NEWS & NOTABLES

NASHVILLE—CBRE will bring its Workplace360 initiative to Nashville with the opening of a 16,000-square-foot office in 222, a new Hines property being developed in a joint venture with CB Ragland. Workplace360 is CBRE's approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100%-free address and paperless offices. Nashville will join approximately 50 other CBRE offices around the world in transitioning to Workplace360, which has been embraced by employees worldwide. A one-year post-occupancy survey of employees in CBRE's downtown Chicago Workplace360 office found that 90% of employees felt more productive in the new space.

ATLANTA—Atlantic Capital Bank added Chris Chadwell to the commercial lending team in Knoxville. Chadwell will serve as vice president and commercial banking officer. Chadwell served as a vice president and business relationship banker at First Volunteer Bank, responsible for local commercial lending, credit decisions, risk management, and development of financial analyses. He brings seven years of banking experience to the Knoxville team. He began his career at First Volunteer Bank in its financial banking center, where he was widely recognized for generating consistent growth and delivering results for clients.

ATLANTA—Elliot Howell has joined Walker & Dunlop Investment Sales as managing director. Howell is based out of the company's Atlanta office and is responsible for the origination and execution of investment sales for multifamily assets in the Southeast. Prior to joining Walker & Dunlop, Howell served as managing director at Trammell Crow Residential where he was involved in multifamily property acquisition, financing, and development in the Southeast. He was previously in the multifamily capital markets group at JLL. During his time at JLL, Howell was directly involved in the underwriting and sale of over $1.8 billion in transaction volume.

DEAL TRACKER

BLUE RIDGE, GA—KeyBank Real Estate Capital provided a $12.9 million Fannie Mae, first mortgage loan for Blue Ridge Assisted Living and Memory Care. The 67-unit, seniors housing community was built in 2016 and offers 49 assisted living and 18 memory care units. The financing provided for a possible expansion of the property during the term of the loan. Carolyn Nazdin of Key's Healthcare Group arranged the financing with a 12-year term, four-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to facilitate the acquisition of the property.

ATLANTA—Armour Yards, an adaptive-reuse district that sits between Atlanta's Buckhead and Midtown neighborhoods, announced Coyote, a subsidiary of UPS, will occupy 47,986 square feet of office space within the project. The logistics provider will lease the entire portion of office space at 255 Ottley, bringing the entire Armour Yards project to 86.4% leased. Brooke Dewey, vice president at JLL, represented the landlord, Third and Urban and institutional investors advised by J.P. Morgan Asset Management, in the lease transaction. David Burkards with MB Real Estate represented Coyote.

ATLANTA—Alan Joel and Dan Granot, principals at Joel & Granot Real Estate/CORFAC International represented 550 Buckhead in the $20 million disposition of a Buckhead Atlanta office building. The office building located at 550 Pharr Road in Atlanta, is near the northwest corner of Pharr Road and Piedmont Road in the heart of the Buckhead corridor. The property buyer, Stone Street Capital, is an investment advisory company that operates in a variety of markets and across a broad spectrum of investment disciplines.

ATLANTA—CGI Strategies sold City Walk, a mixed-use development in Atlanta's Sweet Auburn Avenue Historic District to two separate investors. Located at 171 Auburn Avenue Northeast and spanning an entire city block, the six-story brick-clad City Walk features 144 one- and two-bedroom apartment rental units over 30,500 square feet of street level retail. The building features a rooftop tennis court, poolside resident lounge, and 24-hour fitness center. Each unit offers an oversized gourmet kitchen with modern fixtures and appliances, high-end finishes, washer and dryer connections, 10-foot ceilings and hardwood flooring.

GAINSVILLE, GA—Audubon Communities purchased the 292-unit Lenox Park complex in rapidly growing Gainesville for $22 million. The property will be renamed Peaks at Gainesville. Audubon plans to invest nearly $3 million in improvements to the property, which was built in 2000 and consists primarily of large two- and three-bedroom apartments that average 1,100 square feet, making it ideal for families and roommate living arrangements. The population in the Gainesville area has grown more than 40 percent since the 2000 Census. Employment grew 6.2 percent in 2015, easily the fastest rate in the state and the third-fastest in the South. Employment is anchored by Northeast Georgia Health System, which employs more than 7,000 people. Hall County is home to 300-plus manufacturing and processing businesses, and 46 international companies representing 18 nations.

COOKEVILLE, TN—Fimiani Development Corporation acquired Willow Tree Plaza in Cookeville, Tenn. from Willow Tree Partners for $4.225 million. The 110,000 square-foot shopping center, located at 138 Willow Avenue in Cookeville, is anchored by Save A Lot, Harbor Freight Tools, Aaron's and Family Dollar. Fimiani plans extensive renovations to Willow Tree Plaza including repainting the center, adding a new roof and repaving the parking lot. “Willow Tree Plaza's close proximity to the historic downtown and central business district, Tennessee Tech University and Cookeville Regional Medical Center makes it an appealing location for retailers,” said Mike Fimiani, president of Fimiani Development. “We look forward to renovating the property which will add value not only for our tenants but also for the community.”

ATLANTA—This week in the Southeast saw CBRE advancing modern workplaces in Tennessee. Georgia is was once again the hotbed of commercial activity in the region.

BY THE NUMBERS

Out of the large tech talent markets, Atlanta attained the fifth-highest increase of Millennials with a 9.3% increase since 2010. This equates to 19.2% of total growth in a population of 463,875. (Source: CBRE)

Atlanta has the 18^th lowest rent-to-tech wage (14.4%), meaning those employed in the tech industry in Atlanta spend less of their earnings on rent than those in other large markets such as Boston (24.9%), San Francisco (27.2%), Los Angeles (27.8%) or New York (30.8%). Additionally, Atlanta saw the eighth highest increase in tech wages (15.7%) from 2011 to 2016. (Source: CBRE)

NEWS & NOTABLES

NASHVILLE—CBRE will bring its Workplace360 initiative to Nashville with the opening of a 16,000-square-foot office in 222, a new Hines property being developed in a joint venture with CB Ragland. Workplace360 is CBRE's approach to workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100%-free address and paperless offices. Nashville will join approximately 50 other CBRE offices around the world in transitioning to Workplace360, which has been embraced by employees worldwide. A one-year post-occupancy survey of employees in CBRE's downtown Chicago Workplace360 office found that 90% of employees felt more productive in the new space.

ATLANTA—Atlantic Capital Bank added Chris Chadwell to the commercial lending team in Knoxville. Chadwell will serve as vice president and commercial banking officer. Chadwell served as a vice president and business relationship banker at First Volunteer Bank, responsible for local commercial lending, credit decisions, risk management, and development of financial analyses. He brings seven years of banking experience to the Knoxville team. He began his career at First Volunteer Bank in its financial banking center, where he was widely recognized for generating consistent growth and delivering results for clients.

ATLANTA—Elliot Howell has joined Walker & Dunlop Investment Sales as managing director. Howell is based out of the company's Atlanta office and is responsible for the origination and execution of investment sales for multifamily assets in the Southeast. Prior to joining Walker & Dunlop, Howell served as managing director at Trammell Crow Residential where he was involved in multifamily property acquisition, financing, and development in the Southeast. He was previously in the multifamily capital markets group at JLL. During his time at JLL, Howell was directly involved in the underwriting and sale of over $1.8 billion in transaction volume.

DEAL TRACKER

BLUE RIDGE, GA—KeyBank Real Estate Capital provided a $12.9 million Fannie Mae, first mortgage loan for Blue Ridge Assisted Living and Memory Care. The 67-unit, seniors housing community was built in 2016 and offers 49 assisted living and 18 memory care units. The financing provided for a possible expansion of the property during the term of the loan. Carolyn Nazdin of Key's Healthcare Group arranged the financing with a 12-year term, four-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to facilitate the acquisition of the property.

ATLANTA—Armour Yards, an adaptive-reuse district that sits between Atlanta's Buckhead and Midtown neighborhoods, announced Coyote, a subsidiary of UPS, will occupy 47,986 square feet of office space within the project. The logistics provider will lease the entire portion of office space at 255 Ottley, bringing the entire Armour Yards project to 86.4% leased. Brooke Dewey, vice president at JLL, represented the landlord, Third and Urban and institutional investors advised by J.P. Morgan Asset Management, in the lease transaction. David Burkards with MB Real Estate represented Coyote.

ATLANTA—Alan Joel and Dan Granot, principals at Joel & Granot Real Estate/CORFAC International represented 550 Buckhead in the $20 million disposition of a Buckhead Atlanta office building. The office building located at 550 Pharr Road in Atlanta, is near the northwest corner of Pharr Road and Piedmont Road in the heart of the Buckhead corridor. The property buyer, Stone Street Capital, is an investment advisory company that operates in a variety of markets and across a broad spectrum of investment disciplines.

ATLANTA—CGI Strategies sold City Walk, a mixed-use development in Atlanta's Sweet Auburn Avenue Historic District to two separate investors. Located at 171 Auburn Avenue Northeast and spanning an entire city block, the six-story brick-clad City Walk features 144 one- and two-bedroom apartment rental units over 30,500 square feet of street level retail. The building features a rooftop tennis court, poolside resident lounge, and 24-hour fitness center. Each unit offers an oversized gourmet kitchen with modern fixtures and appliances, high-end finishes, washer and dryer connections, 10-foot ceilings and hardwood flooring.

GAINSVILLE, GA—Audubon Communities purchased the 292-unit Lenox Park complex in rapidly growing Gainesville for $22 million. The property will be renamed Peaks at Gainesville. Audubon plans to invest nearly $3 million in improvements to the property, which was built in 2000 and consists primarily of large two- and three-bedroom apartments that average 1,100 square feet, making it ideal for families and roommate living arrangements. The population in the Gainesville area has grown more than 40 percent since the 2000 Census. Employment grew 6.2 percent in 2015, easily the fastest rate in the state and the third-fastest in the South. Employment is anchored by Northeast Georgia Health System, which employs more than 7,000 people. Hall County is home to 300-plus manufacturing and processing businesses, and 46 international companies representing 18 nations.

COOKEVILLE, TN—Fimiani Development Corporation acquired Willow Tree Plaza in Cookeville, Tenn. from Willow Tree Partners for $4.225 million. The 110,000 square-foot shopping center, located at 138 Willow Avenue in Cookeville, is anchored by Save A Lot, Harbor Freight Tools, Aaron's and Family Dollar. Fimiani plans extensive renovations to Willow Tree Plaza including repainting the center, adding a new roof and repaving the parking lot. “Willow Tree Plaza's close proximity to the historic downtown and central business district, Tennessee Tech University and Cookeville Regional Medical Center makes it an appealing location for retailers,” said Mike Fimiani, president of Fimiani Development. “We look forward to renovating the property which will add value not only for our tenants but also for the community.”