News
Highwoods Buys Riverwood; The Deal Sheet
September 20, 2011
| Highwoods Properties has made a flurry of acquisitions, including a prime Class-A office project in Atlanta. | ||
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| As has been widely reported in recent weeks, Highwoods has closed on the 503k SF Riverwood 100 in the Galleria submarket. The company bought the tower for $86.3M and plans to pump $5.6M in ?near-term building improvements? and another $2.4M in future TI for existing leases. The $172/SF price includes assuming $68M in secured debt maturing in 2014. This deal solidifies Highwoods position as one of the top landlords in Atlanta, where it now owns more than 3M SF in 21 buildings. | ||
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| The company also reported it bought PPG Place, a six-building 1.5M SF Class-A office complex in downtown Pittsburgh (seen here in a pic from its website) for more than $200M, or $139/SF. This is the first time Highwoods has entered the Pittsburgh market, and it is doing so with a high-profile project that's 81% leased. | ||
| LEASES | ||
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| Document Technologies has renewed and expanded to 22.7k SF at Two Ravinia Drive in Atlanta. CresaPartners' David Rubenstein and Bogue Miller brokered the deal for the tenant while Parkway Realty Services' Candy McIntyre represented the landlord. | ||
| SALES | ||
| Atlanta-based Weeks Robinson Properties has expanded its Dallas footprint after buying two distribution centers in the Railhead area totaling 702k SF from USAA. The company now owns more than 2M SF of industrial in that city. Jones Lang LaSalle's George Curry, Dave Richards and Chris Skibinski brokered the sale. | ||
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| Cushman & Wakefield's Stewart Calhoun and David Meline have brokered the sale of 7130 Glen Forest Dr, an 81k SF office building in Virginia to The Lingerfelt Cos for $9.3M. VA-based Thalhimer's Eric B. Robison and Catharine Spangler assisted in the sale. | ||
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| Atlanta-based Paces Properties and Somera Capital Management have acquired Retreat Village Shoping Center on St. Simons Island for $8M. Don Wright & Associates' Fred Freyer brokered the sale of the 108k SF shopping center for Paces. Paces also plans to spend $1M to renovate the property. Among the tenants include H&H Lifestyles and Bonefish Grill. | ||
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| Halter Realty Group and ST Residential have sold 22 homes in the past two months at Sandy Springs' One River Place, generating a total of $5M in sales. | ||
| PEOPLE | ||
| Fara Wilson has joined Ackerman & Co as director of marketing, coming over from IDI. Fara also is chair of the Next Generation Marketing Technology Group with the Atlanta Chapter of the American Marketing Association. | ||
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| John Boggs and Travis Vickers have teamed up and formed BoggsVickers Architects, specializing in corporate interiors, higher ed, hospitality, retail, and renovation projects throughout the Southeast. | ||
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| Matthew Rocco has been promoted to EVP and national loan production manager at Grandbridge Real Estate Capital, replacing John Davis who is retiring. Matthew will oversee the Atlanta loan production office. | ||
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| Craig Anderchak has joined VeenendaalCave as senior project director from HOK Atlanta. The 15-year design vet will assist the firm's business development efforts throughout the Southeast and bolster corporate interior design services. | ||
| EVENTS | ||
| It's that time again. NAIOP has set Oct 24. as the day for its members-only golf tourney at Capital City Club in Brookhaven. Members need to register by Oct. 12. | ||
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| The Dana G Smith Cancer Assistance Fund is holding its 6th annual birthday celebration tonight with a tour and beer tasting at SweetWater Brewing Co beginning at 6:30pm. The $25 donation will help support the fund. | ||
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| Both Atlanta Mayor Kasim Reed and President Obama's federal environmental executive with the Council of Environmental Quality's Michelle Moore are on tap as keynotes at this year's Central Atlanta Progress and CREW's Downtown Atlanta Development Day. The event will be Nov. 3 at the Hyatt Regency Atlanta. | ||
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| 56 East is hosting its Open House party this Thursday from 5 to 8pm at its newly constructed 3,800 SF events facilty at the corner of East Andrews Drive and Cains Hill Place in Buckhead. | ||
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| Join Atlanta Development Authority's Dale Royal, Atlanta Regional Commission's Pat Stevens and MARTA's Paul Grether this Thursday at Georgia CCIM's morning meeting discussing the state of governmental affairs. The event starts 7:30am at the South Terraces Conference Center in Dunwoody. | ||
| ACCOLADES | ||
| Jamestown and Green Street Properties have installed drop boxes at 999 Peachtree and White Provision to collect used books for its Better World Books drive, a nonprofit that collects and sells used books online to fund literacy initiatives. |
