News
THE DEAL SHEET
April 17, 2012
| One of Atlanta's long-time retail developers and owners has begun to shop outside the state to grow its portfolio. | ||
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| We got a little one-on-three facetime with Halpern Enterprises' chairman Jack Halpern, president Bill Brown, and EVP Carolyn Oppenheimer for the latest from the Doraville-based company. Turns out, after stabilizing its 3.4M SF at better than 90% since the depths of the Great Recession, the company is back in buying mode, seeking both stabilized shopping centers or value-add retail plays. And, now, these buys are taking them outside of Georgia. Since Atlanta took a preportionally larger hit in the recession, ?we thought it was prudent to diversify geographically… to balance out our concentration,? Jack says. | ||
| Halpern's most recent purchase hasn't yet been officially announced, but it will be a 50k SF Walmart shadow-anchored strip center in Rock Hill, SC where Dollar Tree is the main tenant. This follows the purchase late last year of The Village at Tyrone, a Publix-anchored shopping center in St. Petersburg. For what Halpern goes after, Jack says caps are still in the 9 and 10 range, although there's more and more competition for the product. | ||
| LEASING | ||
| Lutheran Services of Georgia inked an 18,200 SF deal at the Woodruff Volunteer Center at 100 Edgewood Ave (owned by the United Way of Metropolitan Atlanta). The non-profit-only facility was represented by Jones Lang LaSalle's Brooke Dewey and the tenant by Brown Edwards & Associates namesake Brown Edwards. | ||
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| Studio Movie Grill is about to grill dinner and a movie in Duluth. The company announced plans to locate in 45k SF at the Venture Pointe Shopping Center (in the former Circuit City space), its second Atlanta location behind the one on Holcomb Bridge Road. Stream Realty Partners' Kyle Luby and Ben Hautt brokered the deal for the tenant. Brixmor Property Group's Tracey Lojek represented the landlord. | ||
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| Norfolk Southern has inked a 37k SF deal at Promenade, the 774k SF tower in Midtown. And Tvsdesign renewed 74k SF at the tower as well. | ||
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| Bull Realty's Jared Daley and Rick Ferguson helped American Freight lease 35k SF at 4505 Fulton Industrial Blvd, a 70k SF warehouse at (where else?) the Fulton Industrial submarket. The duo represented the landlord in this direct deal. | ||
| DEVELOPMENT | ||
| Regal Entertainment Group will officially be developing a 16-screen cinema at North American Properties' Avalon project in Alpharetta, scheduled to open in 2013. Just in time for Avatar 2: Electric Boogaloo. | ||
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| The Courtland Partners and Batson-Cook Development Co JV has announced it began construction of the $35M Two Addison Place, a 325-unit luxury apartment complex in Savannah. The project is being financed with capital provided by Community and Southern Bank, NXT Capital, and Kaufman Realty Group along with Cortland Partners and Batson-Cook Development. It's expected to open in early 2013. | ||
| SALES | ||
| Bull Realty's Nancy Miller and Sheree Strome Berk (who work for the company's net lease investment group) represented Foodmor Associates in its sale of a 47,600 SF stand-alone store in Morristown, Tenn. BB&J Holdings purchased the store for $4.7M, also assuming a 20-year non-recourse loan. | ||
| PEOPLE | ||
| Stream Realty Partners has promoted Simon Arpiarian to SVP of the firm's Atlanta office for his success at doubling its portfolio and personnel here. Other promotions include Kyle Luby to VP of office leasing (who was also the 2011 Young Council of Realtors' L. Frederick Glass Jr. Rookie of the Year) and Matt Dileo as VP of industrial leasing. Congrats guys! | ||
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| Jamestown named Marcie Connolly its national director of leasing; she's a 27-year CRE vet based in DC, where she previously worked for EastBanc. | ||
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| Michelle Boyd has been tapped as the newest broker for Eastwood Real Estate Services, the Atlanta-based MOB and medical leasing specialists. Michelle will focus on sales, leasing, and marketing for the firm throughout Atlanta. | ||
| MANAGEMENT | ||
| Atlanta-based Provence Real Estate has nabbed the management of Ansley Place Apartments and Ansley Walk Apartments, two luxury multifamily communities in Louisiana with more than 400 units combined. The company manages 1,500 units in Georgia, including Montage Embry Hills Apartments it took over last year. | ||
| EVENTS | ||
| CREW Atlanta will be hosting its 30th Anniversary Gala April 26 at the Cobb Energy Performing Arts Centre, with the smooth sounds of Yacht Rock Revue. Click here to reserve your spot. | ||
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| So, what does Atlanta Regional Commission's Mike Alexander, Georgia DOT's Todd Long, Invest Atlanta's Brian McGowan and Post Properties' Dave Stockert have in common? They're all going to be panelists for NAIOP's May 17th breakfast meeting at the InterContinental Buckhead hotel focused on the TSPLOST. | ||
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| The Reznick Group will be hosting its "Finding the Deals, the Money and the Tenants" Multifamily Development event tomorrow beginning 1pm at the InterContinental Buckhead. Click here for more info. | ||
| ACCOLADES | ||
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| Cousins HQ at One Ninety One Peachtree Tower has j |
