News
THE DEAL SHEET
November 22, 2011
| ust days after the head of a major brokerage firm defects to another company, another CRE executive changes jobs—this time on theindustrial side. (Must be free agent season.) | ||
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| We learned yesterday that First Industrial Realty Trusts' Kent Masonhas been tapped by ProLogis to head up its Atlanta office. We spoke with Prologis' Brian Cardoza, who says Kent will replace Rodney Davidson, who left earlier this year to head up JLL's Atlanta industrial division as market officer as of Dec. 12. There's a level of intrigue here, considering both Brian and Kent were on our very stages earlier this month for our Atlanta Industrial Summit. ?Surprisingly, it stayed quiet,? Brian says, adding that Kent's experience in Atlanta and his relationships with area brokers made him an ideal candidate. Earlier this week, JLL's Clark Gore took a job to head up Cassidy Turley's Atlanta office. | ||
| LEASES | ||
| Atlanta lost a HQ. ALR Technologies moved from Atlanta to Richmond, Va., vacating an unspecified amount of space at Riverwood 100, according to SEC documents. | ||
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| East Coast Diversified Corp is quickly finding its office lease at 120 Interstate North Pkwy coming up for expiration. The company reports in its SEC filings that it extended its lease to Dec. 31 and pays nearly $4,800 a month. Total SF was not available. | ||
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| Retail gold buyer GoldMax plans 25 stores for metro Atlanta, part of a 140 new store campaign in 2012. If you haven't heard yet, GoldMax is the store with the advertising campaign using Robin Leachsaying, ?Turn your jewelry box into your own personal ATM at GoldMax.? | ||
| SALES | ||
| Roberts Realty Investors is under contract to sell 11 acres at Northridge Road and GA 400 in Sandy Springs, which is zoned for220 apartment units, to Roberts Properties for $5.4M, according to SEC documents. The deal is expected to close on Dec. 3. | ||
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| Cassidy Turley's Drew Fleming and Mark Joines have been tapped to sell Statesboro Square Shopping Center, a 41k SF Big Lots-anchored retail center located near Statesboro High School. | ||
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| Heritage Financial Group reports that foreclosed assets on its books dropped to $1.8M from $3.7M as of September, with an ?undeveloped property in the Atlanta metropolitan market? making up the biggest chunk of that value, according to the SEC. | ||
| DEVELOPMENT | ||
| Roberts Realty Investors has its eyes on developing Bradley Park, a 154-unit apartment complex on 22 acres in Forsyth County, according to SEC filings. But the company is attempting to raise $20.5M in debt and equity to start construction. | ||
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| Portman Holdings continues its overseas expansion, acquiring a stake in Tuscan Estate, a 900k SF development in Pune, India. The multiple phase development, slated for completion in 2016, will include 11 residential towers containing 517 units. | ||
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| Mood Lounge has reopened under new ownership and a redesignby owners Frank Grillo and Justin Breland. Mood Lounge is located at 3081 E Shadowlawn Ave. | ||
| EVENTS | ||
| IFMA Atlanta will host its annual awards luncheon Dec. 14 at 11:30am at the Piedmont Driving Club. Awards includeDistinguished Member, Achievement in Facility Management,and Outstanding Associate. | ||
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| Wakefield Beasley & Associates' Lamar Wakefield will be themaster of ceremonies at this year's NAIOP annual awards program 7:15 am on Dec 1 at the InterContinental Buckhead. | ||
| CORPORATE STUFF | ||
| Colliers International has purchased a ?minority stake? in LCG Real Estate Services to create a ?strategic partnership? for project management. Led by CEO Meredith Leaply, LCG's past clients have included The Coca-Cola Co, Kimberly-Clark and Turner Properties. | ||
| ACCOLADES | ||
| Ackerman & Co's Centrum at Glenridge has just earned LEED Gold for existing buildings. The 183k SF Class-A tower is owned in a JV with The Northwestern Mutual Life Insurance Co and is the HQ for Havertys. Part of the green improvements include ?net-zero by offsets,? meaning that all of the power consumed at Centrum is offset by wind power purchased off-site. |
