News
THE DEAL SHEET
September 27, 2011
| There does appear to be a bright spot in Atlanta's struggling office market. And it's Northlake. Yes, we said Northlake. | |
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| We spoke with Jones Lang LaSalle's Clark Gore who elaborated on his company's recent report on Atlanta's suburban office market. Overall, there wasn't many surprises—landlords in the 'burbs are still struggling to make headway. But Northlake has shown striking improvement. In Q2, the submarket posted 43k SF in absorption(following 24 months of Armageddon in which it lost 500k SF). It now has a 16.7% vacancy rate—the lowest of all suburban markets, which average vacancy of more than 21%. And rents jumped 50 cents to nearly $18/SF in Q2, bringing rates in line with pre-recession levels. "The growth that we have seen has been stemming from small expansions by multiple tenants and not by any headline-making relocations," Clark tells us. With its proximity to Emory U and the CDC, Clark also says Northlake has become a "niche market" for government, healthcare and education tenants. | |
| LEASES | |
| Accurate Technical Solutions inked a 22,500 SF deal at Horizon Business Center in Suwanee, relocating from Lawrenceville. The company will locate at 25 Crestridge Dr by October. Lavista Associates' Austin Chase represented the payment processor's lease while Duke Realty's Brian Sutton repped the landlord. | |
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| Fleetcor Technologies leased nearly 66k SF of space at Spalding Ridge at 5445 Triangle Parkway in Peachtree Corners, one of the largest office deals in that submarket this year. The company is consolidating and expanding its HQ, pushing the building's occupancy to 93%. CB Richard Ellis' John Ferguson and Kevin Carroll represented Fleetcor while Lavista Associates' Rob Binion and Kirven Brantley repped the landlord. | |
| SALES | |
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| HFF's Jim Hamilton, Richard Reid, and Brat Peterson brokered the $13.4M sale of Riverchase Village in Hoover, Ala. The trio represented the seller, Phillips Edison & Co. The 178,500 SF shopping center was purchased by Midsouth Capital Fund I and is anchored by BestBuy and PetSmart. | |
| MANAGEMENT | |
| SugarOak Holdings completed its renovation program of SugarOak, where 60% of the park has been redone. That has led to 32k SF of new leases at the Holcomb Bridge office park and a 20% increase in occupancy. | |
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| Buckhead's Lenox Plaza is nearly done with its renovation project that modernizes the facade and the interiors (including the lobby seen here) and improves access. The dollar figure of the renovation was unavailable. Lincoln Property Co leases and manages the 100k SF tower. | |
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| Portman Holdings has been named as a development consultant to the World Expo Development Group for its redevelopment of the 1,300-acre World Expo site that covers both banks of the Huangpu River in the Nanpu Bridge—Lupu Bridge region of Shanghai. The project includes turning the Expo Axis (seen above) into a street retail area. | |
| PEOPLE | |
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| Alex Rodriguez (watching the grass grow in this pic) has joined EBI Consulting as a senior account executive. EBI is an environmental and engineering firm based in Boston. | |
| EVENTS | |
| Reminder: This Saturday the Indigo Girls and Shawn Mullins will be headlining Green Street Properties' Party at Ponce at the newly renamed Ponce City Market (a.k.a. City Hall East). A portion of the $90 tickets go to the Atlanta Beltline Partnership and Georgia Organics. | |
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| Oprah's personal chef for 10 years Art Smith is set to open Southern Art and Bourbon Bar on Oct. 12, helped by executive chef Anthony Gray. The restaurant is located at the Intercontinental Hotel in Buckhead. Art is also known for Table fifty-two in Chicago and Art and Soul in DC. | |
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| Speaking of Green Street events, the firm and its parent Jamestown will kick off the first-eve r fall festival on Nov. 5 at its Riverview Landing project at 6271 Riverview Rd in Mableton. The event begins at 7am and will be capped by th e Gran Fondo Cycling Event that includes a 100-mile heat. It will benefit the Upper Chattahoochee Riverkeeper. | |
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| Commercial Property Professionals' Furman Wood is making a call out for volunteers to help greet and welcome returning troops from Iraq on Oct. 28, and donations to help feed those who are staying here only for a brief time before heading back to the war. You can contact Furman here for more info. |
