News
THE DEAL SHEET
November 15, 2011
| Following its grand merger with AMB, ProLogis plans to ?right size? in Atlanta. (Good news for Goldilocks; she's sick of trying everything before she finds the right size.) | |
 | |
| That's the message from Prologis' Brian Cardoza, who told our audience at this year's Atlanta Industrial Summit at the Grand Hyatt in Buckhead last Friday that Prologis is reconsidering its portfolio companywide, including in Atlanta and may even ?reconsider? secondary markets. Brian did not elaborate. But Prologis is building spec across the country, including a 400k SF facility in California, two spec warehouses in the DC market, and even a Bed Bath & Beyond build-to-suit of 700k SF in New Jersey. ?In Atlanta? I'll echo what's been said. We've got to lease space. We're not going to go spec any time soon,? he says. | |
| LEASES | |
 | |
| AloStar Bank of Commerce has inked a 14k SF lease at 3630 Peachtree, the Duke Realty/Pope & Land Enterprises JV tower in Buckhead. CresaPartners' Bubba Chrismer, John Flack, Andrew Waguespack, and Ryanne Pennington repped AloStar. Duke'sKerry Armstrong and Pope & Land's Jackie Gauthreaux andJennifer Koontz repped the ownership. | |
***
| |
 | |
| Indigo Girls' Emily Saliers (whom we snapped here at the recent Ponce City Market concert) is headed to The Brookwood condominium... with a new restaurant, that is. Emily, along with co-owners Ross Jones and Chef Joe Truex, are opening Watershed, aSouthern-inspired restaurant at The Brookwood condo tower on Peachtee Street. | |
***
| |
| The Flying Biscuit Cafe just opened its doors at Town Boulevard Shopping Center, the ninth retaurant in the Georgia chain. | |
| SALES | |
 | |
| Marcus & Millichap's David ?Britton? Burdette (above) helped sell a 75k SF Continental Tire's HQ in Charlotte for $15.1M to a 1031 exchange called Investors Associated. David repped the developer, Foresite Development, with Marcus & Millichap's Jamie Medressand Mark Ruble representing the buyer. | |
***
| |
| Investors David Baker and Jordan Clark have purchased AMLI at Barrett Lakes, a 446-unit complex off of Barrett Parkway, for $47.5M.CBRE's Kevin Geiger broekred the sale for AMLI. | |
***
| |
| Lightstone Value Plus Real Estate Investment Trust purchased Crowe's Crossing, a 94k SF Kroger-anchored shopping center in Stone Mountain for $7.5M (using non-recourse CMBS debt!). Holliday Fenoglio Fowler's Richard Reid brokered the sale. | |
***
| |
 | |
| Pollack Shores Real Estate Group purchased Oxford Springs, a 268-unit apartment complex in DeKalb, and Oxford Oak, a 288-unit complex in Lawrenceville, for $49M from Oxford Properties. | |
***
| |
 | |
| OA Development of Norcross purchased 1200 Bluegrass Lakes Parkway, a 94k SF office building in Alpharetta from Reed Elsevier. Cushman & Wakefield's David Meline, Stewart Calhoun, Samir Idris, and Casey Masters brokered for the seller. | |
| PEOPLE | |
 | |
| North American Properties has tapped former Cousins Properties VP of Development John Kelley (above) to spearhead development of the firm's recently acquired Avalon project (formerly Prospect Park), off of Old Milton Parkway. NAP also hired Dotan Zuckerman to assist leasing at both Avalon and Atlantic Station. | |
***
| |
| Charles Bell and Arthur Esteban have joined Baker Barrios'landscape architecture divison in Atlanta. | |
EVENTS
| |
| NAIOP has scheduled its 23rd Annual Awards Program and Meeting for Dec 1 at the InterContinental Buckhead. Awards will be given for Office Owner/Developer of the Year, Industrial Owner/Developer of the Year, Associate Firm of the Year, and the famous Carter/Mathis Award. | |
***
| |
| Parkside Partners and Georgia Hand, Shoulder & Elbow (reminds us of that song) are hosting a groundbreaking this afternoon to start construction of the two-building, 140k SF MOB at the former TGI Friday's restaurant on Peachtree Street. The 1.5-acre site is along the Beltline and will include a three-level parking deck and a 50k MOB in the first phase. Phase II will be the second MOB and will move forward based on preleasing. | |
ACCOLADES
| |
| Perimeter CID earned a $3.1M Livable Centers Initiative Transportation Grant (say that three times fast) for roadway andstreetscape improvements along Lake Hearn Drive, Perimeter Summit Parkway, and Parkside Place. Improvements include addingsidewalks, pedestrian plazas and rest areas, larger medians, and islands and bike lanes. | |
*** |
