ATLANTA–Roger A. Miller, an Atlanta-based hospitality industry veteran, announced the launch of R.A. Miller, LLC, a hospitality sales and marketing services and consulting practice nationwide. Miller serves as president of the firm. As a multi-unit hospitality veteran of 30-plus years, he brings experience as a strategist, trainer, leader, coach, mentor and industry resource for full service, select service, extended stay, resort and independent brands. He has represented more than 225 properties ranging in size from 60 to 600 rooms and $2.5 billion in assets across 42 states. His knowledge spans brands including Marriott/Starwood, Hilton, Hyatt, IHG and Choice Hotels. He also has extensive experience with convention, resort and boutique independent hotels.

ATLANTA—On the 54^th anniversary of civil rights leader the Rev. Martin Luther King Jr.'s inspiring “I have a dream,” speech, representatives of the Atlanta Apartment Association (AAA) and Georgia Apartment Association (GAA) gathered with more than 1,000 others to witness the unveiling of a statue in his honor on the grounds of the Georgia State Capitol. The AAA and GAA were among the leading sponsors in raising the approximately $300,000 needed to create the tribute to Dr. King. The eight-foot statute, created by artist Martin Dawe, faces east toward the Atlanta neighborhood where King lived most of his life and to the nearby street that now bears his name. The statue was unveiled by Georgia Gov. Nathan Deal, the Rev. Bernice King, and other members of the King family.

DEAL TRACKER

ATLANTA—Stonemont Financial Group, an Atlanta-based real estate investment firm, acquired a massive $1.3 billion portfolio of investment-grade, net lease assets from Oak Street Real Estate Capital. The portfolio, which will continue to be co-managed by Oak Street, consists of 97 office, retail and industrial properties spread across 20 states and 19 unique investment-grade tenants. This deal marks the beginning of a strategic acquisition plan for Stonemont under its recently launched investment-grade income fund. The core-plus investment vehicle will be structured to provide institutional and private equity investors consistent outsized risk-adjusted returns for investment-grade credits. “Given the high credit quality of the tenant base and strategic importance of the assets, we couldn't ask for a better portfolio to serve as the first acquisition under our new fund,” says Zack Markwell, CEO and managing principal of Stonemont. “This fund is truly one of a kind—it is the only investment-grade net lease fund diversified by tenant, geography and industry. We have an aggressive acquisition plan to grow the fund to meet investor demand for the superior risk-adjusted returns the fund offers.”

ATLANTA—The Plaza at Midtown, a 70,000-square-foot Publix-anchored center located in the Midtown submarket of Atlanta, has traded hands. The sale price: $31.8 million. InvenTrust Properties Corp. acquired the retail center. Including the grocery anchor tenant Publix, the retail center features a number of high performing up-scale and casual dining restaurants and Internet resistant services including fitness and beauty and wellness tenants. “Securing a Publix-anchored center in the exciting Midtown market was a unique opportunity for InvenTrust Properties to enhance our retail portfolio,” says Michael E. Podboy, executive vice president, CFO and CIO of InvenTrust. “This acquisition demonstrates our continued progress to build a portfolio with the right properties in the right markets.”

ATLANTA—Lincoln Property Company Southeast has been hired to sell an office campus on Rolling Pin Lane in the Suwanee submarket of Atlanta in Gwinnett County. Jeff Henson of Lincoln will handle the disposition of the property. The two-building office campus with excess land would be ideal for a corporate headquarters, according to Henson. The campus is comprised of a two-story, 50,000-square foot main building, plus a 5,000-square foot adjoining single-story building that has a fully equipped commercial kitchen in place. The property sits on nearly 10 acres and offers more than seven parking spots per 1,000 square feet of space, with room to expand parking, if needed. The property is less than a mile from Interstate 85 and first-class retail and dining options at Sugarloaf Mills Mall. The property also offers prominent signage opportunities with road frontage on Horizon Drive.

NORCROSS—RADCO Companies completed its seventh acquisition of 2017 with the closing of Tuscana Apartment Homes. This is RADCO's 73rd acquisition since 2011, its 38th acquisition in Georgia, and its eighth community in the Gwinnett County submarket. The 260-unit, class B property has been renamed Ashford 6860. Ashford 6860 will be proudly managed by RADCO Residential, the Company's proprietary management platform.

BUILDING BLOCKS

ATLANTA—Ownership of Buckhead's Atlanta Plaza are completing major renovations to the well-known building. Renovations are underway and slated for completion by the end of the year. CBRE's Chris Port and Nicole Goldsmith are representing owners Banyan Street Capital in the leasing. Plans include a dramatic transformation of the lobby and entry to the building, added amenities and outdoor workspaces, upgraded corridors and expanded conference facilities. The entry will open to East Paces Ferry, which is under an expansion through the Buckhead CID. “The timing with renovations at Atlanta Plaza and the Buckhead CID's road improvements align perfectly, furthering increasing the appeal of this building and the submarket,” says Port. “Keeping the brand of the building intact, while seamlessly adding technology infrastructure and tenant comforts will be critical in ensuring the success of the renovation efforts.”

ATLANTA—Early this week in the Southeast saw good news for Atlanta's multifamily market, a new hospitality consulting firm launch, and a milestone of honor. Meanwhile, RADCO is still running strong in the multifamily sector with yet another acquisition.

BY THE NUMBERS

Employment growth is positive nationwide—but Atlanta, Florida, Las Vegas and Nashville are reporting robust growth. That bodes well for the multifamily market in these areas. Yields remain stable throughout the country at 5.6%, with secondary and tertiary markets primarily in the Midwest and Southwest offering the highest multifamily yields. (Source: ARA Newmark)

NEWS & NOTABLES

ATLANTA–Roger A. Miller, an Atlanta-based hospitality industry veteran, announced the launch of R.A. Miller, LLC, a hospitality sales and marketing services and consulting practice nationwide. Miller serves as president of the firm. As a multi-unit hospitality veteran of 30-plus years, he brings experience as a strategist, trainer, leader, coach, mentor and industry resource for full service, select service, extended stay, resort and independent brands. He has represented more than 225 properties ranging in size from 60 to 600 rooms and $2.5 billion in assets across 42 states. His knowledge spans brands including Marriott/Starwood, Hilton, Hyatt, IHG and Choice Hotels. He also has extensive experience with convention, resort and boutique independent hotels.

ATLANTA—On the 54^th anniversary of civil rights leader the Rev. Martin Luther King Jr.'s inspiring “I have a dream,” speech, representatives of the Atlanta Apartment Association (AAA) and Georgia Apartment Association (GAA) gathered with more than 1,000 others to witness the unveiling of a statue in his honor on the grounds of the Georgia State Capitol. The AAA and GAA were among the leading sponsors in raising the approximately $300,000 needed to create the tribute to Dr. King. The eight-foot statute, created by artist Martin Dawe, faces east toward the Atlanta neighborhood where King lived most of his life and to the nearby street that now bears his name. The statue was unveiled by Georgia Gov. Nathan Deal, the Rev. Bernice King, and other members of the King family.

DEAL TRACKER

ATLANTA—Stonemont Financial Group, an Atlanta-based real estate investment firm, acquired a massive $1.3 billion portfolio of investment-grade, net lease assets from Oak Street Real Estate Capital. The portfolio, which will continue to be co-managed by Oak Street, consists of 97 office, retail and industrial properties spread across 20 states and 19 unique investment-grade tenants. This deal marks the beginning of a strategic acquisition plan for Stonemont under its recently launched investment-grade income fund. The core-plus investment vehicle will be structured to provide institutional and private equity investors consistent outsized risk-adjusted returns for investment-grade credits. “Given the high credit quality of the tenant base and strategic importance of the assets, we couldn't ask for a better portfolio to serve as the first acquisition under our new fund,” says Zack Markwell, CEO and managing principal of Stonemont. “This fund is truly one of a kind—it is the only investment-grade net lease fund diversified by tenant, geography and industry. We have an aggressive acquisition plan to grow the fund to meet investor demand for the superior risk-adjusted returns the fund offers.”

ATLANTA—The Plaza at Midtown, a 70,000-square-foot Publix-anchored center located in the Midtown submarket of Atlanta, has traded hands. The sale price: $31.8 million. InvenTrust Properties Corp. acquired the retail center. Including the grocery anchor tenant Publix, the retail center features a number of high performing up-scale and casual dining restaurants and Internet resistant services including fitness and beauty and wellness tenants. “Securing a Publix-anchored center in the exciting Midtown market was a unique opportunity for InvenTrust Properties to enhance our retail portfolio,” says Michael E. Podboy, executive vice president, CFO and CIO of InvenTrust. “This acquisition demonstrates our continued progress to build a portfolio with the right properties in the right markets.”

ATLANTA—Lincoln Property Company Southeast has been hired to sell an office campus on Rolling Pin Lane in the Suwanee submarket of Atlanta in Gwinnett County. Jeff Henson of Lincoln will handle the disposition of the property. The two-building office campus with excess land would be ideal for a corporate headquarters, according to Henson. The campus is comprised of a two-story, 50,000-square foot main building, plus a 5,000-square foot adjoining single-story building that has a fully equipped commercial kitchen in place. The property sits on nearly 10 acres and offers more than seven parking spots per 1,000 square feet of space, with room to expand parking, if needed. The property is less than a mile from Interstate 85 and first-class retail and dining options at Sugarloaf Mills Mall. The property also offers prominent signage opportunities with road frontage on Horizon Drive.

NORCROSS—RADCO Companies completed its seventh acquisition of 2017 with the closing of Tuscana Apartment Homes. This is RADCO's 73rd acquisition since 2011, its 38th acquisition in Georgia, and its eighth community in the Gwinnett County submarket. The 260-unit, class B property has been renamed Ashford 6860. Ashford 6860 will be proudly managed by RADCO Residential, the Company's proprietary management platform.

BUILDING BLOCKS

ATLANTA—Ownership of Buckhead's Atlanta Plaza are completing major renovations to the well-known building. Renovations are underway and slated for completion by the end of the year. CBRE's Chris Port and Nicole Goldsmith are representing owners Banyan Street Capital in the leasing. Plans include a dramatic transformation of the lobby and entry to the building, added amenities and outdoor workspaces, upgraded corridors and expanded conference facilities. The entry will open to East Paces Ferry, which is under an expansion through the Buckhead CID. “The timing with renovations at Atlanta Plaza and the Buckhead CID's road improvements align perfectly, furthering increasing the appeal of this building and the submarket,” says Port. “Keeping the brand of the building intact, while seamlessly adding technology infrastructure and tenant comforts will be critical in ensuring the success of the renovation efforts.”