NEWS & NOTABLES

MEMPHIS—Nikole Avers, former executive director of the Tennessee Real Estate Appraiser Commission, has joined Dart Appraisal as a review appraiser. A certified real estate appraiser and Appraisal Qualifications Board-certified USPAP instructor, Avers served as the executive director of 17 regulatory boards at the Department of Commerce and Insurance in Tennessee from 2006-2016. Avers also served as the 2014-2015 president of the Association of Appraiser Regulatory Officials (AARO). In her role at Dart, she performs quality control audits of residential appraisal reports, works closely with Dart's Chief Appraiser to provide counseling to appraisers and lenders on complex appraisal assignments, and advises on regulatory compliance issues. Avers also facilitates USPAP training for all of Dart Appraisal's operations employees.

NASHVILLE, TN—Church's Chicken is about to undergo a large-scale domestic expansion. A New franchisee, Volunteer Chicken LLC, secured the rights to open 10 new restaurants with financial backing provided by American Development Partners. New markets slated for development include multiple restaurants throughout Nashville, Knoxville, and Chattanooga, TN, with another 10-restaurant deal expected to follow in 2021. Larry Lavigne, one of the principal partners of Volunteer Chicken, is also a franchise owner of Jett's Pizza with 25 total restaurants, 18 of which are located in Tennessee. He is also involved with Tropical Smoothie Café restaurants in Tennessee.

DEAL TRACKER

ATLANTA—SRS Real Estate Partners (SRS) secured a lease with Asian fusion restaurant, CO at the 675 N. Highland development in the Poncey-Highland neighborhood of Atlanta. CO was started four years ago in the culinary coastal city of Charleston, SC and has since expanded to Myrtle Beach, Savannah, and Charlotte. Atlanta will be its fifth location for CO, and will be located at the northern endcap of the project near the intersection of North Highland Avenue and Ponce De Leon Avenue. The restaurant will consist of 2,965 square feet and will include a patio. CO is scheduled to open in spring of 2017. Adrienne Crawford and Lily H. Heimburger, both vice presidents with SRS Real Estate Partners represent the Landlord, Abraham Properties. Henry Poer, vice president at CBRE, represented the tenant.

ALPHARETTA, GA—Calkain's Patrick Nutt, Sheree Strome and Keelee Peterson represented the seller in the disposition of Miller's Ale House in Alpharetta, GA. The net leased asset sold for $3.25 million with a 6.61% cap rate. Miller's Ale House is located in an extremely high traffic area in the core of Atlanta's retail market with over 3 million square feet of surrounding retail. The Ale House recently extended its lease with a new 10-year term, making the location attractive to investors. “There is a strong demand for single tenant casual dining restaurant assets,” McNutt says. “This market sector has about a 40 basis point premium over other sectors as it is resistant to the impact of e-commerce.”

SPANISH FORT, AL—Marcus & Millichap brokered the sale of Eastern Shore Plaza, a 270,105-square-foot regional power center located in Spanish Fort, a suburb of Mobile, AL. The $32.5 million sales price equates to $120 per square foot. M&M's Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason, represented the seller, a private Alabama-based development group. Located at 10200 Eastern Shore Boulevard, Eastern Shore Plaza is near Eastern Shore Centre, a 433,000-square-foot lifestyle center anchored by Belk and Dillard's, and a Publix-anchored shopping center. Built in 2004, the center is 96% occupied. Tenants include Ross Dress for Less, Best Buy, Michael's, PetSmart, Cost Plus World Market, Old Navy, Dollar Tree, and Ashley Furniture.

BUILDING BLOCKS

ATLANTA—Legacy Ventures has completed Phase I of the $9 million renovation currently underway at the Embassy Suites Atlanta by Hilton at Centennial Olympic Park, a 321-room all-suites hotel located in downtown Atlanta “Travelers today are seeking walkability and hotels in prime locations to meet their needs,” says David Marvin, president and founder of Legacy Ventures. The first phase of the renovation comprised a full upgrade of all suites, including new case goods, window treatments, lighting, artwork, wall coverings, and new bathroom tile and mirrors. The corridors also received a refresh with new carpet, wall covering, paint and lighting, and the lobby and atrium received new furniture as well. The hotel's restaurant, Ruth's Chris Steak House, completed a full renovation with a reconfigured bar to add more seating, and a brand new Starbucks was built at the property.

LIVINGSTON, LA—Epic Piping opened new advanced pipe fabrication facility in Livingston Parish today. The $45.3 million complex features advanced robotic equipment to optimize pipe fabrication for a host of industries across the United States. The project will create 560 new direct jobs with an average annual salary of $56,600. Louisiana Economic Development estimates the project will result in an additional 732 new indirect jobs, for a total of more than 1,200 new jobs in the Capital Region and surrounding parishes. Epic's 268,000-square-foot facility is located on a 70-acre site immediately southwest of the Interstate 12 interchange at Louisiana Highway 63.

New facilities are rising across the Southeast, and one major metro is making waves on the technology front early this week. We're also seeing some musical chairs and a growing franchiser branching out in a big way in Tennessee. Power centers and net leased assets continue trade in the region.

BY THE NUMBERS

A significant tech presence has moved into Midtown around Georgia Tech

University, an alternative to the more tech-heavy North Fulton submarket. As more tech workers move to Atlanta, they reside near areas with convenient access to mass transit. Tech companies are following this migration in order to attract Millennial talent, moving to the CBD with higher frequency. The average asking rent for Atlanta office in the second quarter was $22.85 per square foot. (Source: CBRE).

NEWS & NOTABLES

MEMPHIS—Nikole Avers, former executive director of the Tennessee Real Estate Appraiser Commission, has joined Dart Appraisal as a review appraiser. A certified real estate appraiser and Appraisal Qualifications Board-certified USPAP instructor, Avers served as the executive director of 17 regulatory boards at the Department of Commerce and Insurance in Tennessee from 2006-2016. Avers also served as the 2014-2015 president of the Association of Appraiser Regulatory Officials (AARO). In her role at Dart, she performs quality control audits of residential appraisal reports, works closely with Dart's Chief Appraiser to provide counseling to appraisers and lenders on complex appraisal assignments, and advises on regulatory compliance issues. Avers also facilitates USPAP training for all of Dart Appraisal's operations employees.

NASHVILLE, TN—Church's Chicken is about to undergo a large-scale domestic expansion. A New franchisee, Volunteer Chicken LLC, secured the rights to open 10 new restaurants with financial backing provided by American Development Partners. New markets slated for development include multiple restaurants throughout Nashville, Knoxville, and Chattanooga, TN, with another 10-restaurant deal expected to follow in 2021. Larry Lavigne, one of the principal partners of Volunteer Chicken, is also a franchise owner of Jett's Pizza with 25 total restaurants, 18 of which are located in Tennessee. He is also involved with Tropical Smoothie Café restaurants in Tennessee.

DEAL TRACKER

ATLANTA—SRS Real Estate Partners (SRS) secured a lease with Asian fusion restaurant, CO at the 675 N. Highland development in the Poncey-Highland neighborhood of Atlanta. CO was started four years ago in the culinary coastal city of Charleston, SC and has since expanded to Myrtle Beach, Savannah, and Charlotte. Atlanta will be its fifth location for CO, and will be located at the northern endcap of the project near the intersection of North Highland Avenue and Ponce De Leon Avenue. The restaurant will consist of 2,965 square feet and will include a patio. CO is scheduled to open in spring of 2017. Adrienne Crawford and Lily H. Heimburger, both vice presidents with SRS Real Estate Partners represent the Landlord, Abraham Properties. Henry Poer, vice president at CBRE, represented the tenant.

ALPHARETTA, GA—Calkain's Patrick Nutt, Sheree Strome and Keelee Peterson represented the seller in the disposition of Miller's Ale House in Alpharetta, GA. The net leased asset sold for $3.25 million with a 6.61% cap rate. Miller's Ale House is located in an extremely high traffic area in the core of Atlanta's retail market with over 3 million square feet of surrounding retail. The Ale House recently extended its lease with a new 10-year term, making the location attractive to investors. “There is a strong demand for single tenant casual dining restaurant assets,” McNutt says. “This market sector has about a 40 basis point premium over other sectors as it is resistant to the impact of e-commerce.”

SPANISH FORT, AL—Marcus & Millichap brokered the sale of Eastern Shore Plaza, a 270,105-square-foot regional power center located in Spanish Fort, a suburb of Mobile, AL. The $32.5 million sales price equates to $120 per square foot. M&M's Brett Chetek and Alex Perez of the Chetek Group, along with Andrew Chason, represented the seller, a private Alabama-based development group. Located at 10200 Eastern Shore Boulevard, Eastern Shore Plaza is near Eastern Shore Centre, a 433,000-square-foot lifestyle center anchored by Belk and Dillard's, and a Publix-anchored shopping center. Built in 2004, the center is 96% occupied. Tenants include Ross Dress for Less, Best Buy, Michael's, PetSmart, Cost Plus World Market, Old Navy, Dollar Tree, and Ashley Furniture.

BUILDING BLOCKS

ATLANTA—Legacy Ventures has completed Phase I of the $9 million renovation currently underway at the Embassy Suites Atlanta by Hilton at Centennial Olympic Park, a 321-room all-suites hotel located in downtown Atlanta “Travelers today are seeking walkability and hotels in prime locations to meet their needs,” says David Marvin, president and founder of Legacy Ventures. The first phase of the renovation comprised a full upgrade of all suites, including new case goods, window treatments, lighting, artwork, wall coverings, and new bathroom tile and mirrors. The corridors also received a refresh with new carpet, wall covering, paint and lighting, and the lobby and atrium received new furniture as well. The hotel's restaurant, Ruth's Chris Steak House, completed a full renovation with a reconfigured bar to add more seating, and a brand new Starbucks was built at the property.

LIVINGSTON, LA—Epic Piping opened new advanced pipe fabrication facility in Livingston Parish today. The $45.3 million complex features advanced robotic equipment to optimize pipe fabrication for a host of industries across the United States. The project will create 560 new direct jobs with an average annual salary of $56,600. Louisiana Economic Development estimates the project will result in an additional 732 new indirect jobs, for a total of more than 1,200 new jobs in the Capital Region and surrounding parishes. Epic's 268,000-square-foot facility is located on a 70-acre site immediately southwest of the Interstate 12 interchange at Louisiana Highway 63.