Master Mind Building To Be Torn Down, Replaced With 17-Story Tower In New Plans

A local industrial developer is launching a nearly 1M SF speculative industrial park south of Atlanta.

Stonemont Financial Group plans to break ground on a three-building, 903K SF speculative distribution center in Locust Grove, a major industrial market some 40 miles south of Downtown Atlanta. The complex, called Stonemont Park 75 South, is expected to break ground this quarter, with buildings that range from 125K SF…

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Despite apparent consensus across commercial real estate that 2023 will be a year of hard times, conditions still may not be right for the distressed asset market to kick into gear.

Since the pandemic’s outbreak, opportunistic investors have salivated over the prospect of building owners stuck between a rock and a hard place on their loans.

But the private equity funds set up to buy distressed assets need debt of their own to deliver the returns promised by their sponsors — and they aren’t getting it.

"The first question is, ’Is there going to be distress?’” said Jason Hernandez, who leads Nuveen’s debt practice in the Americas. “And if there is but there’s no liquidity, it’s very difficult to have a functioning distressed asset market. There are very few unlevered buyers.”

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In Case You Missed It...

There are many pathways to a career in real estate, but few are quite as unusual as that of Matt Picheny, founder of Picheny, the eponymous New York-based real estate syndicate that has invested in more than 10,000 multifamily units nationwide.

As a young man, Picheny, a native of Orlando, Florida, was a professional actor. More recently, he and his wife have been producers, winning two Tonys as co-producers of the Broadway shows Moulin Rouge! The Musical and American Utopia. Picheny spent nearly two decades in digital marketing, working for some of the largest ad agencies, before turning to real estate, long a subject of fascination, more than a decade ago.

His focus is syndication, which he emphasizes as a way to develop passive income streams that enable investors to choose how they want to spend their time — a point he detailed in his book Backstage Guide to Real Estate.

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