OPELIKA, AL—The Shopping Center Group announced a new tenant, Surge Trampoline Park to join the retail line-up at Pepperell Corners, currently undergoing a $3 million renovation to improve its overall façade and functionality. The 45,000-square foot Surge Trampoline Park joins Ollie's Bargain Outlet, Planet Fitness, Citi Trends, CATO, Davita Dialysis and Dollar General at Pepperell Corners. The 210,000-square foot neighborhood center is more than 80% leased with only three spaces remaining including an anchor box, a junior anchor storefront and a small shop unit. Launched last year, the renovations at Pepperell Corners include new storefront facades, parking lot resurfacing, mechanical upgrades including roof and HVAC and a new pylon sign that captures the attention of the more than 27,000 vehicles passing daily. Nearly 57,000 people live within a five-mile radius of the intersection of Pepperell Parkway (US Highway 29) and Birmingham Highway (US Highway 280). 334118 Egypt Crossing acquired the center in 2015. Renovations are expected to be complete this summer.

BEAR CREEK, AL—”Tiny homes” have been the subject of hundreds of newspaper and magazine articles, TV shows and other media. More than 20 homes are being sold in a court-ordered online auction after the Chapter 7 bankruptcy of “Lil' Lodges,” a manufacturer based in Bear Creek. Pearce & Associates is conducting the auction for the US Bankruptcy Court, Northern District of Alabama (Tuscaloosa). “Tiny homes appeal to those who are seeking to live simply, more economically, or with minimal impact upon the environment,” says Chip Pearce, president of Pearce & Associates, which is conducting the auction. “This auction provides an opportunity for people to obtain one at a great price.”

KENNESAW, GA—Cushman & Wakefield negotiated a 115,314-square-foot lease extension and expansion for Aaron's at 400 & 500 Chastain Center in Kennesaw, Georgia. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield's Office Tenant Representation team represented the tenant in the lease transaction. The landlord is TerraCap Management. “Aaron's is in a prime location between I-75 and I-575, and has easy access to shops, restaurants and hotels in a growing market,” says Diamond, executive managing director at CushWake. “Aaron's has been a fantastic client for more than four years, and we are excited that they needed more space to accommodate their growing business.”

ATLANTA—Reven Housing REIT closed on the acquisition of 38 properties located in the Atlanta metropolitan area. The contract purchase price for the 38 acquired properties was approximately $2.663 million, exclusive of closing costs. The company funded 100% of the purchase with cash. The acquired properties average 1,439 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 27 are currently subject to one-year leases and 11 are subject to month-to-month leases. Chad M. Carpenter, chairman and CEO of Reven, says, “This was a strategic acquisition for us to expand in Atlanta by adding to our existing portfolio. This acquisition is a good example of our investment strategy to acquire smaller portfolios under 250 SFR's per transaction that have the potential to achieve higher yields. Reven now owns 662 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta.”

BUILDING BLOCKS

ATLANTA—Marriott International and Noble Investment Group broke ground on what will be Marriott's first-ever combination of an AC and Moxy under one roof. The $70 million, five-story hotel project will rise on a full city block in Midtown Atlanta. The hotel is expected to open in the middle of 2018. With an entrance on 14th Street, the 133-room AC Hotel Atlanta Midtown will feature guestrooms and suites with modern and sophisticated design elements, plush seating and multi-functional workspaces. The AC Hotel Atlanta Midtown will be Noble's second AC Hotel in Atlanta and the third in its portfolio.

Early this week in the Southeast, deal flow seamed down. Fear developers, investors and capital markets groups made headlines. Still, there is some interesting researching emerging out of Atlanta and secondary markets in Alabama are seeing some action.

BY THE NUMBERS

Atlanta's suburban and urban (Buckhead and Midtown) markets ranked among the top 5 U.S. growth markets in CBRE's Global Prime Office Rents report. The three other growth markets were Chicago, Seattle suburban, and Seattle downtown. Atlanta's suburbs came in as a top 20 market globally when studying the year-over-year change in office rents (8.4%). Buckhead and Midtown were #21 globally (7.5%).

DEAL TRACKER

OPELIKA, AL—The Shopping Center Group announced a new tenant, Surge Trampoline Park to join the retail line-up at Pepperell Corners, currently undergoing a $3 million renovation to improve its overall façade and functionality. The 45,000-square foot Surge Trampoline Park joins Ollie's Bargain Outlet, Planet Fitness, Citi Trends, CATO, Davita Dialysis and Dollar General at Pepperell Corners. The 210,000-square foot neighborhood center is more than 80% leased with only three spaces remaining including an anchor box, a junior anchor storefront and a small shop unit. Launched last year, the renovations at Pepperell Corners include new storefront facades, parking lot resurfacing, mechanical upgrades including roof and HVAC and a new pylon sign that captures the attention of the more than 27,000 vehicles passing daily. Nearly 57,000 people live within a five-mile radius of the intersection of Pepperell Parkway (US Highway 29) and Birmingham Highway (US Highway 280). 334118 Egypt Crossing acquired the center in 2015. Renovations are expected to be complete this summer.

BEAR CREEK, AL—”Tiny homes” have been the subject of hundreds of newspaper and magazine articles, TV shows and other media. More than 20 homes are being sold in a court-ordered online auction after the Chapter 7 bankruptcy of “Lil' Lodges,” a manufacturer based in Bear Creek. Pearce & Associates is conducting the auction for the US Bankruptcy Court, Northern District of Alabama (Tuscaloosa). “Tiny homes appeal to those who are seeking to live simply, more economically, or with minimal impact upon the environment,” says Chip Pearce, president of Pearce & Associates, which is conducting the auction. “This auction provides an opportunity for people to obtain one at a great price.”

KENNESAW, GA—Cushman & Wakefield negotiated a 115,314-square-foot lease extension and expansion for Aaron's at 400 & 500 Chastain Center in Kennesaw, Georgia. Kirk Diamond, April Parrish, Erin Smith, Jennifer Leal and Steven Taylor of Cushman & Wakefield's Office Tenant Representation team represented the tenant in the lease transaction. The landlord is TerraCap Management. “Aaron's is in a prime location between I-75 and I-575, and has easy access to shops, restaurants and hotels in a growing market,” says Diamond, executive managing director at CushWake. “Aaron's has been a fantastic client for more than four years, and we are excited that they needed more space to accommodate their growing business.”

ATLANTA—Reven Housing REIT closed on the acquisition of 38 properties located in the Atlanta metropolitan area. The contract purchase price for the 38 acquired properties was approximately $2.663 million, exclusive of closing costs. The company funded 100% of the purchase with cash. The acquired properties average 1,439 square feet and are mostly three-bedroom, two bath homes. Of the acquired properties, 27 are currently subject to one-year leases and 11 are subject to month-to-month leases. Chad M. Carpenter, chairman and CEO of Reven, says, “This was a strategic acquisition for us to expand in Atlanta by adding to our existing portfolio. This acquisition is a good example of our investment strategy to acquire smaller portfolios under 250 SFR's per transaction that have the potential to achieve higher yields. Reven now owns 662 homes in the southeast U.S., primarily in Houston, Jacksonville, Memphis and Atlanta.”

BUILDING BLOCKS

ATLANTA—Marriott International and Noble Investment Group broke ground on what will be Marriott's first-ever combination of an AC and Moxy under one roof. The $70 million, five-story hotel project will rise on a full city block in Midtown Atlanta. The hotel is expected to open in the middle of 2018. With an entrance on 14th Street, the 133-room AC Hotel Atlanta Midtown will feature guestrooms and suites with modern and sophisticated design elements, plush seating and multi-functional workspaces. The AC Hotel Atlanta Midtown will be Noble's second AC Hotel in Atlanta and the third in its portfolio.