This Week's Atlanta Deal Sheet: Keith Mack Parts With CIM, Launches Own Firm
A former executive with CIM Group who helped spearhead the development of Centennial Yards in Downtown Atlanta has formed his own development firm.
Keith Mack left the Los Angeles development firm’s affiliate, Centennial Yards Co., and has founded a new development firm, Gibraltar Capital Partners, he announced this week.
Mack, who had been an executive at Regent Partners before joining CIM in 2022 for its efforts to redevelop the sea of asphalt in Downtown Atlanta known as The Gulch, has helped to build 3M SF and more than $750M in offices, hotels, apartments and mixed-use space throughout his career, including the Sovereign tower in Buckhead, Georgia's tallest residential building, and the Thompson Buckhead luxury hotel.
The idea of starting his own business has been germinating for some time.
“The entrepreneurial bug is kind of in everybody in the commercial real estate space,” Mack told Bisnow. “I’ve been fortunate to work on some really cool stuff. I want to stay in the multifamily, hotel and office space — if they ever build office space again.”
Mack started the firm just as the Federal Reserve chopped the interest rate by 50 basis points, the first cut in two years. That has some firms, with whom he said he is in talks to collaborate, considering starting new projects.
“I think we’re still in the kind of wait-and-see mode. But the people that I’ve talked to, they’re still starting to think about it,” he said. “There’s going to need to be another cut to really generate momentum.”
PERSONNEL
Partners Real Estate hired Will Porter, Aileen Almassy, Andy Sumlin, Porter Henritze, John Zintak, Caroline Nolen and Melanie Garlock-Wolfe from Cushman & Wakefield to enhance the firm’s office landlord representation team. Almassy, Henritze, Sumlin, Nolen and Porter were brought in as equity partners, while Zintak was named senior vice president and Garlock-Wolfe was named vice president.
LEASES
Marketing agency Marketwake has leased 17K SF at Campus 244, the adaptive reuse project in Central Perimeter being built by The Georgetown Co., Beacon Capital Partners and RocaPoint Partners.
Almassy and Porter, formerly with Cushman & Wakefield and now with Partners, represented RocaPoint, along with Cushman & Wakefield’s Rob Kuppersmith. Capital Real Estate Group’s Ellis Murray brokered the deal for Marketwake.
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McCraney Property Co. snagged three companies with leases totaling nearly 700K SF for the first phase of its Logistics 15 at Ottawa Farms industrial development in Savannah. Linemart inked a deal for 232K SF, Homylink Furniture Inc. expanded to 309K SF, and BFG Supply took 153K SF.
JLL’s Ryan Hoyt, Bennett Rudder, Chris Tomasulo and Lindsey Wilmot brokered the deals for McCraney.
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Talitrix leased 7,700 SF and Intact Insurance took 5,800 SF at Preston Ridge III, the 146K SF office building at 3460 Preston Ridge Road in Alpharetta, near Avalon. Colliers’ Deming Fish represented the landlord, Hobbs Brook Real Estate. Colliers’ Pete Shelton represented Intact.
DEVELOPMENT
Automotive supplier Shinsung Petrochemical plans to build an $11.2M manufacturing facility in Toombs County, creating 30 new jobs, Gov. Brian Kemp announced Thursday. Shinsung supplies products for Hyundai Motor Group and its plant in Bryan County.
Shinsung will develop its facility at 1407 Highway 1 N. in Lyons and plans to deliver it next year. Georgia Department of Economic Development’s Alyce Thornhill negotiated incentives on behalf of the state.
SALES
The Atlanta Ballet sold its Michael C. Carlos Dance Centre headquarters for $8.3M to Faropoint, the Atlanta Business Chronicle reported. In turn, the ballet company leased back the 53K SF facility at 1695 Marietta Blvd. in Atlanta for 10 years.
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An unnamed institutional fund purchased Deerfield Village, a 16,500 SF retail center in Alpharetta, from a local investor for $6.3M. The fully leased center’s main tenants, Ichiban and Nahm, have been there for more than 15 years.
Marcus & Millichap’s Eric Abbott and Zach Taylor brokered the sale. The seller, Deerfield Village LLC, is connected to Richard Gonzales, according to state records.
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Northwood Investors sold a three-building industrial portfolio for $160M that includes a Home Depot distribution center in Baytown, Texas, 10000 NW 15th Terrace — a 202K SF warehouse in Doral, Florida — and the 806K SF Havertys Distribution Center in Braselton.
The buyer wasn't identified.
JLL’s Britton Burdette, Trent Agnew and Luis Castillo brokered the sale, with Bobby Norwood helping to secure financing from an affiliate of Apollo Global Management.
