GREENSTONE TO TEST SALES WATERS?
|The developer of Newell Rubbermaid's HQ may test the investmentsales market later this year with one of his Alpharetta projects.|
|Greenstone Properties' De Little tells Bisnow that his partnership with Talcott Realty Advisors may consider packaging a two-building,320K SF office park (above) for sale. Almost fully leased, the project, part of a larger mixed-use campus called Milton Park, could attract strong offers from investors seeking cash flow. ?In addition to the potential sale of office buildings, we would hope to sell some land, but the land market has been very quiet,? De says. If he moves forward with the marketing of Milton Park, it could very well test the appetite for office properties that, while with solid rent rolls, are nonetheless suburban. Over the past year, the strongest saleshave been in the CBD, capped by the record-pricing achieved by Regent Partners on its sale of 3344 Peachtree to Parkway Properties.|
|Shhhhh. Be vewy, vewy quiet. De's huntin' deals (or birds in Montana). We spent some quality time with De yesterday just as he celebrated six years running Greenstone Properties. When he left Pope & Land and formed Greenstone, De emerged swinging, landing the build-to-suit Newell Rubbermaid HQ project in Sandy Springs and developing such projects as Preston Ridge and Milton Park. While he has little debt issues, De says Greenstone's challenges are simply finding new opportunities. "We're positioned to move aggressively when things do turn around." Meanwhile, he's been chasing acquisitions, using his network of investors, but finding good product that isn't being priced aggressively is difficult, he says.|