NEWS & NOTABLES

ATLANTA—Trey Barry has joined the CBRE National Partners industrial investment team in Atlanta. Barry, a first vice president, previously served as a member of CBRE's Advisory & Transaction Services in Atlanta, primarily representing industrial owners and developers. He and his team were responsible for approximately 10 million square feet of industrial transactions in 2016. Barry joined CBRE in 2005 and has since played an integral role in expanding the industrial leasing capabilities in Atlanta. His skillset includes structuring and negotiating commercial real estate leases, transaction management, site analysis, and strategic real estate planning.

ALEXANDRIA, LA—Karl Landreneau and Edwin A. White were each honored with scholarships in their names through CCIM Foundation. The $1,000 scholarships can be used toward CCIM Institute core courses and are fully funded by the Louisiana CCIM Chapter. Landreneau is director of commercial sales and leasing for NAI Latter & Blum in Alexandria, LA. He served as 2014 CCIM Institute President, is a senior instructor for CCIM Institute, and a graduate of the CCIM Institute Jay Levine Leadership Academy where he was awarded the Susan B. Groeneveld award. White is president of Ed White & Associates in Metairie, LA, and is a past president of the Louisiana CCIM Chapter. He has also served as a Continuing Education Seminar instructor for the Metro Board of Realtors, was appointed a member of the Louisiana Board of Realtors, and co-founded United Christian Charities in 1991.

BATON ROUGE—Marvel has begun production on a new television series—Marvel's Cloak & Dagger—in Louisiana for the Freeform network. Marvel Television and ABC Signature Studios, both part of the Walt Disney Company, will produce the project that features a teen superhero couple from Marvel Comics. Marvel's Cloak & Dagger began filming in the New Orleans area this week. “Louisiana's incentive program, our crew base, infrastructure, locations and film-ready communities are exceptional assets available to the television and film industry,” says LED secretary Don Pierson. “We know Marvel had the ability to consider other locations, and due to their confidence in all the things we have to offer, they have wisely chosen Louisiana. LED will work hard to ensure that they continue to have a best-in-class production experience here in Louisiana. Our goal is to remain the state of choice for these projects.”

MOBILE, AL—Sperry Commercial Global Affiliates announced Keith Andrews of Sperry Commercial Global Affiliates—The Andrews Group has joined as its first affiliate in Alabama. The firm has been adding affiliates across the country, most recently announcing offices in Phoenix, Pasadena, St. Louis, Chicago and Dallas. For more than a decade, Andrews has worked with local and international investors and developers in the Birmingham, AL; Charleston, SC; Panama, and Mexico real estate markets. He has represented both aspects of the buyer and seller side of residential, commercial, and international transactions. Andrews is an active member of CCIM, having held a position on the CCIM Institute International Presidential Advisory Group and is a member of the CCIM Institute's Marketing Committee and active member of the Alabama Chapter of CCIM.

DEAL TRACKER

GLOSTER, MS—The Boulder Group completed the sale of a single-tenant Family Dollar in Gloster for $805,000. The 8,087-square-foot building is located on a 1.37-acre parcel along the trade area's primary thoroughfare. Family Dollar boasts strong reported store sales at this location which they have operated at since 2011. Randy Blankstein and Jimmy Goodman of Boulder represented the seller in the transaction, a southern based real estate investment group. The purchaser was a Midwest based private investor. “Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” says Blankstein, president of Boulder Group.

MOBILE, AL—AdCare Health Systems has signed a letter of intent to purchase an assisted living facility with 106 operational beds located in Alabama for $5.5 million. Bill McBride, AdCare's Chairman and CEO, commented, “The purchase of this facility at an attractive valuation provides us with the opportunity to deploy cash in a manner that is accretive to shareholders and expands our presence in Alabama. Furthermore, we are teaming up with our largest operator, C.Ross Management who operates seven of our facilities, including two facilities in Alabama.”

MEMPHIS—Care Investment Trust expanded its relationship with Inspirit Senior Living with the acquisition of the Foxbridge senior living community. The community, located in suburban Memphis, has 120 units and sits on an eight-acre gated campus. Care and Inspirit intend to spend approximately $850,000 to renovate the community with the goal of improving occupancy, increasing efficiencies, and enhancing the resident experience. Affiliates of Inspirit will operate and manage the community.

HUNTSVILLE, AL—ArborCrowd, an online commercial real estate company, announced a new real estate investment opportunity that is open to accredited investors. Known as the “Southern States Multifamily Portfolio,” the offering features three multifamily properties in Alabama and Mississippi. The $24.4 million Southern States Multifamily Portfolio was acquired in November 2016 by Varden Capital Properties as a value-add repositioning. The Southern States Portfolio consists of 607 multifamily rental units across three properties located in Huntsville, AL and Robinsonville, MS.

midAlabama, Mississippi and Louisiana were the main story line this week in the Southeast. From promotions, to scholarships, to new alliances there were some noteworthy dealings to report.

BY THE NUMBERS

Office tenants looking in Central Perimeter have more choices than in Buckhead and Midtown Atlanta. There are 16 office buildings with a contiguous block over 50,000 square feet. The availability rate has spiked by 320 basis points to 23.1%. This includes 1.3 million square feet of sublet office space—State Farm is the biggest source of sublease space as the company prepares to migrate to its headquarters building)—more than the combined 800,000 square feet of sublet office space in Midtown and Buckhead. (Source: Savills Studley)

Despite the softer conditions in Central Perimeter, office space rental rates have increased by nearly 10% year-on-year climbing to the upper-$20 per square foot range, on par with rate hikes in Midtown (climbing to the mid-to-upper $30 per square foot range). (Source: Savills Studley)

NEWS & NOTABLES

ATLANTA—Trey Barry has joined the CBRE National Partners industrial investment team in Atlanta. Barry, a first vice president, previously served as a member of CBRE's Advisory & Transaction Services in Atlanta, primarily representing industrial owners and developers. He and his team were responsible for approximately 10 million square feet of industrial transactions in 2016. Barry joined CBRE in 2005 and has since played an integral role in expanding the industrial leasing capabilities in Atlanta. His skillset includes structuring and negotiating commercial real estate leases, transaction management, site analysis, and strategic real estate planning.

ALEXANDRIA, LA—Karl Landreneau and Edwin A. White were each honored with scholarships in their names through CCIM Foundation. The $1,000 scholarships can be used toward CCIM Institute core courses and are fully funded by the Louisiana CCIM Chapter. Landreneau is director of commercial sales and leasing for NAI Latter & Blum in Alexandria, LA. He served as 2014 CCIM Institute President, is a senior instructor for CCIM Institute, and a graduate of the CCIM Institute Jay Levine Leadership Academy where he was awarded the Susan B. Groeneveld award. White is president of Ed White & Associates in Metairie, LA, and is a past president of the Louisiana CCIM Chapter. He has also served as a Continuing Education Seminar instructor for the Metro Board of Realtors, was appointed a member of the Louisiana Board of Realtors, and co-founded United Christian Charities in 1991.

BATON ROUGE—Marvel has begun production on a new television series—Marvel's Cloak & Dagger—in Louisiana for the Freeform network. Marvel Television and ABC Signature Studios, both part of the Walt Disney Company, will produce the project that features a teen superhero couple from Marvel Comics. Marvel's Cloak & Dagger began filming in the New Orleans area this week. “Louisiana's incentive program, our crew base, infrastructure, locations and film-ready communities are exceptional assets available to the television and film industry,” says LED secretary Don Pierson. “We know Marvel had the ability to consider other locations, and due to their confidence in all the things we have to offer, they have wisely chosen Louisiana. LED will work hard to ensure that they continue to have a best-in-class production experience here in Louisiana. Our goal is to remain the state of choice for these projects.”

MOBILE, AL—Sperry Commercial Global Affiliates announced Keith Andrews of Sperry Commercial Global Affiliates—The Andrews Group has joined as its first affiliate in Alabama. The firm has been adding affiliates across the country, most recently announcing offices in Phoenix, Pasadena, St. Louis, Chicago and Dallas. For more than a decade, Andrews has worked with local and international investors and developers in the Birmingham, AL; Charleston, SC; Panama, and Mexico real estate markets. He has represented both aspects of the buyer and seller side of residential, commercial, and international transactions. Andrews is an active member of CCIM, having held a position on the CCIM Institute International Presidential Advisory Group and is a member of the CCIM Institute's Marketing Committee and active member of the Alabama Chapter of CCIM.

DEAL TRACKER

GLOSTER, MS—The Boulder Group completed the sale of a single-tenant Family Dollar in Gloster for $805,000. The 8,087-square-foot building is located on a 1.37-acre parcel along the trade area's primary thoroughfare. Family Dollar boasts strong reported store sales at this location which they have operated at since 2011. Randy Blankstein and Jimmy Goodman of Boulder represented the seller in the transaction, a southern based real estate investment group. The purchaser was a Midwest based private investor. “Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” says Blankstein, president of Boulder Group.

MOBILE, AL—AdCare Health Systems has signed a letter of intent to purchase an assisted living facility with 106 operational beds located in Alabama for $5.5 million. Bill McBride, AdCare's Chairman and CEO, commented, “The purchase of this facility at an attractive valuation provides us with the opportunity to deploy cash in a manner that is accretive to shareholders and expands our presence in Alabama. Furthermore, we are teaming up with our largest operator, C.Ross Management who operates seven of our facilities, including two facilities in Alabama.”

MEMPHIS—Care Investment Trust expanded its relationship with Inspirit Senior Living with the acquisition of the Foxbridge senior living community. The community, located in suburban Memphis, has 120 units and sits on an eight-acre gated campus. Care and Inspirit intend to spend approximately $850,000 to renovate the community with the goal of improving occupancy, increasing efficiencies, and enhancing the resident experience. Affiliates of Inspirit will operate and manage the community.

HUNTSVILLE, AL—ArborCrowd, an online commercial real estate company, announced a new real estate investment opportunity that is open to accredited investors. Known as the “Southern States Multifamily Portfolio,” the offering features three multifamily properties in Alabama and Mississippi. The $24.4 million Southern States Multifamily Portfolio was acquired in November 2016 by Varden Capital Properties as a value-add repositioning. The Southern States Portfolio consists of 607 multifamily rental units across three properties located in Huntsville, AL and Robinsonville, MS.