ATLANTA—John F. Coleman was promoted to executive vice president of EastGroup. Coleman is responsible for EastGroup's operations in Florida, Georgia and North Carolina. Brent W. Wood was also promoted to executive vice president. Wood is currently responsible for the company's Texas operations and effective August 1, 2017, will relocate to the company's headquarters in Jackson, Mississippi, to serve as CFO upon Keith McKey's retirement.

NEW ORLEANS—Corporate Realty was awarded the contract to represent Tulane University in all Tulane off-campus real estate activities including lease administration, acquisitions and dispositions, along with oil, gas and timber holdings. Corporate Realty will also assist Tulane in developing a long-range strategic real estate plan. Mike Siegel, president and director of Office Leasing for Corporate Realty, has represented Tulane in various real estate projects for the past 20 years.

DEAL TRACKER

ATLANTA—In a joint-venture with Yates Group and JAC Real Estate Investments, Ackerman & Co. just scored a major win in Atlanta's industrial market. The companies pre-leased Braselton Logistics Center, a 1,000,821-square-foot bulk distribution facility, to Uline Inc. Uline signed a 10-year lease with Ackerman. The company will combine the operations of two nearby distribution facilities in Gwinnett County into the industrial facility, which will serve as its Southeast US logistics hub.

ATLANTA—The Marquis Brookhaven Portfolio, which includes two multifamily properties in Atlanta, has won the confidence of investors in a supply constrained market. Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $23.5 million to refinance the apartment assets for the owner, Terraces at Brookhaven. The new bridge loan will refinance the existing debt and preferred equity on Terraces at Brookhaven, a 244-unit garden-style multifamily complex. The financing will also be used to acquire and partially renovate Northeast Terrace Apartments, a 100-unit garden-style multifamily complex.

ATLANTA—Pennsylvania-based 5 Cap Realty LLC (5 Cap) and its affiliate RREIC Advisors has teamed with a private equity fund vehicle managed by JMP Asset Management LLC, an affiliate of publicly traded JMP Group LLC, to launch a multi-year national investment venture that could top $1 billion in assets under management. The venture will focus on acquiring and operating value-add multifamily assets that can be renovated, leased, and managed to create superior risk-adjusted returns. This new partnership has closed on its first two acquisitions: an apartment community in the Philadelphia metro area and another in greater Atlanta, with a total of 446 units, for a total cost of just under $60 million.

BIRMINGHAM—GCP, the Birmingham, Ala.-based industrial real estate firm, has secured a new $200 million line of credit with Wells Fargo N.A. GCP plans to use the credit facility for future acquisitions in fast growing markets across the Southeast. The Wells Fargo credit facility follows closely on the heels of Blue Ceiba Advisors' $100 million investment in GCP. Blue Ceiba represents a group of foreign investors from Latin America, including Devon Investments, which are investing in GCP's Southeastern growth. Wells Fargo was represented by Merrill Breland, Melissa Frawley and Brent Farnham.

ATLANTA—HFF arranged debt and equity financing for 100 Peachtree, an iconic, 33-story, class A office tower totaling 622,084 square feet in Downtown Atlanta, Georgia. The property is being acquired by a joint venture of Zeller Realty Group and Partners Group, the global private markets investment manager, on behalf of its clients. HFF worked on behalf of the borrowers to secure the floating-rate acquisition loan through an affiliate of Heitman LLC.

BIRMINGHAM—HFF arranged a $29.975 million in acquisition financing for Cahaba Village, a 115,180-square-foot, trophy, Whole Foods-anchored retail center in the affluent Birmingham submarket of Mountain Brook, AL. HFF worked on behalf of the borrower, an institutional client advised by L & B Realty Advisors, to place the 10-year, fixed-rate loan with Guardian Life Insurance Company of America. HFF will service the loan, proceeds of which provided post acquisition financing for the purchase of the property in a sale brokered by HFF. The HFF debt placement team was represented by managing director Gregg Shapiro and senior managing director John Rose.

ATLANTA—The Interstate North Office Park (INOP) complex in the Northwest submarket of Atlanta is getting a major facelift. Rubenstein Partners is executing a full repositioning of the office complex. Rubenstein purchased the property in early 2016 for $90 million. With a $15 million capital improvement plan, the firm aims to transform the office property into a walkable class A urban office environment. As part of the repositioning strategy, Rubenstein is renaming it Pennant Park. The 11-building, 1 million square foot office development is located at the intersection of Interstate 75 and Interstate 285. That neighbors the new Atlanta Braves SunTrust Park and prominent mixed-use project The Battery Atlanta.

BUILDING BLOCKS

BATON ROUGE—Select Comfort Corp. executive Melissa Barra announced the company will establish a technical support contact center in the Elmwood area of Jefferson Parish. Select Comfort will occupy an office building in the Elmwood business corridor near New Orleans, where employees will provide sales and support services for customers of the company's Sleep Numberbeds and accessory products. The project will create 225 new direct jobs with a starting annual salary of $30,000, plus benefits, while Louisiana Economic Development estimates an additional 104 new indirect jobs will result from the project, for a total of more than 325 new jobs in the Southeast Region of Louisiana.

This week in the Southeast, Atlanta once again dominated the headlines—and with some large transactions. Alabama and Louisiana also got into the mix with some interesting deals.

BY THE NUMBERS

Buyers in the $1 million to $10 million tranche are dominating transaction velocity in Atlanta. Drugstores and fast-food establishments remain a popular target, particularly in high-traffic locations in the North Cobb and Gwinnett submarkets. In both areas, cap rates can begin in the mid-5 to low-6% span for quality buildings with national tenants. (Source: Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—John F. Coleman was promoted to executive vice president of EastGroup. Coleman is responsible for EastGroup's operations in Florida, Georgia and North Carolina. Brent W. Wood was also promoted to executive vice president. Wood is currently responsible for the company's Texas operations and effective August 1, 2017, will relocate to the company's headquarters in Jackson, Mississippi, to serve as CFO upon Keith McKey's retirement.

NEW ORLEANS—Corporate Realty was awarded the contract to represent Tulane University in all Tulane off-campus real estate activities including lease administration, acquisitions and dispositions, along with oil, gas and timber holdings. Corporate Realty will also assist Tulane in developing a long-range strategic real estate plan. Mike Siegel, president and director of Office Leasing for Corporate Realty, has represented Tulane in various real estate projects for the past 20 years.

DEAL TRACKER

ATLANTA—In a joint-venture with Yates Group and JAC Real Estate Investments, Ackerman & Co. just scored a major win in Atlanta's industrial market. The companies pre-leased Braselton Logistics Center, a 1,000,821-square-foot bulk distribution facility, to Uline Inc. Uline signed a 10-year lease with Ackerman. The company will combine the operations of two nearby distribution facilities in Gwinnett County into the industrial facility, which will serve as its Southeast US logistics hub.

ATLANTA—The Marquis Brookhaven Portfolio, which includes two multifamily properties in Atlanta, has won the confidence of investors in a supply constrained market. Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $23.5 million to refinance the apartment assets for the owner, Terraces at Brookhaven. The new bridge loan will refinance the existing debt and preferred equity on Terraces at Brookhaven, a 244-unit garden-style multifamily complex. The financing will also be used to acquire and partially renovate Northeast Terrace Apartments, a 100-unit garden-style multifamily complex.

ATLANTA—Pennsylvania-based 5 Cap Realty LLC (5 Cap) and its affiliate RREIC Advisors has teamed with a private equity fund vehicle managed by JMP Asset Management LLC, an affiliate of publicly traded JMP Group LLC, to launch a multi-year national investment venture that could top $1 billion in assets under management. The venture will focus on acquiring and operating value-add multifamily assets that can be renovated, leased, and managed to create superior risk-adjusted returns. This new partnership has closed on its first two acquisitions: an apartment community in the Philadelphia metro area and another in greater Atlanta, with a total of 446 units, for a total cost of just under $60 million.

BIRMINGHAM—GCP, the Birmingham, Ala.-based industrial real estate firm, has secured a new $200 million line of credit with Wells Fargo N.A. GCP plans to use the credit facility for future acquisitions in fast growing markets across the Southeast. The Wells Fargo credit facility follows closely on the heels of Blue Ceiba Advisors' $100 million investment in GCP. Blue Ceiba represents a group of foreign investors from Latin America, including Devon Investments, which are investing in GCP's Southeastern growth. Wells Fargo was represented by Merrill Breland, Melissa Frawley and Brent Farnham.

ATLANTA—HFF arranged debt and equity financing for 100 Peachtree, an iconic, 33-story, class A office tower totaling 622,084 square feet in Downtown Atlanta, Georgia. The property is being acquired by a joint venture of Zeller Realty Group and Partners Group, the global private markets investment manager, on behalf of its clients. HFF worked on behalf of the borrowers to secure the floating-rate acquisition loan through an affiliate of Heitman LLC.

BIRMINGHAM—HFF arranged a $29.975 million in acquisition financing for Cahaba Village, a 115,180-square-foot, trophy, Whole Foods-anchored retail center in the affluent Birmingham submarket of Mountain Brook, AL. HFF worked on behalf of the borrower, an institutional client advised by L & B Realty Advisors, to place the 10-year, fixed-rate loan with Guardian Life Insurance Company of America. HFF will service the loan, proceeds of which provided post acquisition financing for the purchase of the property in a sale brokered by HFF. The HFF debt placement team was represented by managing director Gregg Shapiro and senior managing director John Rose.

ATLANTA—The Interstate North Office Park (INOP) complex in the Northwest submarket of Atlanta is getting a major facelift. Rubenstein Partners is executing a full repositioning of the office complex. Rubenstein purchased the property in early 2016 for $90 million. With a $15 million capital improvement plan, the firm aims to transform the office property into a walkable class A urban office environment. As part of the repositioning strategy, Rubenstein is renaming it Pennant Park. The 11-building, 1 million square foot office development is located at the intersection of Interstate 75 and Interstate 285. That neighbors the new Atlanta Braves SunTrust Park and prominent mixed-use project The Battery Atlanta.

BUILDING BLOCKS

BATON ROUGE—Select Comfort Corp. executive Melissa Barra announced the company will establish a technical support contact center in the Elmwood area of Jefferson Parish. Select Comfort will occupy an office building in the Elmwood business corridor near New Orleans, where employees will provide sales and support services for customers of the company's Sleep Numberbeds and accessory products. The project will create 225 new direct jobs with a starting annual salary of $30,000, plus benefits, while Louisiana Economic Development estimates an additional 104 new indirect jobs will result from the project, for a total of more than 325 new jobs in the Southeast Region of Louisiana.