KIM KING SELLS CENTERGY STAKE
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|Kim King Associates has sold its majority stake of Centergy One to its partner Gateway Development.|
|Kim King?s Beau King (right with Regent Partner's Keith Mack at a recent event) tells us he sold most of his ownership in the 488k SF tower at Fifth and Spring streets to Gateway for an undisclosed sum. Beau says he still holds the ownership—in a JV with Brookdale Group and Seven Oaks Properties—on seven acres of developable sites inside the Centergy, a mixed-use project begun under Beau's dad, the late Kim King, that helped Georgia Tech cross over the connector. ?We basically wanted to recycle capital,? Beau says. (Does this make the deal LEED certified?) ?I need some cash to do new deals.?|
|Beau has been quietly buying properties for the past year, including 309 North Highlands Ave, home of Fritti restaurant and 326 Pharr Road Shopping Center (above). He's now looking at a project to buy in Savannah. Beau did try to sell Centergy One back in 2010, but it was pulled from the market soon after.|
|Speaking of Gateway and Seven Oaks, we also learned that Harry Conley (here at a recent event at the St. Regis Hotel doing his best thinker pose) has departed Seven Oaks and joined Gateway?s Mack Reese and David Tyndall. We tried reaching Harry and Gateway executives but were unsuccessful. Seven Oaks? Bob Voyles says Mack and David made Harry—who joined Seven Oaks just last year—?an offer he couldn't refuse.? We'll keep you posted.|