NEWS & NOTABLES

BIRMINGHAM, AL—GCP closed out a busy first quarter of 2017 with multiple acquisitions, continuing momentum begun in 2016. In the last six months, the company added a new board member from a foreign investment group; executed a strategic disposition in Birmingham that led to acquisitions in expansion markets; locked in more than 800,000 square feet of new leases or renewals across its Alabama portfolio; announced the relocation of its home office to a historic building in Downtown Birmingham; and acquired three properties in key markets including Atlanta and Tampa.

ATLANTA—The American Society of Interior Designers has awarded Steven Clem, principal of tvsdesign, as the 2017 ASID Designer of Distinction. Presented annually, this award honors an ASID professional member who has established a body of superior work demonstrating creativity, excellence, and innovation. This is the premier award for personal achievement and social consciousness in the interior design profession. Clem's 39-year career has been with tvsdesign, where his work has garnered over 100 design awards.

ATLANTA—The City of Atlanta received a “Connected City Award” from Mobilitie, due to improvements made to its city-wide wireless networks, resulting in coverage that is more seamless, ubiquitous, capable and faster—while adding a network ready for the next generation of connectivity. The Connected City Award recognizes cities that demonstrate remarkable leadership in bringing 21st- century wireless connectivity across their neighborhoods, educational systems and businesses, helping bridge the digital divide.

DEAL TRACKER

ATLANTA—Coro Realty Advisors executed a lease agreement with Aldi on a 42,361-square-foot space at Buckhead Pavilion, the former Sports Authority space. Andrea Kenney represented the landlord in the transaction. Aldi was represented by Kirk Buttle with CBRE. The space became available a few months after Sports Authority announced its bankruptcy filing early last year. Buckhead Pavilion, located at the intersection of Peachtree Road and Maple Drive, is the current home to PetSmart, CVS Pharmacy, Modani Furniture, and Berkshire Hathaway HomeServices.

GLENDALE, KY—Approximately 290 acres of high-quality farmland along Gilead Church and New Glendale roads will sell at absolute auction June 3, with Tranzon Asset Advisors marketing the land and conducting the event. Sunrise Children's Services owns the land, which hasn't been on the market in more than 100 years. Most is currently being farmed, but its location directly next to the Glendale Megasite “puts it in the path of progress,” according to Tranzon's Ed Durnil.

MEMPHIS—Roofstock has expanded into Memphis, the largest city in Tennessee. With the addition of Memphis, Roofstock now features single-family rental real estate in 13 markets across the US including Atlanta, Dallas, Tampa, Indianapolis, Jacksonville, Las Vegas, Miami, North Carolina, Orlando, Riverside/San Bernardino, San Francisco/East Bay and Southwest Florida. Memphis' rental market offers some of the most attractive gross rental yields of any market in the country, averaging close to 12%. According to John Burns Real Estate Consulting, the single-family rent-to-income ratio in Memphis is among the most affordable in the southeast region of the United States.

DECATUR, GA—NAI Brannen Goddard facilitated the $5 million sale of a 3.55-acre land parcel for the development of a 200-room senior independent living, assisted living and memory care community at 1874-1882 Clairmont Road in Decatur. NAI Brannen Goddard senior vice president, Ernie Williams, and vice president, Stan Williams, represented the seller in the transaction. Solomon Senior Living is the developer.

PEACTHREE CORNERS, GA—SunTrust Commercial Real Estate closed the financing for Crawford & Company's new corporate headquarters in Peachtree Corners. SunTrust provided a $13.7 million loan to the TPA Group to refinance and proceed with the renovation of an existing building at the site, which will be transformed into Crawford & Company's new global headquarters. The renovation includes rebuilding the lobby, updating the work space layout and adding additional parking, among other improvements. The new facility is located at 5335 Triangle Parkway in Gwinnett County and is expected to open in November, 2017.The new headquarters represents a shift of 500 jobs from Crawford's current headquarters to its new campus.

ATLANTA—Cushman and Wakefield's Southeast Multifamily Advisory Group has arranged the sale of two apartment communities located in metro Atlanta, representing Stratford Asset Management Co./TIC and a joint venture of Centennial Holding Co. and The Carlyle Group. Josh Goldfarb and Travis Presnell of CushWake's Atlanta Professional Equity Team represented the sellers. Since the beginning of this year, the entire Atlanta-based team has closed 30 deals in Georgia totaling $375 million in sales volume.

BUILDING BLOCKS

ELLENWOOD, GA—Hillwood, a Perot company, started construction of Clayton Commerce Center in Ellenwood, offering a distribution center in a Atlanta submarket. Totaling 797,580 square feet, the property is less than a mile from the Interstate 675 and Anvil Block Road interchange. Clayton Commerce Center is four miles from Interstate 285, offering tenants convenient access to the Hartsfield Jackson International Airport as well as the FedEx Ground and FedEx SmartPost Hubs. Clayton County, the only county in Metro Atlanta to be designated Tier 1 by the Georgia Department of Community Affairs, will offer potential tenants job tax credits and property tax reductions, which could represent substantial tax savings. Targeted completion for this development is December 2017. Reliant Real Estate Partners is the leasing agent.

NEW IBERIA, LA—Louisiana Machinery Company will add 60 jobs and expand its New Iberia operations. Known as Louisiana Cat, the company rebuilds and services engines and related equipment for marine, oil and gas, industrial and utility companies at the Port of Iberia. Louisiana Cat's expansion calls for the addition of 60 new direct jobs over the next five years, with the jobs carrying an average annual salary of $60,000, plus benefits. Louisiana Economic Development estimates the project also will result in 28 new indirect jobs, for a total of 88 new jobs in Iberia Parish, Acadiana and the surrounding regions. A total of 130 existing jobs at the Iberia Parish company will be retained.

This week in the Southeast saw milestones for one commercial real estate firm, one practitioner receiving major accolades and a good showing for Georgia secondary markets.

BY THE NUMBERS

As Atlanta metro ranks fourth among the top 10 growing warehouse markets, adding 26.2 million square feet from 2010-2016, the trend has led to a lack of available space for tenants. (Source: CBRE)

That strain could be suppressed with the speculative delivery of 8.9 million square feet over the next 18 months. (Source: CBRE)

NEWS & NOTABLES

BIRMINGHAM, AL—GCP closed out a busy first quarter of 2017 with multiple acquisitions, continuing momentum begun in 2016. In the last six months, the company added a new board member from a foreign investment group; executed a strategic disposition in Birmingham that led to acquisitions in expansion markets; locked in more than 800,000 square feet of new leases or renewals across its Alabama portfolio; announced the relocation of its home office to a historic building in Downtown Birmingham; and acquired three properties in key markets including Atlanta and Tampa.

ATLANTA—The American Society of Interior Designers has awarded Steven Clem, principal of tvsdesign, as the 2017 ASID Designer of Distinction. Presented annually, this award honors an ASID professional member who has established a body of superior work demonstrating creativity, excellence, and innovation. This is the premier award for personal achievement and social consciousness in the interior design profession. Clem's 39-year career has been with tvsdesign, where his work has garnered over 100 design awards.

ATLANTA—The City of Atlanta received a “Connected City Award” from Mobilitie, due to improvements made to its city-wide wireless networks, resulting in coverage that is more seamless, ubiquitous, capable and faster—while adding a network ready for the next generation of connectivity. The Connected City Award recognizes cities that demonstrate remarkable leadership in bringing 21st- century wireless connectivity across their neighborhoods, educational systems and businesses, helping bridge the digital divide.

DEAL TRACKER

ATLANTA—Coro Realty Advisors executed a lease agreement with Aldi on a 42,361-square-foot space at Buckhead Pavilion, the former Sports Authority space. Andrea Kenney represented the landlord in the transaction. Aldi was represented by Kirk Buttle with CBRE. The space became available a few months after Sports Authority announced its bankruptcy filing early last year. Buckhead Pavilion, located at the intersection of Peachtree Road and Maple Drive, is the current home to PetSmart, CVS Pharmacy, Modani Furniture, and Berkshire Hathaway HomeServices.

GLENDALE, KY—Approximately 290 acres of high-quality farmland along Gilead Church and New Glendale roads will sell at absolute auction June 3, with Tranzon Asset Advisors marketing the land and conducting the event. Sunrise Children's Services owns the land, which hasn't been on the market in more than 100 years. Most is currently being farmed, but its location directly next to the Glendale Megasite “puts it in the path of progress,” according to Tranzon's Ed Durnil.

MEMPHIS—Roofstock has expanded into Memphis, the largest city in Tennessee. With the addition of Memphis, Roofstock now features single-family rental real estate in 13 markets across the US including Atlanta, Dallas, Tampa, Indianapolis, Jacksonville, Las Vegas, Miami, North Carolina, Orlando, Riverside/San Bernardino, San Francisco/East Bay and Southwest Florida. Memphis' rental market offers some of the most attractive gross rental yields of any market in the country, averaging close to 12%. According to John Burns Real Estate Consulting, the single-family rent-to-income ratio in Memphis is among the most affordable in the southeast region of the United States.

DECATUR, GA—NAI Brannen Goddard facilitated the $5 million sale of a 3.55-acre land parcel for the development of a 200-room senior independent living, assisted living and memory care community at 1874-1882 Clairmont Road in Decatur. NAI Brannen Goddard senior vice president, Ernie Williams, and vice president, Stan Williams, represented the seller in the transaction. Solomon Senior Living is the developer.

PEACTHREE CORNERS, GA—SunTrust Commercial Real Estate closed the financing for Crawford & Company's new corporate headquarters in Peachtree Corners. SunTrust provided a $13.7 million loan to the TPA Group to refinance and proceed with the renovation of an existing building at the site, which will be transformed into Crawford & Company's new global headquarters. The renovation includes rebuilding the lobby, updating the work space layout and adding additional parking, among other improvements. The new facility is located at 5335 Triangle Parkway in Gwinnett County and is expected to open in November, 2017.The new headquarters represents a shift of 500 jobs from Crawford's current headquarters to its new campus.

ATLANTA—Cushman and Wakefield's Southeast Multifamily Advisory Group has arranged the sale of two apartment communities located in metro Atlanta, representing Stratford Asset Management Co./TIC and a joint venture of Centennial Holding Co. and The Carlyle Group. Josh Goldfarb and Travis Presnell of CushWake's Atlanta Professional Equity Team represented the sellers. Since the beginning of this year, the entire Atlanta-based team has closed 30 deals in Georgia totaling $375 million in sales volume.

BUILDING BLOCKS

ELLENWOOD, GA—Hillwood, a Perot company, started construction of Clayton Commerce Center in Ellenwood, offering a distribution center in a Atlanta submarket. Totaling 797,580 square feet, the property is less than a mile from the Interstate 675 and Anvil Block Road interchange. Clayton Commerce Center is four miles from Interstate 285, offering tenants convenient access to the Hartsfield Jackson International Airport as well as the FedEx Ground and FedEx SmartPost Hubs. Clayton County, the only county in Metro Atlanta to be designated Tier 1 by the Georgia Department of Community Affairs, will offer potential tenants job tax credits and property tax reductions, which could represent substantial tax savings. Targeted completion for this development is December 2017. Reliant Real Estate Partners is the leasing agent.

NEW IBERIA, LA—Louisiana Machinery Company will add 60 jobs and expand its New Iberia operations. Known as Louisiana Cat, the company rebuilds and services engines and related equipment for marine, oil and gas, industrial and utility companies at the Port of Iberia. Louisiana Cat's expansion calls for the addition of 60 new direct jobs over the next five years, with the jobs carrying an average annual salary of $60,000, plus benefits. Louisiana Economic Development estimates the project also will result in 28 new indirect jobs, for a total of 88 new jobs in Iberia Parish, Acadiana and the surrounding regions. A total of 130 existing jobs at the Iberia Parish company will be retained.