DEAL TRACKER

ATLANTA—Avison Young's Atlanta office completed the $5.6 million sale and leaseback of a 16,500-square-foot medical office building located at 4646 North Shallowford Road in Dunwoody, GA, a northern suburb of Atlanta. Progressive Medical has occupied the building since 1998 and has committed to the location with a 12-year lease. Art Waldrop and Sean Moynihan of Avison Young executed the transaction.

LOUISVILLE, KY—RE/MAX has signed an agreement to purchase the master franchise for the Georgia, Kentucky/Tennessee, and Southern Ohio Regions owned and managed for many years by the independent RE/MAX Regional Services group. The acquisition of the RE/MAX Regional Services Region is expected to close before the end of the year, bringing the total of US company-owned regions to 18. Susan Goiser, region vice president of RE/MAX Florida, will oversee services in Georgia, while Jeff LaGrange, former region vice president of RE/MAX Pacific Northwest and RE/MAX Alaska, will lead the regional team supporting Kentucky/Tennessee and Southern Ohio.

BIRMINGHAM, AL—Global sports entertainment leader Topgolf announced Birmingham as its first location planned in Alabama. Topgolf will begin construction on the 65,000-square-foot venue early next year with an expected opening toward the end of 2017. With 30 venues serving 12.2 million guests annually and the world's largest digital golf audience, Topgolf has become a go-to destination for fun both in-venue and online. The Birmingham venue will be located along 12th Avenue near Carraway Boulevard. The 10-acre property will be leased from the Birmingham-Jefferson Convention Complex Authority. “As we look to expand in the Southeast, Birmingham is a key market that has been on Topgolf's radar for a long time,” says Topgolf director of Real Estate Development Devin Charhon. “With all the recent development in the downtown Birmingham area and all that the Uptown Entertainment District around the BJCC offers, we look forward to bringing a new option for entertainment to the Birmingham market.”

BATON ROUGE, LA—Ryan, a global tax services firm, has named Jason DeCuir, Zachary Fleming, Suzanne Markley, and James Payerle to Principal, as well as Whit Pepper to Senior vice president of business development. “We're happy to welcome these remarkable executives to Ryan's senior leadership team, and I congratulate them for their incredible achievements that have helped shape the Firm's enduring success,” says G. Brint Ryan, chairman and CEO of Ryan. “Ryan has always offered unparalleled opportunities for growth and advancement, and we are excited to reward these talented professionals for their commitment to client service and results.”

BUILDING BLOCKS

ATLANTA—Olympia Heights Management's mixed-use development located at 98 14th Street in Midtown Atlanta has been named Opus Place. World-class architect and Pritzker Prize-winner Richard Meier is master planning the building. Meier, known in Atlanta for his design of the High Museum, is also the architect of the Getty Center in Los Angeles, the Des Moines Art Center in Iowa and the Jubilee Church in Rome, among many other commissioned works throughout the world. Berkshire Hathaway HomeServices Georgia Properties' City Haus Division has been tapped to handle the sales and marketing. The lifestyle-oriented tower, designed by Perkins + Will, will be the tallest, all-residential building in Atlanta, bringing a striking addition to the skyline with unsurpassed views of the city.

With the dust settling on the election and the holiday weekend behind us, deal flow is slow so far this week. But market fundamentals across the Southeast are still strong.

BY THE NUMBERS

Market fundamentals improve, driving construction. Atlanta's healthy economy and strong employment growth in the professional and business services sector have fueled demand for the metro's office space. Companies including Comcast, Equifax, State Farm and Lincoln Financial are expanding their footprints and adding hundreds of new jobs to the market. High demand has kept vacancy on a downward trajectory, reaching a cycle low in the second quarter as net absorption continues to outpace completions.

Deliveries will dip slightly this year, but nearly 4.5 million square feet is under construction with scheduled completion dates over the next two years. Development is widespread, with the Central Perimeter and Northwest Atlanta submarkets each receiving more than 900,000 square feet of office space during this time. Additionally, several facilities are being built as speculative projects with class A amenities, such as fitness centers and dry cleaners, to attract tenants. Overall, strong net absorption will cut the vacancy rate this year for a fifth consecutive annual period. High demand and new facilities coming online will increase asking rents to the highest rate in 10 years. (Source: Marcus & Millichap)

DEAL TRACKER

ATLANTA—Avison Young's Atlanta office completed the $5.6 million sale and leaseback of a 16,500-square-foot medical office building located at 4646 North Shallowford Road in Dunwoody, GA, a northern suburb of Atlanta. Progressive Medical has occupied the building since 1998 and has committed to the location with a 12-year lease. Art Waldrop and Sean Moynihan of Avison Young executed the transaction.

LOUISVILLE, KY—RE/MAX has signed an agreement to purchase the master franchise for the Georgia, Kentucky/Tennessee, and Southern Ohio Regions owned and managed for many years by the independent RE/MAX Regional Services group. The acquisition of the RE/MAX Regional Services Region is expected to close before the end of the year, bringing the total of US company-owned regions to 18. Susan Goiser, region vice president of RE/MAX Florida, will oversee services in Georgia, while Jeff LaGrange, former region vice president of RE/MAX Pacific Northwest and RE/MAX Alaska, will lead the regional team supporting Kentucky/Tennessee and Southern Ohio.

BIRMINGHAM, AL—Global sports entertainment leader Topgolf announced Birmingham as its first location planned in Alabama. Topgolf will begin construction on the 65,000-square-foot venue early next year with an expected opening toward the end of 2017. With 30 venues serving 12.2 million guests annually and the world's largest digital golf audience, Topgolf has become a go-to destination for fun both in-venue and online. The Birmingham venue will be located along 12th Avenue near Carraway Boulevard. The 10-acre property will be leased from the Birmingham-Jefferson Convention Complex Authority. “As we look to expand in the Southeast, Birmingham is a key market that has been on Topgolf's radar for a long time,” says Topgolf director of Real Estate Development Devin Charhon. “With all the recent development in the downtown Birmingham area and all that the Uptown Entertainment District around the BJCC offers, we look forward to bringing a new option for entertainment to the Birmingham market.”

BATON ROUGE, LA—Ryan, a global tax services firm, has named Jason DeCuir, Zachary Fleming, Suzanne Markley, and James Payerle to Principal, as well as Whit Pepper to Senior vice president of business development. “We're happy to welcome these remarkable executives to Ryan's senior leadership team, and I congratulate them for their incredible achievements that have helped shape the Firm's enduring success,” says G. Brint Ryan, chairman and CEO of Ryan. “Ryan has always offered unparalleled opportunities for growth and advancement, and we are excited to reward these talented professionals for their commitment to client service and results.”

BUILDING BLOCKS

ATLANTA—Olympia Heights Management's mixed-use development located at 98 14th Street in Midtown Atlanta has been named Opus Place. World-class architect and Pritzker Prize-winner Richard Meier is master planning the building. Meier, known in Atlanta for his design of the High Museum, is also the architect of the Getty Center in Los Angeles, the Des Moines Art Center in Iowa and the Jubilee Church in Rome, among many other commissioned works throughout the world. Berkshire Hathaway HomeServices Georgia Properties' City Haus Division has been tapped to handle the sales and marketing. The lifestyle-oriented tower, designed by Perkins + Will, will be the tallest, all-residential building in Atlanta, bringing a striking addition to the skyline with unsurpassed views of the city.