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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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OliverMcMillan Makes it Official
A look at The Streets of Buckhead.
OliverMcMillan is no longer playing coy about its Streets of Buckhead intentions.
The San Diego-based developer has reached an agreement to acquire the stalled, luxury mixed-use development in the heart of Buckhead at Peachtree and West Paces Ferry and plans to close within 60 days.
OliverMcMillan replaces Ben Carter Properties at the helm of The Streets of Buckhead development. Native son Carter acquired the former entertainment district and razed it for the massive mixed-use development, beginning construction immediately before the economy soured. The new developer has committed to working with the city and injecting $300 million into the project toward completion.
"Where some have seen formidable hurdles, (we) see a tremendous opportunity with The Streets of Buckhead," said Dene Oliver, CEO of OliverMcMillan. "We look forward to finishing a world-class development with inspiring retail, great restaurants and cafés, two residential towers, and boutique offices. All of us understand it has been painful for everyone to have this development in the middle of Buckhead stalled for the last two years, and we will do all we can, with the help of the local community, to restart, finish, and open this local gem."  |
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Cousins Nears Industrial Exit
235 Hog Mountain Road in Jefferson Mill Business Park.
If Cousins Properties wants to exit the industrial development market as it's previously and repeatedly stated, selling a fully leased building in Jefferson at a 6.95 cap rate is a step in the right direction.
According to our sources, LaSalle Investment Management's money has gone hard on the 459,000-square-foot distribution center at Jefferson Mill Business Park that the original Cousins/Weeks industrial joint venture developed in 2007. Cousins and Weeks Robinson Properties now are nearing the finish line on selling the Northeast building for approximately $22 million. Cousins and Weeks Robinson set the stage for the sale at mid-2010 with Systemax's 20-year lease for the entire building, which is located near the Georgia Highway 129 interchange with Interstate 85.
Cousins sold 167 acres of the Cousins-Weeks partnership's land at Jefferson Mill and King Mill in McDonough to Weeks Robinson in 2008.
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Yamaha Expansion in Newnan
Yamaha Motor Manufacturing Corp. in Newnan.
Yamaha Motor Manufacturing Corp. (YMMC) is moving closer to expanding its Newnan operations with a 600,000-square-foot build-to-suit on 300 acres the company already owns. The company's manufacturing facilities and adjacent, developable land are within Georgia Foreign Trade Zone subzone 26D.
Yamaha's short list of potential GCs includes Rooker, Primus Builders, New South Construction and Weeks Robinson, our sources tell us, though Weeks Robinson has declined to bid.
YMMC established operations in Newnan in 1986 and now has more than 1,000 employees in Coweta County. The company announced plans to transfer its all-terrain vehicle production to the U.S. last year, and plans to complete the transfer and expand manufacturing in metro Atlanta by 2013. The expansion involves manufacturing of larger ATVs in Newnan as well as generators, multi-purpose engines and golf cars. Yamaha's existing operations already make golf cars, personal watercraft and side-by-side vehicles.
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Renaissance MOB Man
Bert Hunecke of Dianostic Ventures.
Diagnostic Ventures founder Bert Hunecke knows his Bordeaux, Southern history and folk art, and he knows his way around both Atlanta fine dining and Buford Highway holes in the wall. More than anything, though, he knows his way around the intricacies of medical office development and deals.
Fresh out of UGA grad school, Hunecke started at Cushman & Wakefield in 1980 before moving on to Royal LePage and finding his stride in the medical office arena. At Royal LePage, he convinced new owners to convert Peachtree Dunwoody Center to medical office after Heller Financial acquired the deed on the property in 1987. Heller was fine with the idea as long as Hunecke fully leased the 128,000-square-foot building and they could turn around and sell it by the end of the year - or else he would be looking for another assignment. On December 27, Heller sold the fully leased building to North American Property Corp.
"(Heller) made its money, and I got to do my first medical office conversion," Hunecke said.
Hunecke started Office Associates Inc. in the last '80s and then MOB developer Diagnostic Ventures in 1998. Since, Hunecke has developed medical office buildings all over Atlanta's suburbs, usually in the 20,000- to 45,000-square-foot range. In a turbulent and in many respects overbuilt medical office market, he's also redeveloped properties off Peachtree Industrial and has an eye toward more adaptive reuse in the Brookhaven/Chamblee/Doraville corridor. Curiosity and the ability to stay nimble are key, he said.
"Now I have to look for more complicated transactions," Hunecke said. "When you're a small real estate developer, you'd better be able to adapt quickly."
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One in a Million
Mike Chambers, Brad Pope and David Beak of NAI Brannen Goddard.
OK, so maybe not quite one in a million, but NAI Brannen Goddard's Mike Chambers, Brad Pope and David Beak were recognized as among NAI Global's 2010 top performers at its recent convention in Las Vegas. Actually, Chambers and Pope WERE the two highest producers in NAI's global network of 5,000 professionals in 55 countries and achieved the company's Gold Elite level. Beak attained Elite status for 2010 production. |
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