News
THE DEAL SHEET
April 26, 2011
| Leases | |||
| The Home Depot renewed 570k SF at ProLogis' Greenwood Distribution Center #100 in Atlanta. The building is owned by theProLogis North American Industrial Fund II, according to filings. | |||
*** | |||
| Will Ruby Tuesday roll it out or not? According to recent corporate filings with the restaurant operator, it entered into a licensing agreement with Hilton Head-based Truffles Cafe, an upscale eatery, to open at least 18 Truffles within five years of the agreement (signed in 2010). So far, Ruby Tuesday has opened one inBuckhead. The company says it has yet to decide if it will open the 18 by 2015. | |||
*** | |||
| Validian corp goes month-to-month in Atlanta. The US offices of the Canadian company at 4651 Roswell Rd, where it leases 1k SF, are on an ?oral arrangement on a month-by-month basis,? according to its SEC filing. | |||
*** | |||
| Head's up brokers! The office lease for Capsalus Corp, located at2675 Paces Ferry Rd, is about to expire, according to SEC filings. The company's lease at the office building will terminate in July, and it gave no indication as to whether it will renew. | |||
*** | |||
| EnvisionWare has inked a deal for 19k SF at Business Park at Sugarloaf in Duluth with Duke Realty. The company is moving from Duke's 2810 Premiere Pkwy facility and is doubling its space at the new HQ. | |||
*** | |||
| Ernest & Young has renewed its presence at 5 Houston Center, a 27-story office tower owned by Wells Real Estate. | |||
Sales Preferred Apartment Communities purchased Oxford summit, a 345-unit gated apartment community in Atlanta for $33.2M. The company got a loan from Prudential Multifamily Mortgage, and the loan is expected to be transferred to Fannie Mae within two months. The95%-occupied apartment complex will also be renamed Summit Crossing, according to company filings. | |||
*** | |||
| Preferred Apartment Communities also purchased Oxford Rise Apartments, a 216-unit Class-A apartment community in Philadelphia from Williams Opportunity Fund (a fund controlled by Atlanta apartment mogel John Williams) for $30.15M. Preferred also garnered a $19M loan for the property from Jones Lang LaSalle, according to public filings. | |||
*** | |||
| Industrial Income Trust purchased the I-20 East Distribution Center, a 1.3M SF facility leased entirely to Solo Cup Co for $33.8M. Solo Cup's lease will expire in 2021. | |||
*** | |||
| Cocke Finkelstein's Todd McKissick tells us that his company just acquired Eagle Springs Apartments, a 74-unit community in Stone Mountain for an undisclosed sum. This comes on the heels of the company selling Alexandria Landing in Cartersville last month to CFI. | |||
| People | |||
 | |||
| Lee & Associates named Bennett Baker as a director in the Atlanta office, jumping from Bull Realty, where he helped to market $42M in CRE. | |||
| Accolades | |||
| Cousins Properties' 373k SF Palisades West office project in Austin (co-owned with Dimensional Fund Advisors and Forestar Real Estate Group) earned a three-star rating by the Austin Energy Green Building organization. | |||
