January 9, 2015

Jeff Pollock Instrumental to Dad's Garage Theatre Deal

Pollock Commercial's Jeff Pollock just helped the popular community theater troupe buy a new home very close to its old Inman Park location in a move that revives its independence.

Dad's Garage Theatre now has an official new home in a 12k SF church building at 569 Ezzard St, buying it for nearly $2M. The improv theater's down payment came after a hugely successful Kickstarter campaign raised $169k, and got help from its board of directors, which secured 5% of the property value for a down payment. “The feasibility for making the project happen was when they passed the hat to the community,” Jeff (here with Pollock's Katie Sentell and Philip Covin) tells us. And it's walking distance from the Beltline and MARTA. Dad's Garage, now co-existing with 7 Stages Theatre, will wait out the church's year lease before moving in.

CohnReznick (Field) MATL

Dad's Garage was forced to move last year from its longtime home in Inman Park to make way for JPX Work's $45M 280 Inman mixed-use project now underway. Jeff says Dad's Garage operators had a tall order: find a site in the same area that could accommodate a theater and lots of parking. There weren't many choices, and the church building proved the best. It's also on two acres, allowing Dad's Garage to eventually add onto the building for a second stage, Jeff says. Debut performances are scheduled for mid-2016.

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Bisnow (RawSpace-Crowd)
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Bridgestone Reveals What Atlanta Missed

While metro Atlanta's business and real estate community celebrate the success of luring Mercedes-Benz HQ from NJ, let's remember the one that got away: A $200M, 30-story, 514k SF corporate HQ tower for Bridgestone, according to the blog REBusiness Online. As we exclusively reported here, Georgia Department of Economic Development commissioner Tom Croteau confirmed the State was in talks over the past summer with the tire maker to move here, but it snubbed incentive proposals and has elected to develop a new tower in Downtown Nashville for its more than 1,700 employees (far surpassing Mercedes' 1,000 employee count here). Highwoods Properties is developing the tower, REBusiness Online reports. If only Nashville had higher taxes...

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REFM (Valuate) ATL
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Dwight Bell Eyes Multifamily Near Crest Lawn Memorial

Actually, Cannon Equities planned West Midtown project is going to be a lot larger than we initially reported. Cannon Equities' Dwight Bell sent us info on what he's calling The Quarter-Upper West Side, a planned mixed-use project that will consist of more than 800 residential units, including a 386-unit apartment complex at 2108 Bolton Dr,  just north of Crest Lawn Memorial Park, and a collection of townhouses, flats and city homes (the latter being sold as parcels to other developers). Dwight says there'll be boutique shops and restaurants in a town square setting overlooking a park, encompassing 46k SF of space. "The site is one of the largest urban infill sites in the City and lends itself to a planned destination project," he says. Previous Atlanta projects for Cannon Equities include Buckhead luxury Bellingrath Town Residences. 

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Bisnow (Niche-White)
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Alter's Last ATL Holding Goes to TPA Group, Arrowhead JV

The last vestiges of The Alter Group's Atlanta land holdings have found a new owner. The Yates Group's Todd Yates (here with his son Robert) gave us the skinny on the Christmas Eve sale of nine acres at 3655 Brookside Pkwy in Alpharetta to TPA Group in a JV with Arrowhead Real Estate for what will be a mixed-use retail/residential project. Todd, who worked with The Alter Group for years before the company began winding down and sold off its assets, says Alter originally planned for a 150k SF mid-rise office building at the site, but TPA's plans are more indicative of what's desired in suburban Atlanta.

Recently, Alter sold 20 acres at Chattahoochee Corners--originally slated for 250k SF of suburban office--to Notre Dame Academy for future expansion of the high school (here). “Just between these two Alter dispositions, you've taken 400k SF of potential suburban office space off the market for alternative use in the last six months,” Todd says. “It was also somewhat bittersweet that over the last two years, after 24 years of building the Alter portfolio in Atlanta and the Southeast, that this is the last piece of property Alter owned in Atlanta.”

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Here's a puzzle for you: A famous marine biologist decides to spend a month in a deep sea station in the Mariana Trench. Among his personal belongings, he brings a 12-pack of Dr Pepper. The first night in the station, he pops one open and to his disappointment, the soda is flat. He opens a second, same thing. Perturbed, he even shakes a third, pops the top, but nothing. After a month, he rises to the surface and argues with his supply chief. "You bought a flat case of soda! Here, see?" He angrily shakes an unopened can, pops the top and is shocked to see the soda explode all over his co-worker's face. What happened? Be one of the first five to correctly explain this phenomenon to win free tickets to our upcoming Atlanta 2015 Forecast event. Email answers to Jarred@Bisnow.com.