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Real Estate Bisnow
   
January 7, 2012 
 
 
Lane Co To Be Sold?

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An up-and-coming Atlanta housing company is poised to buy one of the Southeast's largest apartment firms.
 
cocke-finkelstein buying lane company apartments multifamily atlanta
Sources tell us Cocke-Finkelstein (see our profile of the company) is in advanced talks to buy Lane. It would instantly propel Cocke-Finkelstein into one of the largest multifamily companies in the Southeast, with more than 80 apartment properties across the country, including Dunwoody Place and Solace on Peachtree. (It would more than double its size.) Terms of the pending sale were not disclosed as of press time. Cocke-Finkelstein owns apartments, single-family rentals, and mobile home parks.
 
PM Realty (Piedmont14-3)
cocke-finkelstein todd mckissick cfo lane company acquisition
This isn't the first time Cocke-Finkelstein and Lane have dealt with one another. Back in August, Cocke-Finkelstein purchased the 17th Street Lofts from Lane. And last year, the firm tapped former Lane exec Dan Haefner among its own roster of multifamily execs. Cocke-Finkelstein's CFO Todd McKissick (above) was unavailable for comment as of press time. And Lane officials declined to release any information.

STATE FARM BUY DETAILS
 
64 66 Perimeter center east wells reit core office fund state farm rubenstein partners
So, what did Wells REIT pay for the State Farm buildings? How about more than $140M? The company’s subsidiary Wells Core Office Income REIT announced in an SEC filing that it did in fact purchase 64 and 66 Perimeter Center from Rubenstein Partners, as we reported last week. (Occasionally we get one right.) The fund shelled out $118.5M for the two buildings, totaling 583,700 SF, or $203/SF. The other $23M went toward rental and op ex reimbursement abatements and TIs.
Wells investment trust ii 333 market street san francisco fargo trophy tower korean federation
Other transaction details revealed by Wells include:

• State Farm is phasing in its occupancy through August and will eventually take 86% of the total space (it is 96% leased).

• State Farm is getting a “full rental abatement” for its expansion space, for which Wells received a purchase credit.

• State Farm’s current lease will expire in 2023, but it has options on three additional five-year renewals at 95% of the then-current market rate.

• Total aggregate annual rents at 64 and 66 PCE is $2.3M.

• The Dunwoody Development Authority holds fee simple title to the land underneath the buildings, which issued a $115M bond for building renovations.

Wells itself has come out of the New Year swinging with acquisitions. It also announced last week that its Investment Trust II purchased 333 Market Street (above), a 33-story trophy office tower in San Francisco’s financial district, from the Korean Federation of Community Credit Cooperatives for an undisclosed sum. The 657k SF tower is fully leased to Wells Fargo.


EAT MOR DEELZ
 
Lincoln Property southeast tony bartlett leigh braswell denton shamburger chick-fil-a warehouse airport west distribution center bluffington road
Leave it to someone with “burger” in his last name to help expand Chick-fil-A. Lincoln Property’s Denton Shamburger (far right with Leigh Braswell and Tony Bartlett in Buckhead recently) helped the fast-food eatery renew and expand its warehouse space to 221,400 SF at Airport West Distribution Center off Bluffington Road across from Chick-fil-A’s HQ. The new lease goes through 2022.
 
Think your office or industrial lease would make the Top 10 of 2012 in terms of size? Let Jarred@Bisnow.com know by EOD tomorrow.
 
 
 
 
Prudential (Jan) ATL
 
Arnall Golden
 
NewAcre (Distressed) ATL
 
Microsoft (Share)
 
Bisnow (Sales)
 
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