News
THE DEAL SHEET
October 2, 2012
| Cox Enterprises continues its consolidation at the new Central Perimeter campus. This time with its own HQ. | ||
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| Long speculated, Cox announced late Friday afternoon that it plans to build a new 578k SF office building at the Central Park campus in Sandy Springs, where it already has developed two buildings (above) totaling more than 600k SF for its back office divisions. With construction slated early next year, Cox says it will move out of its current HQ at 1400 Lake Hearn Dr and move into the 19-story tower by 2015. The company says plans for its current HQ—which it owns—are undetermined at this time. The company also named its general lineup for the facility?s construction, including Cousins Properties and Hold Construction. | ||
| LEASES | ||
| Eric?s Locks Inc has locked in 64k SF at 2351 Button Dr in Gwinnett County. Commercial Property Professionals' Keith Guthrie, Jason Whitworth, and Steve Hanna brokered for the tenant while Sealy Properties' Lex Rickenbaker represented the landlord. | ||
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| Invista has renewed 40k SF at Two TownPark Commons, a 92k SF office complex in Kennesaw owned by Metlife. Cassidy Turley's SVP Dale Lewis represented the company, a subsidiary of Koch Industries. Daniel Corp?s John Zintak brokered for the landlord. | ||
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| Children's Healthcare of Atlanta renewed and expanded its lease at 1605 Chantilly Dr to 33k SF. CBRE's Brandon Wallace repped the tenant while Lincoln Property Co's Hunter Henritze and Michael Howell brokered for the landlord, CRM Central Properties. | ||
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| New Beginnings Life Changing Network signed a 5,200 SF lease at the Woodruff Volunteer Center in Atlanta. Lincoln Property Co's Sabrina Altenbach and Jones Lang LaSalle's Brooke Dewey brokered the deal. The 310k SF Woodruff Volunteer Center is owned by the United Way of Metro Atlanta. | ||
| SALES | ||
| Cortland Partners has sold Woodridge and Cifton Ridge Townhomes to unidentified buyers for more than $13M combined. The company purchased the two properties for $3.3M over the past two years. In the past two years, Cortland has purchased nearly 30 apartment communities in the Southeast. | ||
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| SDM Partners (run by CRE vet Steve Martin) and Admiral Capital Real Estate Fund (co-founded by NBA Hall of Famer David Robinson) have purchased 200 Ashford Center North, a 160k SF class A office building in Central Perimeter from ASB Real Estate Investments? pension fund client. Databank reports the price at $12.65M, or about $79/SF. Eastdil Secured?s Mike McDonald, Drew Barnette, and Kennedy Hicks brokered the sale. | ||
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| KBS Strategic Opportunity REIT purchased Powers Ferry Landing East, a 394k SF office complex in the Cumberland/Galleria submarket for an undisclosed sum. The company now owns more than 1.2M SF in Atlanta, including Overlook I, Northridge Center I & II, and Royal Ridge in Alpharetta. | ||
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| The Publix-anchored Village Walk shopping center at 270 Rucker Rd in Roswell just fetched a record sale price. Prudential Variable Contract Real Estate Partnership sold the 81k SF shopping center— with such A-list retailers as Chase Bank and Shane?s Rib Shack—to an undisclosed buyer for $20.4M, or approximately $251/SF. Newmark Grubb Knight Frank's capital markets team led by Whitney Knoll and Mark Hillis brokered the sale. | ||
| DEVELOPMENT | ||
| Medical Partners of America is seeking architects and planners for phase two of its Ty Cobb Regional Medical Center campus. MPA developed a 155k SF replacement hospital and a 34k SF MOB in Lavonia that opened 100% leased this month, and investors now want to develop a second MOB at the site. | ||
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| Following its window replacement after the 2008 Downtown Atlanta tornado, Westin has tapped Cooper Carry and Blackdog Studio to spearhead a $45M renovation focused on its more than 1,000 guest rooms, hallways, the addition of six luxury suites on the 69th and 70th floors and a $3M renovation of the Sun Dial Restaurant, Bar & View. | ||
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| Atlanta attorney Harold Buckley, Jr— a partner with Wilson Brock & Irby—has proposed the development of the Odyssey Sports Atlanta, a 514k SF athletic complex at 450—464 Bishop Street in Downtown Atlanta that will include an Olympic-size swimming pool, 10 basketball courts, 11 tennis courts, two lacrosse/soccer fields and a hockey rink. According to the DRI application filed with the state community service department, the facility is scheduled for build-out by 2017. | ||
| MANAGEMENT | ||
| Cushman & Wakefield has officially closed its purchase of Cousins Properties' third-party client services platform, which focuses on Class-A owners in Atlanta and Dallas. More than 100 Cousins employees are now with Cushman & Wakefield in the transfer. | ||
| PEOPLE | ||
| Michael Terry has joined Bull Realty's apartment division to help clients buy and sell multifamily properties, jumping over from Lee & Associates. | ||
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| Jodi Borges has been named senior project director at VeenendaalCave. The firm also promoted Stacy Benner to design team director. | ||
| EVENTS | ||
| The Circle of Trust is holding its popular Fall Fling this Thursday starting at 5:30 p.m. at Jamestown's Ponce City Market. See you there! | ||
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| North American Properties will be hosting a groundbreaking ceremony tomorrow at 5:30 p.m. for its BOHO project, its $35M,276-unit apartment at 682 Rankin St in Historic Fourth Ward. | ||
| ODDS 'N ENDS | ||
| The board of the Perimeter Community Improvement Districts have approved a resolution supporting reconstruction of the I-285 and GA 400 interchange, making the much-hyped project a priority. The organization will now seek a public/private partnership to get started on the proposed $450M interchange transformation, which sees some 200,000 vehicles pass through it each day. | ||
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| Bisnow's Jarred Schenke (not pictured) was honored to join CBS Atlanta 46 Reporter Adam Murphy (pretty sure you can recognize him) last week to help eradicate Progressive Supranuclear Palsy (PSP), a neurodegenerative brain disease with no known cause or cure. Adam raised more than $1,000 during the Cure PSP Dine Out "A Miracle for Mom" at South City Kitchen Vinings when the restaurant donated 20% of its dinner earnings last Tuesday to the cause. Adam's mother was diagnosed with PSP two years ago. More info can be found here. |
