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April 21, 2010
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SIGN OF THE TIMES
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| Hello, Atlanta! Allow us to introduce ourselves. We are the original commercial real estate e-blast that started in DC five years ago and has since expanded to NYC, Chicago, Boston, Houston, Dallas, and (as of seven weeks ago) Atlanta. We try to be fun, informative, picture-heavy, upbeat, and mercifully short. Please give us your feedback and suggestions: Editorial@Bisnow.com |
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| We couldn’t help but notice the banner below at the Terminus in Buckhead. Condo buyers can get a $100k discount for every bedroom they purchase. So is it working? |
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Yes, says Christine Macrenaris, marketing veep at Coldwell Banker NRT Development Advisors, which represents 10 Terminus Place, the residential piece developed by Cousins at the mixed-use development. She tells us sales have accelerated since the promotion started because it “speaks to what buyers want to see right now—superb location, an in-demand lifestyle, and undeniable value.” More than 75% of units have sold. Christine adds that qualified traffic in general in the Buckhead market is picking up. “It's clear from Q1 activity that consumer confidence continues to improve and these coveted upscale buyers are returning from the sidelines.”
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| GO MILITARY CONTRACTORS! |
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We saw a filing with the state for a 1.4M SF “Benning Technology Park” near Fort Benning in Columbus, so we called Flournoy Development to get the scoop. VP (and CEO’s son) Jake Flournoy tells us his firm’s buying the land from the real estate arm of Columbus State University and is hoping to capitalize on the Army moving programs and personnel to the area from Fort Knox. There isn’t adequate office space for the contractors that are bound to follow, Flournoy says, so the first phase will likely be 80K SF to 100K SF. The goal is to break ground in the fall and deliver product by summer ‘11. Jake says he hopes to have anchor leases in place soon. The property, adjacent to the Army base, was originally going to be used for a Battle Lab, but Army funding didn't materialize.
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RESTRUCTURING FOR W
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We love the swanky, infinity pool at the W downtown, and are glad to hear the hotel is staying afloat. Capri Capital Partners says it’s reached an agreement with original owner Barry Real Estate Companies to convert Capri’s mezzanine loan into an equity interest in the W Atlanta Hotel & Residences. Capri is now the primary owner, though Barry will remain active in aspects of the project. The 28-story hotel and condo at 45 Ivan Allen Jr. Blvd. opened in '09 and features 237 hotel rooms, 74 condos, and a BLT Steak. The pool is necessary to burn off calories.
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CHICK-FIL-A GOES TO CHICAGO
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We like to support our hometown companies, like Chick-fil-A, whose Peachtree Industrial location we snapped late yesterday. We're excited for our friends in Chicago Land, who soon will be able to get their CFA fix. Construction is underway on three stand-alone restaurants in Aurora, Orland Park, and Wheaton, with six more locations coming in 2011. Dan Cathy, company prez and son of founder Truett Cathy, says, “Our fans in Chicago, especially the transplanted Southerners, have been telling us for years they crave our hand-prepared chicken sandwiches, and we listened.” He adds that the loyalists started Web sites, Facebook, and Twitter fan pages and posted YouTube videos to make their case for Chicago CFA. Yeah, we find people do that for Bisnow, too.
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NEW ACE IS THE PLACE
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This morning we snapped this of Paces Ferry Plaza, which has signed two new tenants. Ace Hardware is taking 5K SF and Day Spa and Nail has signed on for 3K SF. The center, owned and operated by Regency Centers, is also home to Houston’s and Flying Biscuit. Located at 1261 West Paces Ferry Road, the center is now 100% leased. That bears repeating: 100%!
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| ME AND THE MAYOR |
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| We're going to write nostalgically about last weekend. Atlanta braced itself for 300,000 who flocked downtown for several events including Sweetwater 420 Festival, Freaknik, the Zombie Pub Crawl and the Dogwood Festival at Piedmont Park. It was there that we snapped Mayor Kasim Reed with some children attending the festival. |
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| ROLL TIDE |
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Atlanta-based Aaron’s (did we mention we like our hometown companies?) is celebrating the University of Alabama’s 2010 BCS National Championship with a commemorative Crimson Tide-themed NASCAR paint scheme during the Aaron's 499 race at Talladega Superspeedway Sunday. It will mark only the third time in NASCAR history that a Sprint Cup entry included a collegiate-themed car design. After the race, the car will travel around the state, visiting—surprise—Aaron’s locations. Aaron’s, which leases and sells furniture, electronics and home appliances, has more than 1,700 company-operated and franchised stores in the US and Canada. That could be a lot of stops if they keep the victory tour going.
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| You can now follow us on Twitter. |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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