Early this week in the Southeast saw most of the middle market action in Georgia. Preferred Apartment Communities is exiting assets, Regus is entering the market in a greater way, and new industrial speculative development is rising.
BY THE NUMBERS
Atlanta employers will create 68,000 positions in 2017, extending gains recorded over the past six years. Last year, approximately 79,000 jobs were added. (Source: Marcus & Millichap)
NEWS & NOTABLES
BIRMINGHAM—McKay Management, an Associa company, promoted Angie Glass to senior association manager. She will begin her new duties immediately. Prior to her time at Associa, Glass spent 11 years in real estate title and closing roles. She served as operations manager for two different title companies and was also a title agent in both Alabama and Mississippi.
ATLANTA—A partner from Thompson Hine LLP was included on the 2017 Georgia Super Lawyers list and one was selected to the list of Rising Stars. The recognition went to Peter D. Coffman, a partner and trial lawyer. He represents clients in disputes involving business torts, commercial contracts, software development contracts, real estate, fiduciary duties, creditors' rights, higher education, insurance coverage, secured transactions, tax credits and intellectual property.
DEAL TRACKER
ATLANTA—Preferred Apartment Communities sold two class A multifamily communities located in Kansas City, KS and Atlanta. PAC sold the multifamily properties for gross aggregate disposition proceeds of approximately $113.6 million. The multifamily properties combined to have an average annualized return of approximately 19.1%. “The attractive return on the sold properties provides PAC with further opportunities to reinvest our shareholders' capital into well-located, newly constructed and high-quality multifamily communities in our core markets,” says John A. Williams, the Chairman and CEO of PAC.
ATLANTA—Spaces, Regus' flexible workspace concept, has signed a 34,000 square-foot, 11-year lease at 8000 Avalon, a 224,000-square-foot class A office development in Atlanta. Hines owns the office building. 8000 Avalon is the only high-rise office building in Avalon, a leading mixed-use development in North Atlanta. Hines and Cousins entered into a joint venture to develop the $73 million project, which is currently under construction. With the addition of Spaces, 8000 Avalon is now 40% leased. Spaces was represented in the lease negotiations by David Demarest, Brannan Moss and Jennifer Ziegler of JLL.
AUGUSTA, GA—RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has funded over $18M to finance a portfolio of five multifamily complexes throughout the Greater Charlotte, North Carolina area and Augusta, Georgia. The sponsor, MACC Properties, is an industry leader in the multifamily markets in the greater Southeastern United States. The deals were brokered by Aaron Prager and Justin Piasecki of Avison Young's New York Debt, Joint Venture and Structured Capital Group.
BUILDING BLOCKS
SAVANNAH—CRG has engaged JLL to market and lease a 1.7 million square foot speculative industrial development in Savannah. CRG, the real estate development arm of Clayco, purchased two parcels of land for the project last year. Steve Grable, SIOR and Chris Tomasulo of JLL represented CRG in the land acquisition from Dallas-based Stratford Land. “CRG believes strongly in the future of the Savannah industrial market,” says Mike Demperio, vice president and Southeast Partner, CRG. “We see opportunity as a result of the opening of the Panama Canal and the work done on deepening the Port of Savannah.”
Early this week in the Southeast saw most of the middle market action in Georgia. Preferred Apartment Communities is exiting assets, Regus is entering the market in a greater way, and new industrial speculative development is rising.
BY THE NUMBERS
Atlanta employers will create 68,000 positions in 2017, extending gains recorded over the past six years. Last year, approximately 79,000 jobs were added. (Source: Marcus & Millichap)
NEWS & NOTABLES
BIRMINGHAM—McKay Management, an Associa company, promoted Angie Glass to senior association manager. She will begin her new duties immediately. Prior to her time at Associa, Glass spent 11 years in real estate title and closing roles. She served as operations manager for two different title companies and was also a title agent in both Alabama and Mississippi.
ATLANTA—A partner from
DEAL TRACKER
ATLANTA—Preferred Apartment Communities sold two class A multifamily communities located in Kansas City, KS and Atlanta. PAC sold the multifamily properties for gross aggregate disposition proceeds of approximately $113.6 million. The multifamily properties combined to have an average annualized return of approximately 19.1%. “The attractive return on the sold properties provides PAC with further opportunities to reinvest our shareholders' capital into well-located, newly constructed and high-quality multifamily communities in our core markets,” says John A. Williams, the Chairman and CEO of PAC.
ATLANTA—Spaces, Regus' flexible workspace concept, has signed a 34,000 square-foot, 11-year lease at 8000 Avalon, a 224,000-square-foot class A office development in Atlanta. Hines owns the office building. 8000 Avalon is the only high-rise office building in Avalon, a leading mixed-use development in North Atlanta. Hines and Cousins entered into a joint venture to develop the $73 million project, which is currently under construction. With the addition of Spaces, 8000 Avalon is now 40% leased. Spaces was represented in the lease negotiations by David Demarest, Brannan Moss and Jennifer Ziegler of JLL.
AUGUSTA, GA—RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has funded over $18M to finance a portfolio of five multifamily complexes throughout the Greater Charlotte, North Carolina area and Augusta, Georgia. The sponsor, MACC Properties, is an industry leader in the multifamily markets in the greater Southeastern United States. The deals were brokered by Aaron Prager and Justin Piasecki of Avison Young's
BUILDING BLOCKS
SAVANNAH—CRG has engaged JLL to market and lease a 1.7 million square foot speculative industrial development in Savannah. CRG, the real estate development arm of Clayco, purchased two parcels of land for the project last year. Steve Grable, SIOR and Chris Tomasulo of JLL represented CRG in the land acquisition from Dallas-based Stratford Land. “CRG believes strongly in the future of the Savannah industrial market,” says Mike Demperio, vice president and Southeast Partner, CRG. “We see opportunity as a result of the opening of the Panama Canal and the work done on deepening the Port of Savannah.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.