ACKERMAN'S YOUNG GUN BUYS MORE MOBS
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|hadd Evans remembers when the Great Recession was ?in its darkest hour.? It was January 2009 and Ackerman & Co came across a great industrial deal, but like everyone else, accessing the capital markets was a challenge. So it switched gears and raised the money by passing the hat. (We've always said if it works for street performers there's no reason it can't work for CRE performers.)|
|That deal, purchased in the depths of the CRE depression, worked out well for Ackerman, which sold for it a profit a year later, Chadd recounts (you can read our story about it here). Today, Ackerman is still buying, having completed more than five buys in the last 12 months, an indication that at least the investment market is on the uptick. Chadd, SVP of investments with Ackerman, is a panelist at our 3rd Annual Atlanta Real Estate Summit April 25 at the Ritz-Carlton Buckhead (tickets available here). ?From our perspective, we're still moving horizontally,? he says, ?but in the first quarter, leasing activity appeared to be increasing. We'll see if it sustains.?|
|Speaking of Ackerman's investments, we were told of a big one made this past week. The firm purchased the Winn Medical Center, a four-building 62k SF MOB complex (directly across from Dekalb Medical) from AB Winn Medical LLC for $3.6M. Chadd arranged the purchase and will handle the complex's asset management while Ackerman's Adam Butler will lease the MOBs. Grubb & Ellis' Paul Johnson, Chris Dundon, Dave Linder, and Bob Johnson brokered for the seller. The largest tenant, Fresenius, with 13k SF at the park, has been there for more than 20 years. (Fresenius remembers when everyone at the park was talking about Nirvana and Frasier. Now it's all Justin Beiber and Mad Men. Youth is wasted on the young.)|