If you don't see images, click here to view
Story Ideas  .  Events 
Facebook Twitter LinkedIn More...
 
To ensure delivery, please add newsletter@bisnow.com to your address book, learn how
Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 5, 2011 
 
 
NEARLY $3B
IN SPECIAL SERVICING

 
One of the big trends in 2011 was the rise of the special servicer. (Similar in many ways to the Return of the Jedi.) And more importantly, the number of troubled loans in the region. The latest TREPP report indicates that trend isn't letting up.
 
kris miller ackerman second wave foreclosure cre atlanta trepp cmbs 2012
Nor should we expect an easing of distressed commercial real estate in Atlanta, says Ackerman & Co's Kris Miller (snapped at an event last year). In fact, Kris says he's seeing a “second wave” of properties headed to default as owners who performed just after the financial crisis because the debt was below market back then are having a tough time refinancing now. “We're going to continue to see that level of foreclosures,” he says. Trepp's latest report indicates, at least on the CMBS side, that $2.7B of the more than $12B in CRE loans in Atlanta are deliquent.
 
PM Realty (Deerfield)

Bisnow
LACKEY SEES JUMP IN APT ACTIVITY
 
REAL PROFESSIONALS RICK LACKEY APARTMENTS MULTIFAMILY TREND 2012
Another trend both in Atlanta and across the nation is the surge in multifamily activity, both from an investment standpoint and now an emerging development boom. In just the past few weeks, another high-rise Midtown apartment tower was announced, and is among many new apartment projects. Real Professionals Network's CEO Rick Lackey (above) says he expects even more announced projects this year, given readily available debt. Even the members in his organization are getting involved in the multifamily development cycle. “We'll definitely see new multifamily development in 2012. If anything, it's going to increase.”
 
Reznick Intext ATL

Bisnow
CITY WALK HEADED TO FORECLOSURE
 
city walk loan cmbs trepp foreclosed sandy springs
Speaking of the year-end Trepp report, something caught our eye. The $38.2M IO loan for City Walk, the mixed-use project in Sandy Springs, was foreclosed upon in November. According to Trepp, it ranks as one of the single largest retail loans in the city that is troubled (with Simon Properties' Discover Mills $135M non-performing loan the single largest as of December). A source familiar with the loan says the property will soon be advertised for foreclosure.

Bisnow
JLL GETS ALL PUBLIX
 
jones lang lasalle kris cooper margaret caldwell summit point publix concordia properties thompson national
A California CRE investment firm has picked up a Publix-anchored shopping center in Fayette County. JLL's Kris Cooper and Margaret Caldwell brokered the sale of Summit Point, a 104,500 SF shopping center, for the seller Concordia Properties. Thompson National Propeertis bought the center, just 12 miles from Hartsfield-Jackson Atlanta International Airport (in case you need to make a clean getaway with some deli olives), for an undisclosed sum.

Bisnow
BIG SELF-STORAGE BUY
 
strategic storage trust portfolio self-storage sharpsberg h michael schwartz smartstop
Strategic Storage Trust has made a big addition into Georgia, acquiring a 10-property portfolio of self-storage facilities for $80M (including two in Florida and this one above in Sharpsburg). “The acquisition of this portfolio will allow us to almost double our presence in the Atlanta,” says SSTI's CEO H. Michael Schwartz. (And no doubt finally have space for all those old baseball cards cluttering up the office.) The firm will now rebrand the facilities as SmartStop Self Storage properties, he says.
 
Limbo lower now. How low can you go? Let us know at Jarred@Bisnow.com
 
 
 
 
Reznick Tile2 ATL
 
GSU (Reinventing)
 
Reznick Insights ATL
 
Bisnow Hotel (19) ATL
 
Microsoft (Share)
 
Bisnow Friends ATL
 
CONTACT EDITORIAL                             CONTACT ADVERTISING                              CONTACT GENERAL INFO

 

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., 1817 M St., NW, Washington, DC 20036. All rights reserved.

Real Estate Bisnow