To make sure the rooster gets
through to your coop, please add
newsletter@roostermedia.com to your address book!
|
The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
|
|
|
Databank's $600 PSF Question
North American Properties' Mark Toro, Ron Pfohl, Tim Perry, Liz Gillespie and Tom Miles.
North American Properties' Mark Toro knows the company can't turn around Atlantic Station's retail on its own, and he's already listening to neighborhood stakeholders who want to partner in the transformation. North American hopes to essentially double per-square-foot retail sales to $600 at the Midtown property it acquired with CB Richard Ellis Investors at the end of 2010.
"I'm too old, white, male and straight to determine what this market's looking for," Toro joked at Thursday's Databank symposium at Twelve Atlantic Station.
North American's retail "dream team" of General Manager Tom Miles, Director of Leasing Ron Pfohl and Marketing Director Liz Gillespie join Toro in repositioning Atlantic Station's 586,000 square feet of retail. The big idea: remove night club operators, strengthen local apparel and restaurant offerings, introduce non-traditional uses like TV studios or perhaps SCAD classroom space, reprogram public spaces, introduce the Midtown Blue security model and improve the parking situation, making it easier and more cost effective for those who shop vs. those who loiter.
Toro proved eerily prescient Thursday in discussing planned social media and tech-focused marketing initiatives, too.
"Few of us in commercial real estate would be accused of being an early adopter, but if you think it's not important and doesn't have an impact, ask Mubarak," Toro said.
Alan Wexler, President and CEO of Databank and Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital.
As usual, Databank's Thursday symposium covered a lot of ground, with panels on the Atlanta office, industrial and multifamily markets as well as a fireside chat with ARC Chairman Tad Leithead and Georgia Chamber of Commerce President and CEO Chris Clark.
Hungry buyers and lenders have guys like Eastdil's Mike McDonald and CBRE's Will Yowell optimistic on the office investment sales market. On the leasing side, Colliers President and CEO Bob Mathews sees a change a comin'.
"Where the market is right now, we're at the maximum level of concessions," Mathews said. "Nobody's building anything. Nobody's going to build anything, and by '13 or '14, the worm's going to turn."
|
|
APS: And Then There Was One
North Atlanta High School, soon to be a middle school.
Look for a new Buckhead High School in 2014. Monday night, The Atlanta Board of Education approved acquisition of 56-acres on Northside Parkway owned by Jamestown and occupied by IBM. Atlanta Public Schools and the board are willing to pay $56.2 million for the property, according to the AJC.
The board's year-long search evaluated a number of properties in and around Buckhead, including the Paces Apartments site on East Andrews, the former Home Depot site off Sidney Marcus and the former West Paces Medical Center site at Howell Mill and Northside Drive. The new school will alleviate overcrowding for Atlanta's northside/Buckhead middle schools and lead to North Atlanta High School's conversion into a middle school.
|
|
CBRE Sells Lake Colony
Lake Colony Apartments in Norcross.
Newark, N.J.-based Gladiator LLC has acquired Lake Colony Apartments in Norcross in a $5.2 million deal arranged by Brad Simmel and Shea Campbell of CB Richard Ellis. Simmel and Campbell represented a California-based REO client in the sale of the 172-unit community, which was built in the early 1970s.
"There was tremendous interest in this asset, with a substantial influx of out-of-state investor inquiries and offers," Simmel said. "Investors have a very healthy appetite for multi-housing investments across the Southeast, and, as bank balance sheets improve, we expect to see additional financing vehicles emerge in 2011, which should spur even more transactions."
|
|
Nothing Says, "Thanks!" Like Breakfast
Dwana Killian of Grubb & Ellis and Darlene Hawksley of McPherson Redevelopment Authority.
CoreNet Global's Atlanta chapter showed its sponsors some early Valentine's Day love Thursday with the organization's Annual Sponsor Appreciation Breakfast at Villa Christina. CoreNet Global CEO Angela Cain joined the Atlanta chapter Thursday morning to highlight both local and global initiatives and events for 2011.
|
|
The Relationship Savers
Teresa Johnson, Hilary Quirk, Jenny Keppen and David Shope of Cousins Properties.
Cousins Properties' agency leasing team saved countless relationships last week - or at least tried to - with its pre-Valentine's Day luncheon at The Pinnacle and Two Live Oak, which are owned by TIAA-CREF. The Cousins team provided broker friends with bottles of wine and Godiva chocolates, most of which probably made it to significant others. Newmark Knight Frank's John Poulos won the event's grand prize, a getaway to Blackberry Farms.
|
|
From Piedmont Driving Club to Fulton Industrial
Avison Young and ING hosting a dinner for brokers of the Fulton Industrial market.
Fulton Industrial property owners are taking a stand to revitalize one of metro Atlanta's prime industrial corridors. Avison Young and its partners at ING Clarion hosted a group of brokers last week at the Piedmont Driving Club to show their appreciation and bring the tenant-rep group up to speed on plans for the area, including a new opportunity zone and the tax breaks it entails as well as a Community Improvement District (CID) chaired by ING Clarion's Tom Flanigan.
|
|
Congratulations to Parmenter Realty Partners' team at Gwinnett Commerce Center for winning BOMA's 2010 The Office Building of the Year (TOBY) Award in the 100,000-square-foot to 249,000-square-foot category. We incorrectly identified the property in Thursday's Rooster.
|
|
|
|
|
|
CONTACT EDITOR CONTACT ADVERTISING
The Real Estate Rooster is an online newsletter directed at the real
estate industry in Metropolitan Atlanta. You have received this newsletter
through your affiliation with the real estate industry. If you have received
this newsletter in error or would like to unsubscribe, please follow the link
below. The content of this newsletter is independently developed by Rooster Media, LLC and is not directed by the advertisers whose names and ads appear herein.
All of the content in this newsletter is the sole and exclusive property of Rooster Media, LLC. © 2009. |
|
|
|
|
Have some good scoop to share with us?