News
THE DEAL SHEET
March 13, 2012
| Another Buckhead trophy property is going to test the waters. | ||
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| After a major leasing turnaround, sources tell us owners of Prominence in Buckhead are putting it up for sale with Cushman & Wakefield marketing the 424k SF tower. TIAA-CREF and partner Blackstone have successfully backfilled the 19-story tower after losing Marsh & McLellen three years ago to Two Alliance Center. Now following a string of leasing victories, Prominence is back up to 96% leased. And given investor appetite for stabilized Class-A urban assets, observers say Prominence could attract a lot of interest from potential core investors. Cushman & Wakefield's sales team led by David Meline and Stewart Calhoun had recent success in selling The Lenox Building. | ||
| LEASING | ||
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| JMP Group's 22k SF lease at 3440 Preston Ridge is expiring this year, according to filings with the SEC. JMP does not disclose whether it plans to move or stay once the lease expires. | ||
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| Blue Cross Blue Shield of Georgia can cancel its 60k SF lease at Capital City Plaza in Buckhead in January of either 2016 or 2018, according to Parkway Properties' recent annual report. | ||
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| With the new buildings under way, Cox Enterprises is vacating more than 90k SF at Peachtree Dunwoody Pavilion as of June, Parkway Properties says in its annual report. Parkway received more than $500k in lease termination fees, and Cox agreed to pay rent through the termination date. | ||
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| The General Services Administration may cancel its nearly 17k SF lease at the Meridian Building as of February 2015, according to Parkway Properties' recent annual report. It does need to give Parkway a written 90-day notice | ||
| SALES | ||
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| It's a blockbuster of a deal. Carmike Cinemas reported in public filings that its purchase of MNM Theaters' three movieplexes (with 40 screens) in Atlanta last year cost $10.8M. Yep. You read that right. The theaters included one in Cumming and one in Hiram. | ||
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| Some additonal info came up on Parkway's Falls Pointe sale. The company (with a 30% stake) sold the 107k SF office building in Central Perimeter for $6M i n January and now expects to gain an additional $400k for discontinued operations during Q1. | ||
| MANAGEMENT | ||
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| Lincoln Property Company Southeast has nabbed the management and leasing assignment of Silhouette Midtown, a 116,600 SF office building at 1447 Peachtree St. Wells Fargo, which foreclosed on the property earlier this year, awarded Lincoln the assignment. Lincoln's David Danhof, Sabrina Altenbach, and Daniel Bamberger will lease the property, which is 74% occupied. | ||
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| Mass-based Dover Downs Gaming & Entertainment has been tapped by O'Leary Partners since 2008 to provide management services for a potential video lottery facility at Underground Atlanta, according to docs filed with the SEC. Of course, the Georgia Lottery Commission and the state legislature would still need to approve such a facility. And this LOI expires next year. | ||
| EVENTS | ||
| The 71st Annual (you read that right) Central Atlanta Progress meeting is set for March 28 at 8am. This year, it's going to be held in the Sidney Marcus Auditorium at the Georgia World Congress Center with the theme of ?Only in Downtown.? Tickets can be purchased here. | ||
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| Get your golf bags dusted off and sign up for the 10th Annual Cornerstone Christian Academy Charity Golf Tournament (aBisnow favorite, given our ATL reporter's two little ones go there). The event will be held March 26 at the Berkeley Hills Country Club. More info can be found here. | ||
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| Last call to join NAIOP this Thursday at the Buckhead Theatre at 5pm for the Million Dollar Club Awards and Cocktail Party. We'll be there with bells on. |
