News
CRE SHOPPING SPREE?
April 26, 2012
| Both Parkway Properties and Highwoods Properties are shopping for more CRE in Atlanta (maybe something exciting and fresh for beach season?). Some 600 heard from them directly yesterday at our 3rd Atlanta Real Estate Summit at the Ritz-Carlton in Buckhead. | ||
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| Both Highwoods' Jim Bacchetta and Parkway's John Barton say their firms are poised to chase office product, including possibly some Atlanta properties now for sale. ?With all the assets on the market, particuarly in Atlanta, you're going to see Parkway get aggressive there,? John says. He also notes that Parkway's purchase of 3344 Peachtree last year (in conjunction with Texas Teachers) at a record price was ?transformative? for the company. | ||
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| Greenstone Properties' De Little (dressed down without his hunting rifle) had something to celebrate as the City of Alpharetta approved of the Avalon mixed-use project (a JV with North American Properites where Greenstone will develop the office component) earlier this week. De notes that in approving the $600M development, ?What we saw Monday night is a council and a staff that has turned the corner and come back to where they were in the mid-1990s? in being more pro-growth than they were in the past decade. ?Avalon is going to be so cool that people are going to want to be there.? | ||
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| Ackerman & Co's Chadd Evans says his firm has ?pretty much worked through our old deals? that had loan maturities in 2009 and 2010. Ackerman didn't lose any assets and is now focused on stabilizing them. The firm also has been on a shopping spree, purchasing some five deals last year, including two medical office buildings. But Chadd notes that it's harder to find product when return expectations are high. | ||
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| We caught William Hare Co's Mike Dvorscak and Regent Partners'David Tennery during the Breakfast and Schmooze portion of our event. Regent is riding high, gearing up for a new Buckhead development with plans to build a trading facility for TD Ameritrade along with its partner Pope & Land Enterprises at the former AIU school at 3330 Peachtree Rd. | ||
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| We also got very lucky after our event where our own Darla Bennett and The Reznick Group's Wes Hudson (a valued sponsor and one of our moderators) got a quick pic with University of Georgia's Basketball Coach Mark Fox and GA Bulldogs Coach Mark Richt during our post-game luncheon at Davio's at Phipps Plaza. |
