NEWS & NOTABLES

ATLANTA—Cushman & Wakefield promoted Lawrence L. Gellerstedt IV to lead the firm's Atlanta office tenant representation practice comprised of 38 brokerage professionals. Currently 33 years old, this makes Gellerstedt one of the firm's youngest leaders. Gellerstedt will lead the growth and enhancements to Cushman & Wakefield's Atlanta platform, with increased specialization across geographies and industry verticals. In addition to his leadership responsibilities, Gellerstedt and his partner, Clinton McKellar, will continue to specialize in fast-growing technology companies that need flexibility in their real estate, connections to potential customers and introductions to key sources of capital. Gellerstedt earned a Bachelor's Degree in History from the University of North Carolina at Chapel Hill and an MBA in Finance and Real Estate from Emory University's Goizueta Business School.

CHATTANOOGA, TN—Kenco appointed Denis Reilly as president and CEO. With more than 30 years of experience in the logistics industry, he succeeds Jane Kennedy Greene, who will continue to serve as Chairwoman of the Board. Reilly most recently served as CEO of St. George Logistics. He previously held executive and senior leadership roles at USA Dry Van Logistics, LLC, GEODIS (formerly Ozburn Hessey Logistics), MIQ Logistics (formerly YRC Logistics) and Menlo. He began his career in logistics with Frito Lay in 1983. Reilly is a member of the Council of Supply Chain Management Professionals, and received a BS in Logistics and an MBA in Logistics and Marketing from the University of Tennessee.

ATLANTA—Lincoln Property Company Southeast is posturing itself for stronger industrial commercial real estate success. The company hired Kevin Caille as vice president of industrial leasing. He will work with vice president Denton Shamburger to grow third-party leasing services. “Kevin brings intelligence, great work ethic and a strong track record with him to Lincoln,” says Tony Bartlett, an executive vice president for Lincoln who oversees the firm's Atlanta office. Before joining Lincoln, Caille worked with NAI Brannen Goddard for 11 years. There he specialized in the leasing and sale of industrial properties in the greater Atlanta region. He represented institutional and private owners, as well as tenants, completing more than 400 transactions comprised of 6.5 million square feet of industrial space.

DEAL TRACKER

DORAVILLE, GA—Serta Simmons Bedding (SSB) finalized to combine all company locations into a single headquarters location at Assembly in Doraville, GA. The new campus will house 500 employees, for SSB and its two leading brands, Serta and Beautyrest, starting in early 2019. “Co-locating SSB's headquarters and our brands on the same campus is an investment in our employees and our company as we continue to expand and strengthen our market leadership,” says Michael Traub, SSB CEO. “An integrated and unified work environment that will foster better collaboration, innovation and teamwork, will better support our growth trajectory. This is what our new location will deliver.”.

LEXINGTON, KY—PNC Bank revealed its portable “Tiny Branch” on the University of Kentucky campus. Measuring 20 x 8 feet, or 160 square feet, the converted steel container brings PNC's newest and unique branch to Lexington. The temporary branch is located at 230 Avenue of Champions in front of Bowman's Den. PNC will open a permanent branch in the new UK student center when construction completes in 2018.

MEMPHIS—Arbor Realty Trust recently funded six loans totaling $137,935,328 under several FHA financing product lines. One loan was for Briar Club Apartments in Memphis. The class B-C, 272-unit multifamily property is home to 17 apartment buildings. The loan totaled $9.866 million—including $1.277 million for critical repairs, renovations and upgrades—and was funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Briar Club Apartments is located approximately 10 miles southeast of the Memphis central business district within close proximity to Highway 240. Ronen Abergel, vice president of Arbor's Uniondale, Long Island office originated the refinance loan.

ATLANTA—Overhead Door Company of Atlanta, a subsidiary of D.H. Pace Company, is making a big move in Atlanta's white hot industrial market. The company is expanding its presence with a 40,000-square-foot lease at 3331 Green Pointe Parkway in Atlanta. Overhead Door currently operates out of three buildings, totaling roughly 120,000 square feet in the Armour Yards industrial district. The area's transition into a mixed-use densely populated area has prohibited room to expand there. The additional space bring Overhead Door's industrial portfolio in Atlanta to 160,000 square feet. Stuart Pendley and RJ Zurak of CBRE represent the client.

BUILDING BLOCKS

BIRMINGMHAM, AL—KIRCO and KIRCO MANIX broke ground on the newest independent and assisted living community in Birmingham, called The Bluffs at Greystone. Working together with Phoenix Senior Living and EDT, the Bluffs at Greystone will be a senior living community that will provide both independent and assisted living. It will be designed to include memory care units in the future. The facility will include 132 units and is slated to open in July 2018.

MEMPHIS—ServiceMaster Global Holdings opened its new innovation and accelerator space, Ground Floor. The 20,000-square-foot collaborative workspace will serve as a hub for the company to showcase its businesses and transform the residential and commercial services industry through digital-mobile technology. With rentable co-working office space, Ground Floor also will be an accelerator for local entrepreneurs and IT developers to create an innovation engine that can attract high-tech talent and investment to Memphis.

ATLANTA—As part of a greater movement in the officing industry to modernize the experience, 7000 Central Park, an 18-story office tower located in the Central Perimeter district, is set to undergo a transformation. CBRE unveiled plans to energize the workplace with major renovations that call for coworking office paces, special events and entertainment options. 7000 Central Park will join CBRE's “5-Star Worldwide” program, a national network of office buildings that attract and retain top talent through professional services, hospitality and events. Improvements to the 423,775-square-foot tower include renovations to the front lobby, a high-tech fitness center, a collaborative co-working space and conference center, expanded café area, meeting space, and a new outdoor “living room” that will provide gathering space for casual lunches and special events.

This week in the Southeast saw plenty of news and notables, as well as some interesting statistics on flipping. New commercial real estate project openings are also turning heads.

BY THE NUMBERS

Over 43,600 single-family homes and condos were flipped in the first quarter of 2017. That means they were sold in an arms-length transfer for the second time within a 12-month period. That's down 8% from the previous quarter and down 6% from a year ago to the lowest number of homes flipped since Q1 2015—a two-year low. (Source: ATTOM Data Solutions)

Home flips in the first quarter of 2017 accounted for 6.7% of all single-family home and condo sales during the quarter, up from 5.8% in the previous quarter and unchanged from a year ago. (Source: ATTOM Data Solutions)

NEWS & NOTABLES

ATLANTA—Cushman & Wakefield promoted Lawrence L. Gellerstedt IV to lead the firm's Atlanta office tenant representation practice comprised of 38 brokerage professionals. Currently 33 years old, this makes Gellerstedt one of the firm's youngest leaders. Gellerstedt will lead the growth and enhancements to Cushman & Wakefield's Atlanta platform, with increased specialization across geographies and industry verticals. In addition to his leadership responsibilities, Gellerstedt and his partner, Clinton McKellar, will continue to specialize in fast-growing technology companies that need flexibility in their real estate, connections to potential customers and introductions to key sources of capital. Gellerstedt earned a Bachelor's Degree in History from the University of North Carolina at Chapel Hill and an MBA in Finance and Real Estate from Emory University's Goizueta Business School.

CHATTANOOGA, TN—Kenco appointed Denis Reilly as president and CEO. With more than 30 years of experience in the logistics industry, he succeeds Jane Kennedy Greene, who will continue to serve as Chairwoman of the Board. Reilly most recently served as CEO of St. George Logistics. He previously held executive and senior leadership roles at USA Dry Van Logistics, LLC, GEODIS (formerly Ozburn Hessey Logistics), MIQ Logistics (formerly YRC Logistics) and Menlo. He began his career in logistics with Frito Lay in 1983. Reilly is a member of the Council of Supply Chain Management Professionals, and received a BS in Logistics and an MBA in Logistics and Marketing from the University of Tennessee.

ATLANTA—Lincoln Property Company Southeast is posturing itself for stronger industrial commercial real estate success. The company hired Kevin Caille as vice president of industrial leasing. He will work with vice president Denton Shamburger to grow third-party leasing services. “Kevin brings intelligence, great work ethic and a strong track record with him to Lincoln,” says Tony Bartlett, an executive vice president for Lincoln who oversees the firm's Atlanta office. Before joining Lincoln, Caille worked with NAI Brannen Goddard for 11 years. There he specialized in the leasing and sale of industrial properties in the greater Atlanta region. He represented institutional and private owners, as well as tenants, completing more than 400 transactions comprised of 6.5 million square feet of industrial space.

DEAL TRACKER

DORAVILLE, GA—Serta Simmons Bedding (SSB) finalized to combine all company locations into a single headquarters location at Assembly in Doraville, GA. The new campus will house 500 employees, for SSB and its two leading brands, Serta and Beautyrest, starting in early 2019. “Co-locating SSB's headquarters and our brands on the same campus is an investment in our employees and our company as we continue to expand and strengthen our market leadership,” says Michael Traub, SSB CEO. “An integrated and unified work environment that will foster better collaboration, innovation and teamwork, will better support our growth trajectory. This is what our new location will deliver.”.

LEXINGTON, KY—PNC Bank revealed its portable “Tiny Branch” on the University of Kentucky campus. Measuring 20 x 8 feet, or 160 square feet, the converted steel container brings PNC's newest and unique branch to Lexington. The temporary branch is located at 230 Avenue of Champions in front of Bowman's Den. PNC will open a permanent branch in the new UK student center when construction completes in 2018.

MEMPHIS—Arbor Realty Trust recently funded six loans totaling $137,935,328 under several FHA financing product lines. One loan was for Briar Club Apartments in Memphis. The class B-C, 272-unit multifamily property is home to 17 apartment buildings. The loan totaled $9.866 million—including $1.277 million for critical repairs, renovations and upgrades—and was funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Briar Club Apartments is located approximately 10 miles southeast of the Memphis central business district within close proximity to Highway 240. Ronen Abergel, vice president of Arbor's Uniondale, Long Island office originated the refinance loan.

ATLANTA—Overhead Door Company of Atlanta, a subsidiary of D.H. Pace Company, is making a big move in Atlanta's white hot industrial market. The company is expanding its presence with a 40,000-square-foot lease at 3331 Green Pointe Parkway in Atlanta. Overhead Door currently operates out of three buildings, totaling roughly 120,000 square feet in the Armour Yards industrial district. The area's transition into a mixed-use densely populated area has prohibited room to expand there. The additional space bring Overhead Door's industrial portfolio in Atlanta to 160,000 square feet. Stuart Pendley and RJ Zurak of CBRE represent the client.

BUILDING BLOCKS

BIRMINGMHAM, AL—KIRCO and KIRCO MANIX broke ground on the newest independent and assisted living community in Birmingham, called The Bluffs at Greystone. Working together with Phoenix Senior Living and EDT, the Bluffs at Greystone will be a senior living community that will provide both independent and assisted living. It will be designed to include memory care units in the future. The facility will include 132 units and is slated to open in July 2018.

MEMPHIS—ServiceMaster Global Holdings opened its new innovation and accelerator space, Ground Floor. The 20,000-square-foot collaborative workspace will serve as a hub for the company to showcase its businesses and transform the residential and commercial services industry through digital-mobile technology. With rentable co-working office space, Ground Floor also will be an accelerator for local entrepreneurs and IT developers to create an innovation engine that can attract high-tech talent and investment to Memphis.

ATLANTA—As part of a greater movement in the officing industry to modernize the experience, 7000 Central Park, an 18-story office tower located in the Central Perimeter district, is set to undergo a transformation. CBRE unveiled plans to energize the workplace with major renovations that call for coworking office paces, special events and entertainment options. 7000 Central Park will join CBRE's “5-Star Worldwide” program, a national network of office buildings that attract and retain top talent through professional services, hospitality and events. Improvements to the 423,775-square-foot tower include renovations to the front lobby, a high-tech fitness center, a collaborative co-working space and conference center, expanded café area, meeting space, and a new outdoor “living room” that will provide gathering space for casual lunches and special events.