NEWS & NOTABLES

ATLANTA—John C. Portman received the Atlanta Regional Commission's (ARC) first

Developments of Excellence Lifetime Achievement Award at the organization's 18th annual awards event in late October. He was honored for his role as an architect and developer whose groundbreaking projects help define and energize Downtown Atlanta, giving the city its distinctive skyline. As founder and chairman of both John Portman & Associates, an architecture and engineering firm, and Portman Holdings, a development firm, Portman has been globally recognized for his innovative designs. In Downtown Atlanta, he designed and built AmericasMart, which has served as a catalyst for the region's economy. The first Mart building opened in 1961 and has since grown into a three-building campus of 7.2 million square feet, attracting more than 500,000 people per year. “Mr. Portman's buildings reflect his humanity, as he has always designed projects that, in his words, 'enhance life' for the people who use them,” says ARC chairman Kerry Armstrong.

ATLANTA—Jamestown and Clarion Partners formed a joint venture partnership to own and manage the Westside Provisions District, Atlanta's urban main street in West Midtown. Westside Provisions District, a 261,742-square-foot urban retail and creative office project, includes two neighboring and integrated projects: the Westside Urban Market and White Provisions. The submarket is anchored by Georgia Tech University, and is a short drive to the Midtown and Downtown office cores. “This is a unique opportunity to acquire a highly-desirable urban retail project with a strong, Atlanta-based operating partner,” says Barron Williams, lead acquisition officer of the Clarion team. Chris Decoufle with CBRE brokered the deal.

DEAL TRACKER

SMITHVILLE, TN—Sands Investment Group brokered the triple net lease sale of two Fast Pace Urgent Care Clinics located in Tennessee. Florida-based investor Mark Van Wyk acquired the net leased assets. The sales include a 3,600-square-foot clinic located in Martin for $1.129 million at a 7.6% cap rate. The second 3,600-square- foot clinic, located in Smithville was sold for $968,000 at a 7.75% cap rate. Kaveh Ebrahimi, net lease advisor in SIG's Santa Monica office, represented the seller. “These properties provide long-term leases with 10 years remaining for both locations,” says Ebrahimi. “These clinics provided an excellent triple net lease investment in the lucrative medical building category with a stable re are, for the nine months ended September 30, 2015. Net income for the three and nine months ended September 30, 2016 included merger-related expenses of $6.5 million, or $0.12 per diluted share. Net income for the nine months ended September 30, 2015 included a gain on the sale of real estate assets of $1.5 million, or $0.03 per diluted share.

COLBERT, GA—The former residence built by country music singer Kenny Rogers is up for auction. Buyers can bid on 973 acres of land with a 13,850-square-foot main residence in Colbert, just 15 minutes outside of Athens. The property will be offered in two parcels, with the opportunity to be purchased together, to the highest bidder during a live and online event December 6 at 2 pm EST. The starting bid for the entire property will be $3.9 million.

HUNTSVILLE, AL—Four Corners Property Trust acquired five Burger King properties leased to Cambridge Franchise Holdings for $11.5 million. The five properties are located in Keysville, VA; Roxboro, NC; Oxford, NC; Huntsville, AL; and Amory, MS. The restaurants are occupied under new individual triple-net leases with 20-year terms. The transaction closed at a going-in cash cap rate consistent with previously announced transactions. Cambridge, a 98-unit franchisee, has been actively renovating these properties and will continue to do so over the next few years. FCPT funded the acquisition with proceeds from its revolving line of credit and from an Internal Revenue Code Section 1031 like-kind exchange sale of an Olive Garden property in Florida announced earlier this week.

Partnerships are forming, the ink is drying on triple net deals, and auctions are underway. Some associations are giving honor where honor is due. Brokerage firms are reporting strong numbers in Memphis and Kentucky, and earnings announcements are rolling out. That's at least a slice of the story in the Southeast this week.

BY THE NUMBERS

In Memphis, major industrial development activity underway as over 5 million square feet is under construction in the third quarter. Sears signed an 800,000-square-foot lease in the largest deal of the quarter. There is increased investment activity in Marshall County and Desoto County submarkets. Total vacancy in the Memphis MSA market is the lowest in five years. (Source: CBRE)

The class A CBD office vacancy rate in Kentucky stands at 11% in the third quarter, with the lease rate approaching $19 per square foot. Meanwhile, the class A suburban office vacancy is 10.1% with a lease rate of $20.48%. Overall, net absorption in the third quarter was 158,848 square feet with 212,496 square feet of leasing activity.

NEWS & NOTABLES

ATLANTA—John C. Portman received the Atlanta Regional Commission's (ARC) first

Developments of Excellence Lifetime Achievement Award at the organization's 18th annual awards event in late October. He was honored for his role as an architect and developer whose groundbreaking projects help define and energize Downtown Atlanta, giving the city its distinctive skyline. As founder and chairman of both John Portman & Associates, an architecture and engineering firm, and Portman Holdings, a development firm, Portman has been globally recognized for his innovative designs. In Downtown Atlanta, he designed and built AmericasMart, which has served as a catalyst for the region's economy. The first Mart building opened in 1961 and has since grown into a three-building campus of 7.2 million square feet, attracting more than 500,000 people per year. “Mr. Portman's buildings reflect his humanity, as he has always designed projects that, in his words, 'enhance life' for the people who use them,” says ARC chairman Kerry Armstrong.

ATLANTA—Jamestown and Clarion Partners formed a joint venture partnership to own and manage the Westside Provisions District, Atlanta's urban main street in West Midtown. Westside Provisions District, a 261,742-square-foot urban retail and creative office project, includes two neighboring and integrated projects: the Westside Urban Market and White Provisions. The submarket is anchored by Georgia Tech University, and is a short drive to the Midtown and Downtown office cores. “This is a unique opportunity to acquire a highly-desirable urban retail project with a strong, Atlanta-based operating partner,” says Barron Williams, lead acquisition officer of the Clarion team. Chris Decoufle with CBRE brokered the deal.

DEAL TRACKER

SMITHVILLE, TN—Sands Investment Group brokered the triple net lease sale of two Fast Pace Urgent Care Clinics located in Tennessee. Florida-based investor Mark Van Wyk acquired the net leased assets. The sales include a 3,600-square-foot clinic located in Martin for $1.129 million at a 7.6% cap rate. The second 3,600-square- foot clinic, located in Smithville was sold for $968,000 at a 7.75% cap rate. Kaveh Ebrahimi, net lease advisor in SIG's Santa Monica office, represented the seller. “These properties provide long-term leases with 10 years remaining for both locations,” says Ebrahimi. “These clinics provided an excellent triple net lease investment in the lucrative medical building category with a stable re are, for the nine months ended September 30, 2015. Net income for the three and nine months ended September 30, 2016 included merger-related expenses of $6.5 million, or $0.12 per diluted share. Net income for the nine months ended September 30, 2015 included a gain on the sale of real estate assets of $1.5 million, or $0.03 per diluted share.

COLBERT, GA—The former residence built by country music singer Kenny Rogers is up for auction. Buyers can bid on 973 acres of land with a 13,850-square-foot main residence in Colbert, just 15 minutes outside of Athens. The property will be offered in two parcels, with the opportunity to be purchased together, to the highest bidder during a live and online event December 6 at 2 pm EST. The starting bid for the entire property will be $3.9 million.

HUNTSVILLE, AL—Four Corners Property Trust acquired five Burger King properties leased to Cambridge Franchise Holdings for $11.5 million. The five properties are located in Keysville, VA; Roxboro, NC; Oxford, NC; Huntsville, AL; and Amory, MS. The restaurants are occupied under new individual triple-net leases with 20-year terms. The transaction closed at a going-in cash cap rate consistent with previously announced transactions. Cambridge, a 98-unit franchisee, has been actively renovating these properties and will continue to do so over the next few years. FCPT funded the acquisition with proceeds from its revolving line of credit and from an Internal Revenue Code Section 1031 like-kind exchange sale of an Olive Garden property in Florida announced earlier this week.