BY THE NUMBERS

Corporate expansion will help increase hiring 2.9 percent this year with 75,000 workers as companies such as ThredUP and General Electric expand in the area. In 2015, Atlanta employers grew staffs by 70,400. (Source: Marcus & Millichap)

Class A direct office occupancy rates saw a modest increase to 86.6% and has improved by 40 basis points over the past 12 months to reach their highest level in nearly 15 years. Atlanta's average asking rental rate has now increased to $23.40 per square foot, a historical high. Absorption gains for the third quarter totaled 457,655 square foot, a respectable follow-up to the 488,418 square feet gained in the second quarter. (Source PMRG)

Alabama remains the best-performing state in the region on the hospitality front. Recurring bookings from established demand drivers will provide opportunities for operators to build up revenue measures in the coming months. Travel for returning to college and attending college football games will also provide a lift to hotels throughout the fall. Mississippi hotels will also gain from the back-to-school season, although new properties continue to open. An additional 450 rooms are underway in the state that were not under construction at the end of last year. (Source: Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—Ryan Curry, a senior director with Cushman & Wakefield's Office Tenant Representation practice in Atlanta, has been recognized for completing the professional development criteria for the SLCR, Senior Leader of Corporate Real Estate Certificate. The CoreNet Global SLCR certificate is part of a comprehensive career development program for the corporate real estate industry. The SLCR Certificate has only been awarded to 246 individuals since its inception.

ATLANTA—CHA Consulting has hired John Hensley to serve as its new Transportation Group Executive. Hensley will oversee CHA's initiatives to enhance the United States' transportation infrastructure by providing design and planning solutions for bridges, highways, rail and traffic. Hensley previously served as the Environment Business President at ARCADIS where he held several executive leadership positions throughout a career spanning more than 30 years with the company. Hensley received his Civil Engineering degree from the Georgia Institute of Technology in Atlanta. He later earned an MBA from Kennesaw State University in Kennesaw, GA. He is a Registered Professional Engineer in Georgia, Tennessee, South Carolina, Alabama, and Mississippi.

ATLANTA—Atlanta-based architecture and interior design firm tvsdesign has chosen Janet Simpson as its next president. Simpson will be only the third president in tvsdesign's 48-year history. She succeeds Roger Neuenschwander, who has been president since 1994 and joined the firm in 1973 as an intern. He will remain as chairman of the board as he transfers day-to-day governance to Simpson. “She is absolutely the right choice to lead our firm into its next 50 years,” says Neuenschwander. “She has the talent, the vision and the servant leader's mindset we were looking for in our next president.”

ATLANTA—Grubb Properties continued its expansion into Atlanta by opening a corporate office in the Park at Perimeter Center East and taking over management of its fourth Atlanta-area commercial building. The company's new corporate office, its fourth, is located in the Park at Perimeter Center East in the Central Perimeter office market that Grubb Properties acquired last year and now manages.

ATLANTA—Hotel Equities has hired Joe Fallis to serve as the general manager of the Residence Inn by Marriott Atlanta Perimeter Dunwoody. The hotel is currently under construction at 4695 Ashford Dunwoody Road in the heart of the Perimeter Center area of Atlanta. It is expected to open in early summer 2017. Fallis has responsibility and oversight of the operations of the hotel including food & beverage, sales & marketing and revenue management strategies. He joined Hotel Equities from Marriott International where he served as the assistant general manager at the Residence Inn Atlanta Buckhead. He previously served as an operations specialist for Marriott's Mid-Atlantic Region and management posts with two Courtyard hotels in southern California.

ATLANTA—Lincoln Property Company's 55 Allen has been designated a BOMA 360 Performance Building by the Building Owners and Managers Association International. The BOMA 360 Performance Program® validates and recognizes commercial properties that demonstrate best practices in building operations and management.

ATLANTA—The AC Hotel Atlanta Buckhead at Phipps Plaza, Atlanta's first AC Hotel and the first new Buckhead hotel in eight years, opened on the corner of Peachtree Street and Wieuca Road. Cooper Cary designed the six-story hotel. “There has been tremendous growth and transformation in Buckhead over recent years,” says Bob Neal, a principal in Cooper Carry's Hospitality Studio. “The hotel design reflects its upscale surroundings and lifestyles of those frequenting the thriving corner of Peachtree Road and Wieuca Road. We think of it as the little black dress or navy suit adjacent to the high-end world of fashion.”

ATLANTA—Two attorneys serving in the specialized and growing market of community associations just launched a new firm, NowackHoward, LLC. With a combined 58-years of experience in the field George E. Nowack, Jr. and Julie McGhee Howard will head the new 18-person law firm in Atlanta. NowackHoward will absorb the current community association practice of Weissman, Nowack, Curry & Wilco, PC (WNCW), transferring clients and negotiating contracts relating to the practice. “We will always be ready to act forcefully on behalf of our clients,” says Howard, “but if our collective experience and expertise can save our clients time, money, and headaches, that's our preferred approach.”

DEALTRACKER

BIRMINGHAM—HFF arranged arranged $32.4 million in financing for Brookwood Office Center, a 169,459-square-foot, nine-story office building in Birmingham. HFF represented the borrower, an indirect subsidiary of Preferred Apartment Communities,to secure the 15-year acquisition loan through Sentinel Asset Management. HFF will service the 3.52%, fixed-rate financing. Completed in 2007, the LEED Silver-certified Brookwood Office Center is fully leased to a mix of national and international corporations. HFF senior managing director Ed Coco and senior real estate analyst Matt Casey led the deal.

BIRMINGHAM—Branch Properties purchased two shopping centers in an affluent suburb of Birmingham. The firm's goal is to bring the centers to 100% occupancy. The acquisitions represent the Atlanta-based real estate company's first investments in Alabama. Branch acquired the properties from Bayer Properties and a silent partner. Inverness Corners is a 242,635-square-foot shopping center anchored by a Winn-Dixie grocery store and Kohl's department store. “From a retail perspective, Inverness Corners and Plaza are very well located in the heart of Inverness's retail node,” says Jesse Shannon, director of acquisitions for Branch Properties. “The retail centers sit at the confluence of two well-traveled roads. Moreover, the demographics in the area are outstanding.”

LEXINGTON, KY—Hollywood Feed, a natural and holistic pet food and product retail store, has announced plans for its first Kentucky store at The Summit at Fritz Farm in spring 2017. More than 70 shops and restaurants, 20 of which are new-to-market, are slated for the $156 million mixed-use development, located in the heart of Lexington. The Memphis, TN-based retailer is rapidly expanding throughout the Southeast, with more than 47 stores in Tennessee, Alabama, Arkansas, Mississippi, Texas and now Kentucky.

ATLANTA—Buckhead's 3379 Peachtree —a property owned by Roseview-PMRG Fund I, a joint venture formed by PMRG and The Roseview Group, inked a lease with Sage Social Kitchen and Bar to its ground-floor retail space. The contemporary city chic restaurant is expected to open in the beginning of 2017. Roseview-PMRG is currently renovating the main lobby and common areas of 3379 Peachtree in hopes of attracting office tenants that are looking for a Class A, boutique office environment. Amy Fingerhut with CBRE represented the landlord and Irving Jacobson with Shumacher Group represented the tenant.

ATLANTA—Craig Romer and Chris Romer of Dockerty Romer & Co. arranged $34.2 million in permanent mortgage financing for a class A suburban office building located in Atlanta. Known as 2100 Riveredge, the office asset is a premier 264,374 SF class A building within a corporate setting surrounded by the Chattahoochee River National Recreation Area. 2100 Riveredge is currently 92% leased with United Healthcare as its lead tenant. The borrower is Mainstreet Capital partners. The lender, NXT Capital, provided a two-year, floating rate mortgage at a competitive interest rate.

MARIETTA, GA—1165 Northchase Parkway SE, an 85,000 square foot office property in Marietta, GA, has traded hands. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale for $8,425 million. Korey Prefontaine, Paul Johnson, Gary Lee, Bob Johnson and William Bumgarner, investment advisors in Marcus & Millichap's Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also procured the buyer, a private investor.

BIRMINGHAM, AL—Oceanaire Apartments in Biloxi, MS has traded hands. Encore MF Oceanaire Apartments sold the multifamily assets to Pillar Income Asset Management, both based in Dallas, for $13.85 million. Berkadia manging director David Oakley in the Birmingham office and managing director Gregg Cordaro in the Baton Rouge office negotiated the transaction. “With occupancies in the mid-90th percentile, the current Biloxi apartment market offers excellent potential for rental growth,” says Cordaro. “At the higher end of the spectrum with 97% of the property leased, as well as its attractive location near the casinos, this investment provided double-digit cash-on-cash returns.”

LOUISVILLE, KY—Viking Partners Fund III has acquired Hurstbourne Business Center, a 418,000-square-foot mixed-use property located in Louisville, KY. The transaction, valued at $41 million, represents the largest acquisition for the Fund III portfolio. Two high-profile and iconic Louisville office buildings, Hurstbourne Place and Hurstbourne Park, are part of the buy. It also includes two restaurants, P.F. Chang's and Z's Oyster Bar and Steakhouse, and a retail shopping center. “This acquisition presents us with the unique opportunity to add value to both the office and retail component of the site,” says Bret Caller, principal of Viking Partners. “We believe the existing retail site is the prime location to create a mixed-use destination that will provide those in the community with a place to both work and play.”

The Southeast is hopping this week, with plenty of musical chairs, encouraging statistics and deal flow. That's called a healthy market.

Perhaps the biggest trend this week is all the new hires and promotions. That tells me commercial real estate companies are vying for the best and brightest talent. There's a premium on talent in this market to drive as much value as possible from this cycle.

There's also a dearth of talent in certain industries, specifically property management—and specifically multifamily property management. Although commercial real estate is cyclical, multifamily is one domain that seems poised to stay steady. After all, as industry watchers keep saying, people have to live somewhere.

Technology can be a godsend but it doesn't always replace the personal touch. Talent is indeed a competitive differentiator in today's market. Beyond that, we saw some interesting stats, deals and developments worth noting.

BY THE NUMBERS

Corporate expansion will help increase hiring 2.9 percent this year with 75,000 workers as companies such as ThredUP and General Electric expand in the area. In 2015, Atlanta employers grew staffs by 70,400. (Source: Marcus & Millichap)

Class A direct office occupancy rates saw a modest increase to 86.6% and has improved by 40 basis points over the past 12 months to reach their highest level in nearly 15 years. Atlanta's average asking rental rate has now increased to $23.40 per square foot, a historical high. Absorption gains for the third quarter totaled 457,655 square foot, a respectable follow-up to the 488,418 square feet gained in the second quarter. (Source PMRG)

Alabama remains the best-performing state in the region on the hospitality front. Recurring bookings from established demand drivers will provide opportunities for operators to build up revenue measures in the coming months. Travel for returning to college and attending college football games will also provide a lift to hotels throughout the fall. Mississippi hotels will also gain from the back-to-school season, although new properties continue to open. An additional 450 rooms are underway in the state that were not under construction at the end of last year. (Source: Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—Ryan Curry, a senior director with Cushman & Wakefield's Office Tenant Representation practice in Atlanta, has been recognized for completing the professional development criteria for the SLCR, Senior Leader of Corporate Real Estate Certificate. The CoreNet Global SLCR certificate is part of a comprehensive career development program for the corporate real estate industry. The SLCR Certificate has only been awarded to 246 individuals since its inception.

ATLANTA—CHA Consulting has hired John Hensley to serve as its new Transportation Group Executive. Hensley will oversee CHA's initiatives to enhance the United States' transportation infrastructure by providing design and planning solutions for bridges, highways, rail and traffic. Hensley previously served as the Environment Business President at ARCADIS where he held several executive leadership positions throughout a career spanning more than 30 years with the company. Hensley received his Civil Engineering degree from the Georgia Institute of Technology in Atlanta. He later earned an MBA from Kennesaw State University in Kennesaw, GA. He is a Registered Professional Engineer in Georgia, Tennessee, South Carolina, Alabama, and Mississippi.

ATLANTA—Atlanta-based architecture and interior design firm tvsdesign has chosen Janet Simpson as its next president. Simpson will be only the third president in tvsdesign's 48-year history. She succeeds Roger Neuenschwander, who has been president since 1994 and joined the firm in 1973 as an intern. He will remain as chairman of the board as he transfers day-to-day governance to Simpson. “She is absolutely the right choice to lead our firm into its next 50 years,” says Neuenschwander. “She has the talent, the vision and the servant leader's mindset we were looking for in our next president.”

ATLANTA—Grubb Properties continued its expansion into Atlanta by opening a corporate office in the Park at Perimeter Center East and taking over management of its fourth Atlanta-area commercial building. The company's new corporate office, its fourth, is located in the Park at Perimeter Center East in the Central Perimeter office market that Grubb Properties acquired last year and now manages.

ATLANTA—Hotel Equities has hired Joe Fallis to serve as the general manager of the Residence Inn by Marriott Atlanta Perimeter Dunwoody. The hotel is currently under construction at 4695 Ashford Dunwoody Road in the heart of the Perimeter Center area of Atlanta. It is expected to open in early summer 2017. Fallis has responsibility and oversight of the operations of the hotel including food & beverage, sales & marketing and revenue management strategies. He joined Hotel Equities from Marriott International where he served as the assistant general manager at the Residence Inn Atlanta Buckhead. He previously served as an operations specialist for Marriott's Mid-Atlantic Region and management posts with two Courtyard hotels in southern California.

ATLANTA—Lincoln Property Company's 55 Allen has been designated a BOMA 360 Performance Building by the Building Owners and Managers Association International. The BOMA 360 Performance Program® validates and recognizes commercial properties that demonstrate best practices in building operations and management.

ATLANTA—The AC Hotel Atlanta Buckhead at Phipps Plaza, Atlanta's first AC Hotel and the first new Buckhead hotel in eight years, opened on the corner of Peachtree Street and Wieuca Road. Cooper Cary designed the six-story hotel. “There has been tremendous growth and transformation in Buckhead over recent years,” says Bob Neal, a principal in Cooper Carry's Hospitality Studio. “The hotel design reflects its upscale surroundings and lifestyles of those frequenting the thriving corner of Peachtree Road and Wieuca Road. We think of it as the little black dress or navy suit adjacent to the high-end world of fashion.”

ATLANTA—Two attorneys serving in the specialized and growing market of community associations just launched a new firm, NowackHoward, LLC. With a combined 58-years of experience in the field George E. Nowack, Jr. and Julie McGhee Howard will head the new 18-person law firm in Atlanta. NowackHoward will absorb the current community association practice of Weissman, Nowack, Curry & Wilco, PC (WNCW), transferring clients and negotiating contracts relating to the practice. “We will always be ready to act forcefully on behalf of our clients,” says Howard, “but if our collective experience and expertise can save our clients time, money, and headaches, that's our preferred approach.”

DEALTRACKER

BIRMINGHAM—HFF arranged arranged $32.4 million in financing for Brookwood Office Center, a 169,459-square-foot, nine-story office building in Birmingham. HFF represented the borrower, an indirect subsidiary of Preferred Apartment Communities,to secure the 15-year acquisition loan through Sentinel Asset Management. HFF will service the 3.52%, fixed-rate financing. Completed in 2007, the LEED Silver-certified Brookwood Office Center is fully leased to a mix of national and international corporations. HFF senior managing director Ed Coco and senior real estate analyst Matt Casey led the deal.

BIRMINGHAM—Branch Properties purchased two shopping centers in an affluent suburb of Birmingham. The firm's goal is to bring the centers to 100% occupancy. The acquisitions represent the Atlanta-based real estate company's first investments in Alabama. Branch acquired the properties from Bayer Properties and a silent partner. Inverness Corners is a 242,635-square-foot shopping center anchored by a Winn-Dixie grocery store and Kohl's department store. “From a retail perspective, Inverness Corners and Plaza are very well located in the heart of Inverness's retail node,” says Jesse Shannon, director of acquisitions for Branch Properties. “The retail centers sit at the confluence of two well-traveled roads. Moreover, the demographics in the area are outstanding.”

LEXINGTON, KY—Hollywood Feed, a natural and holistic pet food and product retail store, has announced plans for its first Kentucky store at The Summit at Fritz Farm in spring 2017. More than 70 shops and restaurants, 20 of which are new-to-market, are slated for the $156 million mixed-use development, located in the heart of Lexington. The Memphis, TN-based retailer is rapidly expanding throughout the Southeast, with more than 47 stores in Tennessee, Alabama, Arkansas, Mississippi, Texas and now Kentucky.

ATLANTA—Buckhead's 3379 Peachtree —a property owned by Roseview-PMRG Fund I, a joint venture formed by PMRG and The Roseview Group, inked a lease with Sage Social Kitchen and Bar to its ground-floor retail space. The contemporary city chic restaurant is expected to open in the beginning of 2017. Roseview-PMRG is currently renovating the main lobby and common areas of 3379 Peachtree in hopes of attracting office tenants that are looking for a Class A, boutique office environment. Amy Fingerhut with CBRE represented the landlord and Irving Jacobson with Shumacher Group represented the tenant.

ATLANTA—Craig Romer and Chris Romer of Dockerty Romer & Co. arranged $34.2 million in permanent mortgage financing for a class A suburban office building located in Atlanta. Known as 2100 Riveredge, the office asset is a premier 264,374 SF class A building within a corporate setting surrounded by the Chattahoochee River National Recreation Area. 2100 Riveredge is currently 92% leased with United Healthcare as its lead tenant. The borrower is Mainstreet Capital partners. The lender, NXT Capital, provided a two-year, floating rate mortgage at a competitive interest rate.

MARIETTA, GA—1165 Northchase Parkway SE, an 85,000 square foot office property in Marietta, GA, has traded hands. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale for $8,425 million. Korey Prefontaine, Paul Johnson, Gary Lee, Bob Johnson and William Bumgarner, investment advisors in Marcus & Millichap's Atlanta office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also procured the buyer, a private investor.

BIRMINGHAM, AL—Oceanaire Apartments in Biloxi, MS has traded hands. Encore MF Oceanaire Apartments sold the multifamily assets to Pillar Income Asset Management, both based in Dallas, for $13.85 million. Berkadia manging director David Oakley in the Birmingham office and managing director Gregg Cordaro in the Baton Rouge office negotiated the transaction. “With occupancies in the mid-90th percentile, the current Biloxi apartment market offers excellent potential for rental growth,” says Cordaro. “At the higher end of the spectrum with 97% of the property leased, as well as its attractive location near the casinos, this investment provided double-digit cash-on-cash returns.”

LOUISVILLE, KY—Viking Partners Fund III has acquired Hurstbourne Business Center, a 418,000-square-foot mixed-use property located in Louisville, KY. The transaction, valued at $41 million, represents the largest acquisition for the Fund III portfolio. Two high-profile and iconic Louisville office buildings, Hurstbourne Place and Hurstbourne Park, are part of the buy. It also includes two restaurants, P.F. Chang's and Z's Oyster Bar and Steakhouse, and a retail shopping center. “This acquisition presents us with the unique opportunity to add value to both the office and retail component of the site,” says Bret Caller, principal of Viking Partners. “We believe the existing retail site is the prime location to create a mixed-use destination that will provide those in the community with a place to both work and play.”