News
GREAT NORTHWEST
May 17, 2010
| The not-so-great (but hardly unexpected) news? Vacancies in Atlanta's Northwest submarket hit 20.5% at the end of Q1. The good news? The city's largest office submarket, anchored by the Cumberland-Galleria area, has been showing signs of a steady deal pulse, so we headed over to get a firsthand look. | |
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| We snapped local Eola Capital chief Bob Stoner and colleague Candy McIntyre during a chance encounter Friday at Schlotzky?s on Hwy. 41. While GE Energy?s 107K SF lease at Parkwood Point dominated the conversation, Bob tells us Eola has been closing other deals, too. Info Retail, repped by Jim Devaney and Bo Keatley of NAI Brannen Goddard, renewed and expanded its lease to 27K SF at Eola?s Interstate Northwest Business Park. ?The Northwest was dead as a doornail part of last year,? Stoner said. ?Deals are happening now.? | |
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| Yesterday, we visited Eola?s 280 Interstate North. Candy says there's fresh interest in the building, and she has a brand new lease to prove it. DDR Technologies, repped by Monica Davis of Partners Atlanta, leased 6K SF. Though small, it's a positive step for the Northwest submarket, which is made up of 23.5M SF, according to Cushman & Wakefield. | |
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| We snapped Childress Klein partner Connie Engel late last week at Atlanta Galleria. Connie?s a dominant player in the Northwest (and the only one with a bona fide bobble head doll). She tells us great buildings, meeting venues and entertainment centers, plus reasonable rents, make the submarket attractive: ?The Northwest market is often described by new arrivals as the best-kept secret for those who dislike the congestion that many of the other markets in Atlanta have to endure.? | |
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| During our Sunday tour, we also snapped Corporate Forum, a six-building office park near I-75 and Windy Hill. CBRE's team of Jay O'Meara, Justin Parsonnet and Tony Swann has been engaged to sell the 188K SF complex on 13 acres. Corporate Forum is 63% leased and is valued by Cobb County?s Assessor?s office at $13.3M. Transwestern leases the property. CBRE says Corporate Forum has redevelopment possibilities and upside potential through additional leasing and rent growth as market conditions improve. | |
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| We ended our tour at Overton Park?s pin corner (that's the most visible corner of a development) at I-75 and Cumberland Boulevard. The graded site, now REO, not only appears to offer many options for small-bladdered dogs, but was slated for an upscale restaurant park and hotel, though that never happened. So, Resource Real Estate Partners has listed it for sale. We'll keep an eye on this one. |
