News
THE DEAL SHEET
October 25, 2011
| For Charleston-based multifamily giant Greystar, the second time's the charm. Company COO Bill Maddux tells us the company hasrepurchased the 708-unit Rockledge Resort community in Marietta from the same group the company sold it to a few years ago. Bill is also one of our panelists at this Thursday's Atlanta Multifamily Summit at the Grand Hyatt Atlanta in Buckhead (with only a few tickets remaining, get yours here). | |
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| Greystar repurchased Rockledge, above, in August for $75M from Florida-based Ceebraid-Signal Corp, which bought the property from Greystar in '08 (are you following us?). This adds to Greystar's metro Atlanta holdings, which include properties such as Aventine at Lindbergh. Bill tells us that Atlanta's multifamily sector was one of the hardest-hit markets in the US during the recession, so it had a lot more supply hangover. ?Atlanta is just really burning through that supply now,? he says. ?It probably hasn't bounced off the bottom as hard as some of the other markets have.? | |
| LEASES | |
| Sole, a shoes and accessories retailer, will open its second Atlanta location next month at Atlantic Station. | |
| SALES | |
| DiamondRock Hospitality is slated to sell a portfolio of three non-core hotels, including the 521-room Renaissance Waverly in Atlanta, for a total of $262.5M, the company reported to the SEC. An affilitate of Inland American will purchase the properties in 4Q, and DiamondRock will assign $180M of mortgage debt to the buyer. The company reported that occupancy at Renaissance Waverly averaged 68% this year with RevPar increasing by 7.4% from 2010 to $88/night. | |
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| Global Growth Trust purchased three Gwinnett office buildings at Gwinnett Center in Duluth from Leeward Strategic Properties for$14.1M. The properites sit on 16 acres, total 264k SF, and are only 41% leased, the company reported to the SEC. The company expects to spend more than $4M on capital improvements to the property. | |
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| Cousins sold One Georgia Center, a 375k SF Class A tower on West Peachtree St in Atlanta, to Government Properties Income Trust for $48.6M. Cushman & Wakefield's Stewart Calhoun, David Meline, Samir Idris, and Casey Masters brokered the sale. Fully renovated between '04 and '08, the property is anchored by AAA-rated tenant Georgia Department of Transportation. | |
| MANAGEMENT | |
| The Marketing Directors are on hand to sell the newly priced The Residences at W Atlanta, which have been reduced to $199k for one-bedroom and $299k for two-bedroom units. Square Mile Capital Management foreclosed on the property last year from Starwood Hotels & Resorts Worldwide. | |
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| Host Hotels renovated the lobbies, rooms, retaurants and meeting spaces of its Atlanta Marriott Perimeter Center hotel, part of a $32M renovation package that included other hotels in its chain. But the company reports it expects a 2011 ROI on these renovations between $220M to $240M. | |
| EVENTS | |
| The French American Chamber of Commerce is readying for itsBeaujolais Nouveau 2011 event on Nov. 19 at the Defoor Centre in Atlanta. More information can be obtained here. | |
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| Get ready for the 19th Hole Post-Play Cocktail Party. NAIOP plans a celebration following its Oct. 24 golf tournament at the Capital City Club, starting at 5 p.m. | |
| ACCOLADES | |
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| Here we have Perimeter CID's prez and CEO Yvonne Williams on hand with Lt. Gov. Casey Cagle and Congressman Tom Price as the trio dedicated the official opening of the much ballyhooedHammond Half-Diamond Interchange last week. The $18M projectaims to improve commute times in Central Perimeter by putting ramps from Hammond Drive to GA 400. |
