|We also spoke with Wilson Hull & Neal's Rick Spiller about the possible ramifications of the debt situation. Rick says he's worried about getting knocked back into a recession just as we clawed out of one. It could especially be bad for smaller industrial tenants—the mom and pops that had burned through stored-up cash in the last recession and may not have cushion to weather another one so soon. ?We want the business climate to be such that tenants are not afraid to expand,? Rick says. ?For the first time in years, it's all about the jobs; it's all about the economy.? Rick says the credit decrease just amplified the uncertainty that keeps companies from hiring, expanding, and using more real estate. ?If we got a track that folks can follow, at least you got the rules down. And right now there doesn't seem to be a lot of rules.?
|Still, Rick is doing business. He recently brokered the $2.6M sale(according to Databank) of Panattoni's 2860 Bankers Industrial, above, a 131k SF warehouse in Doraville. The buyer was Savannah Distributing, a liquor distributor that is actually growing and moving out of a much smaller 41k SF facility nearby (proving the adage that liquor sales are recession proof). In fact, Rick has also been tapped by Savannah Distributing to sell its former 41k SF HQ at 2003 South Bib Dr in Tucker. ICON Commercial's Mitch Kahlert and Jimmy Sanders repped the tenant.