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January 5, 2011 
 
 
PERSHING PARK PLAZA OFF THE MARKET

For an in-depth economic forecast and industry panel discussing international investing, head over to Views From The Top, presented by GSU's Real Estate Alumni Group and the Real Estate Investment Advisory Council. Jan. 11. Phipps Tower, Buckhead.

 
It's nearly full and cash flowing. It has a major law firm as a primary tenant until 2020. Yet, owners of Pershing Park Plaza have taken the Midtown office building off the market to pursue “alternatives,” sources tell us.
 
Pershing Park Plaza ELV Associates Eastdil Secured
We drove by and took this of the building. At this point, owner ELV is still considering selling to one of an undisclosed number of interested buyers, or instead may hold the property and refinance. Bisnow reported late last year that Eastdil Secured was tapped to sell the property for ELV. Officials with the firm declined to comment and officials with ELV didn't return calls. Pershing Park Plaza's largest tenant is the law firm Jones Day, which occupies nearly 140K SF of the almost 160K SF Class-A building and its lease expires in 2020, according to info collected by Trepp. ELV also has a $29.5M loan on the building that matures in 2011, also according to Trepp data.

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ROYAL DEALS
 
Royal Centre IV Alpharetta Colliers International Scott O'Halloran Lee Evans Infinity Insurance
It was a tall order, but Colliers International's Scott O'Halloran and Lee Evans have delivered more than half of it. The duo were tapped by the owners of Royal Center IV (above) in Alpharetta to backfill the 225K SF hole left by Infinity Insurance, which downsized to 25K SF. To date, the team has re-leased 160K SF, Scott tells us. General Motors renewed its HQ at the building for 25K SF with Stephanie Marino (formerly with CBRE) repping the tenant. MarketSource, which renewed 63K SF last year, grew by another 10K SF into former Infinity space (repped by Cushman & Wakefield's Ken Ashley and Sam Hollis). And most recently, Fiber Light inked a deal for 15K SF, assisted by Colliers' Russ Jobson and Brent Kingman.

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WINNIE THE LEASE
 
Winnie Couture Buckhead 3224 Peachtree Road Alan shaw Nancy Waters shopping center group
Beverly Hills. Swimming pools. Movie stars. And now, wedding dresses in Buckhead. We took a pic (but didn't try on any dresses) of Beverly Hills-based Winnie Couture, a posh bridal shop that opened its doors in Buckhead after leasing 5K SF at 3224 Peachtree Rd, a small strip center in the heart of the Buckhead Village. The Shopping Center Group's Alan Shaw and Nancy Waters brokered the deal representing the property owner for this store to open its first store in Atlanta. The duo also just recently inked a 5K SF deal for Chase Bank at The Peach shopping center just down the road in Buckhead, taking up space in the former Linens 'N Things. (Brides won't have to drive far to get a loan to pay for their dresses.)
Shopping Center Group Alan Shaw Nancy Waters
Alan (here with partner Nancy) tells us these two deals are simply capstones on what has been a very busy year for them. The duo have inked 54 retail transactions—you can set your weekly calendar by it—with Q1 already promising another busy season as retailers take advantage of the depressed real estate market.

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COBB'S MAIN STREET SELLS
 
Kris Cooper Margaret Caldwell Jones Lang LaSalle Main Street Town Center Westwood Financial
The dyanmic duo of retail investment sales—JLL's Kris Cooper and Margaret Caldwell—have helped close a Cobb County shopping center sale. LA-based Westwood Financial Corp purchased Main Street at Town Center (pictured) on Ernest Barrett Parkway (across from Town Center Mall) for an undisclosed sum. The project is a little more than 80% occupied with mainly in-line retailers, including David's Bridal and Starbucks. Kris tells us the location was the biggest selling draw: “It's got great visibility on Barrett Parkway.” Westwood, which owns a handful of shopping centers in metro Atlanta, picked up this asset as part of a 1031 exchange.
 
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