CLINTON, TN—The Anderson County Commissioners and Industrial Development Board of Anderson County have approved, for the first time, a Tax Incentive Financing program (TIF) for Industrial Development. The TIF is approved for two industrial buildings and site to be developed by The Hollingsworth Companies. This TIF was approved to use future property tax revenue to improve infrastructure and increase development in the David Jones Industrial Park.

“This TIF will result in 2 speculative industrial structures of 126,000 square feet that include 13,100 square feet of commercial office space,” says Bear Stephenson, chairman of the Anderson County Industrial Board. “The commercial office space will retain 51 engineering and sales jobs that would likely be moved out of state. It is anticipated these buildings will attract automotive, plastics, nonwovens, and various other manufacturing and distributions companies and the resulting jobs to Andersonville.”

DEAL TRACKER

NORCROSS, GA—Marcus & Millichap brokered the sale of Veridian Business Park, a 58,777-square-foot office property located in Norcross. The asset sold for $2.775 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. Eight class B office buildings comprise the park, which was 60% leased at time of sale. “This property was an attractive value-add opportunity,” says Korey Prefontaine. “The buyer is a local owner-operator who purchased the property in a 1031 Exchange. He intends to devote considerable time to hands-on management and property improvements to encourage further lease-up of the property.”

ATLANTA—Franklin Street brokered the sale of $11 million sale of Robson Crossing, a Publix-anchored 99,170-square-foot shopping center in Flowery Branch, GA. John Tennant and Bryan Belk of Franklin Street's Atlanta office represented the Gainesville, GA-based seller, Robson Crossing in the transaction. The Ontario, Canada-based buyer, SUSO 3 Lovingston, plans to upgrade the center and extend the Publix lease to hold the property long-term. “When Franklin Street secured the leasing and management of Robson Crossing in 2015, we were able to renew several leases as well as add new tenants to the center, which increased the net operating income on the asset,” Tennant said. “When the seller was ready to take the asset to market, we were able to easily identify the right buyer.”

HIRAM, GA—Crossman & Company has negotiated the sale of Paulding Exchange Shopping Center, a 53,380-square foot shopping destination at 4484 Jimmy Lee Smith Parkway in Hiram. Crossman's John Zielinski and Brian Carolan represented Torchlight Investors and Javier Callejas in the $4.4 million transaction. Paulding Exchange Shopping Center is currently 94% leased and sits on 7.8 acres. The buyer is a private investor from the Atlanta area who retained Crossman for leasing and management.

BUILDING BLOCKS

ATLANTA—Residents of Georgia's Hall County, where 50% of employment in the area is tied to Lanier Technical College, could see a six-fold ROI in coming years if a new expansive campus construction pans out as expected. For every $1 spent on community colleges, area taxpayers receive a return of $6.80, stemming from students paying higher taxes due to their higher wages and reduced demand for government-supported social services. The joint venture between New South Construction and Carroll Daniel has officially begun construction on Lanier Tech's new campus in Hall County. The nearly $100 million project will include six new buildings, totaling approximately 335,000 square feet and nearly doubling Lanier Tech's capacity.

The deal flow was slow early this week in the Southeast's middle markets but you can expect the year to end with a bang as the last of the last deals wind down for 2016. Stay tuned to GlobeSt.com for prediction stories into 2017.

BY THE NUMBERS

Leading indicators suggest continued economic improvement in the Memphis MSA. The area's quarterly average unemployment rate for July-September came in even with the national average of 4.9%, a decline of 1.3 percentage points from the same period in 2015. With a year-over-year growth of 0.8% projected by the Bureau of Labor Statistics for August 2016, nonfarm employment remained positive. Growth in the Education and Health Services sector, which began in second quarter 2015, continued, reporting an annual percent change of 2.4% for August 2016. The area's largest nonfarm employment sector, Trade, Transportation, and Utilities, also reported positive growth over the year: total employment grew 2.1% to 173,100 jobs in August 2016 from 169,500 in August 2015. Local data reflects the national trend of a tightening labor market (Federal Reserve Bank of St. Louis). (Source: Cushman & Wakefield)

NEWS & NOTABLES

CLINTON, TN—The Anderson County Commissioners and Industrial Development Board of Anderson County have approved, for the first time, a Tax Incentive Financing program (TIF) for Industrial Development. The TIF is approved for two industrial buildings and site to be developed by The Hollingsworth Companies. This TIF was approved to use future property tax revenue to improve infrastructure and increase development in the David Jones Industrial Park.

“This TIF will result in 2 speculative industrial structures of 126,000 square feet that include 13,100 square feet of commercial office space,” says Bear Stephenson, chairman of the Anderson County Industrial Board. “The commercial office space will retain 51 engineering and sales jobs that would likely be moved out of state. It is anticipated these buildings will attract automotive, plastics, nonwovens, and various other manufacturing and distributions companies and the resulting jobs to Andersonville.”

DEAL TRACKER

NORCROSS, GA—Marcus & Millichap brokered the sale of Veridian Business Park, a 58,777-square-foot office property located in Norcross. The asset sold for $2.775 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. Eight class B office buildings comprise the park, which was 60% leased at time of sale. “This property was an attractive value-add opportunity,” says Korey Prefontaine. “The buyer is a local owner-operator who purchased the property in a 1031 Exchange. He intends to devote considerable time to hands-on management and property improvements to encourage further lease-up of the property.”

ATLANTA—Franklin Street brokered the sale of $11 million sale of Robson Crossing, a Publix-anchored 99,170-square-foot shopping center in Flowery Branch, GA. John Tennant and Bryan Belk of Franklin Street's Atlanta office represented the Gainesville, GA-based seller, Robson Crossing in the transaction. The Ontario, Canada-based buyer, SUSO 3 Lovingston, plans to upgrade the center and extend the Publix lease to hold the property long-term. “When Franklin Street secured the leasing and management of Robson Crossing in 2015, we were able to renew several leases as well as add new tenants to the center, which increased the net operating income on the asset,” Tennant said. “When the seller was ready to take the asset to market, we were able to easily identify the right buyer.”

HIRAM, GA—Crossman & Company has negotiated the sale of Paulding Exchange Shopping Center, a 53,380-square foot shopping destination at 4484 Jimmy Lee Smith Parkway in Hiram. Crossman's John Zielinski and Brian Carolan represented Torchlight Investors and Javier Callejas in the $4.4 million transaction. Paulding Exchange Shopping Center is currently 94% leased and sits on 7.8 acres. The buyer is a private investor from the Atlanta area who retained Crossman for leasing and management.

BUILDING BLOCKS

ATLANTA—Residents of Georgia's Hall County, where 50% of employment in the area is tied to Lanier Technical College, could see a six-fold ROI in coming years if a new expansive campus construction pans out as expected. For every $1 spent on community colleges, area taxpayers receive a return of $6.80, stemming from students paying higher taxes due to their higher wages and reduced demand for government-supported social services. The joint venture between New South Construction and Carroll Daniel has officially begun construction on Lanier Tech's new campus in Hall County. The nearly $100 million project will include six new buildings, totaling approximately 335,000 square feet and nearly doubling Lanier Tech's capacity.