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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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The Chicken or the Egg?
Former Pilgrim's Pride HQ at 244 Perimeter Center Pkwy.
The former Pilgrim's Pride and Cotton States Insurance HQ building at 244 Perimeter Center Parkway presents a bit of a chicken-or-egg scenario.
Binswanger's Jim Medbery leads marketing efforts for the property on behalf of its owner, a private equity fund. Potential buyers face the "chicken" of taking the existing building, making some cosmetic improvements and re-tenanting it, or the potential of the "egg," completely redeveloping the site's 15.1 acres of prime Central Perimeter land that has I-285 and Ashford Dunwoody frontage near Perimeter Mall.
The building was developed in 1977 but has completely updated systems, Medbery said, as well as amenities like executive suites and dining facilities that are usually associated with a corporate headquarters location. Cotton States moves out in April, leaving the 262,340-square-foot property vacant.
"This is one of the bigger, more unique buildings on the market right now, but we think the big play here is the site," Medbery said. "Where we have this priced, people with development expertise will be very interested."
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Electrolux: Done
7780 Spence Road.
We've waited a while for it to close, but we finally have confirmation that Electrolux has leased 600,000 square feet at ING Clarion's 7780 Spence Road building in Fairburn in the I-85 South corridor.
Avison Young's Chet Koenig represents ING Clarion at the 800,000-square-foot building and declined to comment Wednesday. UGL Service's Rick Nash represented the tenant.
Electrolux will run regional distribution out of the Spence Road facility and has expansion rights for the remainder of the building in its 10-year deal.
"It's just another example of big-box tenants committing to Atlanta and the I-85 South corridor," a source tells us.
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Spicy Deal for Atlanta's Other Fowl
Denton Shamburger of Lincoln Property Company.
No, we're not talking about the Hawks or Thrashers, but Chick-fil-A and its expansion at Airport-West Distribution Center, where Lincoln Property Co.'s Denton Shamburger represents ownership, an affiliate of Morgan Stanley.
In a direct deal, Chick-fil-A expanded its tenancy at Airport-West by 51,454 square feet, which brings the two-building, 287,560-square-foot development to 100 percent leased. Chick-fil-A now leases more than 103,000 square feet at the southside industrial development at 5295 Buffington Road. Its original, 14,616-square-foot lease dates back to 2002.
"The Chick-fil-A transaction is a testament to Airport-West Distribution Center's ability to attract top corporate tenants," Shamburger said.
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Exploring the Southside
Nick Monette and Jay Jameson of the Atlanta Development Authority.
South Metro Atlanta offers some of the region's most intriguing growth prospects, the subject of Tuesday's South Metro Development Outlook at the Georgia International Convention Center near Hartsfield-Jackson International Airport. The conference drew business and governmental leaders from both ITP and suburban south metro, as well as ARC Chairman Tad Leithead and ULI Atlanta Executive Director Jeff Dufresne.
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Wildmor: More Fun with FASB
Panel addressing the proposed FASB changes.
FASB 13 is quickly becoming this year's buzzword, like Y2K or sustainability in years past, and, similarly, evokes the questions: What does it all mean? And, is this anything?
Wildmor Realty hosted a panel discussion on the topic Wednesday at the Capital City Club, with Ernst & Young's Kevin Hanrahan, Frazier & Deeter's Sean Lager and UPS Financial Reporting and Accounting VP Susan Ward answering those questions. If you don't know the answers, you should've been there.
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ACBR's Big Hearts
ACBR volunteers and young scholars at The Study Hall.
Some days are pure drudgery, and some days are all cupcakes, glitter and candy hearts. A group of Atlanta Commercial Board of REALTORS' volunteers opted for the latter last week, joining the young scholars at The Study Hall in Peoplestown for a Valentine's craft day.
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Eyes Open at ARCO
ARCO's Pheasant Shoot at Burnt Pine Plantation.
We've heard on a number of occasions that the guys at ARCO Design/Build can construct a complex build-to-suit and shoot birds - literally, mind you - with their eyes closed. The ARCO team hosted brokers and developers last week for a pheasant shoot at Burnt Pine Plantation in Newborn, Ga. From the looks of the photo, we hope Burnt Pine has a few pheasants left for the next group.
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AYREP: Trophy Tuesday
Atlanta's Association of Young Real Estate Professionals put together an all-star panel including seller, broker and buyer - Regent Partners, Jones Lang LaSalle and Parkway Properties - to discuss the recent closing of 3344 Peachtree's sale for its Tuesday confab. The fun starts at 5:30 at the Buckhead trophy property: $10 for members and $20 for nonmembers.
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