ATLANTA—Hotel Equities named Joe Luck the regional vice president of Business Development for the firm. Luck will focus on current prospective owners for third-party management and development opportunities. A veteran of more than 20 years in the hospitality industry, Luck brings full service and select service brand expertise and leadership to his new position. He joined Hotel Equities from Wyndham Group where he served as an award-winning vice president of Franchise Development for the past 14 years. Luck's responsibilities include working with all major brand development teams, in addition to his work with existing and new owners to identify the best use for land acquisitions and for repositioning opportunities on the third party management side.

DEAL TRACKER

NORCROSS, GA—SRS' Southeast investment sales team marketed and brokered the sale of Tree Trail Village Shopping Center in Norcross. The center is located at 1250 Tech Drive on the northwest corner of the intersection of Tech Drive and Singleton Road. Tree Trail Village consists of 99,238 square feet on 13.03 acres of land and is anchored by Food Depot. The seller, Tree Trail Improvements sold the property for $8.65 million to East Coast Acquisitions. “Retail assets of every ilk located within the Atlanta MSA continue to garner plenty of attention,” says Kyle Stonis, senior vice president and market leader for SRS Southeast Investment Sales. “Additionally, our client did a great job back-filling the Publix box with a solid regional grocer which should continue to thrive at Tree Trail Village, helping to maintain the viability of the asset for years to come.”

MARRIETTA, GA—Avison Young's Atlanta office has arranged a lease renewal, including an extension, at 1775 West Oak Commons, a 79,000 square-foot office building in Marietta, a northwest suburb of Atlanta. West Oak Commons is the headquarters for biomedical device firm, MiMedx Group, a leading integrated developer, processor and marketer of regenerative biomaterial products and bioimplants. MiMedx Group has occupied the building since 2013 and has committed to the location for four additional years. Doug Edison of Avison Young and Greg Baxendale of JLL represented MiMedx Group in the lease renewal and extension.

ATLANTA—Origin Investments purchased a majority ownership position, through a recapitalization, in Puritan Mill, a two-building, 83,000-square-foot loft-style office property located at 916/950 Joseph East Lowery Boulevard in Atlanta's West Midtown submarket. The recapitalization of Puritan Mill creates a joint venture partnership with members of the existing ownership, Urban Realty Partners. Current co-owner Weaver & Woodbery Company is selling its interest. Hayes Swann and Huston Green of Colliers International's Atlanta office brokered the transaction.

BUILDING BLOCKS

ATLANTA—Pollack Shores opened Millworks at Howell Mill earlier this year and has 80 residences under lease. Located on Emery Street near the intersection of Collier Road and Howell Mill Road in West Midtown, Millworks features one and two-bedroom luxury apartments ranging from 727 to 1,581 square feet. The large conference room space at Millworks is designed to enable impromptu meetings and conversations that spark creative vision. Google Fiber is also available, ensuring high-speed internet capabilities for business services and collaborative work projects.

Early this week in the Southeast, the hospitality industry is seeing some shuffling. Atlanta's suburb are also getting some wins.

BY THE NUMBERS

Following the most notable increase in room supply in six years during 2016, additional select-service rooms will come online in Atlanta and the entire state of Georgia this year. The delivery of new stock will likely result in the first annual decrease in statewide occupancy since 2010 and moderate RevPAR growth from the lofty levels of the past three years.

NEWS & NOTABLES

ATLANTA—Hotel Equities named Joe Luck the regional vice president of Business Development for the firm. Luck will focus on current prospective owners for third-party management and development opportunities. A veteran of more than 20 years in the hospitality industry, Luck brings full service and select service brand expertise and leadership to his new position. He joined Hotel Equities from Wyndham Group where he served as an award-winning vice president of Franchise Development for the past 14 years. Luck's responsibilities include working with all major brand development teams, in addition to his work with existing and new owners to identify the best use for land acquisitions and for repositioning opportunities on the third party management side.

DEAL TRACKER

NORCROSS, GA—SRS' Southeast investment sales team marketed and brokered the sale of Tree Trail Village Shopping Center in Norcross. The center is located at 1250 Tech Drive on the northwest corner of the intersection of Tech Drive and Singleton Road. Tree Trail Village consists of 99,238 square feet on 13.03 acres of land and is anchored by Food Depot. The seller, Tree Trail Improvements sold the property for $8.65 million to East Coast Acquisitions. “Retail assets of every ilk located within the Atlanta MSA continue to garner plenty of attention,” says Kyle Stonis, senior vice president and market leader for SRS Southeast Investment Sales. “Additionally, our client did a great job back-filling the Publix box with a solid regional grocer which should continue to thrive at Tree Trail Village, helping to maintain the viability of the asset for years to come.”

MARRIETTA, GA—Avison Young's Atlanta office has arranged a lease renewal, including an extension, at 1775 West Oak Commons, a 79,000 square-foot office building in Marietta, a northwest suburb of Atlanta. West Oak Commons is the headquarters for biomedical device firm, MiMedx Group, a leading integrated developer, processor and marketer of regenerative biomaterial products and bioimplants. MiMedx Group has occupied the building since 2013 and has committed to the location for four additional years. Doug Edison of Avison Young and Greg Baxendale of JLL represented MiMedx Group in the lease renewal and extension.

ATLANTA—Origin Investments purchased a majority ownership position, through a recapitalization, in Puritan Mill, a two-building, 83,000-square-foot loft-style office property located at 916/950 Joseph East Lowery Boulevard in Atlanta's West Midtown submarket. The recapitalization of Puritan Mill creates a joint venture partnership with members of the existing ownership, Urban Realty Partners. Current co-owner Weaver & Woodbery Company is selling its interest. Hayes Swann and Huston Green of Colliers International's Atlanta office brokered the transaction.

BUILDING BLOCKS

ATLANTA—Pollack Shores opened Millworks at Howell Mill earlier this year and has 80 residences under lease. Located on Emery Street near the intersection of Collier Road and Howell Mill Road in West Midtown, Millworks features one and two-bedroom luxury apartments ranging from 727 to 1,581 square feet. The large conference room space at Millworks is designed to enable impromptu meetings and conversations that spark creative vision. Google Fiber is also available, ensuring high-speed internet capabilities for business services and collaborative work projects.