked with Ironwood founder and CEO William Underwood and a number of other Ironwood executives. The former Palmer & Cay pros started Ironwood to fill a gap that opened after most privately held insurance brokerages were acquired by banks and other financial institutions.
The growing company takes a consultative approach and tries to dig deeper to provide solutions - creating a master policy for a multifamily portfolio vs. a group of one-off policies for each property, for example.
"It's really being creative and putting together a product that they may not have seen in the marketplace," Hene said. "Because it's a soft, competitive marketplace, there are opportunities to improve continually. It's a matter of staying in tune with clients and what they have coming down the pike."
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Rooster Round-up
Attendees at the Rooster Industrial event last Thursday evening at Buckhead Saloon.
Rooster two-stepped the night away at Buckhead Saloon Thursday with our industrial friends from metro Atlanta and beyond. We couldn't have done it without sponsors like ARCO Design/Build, Graydaze Contracting, Pattillo Industrial Real Estate, Sealy & Co. and RDW Cos. and Jones Lang LaSalle and their Hartman Business Center and Royal 85 properties. If you were there, we look forward to seeing you at the next event! If you weren't, click HERE to see what you missed. |
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Most Delicious Deal in Decades
 Big Green Egg goodness.
A quick question for Transwestern's Greg Baxendale: When's the cook out?
Baxendale represented Big Green Egg, that ovoid provider of grilled goodness, in its lease for 40,000 square feet at Crow Holdings' South Royal Atlanta in Tucker. Trey Barry of CB Richard Ellis represented ownership. The new space allows Big Green Egg to grow its distribution capabilities as sales continue to soar.
"It has great expansion options, and that's one of the really attractive features, the flexibility the landlord offered," Baxendale said. "They want to grow with us."
Big Green Egg will retain its office location on Lawrenceville Highway and use the South Royal Atlanta space for distribution, Baxendale said.  |
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Back to the Future
The Troutman and Cousins gang at the Thrashers game last Thursday evening.
Cousins Properties, Troutman Sanders and the Calgary Flames go way back. Tom Cousins and Carl Sanders were the original Atlanta Flames' owners before the hockey team took off for Canada in the early '80s, so last week's Flames-Thrashers game was a bit of Back to the Future as Troutman Sanders hosted a group from Cousins, who enjoyed the company but not the game's outcome - 4-2 Flames.
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