This Week's Atlanta Deal Sheet
Kirk Rich has obtained the tallest assignment in his nearly 40-year commercial real estate career.
The principal of Avison Young's Atlanta Agency Leasing Group has been tapped by New York-based Icahn Enterprise Holdings — the firm founded by real estate mogul Carl Icahn — to lease nearly the entirety of Tower Plaza, the 1.4M SF tower at 675 West Peachtree St. in Midtown formerly home to the telecommunications giant AT&T.
CBRE previously had the leasing assignment, according to What Now Atlanta.
It's a tall order, given 1.2M SF of the newly renovated tower is vacant after AT&T left it in 2020. Since then, Icahn went on a capital improvement program for Tower Plaza — originally built in 1981 — that included new green space around the base and two floors of retail.
Earlier this year, Icahn landed the Center for Global Health Innovation for 200K SF, including lab space. During his career, Rich has executed more than 3,000 commercial leases and represented the owners of more than 12M SF of space.
LEASES
Starbucks, Kura Revolving Sushi Bar, Salon Lofts and burger purveyors Five Guys have all signed leases to occupy the retail portion of the second phase of The Interlock project in West Midtown. Phase 2 will be anchored by a 42K SF Publix Super Market store as well as 275K SF of commercial space and a 670-room student housing building.
SJC Ventures broke ground on the second phase in May, with expected delivery in 2024.
ACQUISITIONS
Northland has purchased Emblem Alpharetta, a 210-unit apartment complex geared toward active adults in the North Fulton County suburban city for an undisclosed amount. The seller is an LLC called I&G Alpharetta, which is tied to LaSalle Investment Management in Chicago, according to Georgia Secretary of State business records. LaSalle purchased the property in 2018 for $46.1M, according to Fulton County Board of Assessors records.
FINANCING
Athens-based student housing giant Landmark Properties has expanded its financial relationship with a subsidiary of the Abu Dhabi Investment Fund. The two firms formed a $2B build-to-core student housing joint venture that is eyeing development opportunities throughout the U.S. The arrangement expands a $1B value-add student housing platform between Landmark and ADIA that was announced in March, which today owns 17,400 beds.
PEOPLE
Brook Barefoot has been named as vice president of multifamily development with Ryan Cos.' Atlanta office. Barefoot will focus on Ryan's Southeast expansion and already is leading a pipeline of 1,300 units. He previously worked as vice president of development for Lincoln Property Company Southeast.
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Will Lombard has been tapped as senior vice president at Trammell Crow in Atlanta, replacing Managing Director Mark Dishaw, who is set to retire in 2023. Lombard, who will lead Trammell Crow's industrial leasing team in Atlanta, previously spent a decade with Majestic Realty Co. where most recently, he served as vice president of development.
DEVELOPMENTS
Lincoln Property Company Southeast is set to break ground this month on LakePoint 75, a 305K SF speculative warehouse in Emerson, Georgia, about 2 miles from Downtown Cartersville. The facility is expected to deliver in the fall of 2023.
Lincoln Vice President Turner Fortin and leasing associate Colin Beecham will represent the landlord of the warehouse.
