News
THE DEAL SHEET
April 3, 2012
| Wherever there's a Publix, a new Atlanta competitor to the insurance industry wants to be next door. (To quote The Godfather: "Keep your friends close, but competing insurance companies closer.") | ||
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| We chatted with Brightway Insurance CEO David Miller (right with Brightway's Josh Tampa and Michael Miller) who tells us the company is looking to expand its franchise insurance retail stores to up to 40 locations in the next few years. ?We do the best where there's a high concentration of population,? David says. And since it's more focused as a retail concept (Brightway offers insurance from multiple carriers), it needs storefronts in grocery-anchored strip centers with 1,000 to 1,500 SF spaces. | ||
| LEASES | ||
| Innotrac revealed in its annual report that its 25k SF HQ at 6465 East Johns Crossing expires in 2015, while its fulfillment center, which the company just increased to 200k SF at 2200 Cedars Rd in Lawrenceville, expires on Jan. 31. So take note, brokers! | ||
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| CB Richard Ellis Trust Investors reports that its largest tenant at Deerfield Commons, which it bought in 2005 and is now 100% leased, is Regus Business Centers with 45k SF expiring in 2018. Plus, the company also owns 10 acres of land zoned for a Deerfield Commons II (Kinda like The Empire Strikes Back). | ||
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| Oxford Industries is reporting in its recent SEC filing that it's opening a Lilly clothing store at Phipps Plaza this spring. Oxford also operates Tommy Bahama stores. | ||
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| Looking for some food? Perhaps a cold brew or 250? The sounds of .38 Special? Then mark your calendar for April 22 when Yard House opens its doors at 261 19th St in Atlantic Station. The new restaurant hosts a tap selection of 100 to 250 beers and plays classic-to-contemporary rock over its state-of-the-art sound system. | ||
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| Routematch Software has inked a 23k SF deal at One Atlantic Center, according to JLL. | ||
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| JLL also reports that Safe-Guard Products is relocating from Buckhead to 40k SF at Concourse Corporate Center II. | ||
| SALES | ||
| Cole Credit Property Trust III reported it purchased an unspecified California Pizza Kitchen restaurant in Atlanta for $3.3M in July of last year and an unspecified RaceTrac gas station for little more than $2M in December, according to SEC filings. | ||
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| Forest City Enterprise gained $5.8M on the sale of its partial interest in the Mall at Stonecrest, the company recently reported to the SEC. | ||
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| DiamondRock Hospitality Co officially sold its three-hotel portfolio to Inland American for $262.5M, including the 521-room Renaissance Waverly in Atlanta. | ||
| MANAGEMENT/LEASING | ||
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| Transwestern's Kristie Abney, Jeff Taylor, and Kari Downing have been tapped by LNR Partners to lease and manage Northridge Business Park, a seven-building, 471k SF office complex in Central Perimeter. ?LNR Partners is a major client for Transwestern,? Transwestern's Bruce Ford tells us. LNR foreclosed on the property last month, according to Databank. | ||
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| Newmark Knight Frank's Rod Mullice (above), James Davenport and Todd Bateman were awarded the assignment to lease the 80k SF telecom hotel at 275 Decatur St` in Downtown Atlanta, owned by Johnson Real Estate Investments. | ||
| PEOPLE | ||
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| Morris, Manning & Martin is partnering with Stephen Green Properties CEO Stephen Green to start a new economic consulting firm focused on the logistic industry called Morris Manning Martin Green Consulting Group. MM&M's senior partner Gerald Pouncey will lead the firm's efforts in the consulting firm. | ||
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| Former Carter SVP Eli Green has teamed up with the former Anthem Capital Partners president Andy Wildman to form Brookwood Investment Group, a CRE investment firm that intends to capitalize on the continued distress in the CRE market through both the acquisition of properties as well as distressed loans, Eli tells us. It's seeking Southeast investments of between $1M to $20M for a total of $50M in investments over the next three years. | ||
| ODDS 'N ENDS | ||
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| Cousins Properties will be lighting the crown of 191 Peachtree blue during April in support ot Autism awareness. |
