We're seeing plenty of promotions and reassignments early this year. I expect that trend to continue through January as commercial real estate firms work to put the right people in the right seats amid the competition for talent. The story early this week in the Southeast is multifamily and retail acquisitions.

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The office vacancy rate in Nashville has fallen steadily over the last three years, ending the third quarter at 4.7%, down from 6.2% at the beginning of 2016. Class A vacancy, at 2.6%, has been below 5% for three years, a level considered optimal for providing opportunities for growth. Cool Springs, a submarket with over 4 million square feet of class A space, has less than 5,000 square feet vacant. Brentwood, currently the fastest growing submarket, has 2% vacancy in class A space while Midtown has 1.6% vacancy. CBD class A vacancy ended the quarter at 4.6%; class B space in the CBD was 15.2% vacant and accounted for nearly all of the CBD's absorption.

NEWS & NOTABLES

ATLANTA—Trammel Crow Company promoted Mark Dishaw to principal with the firm's Atlanta business unit. In this role, he will continue to oversee all operational functions of the office and be responsible for sourcing and executing new industrial development and investment opportunities throughout the Greater Atlanta market. With more than 30 years of commercial real estate experience, Mark has managed the development, leasing, acquisition and property management of more than 18 million square feet of commercial real estate valued at $700 million. His areas of expertise include development, acquisitions, asset management, construction management, marketing and financial analysis.

DEAL TRACKER

ATLANTA—NAI Miami's Aran Dunlop, along with his partner, David Beak of NAI Brannen Goddard out of Atlanta, represented the seller, Prom Motor Hotel, Inc. in the sale of a 5.17-acre, 54,048 square foot warehouse. The property is located at 350 Technology Parkway in Peachtree Corners, GA. The buyer is Ozinus 350Tech, LLC, which is adding the investment to its commercial real estate portfolio.

CHATANOOGA, TN—HFF closed the sale and arranged acquisition financing for Cleveland Towne Center, a 152,839-square-foot regional power center in Cleveland, a suburb of Chattanooga, TN. HFF marketed the center on behalf of an institutional client. Wicker Park Capital Management, LLC purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate acquisition loan with Deutsche Bank. Cleveland Towne Center is a regional power center that is anchored by Books-A-Million, Bed Bath & Beyond, Electronics Express, Michael's, Ross Dress for Less, Kohl's (shadow) and Target (shadow). The property is located in Cleveland, directly along Interstate 75, one of most heavily trafficked interstates in the U.S. with more than 37,000 vehicles passing by the property each day.

ALPHARETTA, GA—G&C Mansell Investors LLC, an affiliate of Florida-based real estate investment group Grover Corlew, purchased five office buildings in Mansell Court at Mansell Overlook in Alpharetta for $12.25 million. The portfolio originally was sold in 2007 for $22 million. Currently at 77% leased, the three single-story and two two-story low rise office buildings are located at 10 and 20 Mansell Court East and 30, 50 and 70 Mansell Court. The five buildings sit on 14.8 acres of land and offer 188,478 square feet of office space including parking for 760 vehicles. Under the new ownership, the original 1987 brick office buildings will immediately undergo $1 million in significant renovations including new exterior enhancements. “These buildings are within the burgeoning North Fulton submarket of Atlanta which is a prime upscale residential community and the strongest suburban office market just outside the city center,” says Partner Anuj Grover, whose group focuses on acquiring, developing and operating office, retail and multifamily properties across the Southeast U.S. “Several high-end lifestyle and cultural development projects including nearby Avalon have made this a highly sought-after area not only for businesses but also for residents. There is a deep and proximate employee base that will attract sophisticated employers to these buildings.” CBRE's Heather Lamb has been awarded the leasing assignment for all five buildings.

ROYSTON, GA—SRS's Southeast investment sales team arranged the purchase of two BI-LO-anchored neighborhood shopping centers for Wheeler Real Estate Investment Trust, Inc. Wheeler acquired Tri-County Plaza located in Royston, GA and Sangaree Plaza located in Summerville, South Carolina as a portfolio. Tri-County Plaza consist of 67,577 square feet on 12.60 acres of land. The portfolio sold for $11.025 million on Nov. 10, 2016. Kyle Stonis, senior vice president and market leader, and Pierce Mayson, senior vice president, in the SRS Atlanta office represented the Wheeler in the transaction.

MONTGOMERY, AL—Marcus & Millichap brokered sale of Montgomery Alabama Portfolio, a 178,680-net-rentable-square-foot self-storage portfolio located in Montgomery. Michael A. Mele, Eddie Greenhalgh and Preston Cooper, investment specialists in M&M's Tampa and Birmingham offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Greenhalgh, Cooper, Sean M. Delaney and Mele. “We were able to secure nine 'qualified' offers on this Montgomery portfolio from both institutional and private investors,” says Greenhalgh. “The buyers were drawn to the assets based on in-place returns, upside potential and immediate market positioning.”

BY THE NUMBERS

NEWS & NOTABLES

DEAL TRACKER

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Middle Market Digest: Early This Week in the Southeast

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