News
THE DEAL SHEET
August 14, 2012
| A Midtown building where you could once grab a beer and a burger will now be a destination where you can grab a bunch of burgers. And milk. And tomatoes. And chicken breasts. And soda. And… | ||
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| We learned that Dewberry Capital has inked a deal to put Birmingham-based grocer Mamanoes into the former Jocks & Jill?s restaurant at 10th and Peachtree streets. This will be the trendy urban grocer?s first store outside Alabama—and its second one, which will open by the end of the month, says Dewberry?s Sally Brakebill. The boutique grocer was founded by Antonio Boyd and opened in 2010 in Birmingham and quickly became a popular destination. ?Going on the recommendation of Antonio Boyd?s friend Phil Jacobs, the former president of BellSouth?s Georgia Operations,John [Dewberry] gave Douglas [Dewberry] and I the go-ahead to lease to Mamanoe's Grocery Shop,? Sally tells us in an email. | ||
| LEASES | ||
| Lexington Realty Trust's extended IBM leases at 6303 Barfield Rd and 859 Mount Vernon Hwy (the ISS building) hurt the company's average rents in Atlanta—according to the company's SEC filing—dropping from $15.02/SF to $9.71/SF. Lexington?s IBM buildings are also subject to a non-recourse loan of $140/SF that matures next year. | ||
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| Dancing Goats Coffee Bar is planning to open Aug. 17 at Jamestown Properties' Ponce City Market as a pop-up shop. | ||
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| Cole Dermatology, Physiotherapy Associates, Smiles for Kids Pediatric Dentistry and Discover Media are among the recent deals at SugarOak Properties' Spalding Exchange Office Park in Norcross, pushing occupancy from 40% (when SugarOak acquired the eight-building project eight months ago) to 60% leased. | ||
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| CompuCredit Holdings Corp inked a 1,000 SF sublease to HBR Capital at its Five Concourse Parkway offices for $24.30/SF through May of 2022, according to an SEC filing. HBR Capital, is co-owned by David G. Hanna, the Chairman of CompuCredit, and his brother Frank Hanna. | ||
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| Lee & Associates? Kurt Unger repped UTI Worldwide?s renewal and expansion to 347k SF at the 1100 Laval Blvd warehouse in Gwinnett County's Corporate Lakes Business Park, which we reported last week. | ||
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| Atlanta Life Financial Group inked a 33k SF deal at One Ninety One Peachtree Tower from its current home on Auburn Ave. Red Rock Global?s Michael Tabb and Colliers International's Pete Shelton brokered the deal. | ||
| SALES | ||
| Wells Real Estate sold its 3675 Kennesaw Building for $2.26M t o an undisclosed buyer, according to SEC filings for its XIV fund. The sale came on the heels of Wells settling litigation with its former tenant at 3675 Kennesaw, World Electric Supply, which vacated early in 2012 and stopped paying rent. The settlement agreement was $525k, according to docs. | ||
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| RADCO Cos purchased a three-complex apartment portfolio in metro Atlanta for $13.7M. The complexes include Ashford Place Apartments in Griffin (112 units), Briar Creek Apartments in Conyers (160 units), and Sierra Place Apartments in Atlanta (130 units). RADCO plans to spend $1M in renovations on the properties. | ||
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| STAG Industrial is finalizing the purchase of an unidentified 408k SF warehouse in Atlanta that is fully leased to an unnamed tenant, according to the SEC. The company will pay $11.3M for the facility. We'll keep you posted. | ||
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| Weingarten Realty recently purchased Roswell Crossing, a 202k SF shopping center anchored by Trader Joe?s, Walgreens, OfficeMax and PetsMart for an undisclosed sum, according to SEC filings. | ||
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| TIAA Real Estate Account reports to the SEC that its portion of ownership for Prominence in Buckhead (a 75% stake) netted it $74.4M. | ||
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| A JV between Sereo Group and Faison Enterprises purchased a 2.5-acre site bounded by Ponce de Leon, North and Piedmont avenues and Juniper Street for $6.5M (except St. Paul?s church, the former Abbey restaurant). The JV plans to develop a mixed-use project consisting of 321 apartments and 8,600 SF of retail. Bull Realty's Daniel Latshaw (above, taking a much-needed break) brokered the sale. | ||
| DEVELOPMENT | ||
| Rooker is teaming up with the Development Authority of LaGrange to break ground on a new 63-acre industrial park. The team plans to develop an 80k SF spec industrial building (expandable to 240k SF) off Pegasus Parkway off I-85. The park can hold a total of 426k SF in four buildings. Colliers International's Chris Cummings has been tapped to market the project. | ||
| FINANCE | ||
| With 22% ownership, Carter Validus REIT purchased the 180 Peachtree Data Center for $94.7M using a $55M loan, according to docs filed with the SEC. It also paid $5.3M with a $3.3M loan for Northwoods Data Center in March. | ||
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| Summit Hotel reports that it received a $19M loan from Empire Financial Services for its acquisition of the Courtyard by Marriott in Atlanta. The loan modified a $19M loan Summit assumed when it purchased the property. The new loan has a 6% fixed rate and matures in February of 2017, the company reports to the SEC. | ||
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| Winthrop Realty Trust reports that the operating income on its JV ownership with Sealy Equity Investments? in Northwest Business Park declined by $4.7M due to a discounted payoff of a first mortgage back in 2011, which canceled debt income of $5.52M. The loan on the Newmarket property (at 52% leased), also part of a Sealy JV, is in special servicing with maturity in 2016. ?The venture has ceased making its debt service payments until the loan is restructured," company officials stated in documents. | ||
| EVENTS | ||
| NAIOP is hosting its cocktail party at Market Street Caf inside the Prominence Building this Thursday starting at 5pm., where the organization will toast its top producers. | ||
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| Join The Home Depot?s CFO Carol Tome, Jamestown Properties' CEO Matt Bronfman and Afterburners? CEO James Murphy at this year's CoreNet Atlanta Education Forum ?Create, Embrace & Thrive: In The New Economy? Aug 23 from 7:30am to 5pm. You can register here. |
