NEWS & NOTABLES

ATLANTA—RADCO Companies acquired 14 multifamily properties, refinanced 13 communities, sold eight properties, expanded its proprietary management platform across its portfolio, and unveiled its new “Radius” brand in 2016. The firm has grown its multifamily portfolio to include approximately 17,500 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas, Florida, and North Carolina. The 14 multifamily acquisitions, totaling approximately $390 million, added 4,446 units to the company's multifamily portfolio. RADCO financed the acquisitions using agency and bridge financing and approximately $155 million in private capital. The acquisitions were particularly concentrated in the Southeast, with new markets including Spartanburg, Charleston, and Charlotte.

HIRAM, GA—Clubstore Outlet is the latest tenant to join the retail lineup at the recently redeveloped Paulding Commons in Hiram, GA. Making its Georgia debut, this value retailer offers products from big box retailers and wholesale clubs at a discount of 25% to 90%. Clubstore Outlet joins Academy Sports, Hobby Lobby and Planet Fitness, as well as Aspen Dental, Visionworks and Jersey Mike's Subs at the 209,000-square foot retail center fronting Jimmy Lee Smith Parkway. The non-membership discount retailer is scheduled to open this 7,480-square foot store by April. Avison Young represented the tenant.

FRANKLIN, TN—Franklin Synergy Bank crossed the $3 billion threshold in assets, a significant growth milestone in the bank's nine-year history. The bank crossed the $2 billion threshold just 16 months ago in September 2015 and the $1 billion threshold in July 2014. In November 2016, the Company completed a public offering of 2.2 million shares raising gross proceeds of approximately $72 million. Founded in November 2007, Franklin Synergy Bank has seven offices in Williamson County and five offices in Rutherford County. The bank provides deposit and loan products, treasury management, wealth management, trust and financial planning services for consumers and businesses.

DEAL TRACKER

DULUTH, GA—Cushman & Wakefield's Atlanta multifamily team arranged the sale of The Promenade at Berkeley, a 492-unit apartment community located in Duluth. Mike Kemether, Brandon Whitesell, and Chris Spain represented the seller, Los Angeles-based Investors Management Group. Salt Lake City-based Bridge Investment Group acquired the property. The more than 40-acre property, built in 1988, is located in north Gwinnett County's affluent Duluth/Berkeley Lake area, strategically positioned within a four-mile radius of three of Atlanta's primary employment districts: Sugarloaf/Gwinnett Center to the southeast, Technology Park/Johns Creek to the north and Technology Park Atlanta/Peachtree Corners to the southwest.

COBB COUNTY, GA—Affiliates of New York and Florida-based Atlantic Creek Real Estate Partners and Chicago-based Oak Residential Partners recently took ownership of the 494-unit Arium 41 Apartments in Cobb County. The company has changed its name to Element 41. The property was acquired by ORP Element in a joint venture between an affiliate of Atlantic Creek, an institutional private equity group, and Oak's third co-investment fund, ORP Apartment Portfolio III. Element 41 Apartments was built in 1988.

CLEVELAND, TN—Avison Young just listed the 851,370-square-foot General Electric Company distribution facility in Cleveland. Erik Foster and Mike Wilson, both based in the company's Chicago office and members of the firm's National Industrial Capital Markets Group, will represent the owner, a Chicago-based institutional investor. The team is working with Avison Young Principals Sue Earnest in Nashville and Chris Skibinski in Charlotte. The building, located at 1520 Lauderdale Memorial Highway, was built to meet the specific needs of GE Lighting. The tenant occupies the entire building, which is its largest lighting distribution center in the country. The facility serves some of the world's leading retailers, including Wal-Mart, Lowes and Target.

KINGSPORT, TN—Leclerc Group acquired a second 110,000-square-foot facility in Kingsport. The company established its first Kingsport plant in 2010. “This acquisition fits our business vision and development strategy. The facility will only produce certified gluten-free products to meet special customer needs,” says Denis Leclerc, president of Leclerc. The seventh plant—complete with an all-new production line to make gluten-free bars—will accelerate Biscuit Leclerc's development and build on its reputation as an innovator. Leclerc Group will invest nearly $50 million over a five-year period in this latest facility, which will generate nearly one hundred jobs over the next three years. This acquisition has high growth potential that should enable Leclerc Group to boost sales from nearly $440 million in 2016 to $525 million.

HUNTSVILLE, AL—Crossman & Company added to its leasing portfolio in Alabama and Tennessee. The firm consistently connects owners and client landlords like Publix Shopping Centers with brands, services and retailers. Crossman senior associate David Holcombe represented Publix in two deals. Asian House of Huntsville. leased 64,837 square feet in Madison Square, 8000 Madison Boulevard Madison, AL. Madison Square is 90% leased. Tina Zhao of Zeriss Realty represented Asian House. Mathnasium Learning Center of Chattanooga, TN leased 1,400 square feet in the Publix Shopping Center, 5928 Hixon Pike, Hixson, TN. The center is 98% leased. Charter Real Estate represented Mathnasium Learning Center.

JACKSON, MS—Newk's Eatery experienced continued growth in 2016, including six new area development agreements that will add more than 40 new restaurants to the brand's regional footprint. The company's expansion in 2016, with 16 new restaurant openings and three new market entries, has created 48% new store growth in two years. In December 2016 and January 2017, the company signed three new development agreements with retail and restaurant franchise industry veterans CTM Hospitality, C&P Retail Investments and Eagle Dining LLC. CTM Hospitality is expanding Newk's presence in North Texas, covering Texarkana, Greenville and Rockwall, while C&P Retail Investments will further develop the state of Georgia in Albany, Warner-Robbins and Valdosta. Eagle Dining has inked a deal to open four restaurants in the Fort Myers/Naples, Florida, DMA. Large area development agreements for Indianapolis and Northern Virginia rounded out the new market penetration for 2016.

BUILDING BLOCKS

NASHVILLE—Ryman Hospitality Properties announced plans for a proposed $90 million investment to create SoundWaves, a luxury indoor/outdoor waterpark, adjacent to Gaylord Opryland Resort & Convention Center in Nashville. The proposed project includes nearly 111,000 square feet of upscale indoor water attractions and activities over three levels and another 106,000 square feet of outdoor water amenities. The company retained Blur Workshop to develop the concept for the project, which will have dedicated indoor and outdoor recreation zones for adults, young children and families, as well as dining options and private cabana rentals. Tentatively slated to open in fall 2018, the SoundWaves project is estimated to generate significant economic impact for Metro Nashville and the State of Tennessee, according to an economic impact study conducted by Dr. William F. Fox at the University of Tennessee's Boyd Center for Business and Economic Research.

Big news in the Southeast this week. Some firms are releasing impressive 2016 multifamily recaps. Others are announcing new retailers. Still others are reporting significant milestones on the banking front.

BY THE NUMBERS

In Atlanta, office leasing for the year ended on a strong note, totaling 2.1 million square feet in the fourth quarter. Major transactions included Anthem at 600 Peachtree St (148,192 square feet); FEMA at 3005 Chamblee Tucker Road (120,523 square feet); Crawford & Co at 5335 Triangle Parkway (109,172 square feet); and the Weather Company at 1001 Summit Boulevard (92,272 square feet). (Source: Savills Studley)

Office availability is falling in the Atlanta region, ending at 19.3%, a quarter-on-quarter decline of 60 basis points, and a year-on-year decrease of 20 basis points. According to Savills Studley executive managing director John Flack, sustained leasing, coupled with negligible construction activity, will continue to present challenging conditions for tenants requiring space in Buckhead, Midtown and Central Perimeter going forward: “Atlanta will remain in the 'new normal' of reduced availability and higher rent in 2017.” (Source: Savills Studley)

NEWS & NOTABLES

ATLANTA—RADCO Companies acquired 14 multifamily properties, refinanced 13 communities, sold eight properties, expanded its proprietary management platform across its portfolio, and unveiled its new “Radius” brand in 2016. The firm has grown its multifamily portfolio to include approximately 17,500 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas, Florida, and North Carolina. The 14 multifamily acquisitions, totaling approximately $390 million, added 4,446 units to the company's multifamily portfolio. RADCO financed the acquisitions using agency and bridge financing and approximately $155 million in private capital. The acquisitions were particularly concentrated in the Southeast, with new markets including Spartanburg, Charleston, and Charlotte.

HIRAM, GA—Clubstore Outlet is the latest tenant to join the retail lineup at the recently redeveloped Paulding Commons in Hiram, GA. Making its Georgia debut, this value retailer offers products from big box retailers and wholesale clubs at a discount of 25% to 90%. Clubstore Outlet joins Academy Sports, Hobby Lobby and Planet Fitness, as well as Aspen Dental, Visionworks and Jersey Mike's Subs at the 209,000-square foot retail center fronting Jimmy Lee Smith Parkway. The non-membership discount retailer is scheduled to open this 7,480-square foot store by April. Avison Young represented the tenant.

FRANKLIN, TN—Franklin Synergy Bank crossed the $3 billion threshold in assets, a significant growth milestone in the bank's nine-year history. The bank crossed the $2 billion threshold just 16 months ago in September 2015 and the $1 billion threshold in July 2014. In November 2016, the Company completed a public offering of 2.2 million shares raising gross proceeds of approximately $72 million. Founded in November 2007, Franklin Synergy Bank has seven offices in Williamson County and five offices in Rutherford County. The bank provides deposit and loan products, treasury management, wealth management, trust and financial planning services for consumers and businesses.

DEAL TRACKER

DULUTH, GA—Cushman & Wakefield's Atlanta multifamily team arranged the sale of The Promenade at Berkeley, a 492-unit apartment community located in Duluth. Mike Kemether, Brandon Whitesell, and Chris Spain represented the seller, Los Angeles-based Investors Management Group. Salt Lake City-based Bridge Investment Group acquired the property. The more than 40-acre property, built in 1988, is located in north Gwinnett County's affluent Duluth/Berkeley Lake area, strategically positioned within a four-mile radius of three of Atlanta's primary employment districts: Sugarloaf/Gwinnett Center to the southeast, Technology Park/Johns Creek to the north and Technology Park Atlanta/Peachtree Corners to the southwest.

COBB COUNTY, GA—Affiliates of New York and Florida-based Atlantic Creek Real Estate Partners and Chicago-based Oak Residential Partners recently took ownership of the 494-unit Arium 41 Apartments in Cobb County. The company has changed its name to Element 41. The property was acquired by ORP Element in a joint venture between an affiliate of Atlantic Creek, an institutional private equity group, and Oak's third co-investment fund, ORP Apartment Portfolio III. Element 41 Apartments was built in 1988.

CLEVELAND, TN—Avison Young just listed the 851,370-square-foot General Electric Company distribution facility in Cleveland. Erik Foster and Mike Wilson, both based in the company's Chicago office and members of the firm's National Industrial Capital Markets Group, will represent the owner, a Chicago-based institutional investor. The team is working with Avison Young Principals Sue Earnest in Nashville and Chris Skibinski in Charlotte. The building, located at 1520 Lauderdale Memorial Highway, was built to meet the specific needs of GE Lighting. The tenant occupies the entire building, which is its largest lighting distribution center in the country. The facility serves some of the world's leading retailers, including Wal-Mart, Lowes and Target.

KINGSPORT, TN—Leclerc Group acquired a second 110,000-square-foot facility in Kingsport. The company established its first Kingsport plant in 2010. “This acquisition fits our business vision and development strategy. The facility will only produce certified gluten-free products to meet special customer needs,” says Denis Leclerc, president of Leclerc. The seventh plant—complete with an all-new production line to make gluten-free bars—will accelerate Biscuit Leclerc's development and build on its reputation as an innovator. Leclerc Group will invest nearly $50 million over a five-year period in this latest facility, which will generate nearly one hundred jobs over the next three years. This acquisition has high growth potential that should enable Leclerc Group to boost sales from nearly $440 million in 2016 to $525 million.

HUNTSVILLE, AL—Crossman & Company added to its leasing portfolio in Alabama and Tennessee. The firm consistently connects owners and client landlords like Publix Shopping Centers with brands, services and retailers. Crossman senior associate David Holcombe represented Publix in two deals. Asian House of Huntsville. leased 64,837 square feet in Madison Square, 8000 Madison Boulevard Madison, AL. Madison Square is 90% leased. Tina Zhao of Zeriss Realty represented Asian House. Mathnasium Learning Center of Chattanooga, TN leased 1,400 square feet in the Publix Shopping Center, 5928 Hixon Pike, Hixson, TN. The center is 98% leased. Charter Real Estate represented Mathnasium Learning Center.

JACKSON, MS—Newk's Eatery experienced continued growth in 2016, including six new area development agreements that will add more than 40 new restaurants to the brand's regional footprint. The company's expansion in 2016, with 16 new restaurant openings and three new market entries, has created 48% new store growth in two years. In December 2016 and January 2017, the company signed three new development agreements with retail and restaurant franchise industry veterans CTM Hospitality, C&P Retail Investments and Eagle Dining LLC. CTM Hospitality is expanding Newk's presence in North Texas, covering Texarkana, Greenville and Rockwall, while C&P Retail Investments will further develop the state of Georgia in Albany, Warner-Robbins and Valdosta. Eagle Dining has inked a deal to open four restaurants in the Fort Myers/Naples, Florida, DMA. Large area development agreements for Indianapolis and Northern Virginia rounded out the new market penetration for 2016.

BUILDING BLOCKS

NASHVILLE—Ryman Hospitality Properties announced plans for a proposed $90 million investment to create SoundWaves, a luxury indoor/outdoor waterpark, adjacent to Gaylord Opryland Resort & Convention Center in Nashville. The proposed project includes nearly 111,000 square feet of upscale indoor water attractions and activities over three levels and another 106,000 square feet of outdoor water amenities. The company retained Blur Workshop to develop the concept for the project, which will have dedicated indoor and outdoor recreation zones for adults, young children and families, as well as dining options and private cabana rentals. Tentatively slated to open in fall 2018, the SoundWaves project is estimated to generate significant economic impact for Metro Nashville and the State of Tennessee, according to an economic impact study conducted by Dr. William F. Fox at the University of Tennessee's Boyd Center for Business and Economic Research.