NEWS & NOTABLES

MEMPHIS—The American Transportation Research Institute released its annual list highlighting the most congested bottlenecks for trucks in America, including four in Tennessee. The four bottlenecks in Tennessee are: No. 20 – I-24 at I-440 North in Nashville; No. 29 – I-65 at Interstate 24 in Nashville; No. 32 – Interstate 40 at Interstate 240 East in Memphis; and No. 48 – Interstate 40 at Interstate 65 East in Nashville. “Tennessee's large manufacturing base and continued job growth make trucks a lynchpin of the state's economy,” says Tennessee Trucking Association president Dave Huneryager. “As such, reducing congestion in these freight bottlenecks is included the Governor's recently unveiled IMPROVE Act. ATRI's analysis allows us to target state and federal resources to keep trucks, and the economy, moving.”

ATLANTA—Officials of the Hospitality Asset Managers Association announced a new board of directors for 2017. The new members include: SCS Advisors' Melissa Silvers, CHAM (Certified Hotel Asset Manager), as president; CHMWarnick's Maxine Taylor as vice president; Fulcrum Hospitality' Larry Kaminsky as secretary; Host Hotels & Resorts' Christopher Ostapovicz as treasurer; Pinnacle Advisory Group's Matthew Arrants as marketing chair hotel; AVE's Kim Gauthier as head of the education chair; CHMWarnick's Larry Trabulsi as head of the international chair; Three Wall Capital's Tim Dick as industry chair; Noble Investment Group's Steven Nicholas as an at-large board member; Xenia Hotels & Resorts's Joseph Bello, as an at-large board member; and KSL Capital Partners' Greg Kennealey as an at-large board member.

DEAL TRACKER

AUBURN, AL—Colliers International brokered the sale of The Crossroads of Opelika, a 33,378-square-foot multi-tenant shopping center located at 2025 Interstate Drive. Shopping Center tenants include Chipotle, Aspen Dental, Mattress Firm, and AT&T. Bond Street Advisors, purchased the shopping center from an undisclosed seller for $14.4 million, or over $430 per square foot. Josh Randolph of Colliers International | Alabama represented the seller in the transaction.

ATLANTA—GCP acquired 7900 Troon Circle, a 160,000-square-foot class A industrial property in the Atlanta metro area. The 7900 Troon Circle property is located in the Interstate 20 West/Fulton industrial submarket and Riverside micro-market, which has some of the newest and most functional bulk distribution properties west of Atlanta. “The Troon Circle acquisition is part of our long-term strategy to expand our footprint into the fastest growing cities in the Southeast,” says Gardner Lee, president of GCP. “We look to buy in-fill locations that help our customers move their goods quickly and efficiently, and this acquisition fits that strategic goal.”

ATLANTA—Avison Young's newly formed hospitality group advised on the sale of a Hilton Garden Inn in the Midwest region of the United States. The seller was an institutional hospitality platform based in the Southeast and the buyer was a West Coast-based family office. Michael Bernath and Andrew Broad, senior hospitality brokers, represented Avison Young in the transaction. “The sale of Hilton Garden Inn represents a general flight to quality that we are seeing in today's transaction market,” says Bernath. “The seller was able to realize a strong return for themselves and partners while the buyers received a premium branded asset with minimal change of ownership PIP in a high growth sub-market.”

CHATTANOOGA, TN—Approximately 893 acres of woodlands in eastern Tennessee and Northeast Alabama are being offered in a sealed bid auction, with Woltz & Associatesmarketing the land and conducting the auction. The land includes nine tracts ranging in size from 28 to 202 acres, a number of them with merchantable timber, including oak, cherry, maple, ash, poplar and walnut. “Most of these tracts are located within an hour of Chattanooga, in areas that are noted for excellent hunting of whitetail deer. In fact, we are expecting that owners of adjacent tracts will be especially interested in this opportunity to expand their holdings,” says Charlie Wade, of Woltz.

ATLANTA—DRA Advisors has acquired a 19.8 million-square-foot industrial portfolio on behalf of its funds from Boston-based private equity real estate firm Cabot Properties. Eastdil Secured and Cushman & Wakefield represented Cabot in the $1.07 billion trade. The portfolio is geographically diversified across 21 markets throughout the United States, including major industrial hubs such as Dallas, Chicago, Columbus, Houston and Atlanta. Its 184 properties are 94% leased to more than 500 tenants.

BUILDING BLOCKS

PRATTVILLE, AL—Peachtree Hotel Group completed development and opening of the 90-room Home2 Suites Prattville. The hotel marks the first Home2 Suites for the company, bringing PHG's total hotel portfolio to 33. Located at 2505 Legends Drive, the extended-stay, pet-friendly hotel is convenient to the RT Capitol Hill Golf Course, historic Prattville and Downtown Montgomery. Hotel amenities include a fitness center, saline pool, outdoor patio area, complimentary, daily breakfast and state-of-the-art business center.

ATLANTA—Allen Morris Company revealed its newest renderings for Star Metals Atlanta, the $215 million mixed-use development in the West Midtown neighborhood of Atlanta. Star Metals Atlanta will a walkable community for those who prefer life without the daily need for a car. The 12-story, 215,000 rentable square foot Class A Star Metals Offices will be situated directly across the street from Star Metals Residences, the development's multifamily residential component which will be the Company's 83rd development project. Star Metals Residences is scheduled to break ground in the second quarter of 2017.

This week in the Southeast saw plenty of activity Georgia and Tennessee but news is rolling out about congestion in some cities. Meanwhile, some companies are shaking up their boards and others are investing in massive portfolios across the US that include key sites in the region.

BY THE NUMBERS

Atlanta office tenants are displaying price resistance in Buckhead—rents are well into record territory, and are approaching $50.00 per square foot in some buildings as of the fourth quarter of 2016. As it is, larger companies have few options in Buckhead. (Source: Savills Studley)

Only four existing Atlanta office buildings offer a contiguous block of 50,000 square feet or more for lease. Companies have a few more options in Midtown, with nine buildings offering a big block, but availability has fallen by 170 basis points from a year ago, ending the year at 12.3%—its lowest mark since year-end 2006. (Source: Savills Studley)

NEWS & NOTABLES

MEMPHIS—The American Transportation Research Institute released its annual list highlighting the most congested bottlenecks for trucks in America, including four in Tennessee. The four bottlenecks in Tennessee are: No. 20 – I-24 at I-440 North in Nashville; No. 29 – I-65 at Interstate 24 in Nashville; No. 32 – Interstate 40 at Interstate 240 East in Memphis; and No. 48 – Interstate 40 at Interstate 65 East in Nashville. “Tennessee's large manufacturing base and continued job growth make trucks a lynchpin of the state's economy,” says Tennessee Trucking Association president Dave Huneryager. “As such, reducing congestion in these freight bottlenecks is included the Governor's recently unveiled IMPROVE Act. ATRI's analysis allows us to target state and federal resources to keep trucks, and the economy, moving.”

ATLANTA—Officials of the Hospitality Asset Managers Association announced a new board of directors for 2017. The new members include: SCS Advisors' Melissa Silvers, CHAM (Certified Hotel Asset Manager), as president; CHMWarnick's Maxine Taylor as vice president; Fulcrum Hospitality' Larry Kaminsky as secretary; Host Hotels & Resorts' Christopher Ostapovicz as treasurer; Pinnacle Advisory Group's Matthew Arrants as marketing chair hotel; AVE's Kim Gauthier as head of the education chair; CHMWarnick's Larry Trabulsi as head of the international chair; Three Wall Capital's Tim Dick as industry chair; Noble Investment Group's Steven Nicholas as an at-large board member; Xenia Hotels & Resorts's Joseph Bello, as an at-large board member; and KSL Capital Partners' Greg Kennealey as an at-large board member.

DEAL TRACKER

AUBURN, AL—Colliers International brokered the sale of The Crossroads of Opelika, a 33,378-square-foot multi-tenant shopping center located at 2025 Interstate Drive. Shopping Center tenants include Chipotle, Aspen Dental, Mattress Firm, and AT&T. Bond Street Advisors, purchased the shopping center from an undisclosed seller for $14.4 million, or over $430 per square foot. Josh Randolph of Colliers International | Alabama represented the seller in the transaction.

ATLANTA—GCP acquired 7900 Troon Circle, a 160,000-square-foot class A industrial property in the Atlanta metro area. The 7900 Troon Circle property is located in the Interstate 20 West/Fulton industrial submarket and Riverside micro-market, which has some of the newest and most functional bulk distribution properties west of Atlanta. “The Troon Circle acquisition is part of our long-term strategy to expand our footprint into the fastest growing cities in the Southeast,” says Gardner Lee, president of GCP. “We look to buy in-fill locations that help our customers move their goods quickly and efficiently, and this acquisition fits that strategic goal.”

ATLANTA—Avison Young's newly formed hospitality group advised on the sale of a Hilton Garden Inn in the Midwest region of the United States. The seller was an institutional hospitality platform based in the Southeast and the buyer was a West Coast-based family office. Michael Bernath and Andrew Broad, senior hospitality brokers, represented Avison Young in the transaction. “The sale of Hilton Garden Inn represents a general flight to quality that we are seeing in today's transaction market,” says Bernath. “The seller was able to realize a strong return for themselves and partners while the buyers received a premium branded asset with minimal change of ownership PIP in a high growth sub-market.”

CHATTANOOGA, TN—Approximately 893 acres of woodlands in eastern Tennessee and Northeast Alabama are being offered in a sealed bid auction, with Woltz & Associatesmarketing the land and conducting the auction. The land includes nine tracts ranging in size from 28 to 202 acres, a number of them with merchantable timber, including oak, cherry, maple, ash, poplar and walnut. “Most of these tracts are located within an hour of Chattanooga, in areas that are noted for excellent hunting of whitetail deer. In fact, we are expecting that owners of adjacent tracts will be especially interested in this opportunity to expand their holdings,” says Charlie Wade, of Woltz.

ATLANTA—DRA Advisors has acquired a 19.8 million-square-foot industrial portfolio on behalf of its funds from Boston-based private equity real estate firm Cabot Properties. Eastdil Secured and Cushman & Wakefield represented Cabot in the $1.07 billion trade. The portfolio is geographically diversified across 21 markets throughout the United States, including major industrial hubs such as Dallas, Chicago, Columbus, Houston and Atlanta. Its 184 properties are 94% leased to more than 500 tenants.

BUILDING BLOCKS

PRATTVILLE, AL—Peachtree Hotel Group completed development and opening of the 90-room Home2 Suites Prattville. The hotel marks the first Home2 Suites for the company, bringing PHG's total hotel portfolio to 33. Located at 2505 Legends Drive, the extended-stay, pet-friendly hotel is convenient to the RT Capitol Hill Golf Course, historic Prattville and Downtown Montgomery. Hotel amenities include a fitness center, saline pool, outdoor patio area, complimentary, daily breakfast and state-of-the-art business center.

ATLANTA—Allen Morris Company revealed its newest renderings for Star Metals Atlanta, the $215 million mixed-use development in the West Midtown neighborhood of Atlanta. Star Metals Atlanta will a walkable community for those who prefer life without the daily need for a car. The 12-story, 215,000 rentable square foot Class A Star Metals Offices will be situated directly across the street from Star Metals Residences, the development's multifamily residential component which will be the Company's 83rd development project. Star Metals Residences is scheduled to break ground in the second quarter of 2017.