JACKSON, MS—Trustmark Corporation and RB Bancorporation signed a definitive agreement pursuant to which RB Bancorporation would merge into Trustmark. RB, with assets of $210 million, is the holding company for Reliance Bank, which has seven offices serving the Huntsville, Alabama MSA. The aggregate value of the transaction is approximately $25.6 million. The transaction is expected to be completed in the first half of 2017. Reliance Bank will merge into Trustmark National Bank simultaneously with the merger of the respective parent companies. Brunini, Grantham, Grower & Hewes, PLLC served as Trustmark's legal advisor. SEACAP Financial acted as financial advisor and Balch & Bingham LLP served as legal advisor to RB Bancorporation.

SAINT FRANCISVILLE, LA—Hood Container will make a capital investment in two phases and install new equipment at its Saint Francisville-based paper manufacturing facility. Hood will retain 237 jobs held by Louisiana residents at facility and create 10 new direct jobs with an average salary of $51,450, plus benefits. Louisiana Economic Development estimates the project will result in 30 new indirect jobs, for a total of more than 40 new jobs in the region. The expansion also will generate 80 construction jobs. The two phases of the project include the installation of a modern press section on the facility's H1 paper machine and a recycling plant for reuse of old corrugated containers. The new press section will allow the Saint Francisville mill to increase containerboard production while the installation of the recycling plant will support the increased production.

DEAL TRACKER

ATLANTA—Carroll Organization the sale of ARIUM Sweetwater in Lawrenceville, GA. The 308-unit multifamily community was originally purchased in November 2012 as a part of Carroll Co-Invest Fund II, LP. Phoenix Capital Partners provided joint-venture equity for this investment. “ARIUM Sweetwater was one of our first value-add deals that we acquired in Atlanta. We were initially attracted to its institutional-quality construction, 9 foot ceilings, large floor plans, abundant amenity space, and rapidly improving location. Since our acquisition of the property nearly four years ago, the I-85 corridor has exploded with job growth which has greatly contributed to our success in driving rents,” says M. Patrick Carroll, CEO of Carroll. “While we are still bullish on the continued growth of the area and strength of the submarket, we made the decision to sell the asset and deliver significant profits to our investors.”

ATLANTA—Lincoln Property Company Southeast has secured two new leases totaling 12,017 square feet at Northwoods Business Center in Norcross, GA. The office park is now 89% leased. George Gwaltney and Jeff Henson of Lincoln represented the landlord, OA Development, in the transactions. Located at 3000 Northwoods Parkway, Northwoods Business Center features on-site ownership and management, grade level and dock-high loading and a prime location near hotel, restaurants, banks and executive housing. Gwaltney says: “The Peachtree Corners area remains a sought-after location in Metro Atlanta and we believe the strong momentum will continue into 2017.”

ATLANTA—Hotel Development Partners (HDP) held a Grand Opening and Ribbon Cutting celebration in Atlanta's Perimeter Center for the Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody. Hotel Equities serves as an investor in the hotel and manages the 132-room property that is a uniquely urban version of the Hampton Inn & Suites brand. The hotel anchors a mixed-use project including 25,600 SF of retail and restaurant space at 4565 Ashford Dunwoody Road in Atlanta's prime office-retail market. Jason Caughron leads the hotel team as the general manager with Trudy Sankey as the director of sales.

BUILDING BLOCKS

BOSSIER CITY, LA—Gov. John Bel Edwards and CSRA President and CEO Larry Prior dedicated the new 96,000-square-foot Integrated Technology Center that will host 800 new direct jobs and anchor the 3,000-acre National Cyber Research Park in Bossier City. CSRA employs 400 at the research park delivering next-generation IT services at the Integrated Technology Center, or ITC, and will ramp up to full employment of 800 professionals on-site by mid-2018. Over time, the ITC will support an annual payroll in excess of $40 million and will employ a broad range of college graduates and experienced professionals with backgrounds in computer science and related fields, with CSRA continuing a commitment to hiring veterans, wounded warriors and military spouses.

Industry consolidation in the capital markets is one of the biggest stories in the Southeast early this week. Meanwhile, Louisiana is seeing plenty of job growth on the back of commercial real estate projects and Carroll Organization continues its disposition spree.

BY THE NUMBERS

Nashville's industrial real estate market is experiencing a surge in hiring for manufacturing jobs well in excess of national and regional trends. The resulting low unemployment rate and tightening labor market are pushing average hourly earnings higher and supporting rising home prices and demand for residential construction. Automotive manufacturing, which accounts for a third of all factory jobs, is set for a new infusion, as General Motors prepares to add nearly 800 jobs in Spring Hill. Construction employment is also increasing to satisfy demand for single family and, especially, multifamily units for a growing population. In addition, office construction remains at an all-time high in response to the rising demand. This demand means rising rents in all markets. (Source: Cushman & Wakefield)

NEWS & NOTABLES

JACKSON, MS—Trustmark Corporation and RB Bancorporation signed a definitive agreement pursuant to which RB Bancorporation would merge into Trustmark. RB, with assets of $210 million, is the holding company for Reliance Bank, which has seven offices serving the Huntsville, Alabama MSA. The aggregate value of the transaction is approximately $25.6 million. The transaction is expected to be completed in the first half of 2017. Reliance Bank will merge into Trustmark National Bank simultaneously with the merger of the respective parent companies. Brunini, Grantham, Grower & Hewes, PLLC served as Trustmark's legal advisor. SEACAP Financial acted as financial advisor and Balch & Bingham LLP served as legal advisor to RB Bancorporation.

SAINT FRANCISVILLE, LA—Hood Container will make a capital investment in two phases and install new equipment at its Saint Francisville-based paper manufacturing facility. Hood will retain 237 jobs held by Louisiana residents at facility and create 10 new direct jobs with an average salary of $51,450, plus benefits. Louisiana Economic Development estimates the project will result in 30 new indirect jobs, for a total of more than 40 new jobs in the region. The expansion also will generate 80 construction jobs. The two phases of the project include the installation of a modern press section on the facility's H1 paper machine and a recycling plant for reuse of old corrugated containers. The new press section will allow the Saint Francisville mill to increase containerboard production while the installation of the recycling plant will support the increased production.

DEAL TRACKER

ATLANTA—Carroll Organization the sale of ARIUM Sweetwater in Lawrenceville, GA. The 308-unit multifamily community was originally purchased in November 2012 as a part of Carroll Co-Invest Fund II, LP. Phoenix Capital Partners provided joint-venture equity for this investment. “ARIUM Sweetwater was one of our first value-add deals that we acquired in Atlanta. We were initially attracted to its institutional-quality construction, 9 foot ceilings, large floor plans, abundant amenity space, and rapidly improving location. Since our acquisition of the property nearly four years ago, the I-85 corridor has exploded with job growth which has greatly contributed to our success in driving rents,” says M. Patrick Carroll, CEO of Carroll. “While we are still bullish on the continued growth of the area and strength of the submarket, we made the decision to sell the asset and deliver significant profits to our investors.”

ATLANTA—Lincoln Property Company Southeast has secured two new leases totaling 12,017 square feet at Northwoods Business Center in Norcross, GA. The office park is now 89% leased. George Gwaltney and Jeff Henson of Lincoln represented the landlord, OA Development, in the transactions. Located at 3000 Northwoods Parkway, Northwoods Business Center features on-site ownership and management, grade level and dock-high loading and a prime location near hotel, restaurants, banks and executive housing. Gwaltney says: “The Peachtree Corners area remains a sought-after location in Metro Atlanta and we believe the strong momentum will continue into 2017.”

ATLANTA—Hotel Development Partners (HDP) held a Grand Opening and Ribbon Cutting celebration in Atlanta's Perimeter Center for the Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody. Hotel Equities serves as an investor in the hotel and manages the 132-room property that is a uniquely urban version of the Hampton Inn & Suites brand. The hotel anchors a mixed-use project including 25,600 SF of retail and restaurant space at 4565 Ashford Dunwoody Road in Atlanta's prime office-retail market. Jason Caughron leads the hotel team as the general manager with Trudy Sankey as the director of sales.

BUILDING BLOCKS

BOSSIER CITY, LA—Gov. John Bel Edwards and CSRA President and CEO Larry Prior dedicated the new 96,000-square-foot Integrated Technology Center that will host 800 new direct jobs and anchor the 3,000-acre National Cyber Research Park in Bossier City. CSRA employs 400 at the research park delivering next-generation IT services at the Integrated Technology Center, or ITC, and will ramp up to full employment of 800 professionals on-site by mid-2018. Over time, the ITC will support an annual payroll in excess of $40 million and will employ a broad range of college graduates and experienced professionals with backgrounds in computer science and related fields, with CSRA continuing a commitment to hiring veterans, wounded warriors and military spouses.