NEWS & NOTABLES

ATLANTA—GCP opened a new office in the Atlanta area to serve its properties in the region. GCP recently added more than 800,000 square feet of bulk distribution warehouse space in Atlanta and Charlotte to its portfolio, bringing the total in the area to over 2 million square feet.Robyn Johnson is joining GCP as the firm's first Atlanta-based associate. Johnson comes to GCP with more than 20 years of property management experience. She will manage 11 buildings with a total of 19 tenants.

MEMPHIS—First Alliance Bank plans to relocate its Poplar Avenue branch banking office to Clark Tower. FAB signed a 10-year lease to occupy new offices adjacent to Clark Tower's recently remodeled lobby. The branch will provide full banking services and a drive-through facility for its customers, subject to final regulatory approval. Clark Tower recently completed $8 million of improvements to its lobby, selected common areas, HVAC systems, elevators, and surrounding walkways. The building now features a 60-person conference center, tenant game room, and a new marquee entry adjacent to FAB's upcoming offices.

ATLANTA—Commercial Property Professionals and SK Commercial Realty have integrated their services. They will maintain their offices at Circle 75 and retain the company name SK Commercial Realty. The companies have been collaborating for some time and have concluded joining forces would expedite and amplify the vision of both companies. Under the new company, Hugh Scott, Jr., will serve as chairman of SK Commercial Realty; Hugh Scott III, will serve as CEO; and Tom Kirbo will serve as president; Furman Wood will serve senior vice president and principal; and Keith Guthrie will serve as senior vice president and principal.

DEAL TRACKER

NASHVILLE—CIM Group acquired Stacks on Main, a newly constructed five-story, 268-unit apartment building with 377 parking stalls located at 535 Main Street in the East Nashville neighborhood. Located 1.5 miles east of Downtown Nashville, the neighborhood is a hub of art, music, restaurants and bars with a vibrant craft beer scene, and an array of boutiques and local retailers. The property is located close to the area's major thoroughfares, with immediate access to the Ellington Parkway, US 41, and Interstate 24, and is also proximate to several bus lines that connect into downtown Nashville in less than 10 minutes.

ATLANTA—A joint venture between Mainstreet Capital Partners and Davis Investment Ventures Value Opportunity Fund III, acquired Tucker Exchange, a class A, 250,000-square-foot office building on 13 acres, located one mile from downtown Tucker in Atlanta's Northlake submarket. Located at 2059 Northlake Parkway in the heart of the Tucker-Lakeside community, Tucker Exchange offers immediate access to Interstate 285 and is proximate to seven hotels and 30 nearby restaurants.

ATLANTA—Avison Young has been retained by Dilweg Companies to handle leasing for 250 East Ponce, a 141,582-square-foot office building located in the heart of downtown Decatur. Kirk Rich, Jillian Woodliff and Callan Phillips of Avison Young will handle leasing responsibilities. The eight-story structure, built in 1962, offers 360 degree views of Midtown, Buckhead, Downtown Atlanta and Stone Mountain. Presently 84% leased, 250 East Ponce counts Wells Fargo, ELS Educational Service and Utility Associates among its tenants. “Decatur is one of the most specialized and sought-after submarkets in metro Atlanta and an ideal location for millennials based on its proximity to downtown Atlanta, MARTA and numerous retail amenities,” says Kirk Rich, principal at Avison Young in Atlanta. “Decatur's nationally acclaimed school system has also drawn many C-suite executives seeking excellent public education opportunities for their children to the area. A wide variety of companies, especially tech startups, have also chosen the community because it offers a superb live, work, play environment.”

BUILDING BLOCKS

ATLANTA—Dilweg Companies completed a $5 million repositioning project at 101 Marietta Street, a 36-story class A office tower in Downtown Atlanta, as the building launches a new chapter. Located in Atlanta's newly dedicated arts and entertainment district, 101 Marietta Street is within walking distance to Centennial Olympic Park, CNN Center, Georgia Aquarium and the new Mercedes-Benz Stadium, along with dozens of nearby shopping and dining venues. Improvements to the 650,000-square-foot tower, formerly known as Centennial Tower, include a lobby highlighted by a life-size, two-way virtual window offering real-time views of the streetscape and building interior. Designed by Perkins+Will, the lobby also features restaurant-style booths and collaborative workspaces. CBRE is overseeing leasing at the property.

HUNTSVILLE, AL—RD Management is expanding Academy Plaza in Huntsville by approximately 40,000 square feet. The newly-constructed building will be complete by early 2018. RD Management is looking to pre-lease the space to a junior-box tenant. Academy Plaza's location allows visibility to both Memorial Parkway Southwest & Drake Avenue Southwest, two major thoroughfares in the city of Huntsville. The center is opposite Parkway Place Mall, a popular shopping destination with tenants that include Dillard's, Belk, Ann Taylor, Lens Crafters, American Eagle Outfitters, Chico's, and Carrabba's Italian Grill. Academy Sports + Outdoors opened April 28 and occupies 62,943 square feet of the 99,688-square-foot center, which offers 473 parking spaces for shoppers.

ATLANTA—This week in the Southeast saw some noteworthy news coming out of the data center industry, as well as a new commercial real estate office expansion and further consolidation. Meanwhile, renovations and expansion continue across Southeast commercial real estate properties.

BY THE NUMBERS

Data center construction in North America is up 43% from 2016 and industry consolidation powered a $10 billion surge in mergers and acquisitions in the first half of 2017. Meanwhile, cloud leasing activity started shifting to global markets. (Source: JLL)

Atlanta sustained its strong growth from 2016 during the first half of 2017. Data center providers and users are now evaluating ways to enter the historically underserved market as they look to anchor their presence in the Southeast. (Source: JLL)

NEWS & NOTABLES

ATLANTA—GCP opened a new office in the Atlanta area to serve its properties in the region. GCP recently added more than 800,000 square feet of bulk distribution warehouse space in Atlanta and Charlotte to its portfolio, bringing the total in the area to over 2 million square feet.Robyn Johnson is joining GCP as the firm's first Atlanta-based associate. Johnson comes to GCP with more than 20 years of property management experience. She will manage 11 buildings with a total of 19 tenants.

MEMPHIS—First Alliance Bank plans to relocate its Poplar Avenue branch banking office to Clark Tower. FAB signed a 10-year lease to occupy new offices adjacent to Clark Tower's recently remodeled lobby. The branch will provide full banking services and a drive-through facility for its customers, subject to final regulatory approval. Clark Tower recently completed $8 million of improvements to its lobby, selected common areas, HVAC systems, elevators, and surrounding walkways. The building now features a 60-person conference center, tenant game room, and a new marquee entry adjacent to FAB's upcoming offices.

ATLANTA—Commercial Property Professionals and SK Commercial Realty have integrated their services. They will maintain their offices at Circle 75 and retain the company name SK Commercial Realty. The companies have been collaborating for some time and have concluded joining forces would expedite and amplify the vision of both companies. Under the new company, Hugh Scott, Jr., will serve as chairman of SK Commercial Realty; Hugh Scott III, will serve as CEO; and Tom Kirbo will serve as president; Furman Wood will serve senior vice president and principal; and Keith Guthrie will serve as senior vice president and principal.

DEAL TRACKER

NASHVILLE—CIM Group acquired Stacks on Main, a newly constructed five-story, 268-unit apartment building with 377 parking stalls located at 535 Main Street in the East Nashville neighborhood. Located 1.5 miles east of Downtown Nashville, the neighborhood is a hub of art, music, restaurants and bars with a vibrant craft beer scene, and an array of boutiques and local retailers. The property is located close to the area's major thoroughfares, with immediate access to the Ellington Parkway, US 41, and Interstate 24, and is also proximate to several bus lines that connect into downtown Nashville in less than 10 minutes.

ATLANTA—A joint venture between Mainstreet Capital Partners and Davis Investment Ventures Value Opportunity Fund III, acquired Tucker Exchange, a class A, 250,000-square-foot office building on 13 acres, located one mile from downtown Tucker in Atlanta's Northlake submarket. Located at 2059 Northlake Parkway in the heart of the Tucker-Lakeside community, Tucker Exchange offers immediate access to Interstate 285 and is proximate to seven hotels and 30 nearby restaurants.

ATLANTA—Avison Young has been retained by Dilweg Companies to handle leasing for 250 East Ponce, a 141,582-square-foot office building located in the heart of downtown Decatur. Kirk Rich, Jillian Woodliff and Callan Phillips of Avison Young will handle leasing responsibilities. The eight-story structure, built in 1962, offers 360 degree views of Midtown, Buckhead, Downtown Atlanta and Stone Mountain. Presently 84% leased, 250 East Ponce counts Wells Fargo, ELS Educational Service and Utility Associates among its tenants. “Decatur is one of the most specialized and sought-after submarkets in metro Atlanta and an ideal location for millennials based on its proximity to downtown Atlanta, MARTA and numerous retail amenities,” says Kirk Rich, principal at Avison Young in Atlanta. “Decatur's nationally acclaimed school system has also drawn many C-suite executives seeking excellent public education opportunities for their children to the area. A wide variety of companies, especially tech startups, have also chosen the community because it offers a superb live, work, play environment.”

BUILDING BLOCKS

ATLANTA—Dilweg Companies completed a $5 million repositioning project at 101 Marietta Street, a 36-story class A office tower in Downtown Atlanta, as the building launches a new chapter. Located in Atlanta's newly dedicated arts and entertainment district, 101 Marietta Street is within walking distance to Centennial Olympic Park, CNN Center, Georgia Aquarium and the new Mercedes-Benz Stadium, along with dozens of nearby shopping and dining venues. Improvements to the 650,000-square-foot tower, formerly known as Centennial Tower, include a lobby highlighted by a life-size, two-way virtual window offering real-time views of the streetscape and building interior. Designed by Perkins+Will, the lobby also features restaurant-style booths and collaborative workspaces. CBRE is overseeing leasing at the property.

HUNTSVILLE, AL—RD Management is expanding Academy Plaza in Huntsville by approximately 40,000 square feet. The newly-constructed building will be complete by early 2018. RD Management is looking to pre-lease the space to a junior-box tenant. Academy Plaza's location allows visibility to both Memorial Parkway Southwest & Drake Avenue Southwest, two major thoroughfares in the city of Huntsville. The center is opposite Parkway Place Mall, a popular shopping destination with tenants that include Dillard's, Belk, Ann Taylor, Lens Crafters, American Eagle Outfitters, Chico's, and Carrabba's Italian Grill. Academy Sports + Outdoors opened April 28 and occupies 62,943 square feet of the 99,688-square-foot center, which offers 473 parking spaces for shoppers.