This Week's Atlanta Deal Sheet
A prominent Atlanta office broker is joining the board of an Invest Atlanta-affiliated nonprofit that raises private donations to fund economic development activities aimed at social equity efforts.
12+Invest Atlanta appointed Cushman & Wakefield Executive Director Ken Ashley as a board member of its Partners For Prosperity organization, which is tasked to oversee all of the economic development arm’s nonprofit activities.
Ashley, a veteran tenant representative who also established the Commercial Real Estate Influencers list, was one of three people appointed to the revived board on Wednesday, along with Georgia Power General Manager Jennifer Winn.
Partners For Prosperity will look to fund community and economic development opportunities, recruit businesses, create job training, financial literacy and programs that link small businesses to large companies, and help fund housing programs for owner-occupied rehabilitation, single-family rental acquisitions, transit-oriented developments and veteran’s housing.
Partners For Prosperity had been inactive within Invest Atlanta since 2018, after it came to light that the organization donated $40K to then-Atlanta Mayor Kasim Reed for an economic development trip to South Africa for him and nine other city staffers. In 2017, Reed donated $70K to three nonprofits, including $40K to Partners For Prosperity. Months later, the organization wrote a check back to the city for the same amount to help fund Reed and his staff’s upgraded airfare to South Africa. A 2018 review from a local law firm — conducted under then-Atlanta Mayor Keisha Lance Bottoms — determined the arrangement was legal since it was used for economic development purposes. The law firm, McFadden Davis, also concluded that Invest Atlanta should reconstitute Partners For Prosperity's board at the time and receive training on nonprofit government standards.
DEVELOPMENT
The Savannah College of Art and Design is unveiling a new student housing project in time for this academic year. The 10-story, 581-bed Forty Four residence hall is connected to SCAD’s Midtown campus by SCAD Way. The student housing tower is part of SCAD’s multiphase Spring Street expansion project that will total nearly 390K SF of residential, fitness, academic and studio space by the fall of 2023.
LEASES
Sterling Seacrest Pritchard, an independent insurance brokerage firm, has renewed and expanded its lease at 2500 Cumberland to almost 64K SF for its corporate headquarters. Cushman & Wakefield Senior Associate Annie Lewis, Executive Director Jon Mayeske and Managing Director Clinton McKellar brokered the deal for Sterling Seacrest. Cushman & Wakefield Senior Directors John Zintak and Sonia Winfield represented the landlord, Noro Management.
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Scannell Properties has signed a 1M SF lease with an undisclosed logistics firm at Gardner Logistics Park in Locust Grove. The tenant plans to occupy most of the 1.4M SF building at 381 Davis Lake Road in late 2023. Cushman & Wakefield Executive Director James Phillpott, Director Helen Cauthen, and Senior Directors Lisa Pittman and Ray Stache represented Scannell Properties in the deal.
SALES
New Jersey-based United Properties Corp. purchased Snellville Pavilion for $38.25M. The Kohl’s-anchored shopping center off Scenic Drive in Gwinnett County, which totals 312K SF, was previously owned by Kimco Realty, according to county records.
Atlantic Capital Partners Executive Vice President Fred Victor, Head of Capital Markets Justin Smith and Vice President Chris Peterson brokered the deal.
PERSONNEL
Ken Mulrane has been named as the new head of investment activity in Atlanta and the Southeast for Rubenstein Partners. Mulrane, who joins the Philadelphia-based firm from Macquarie Group, will run its Atlanta, Tampa and Orlando markets. Rubenstein owns Pennant Park in Cobb County, Uptown Atlanta and Sanctuary Park in Alpharetta.
CORRECTION, NOV. 18, 2 P.M. ET A previous version of the story misidentified the titles for James Phillpott and Helen Cauthen. A previous version also misidentified one of the people appointed to the board of Partners For Prosperity. The story has been updated.
