NEWS & NOTABLES

ATLANTA—CBRE promoted Ryan Reethof to senior associate with the Office Institutional Properties Group in Atlanta. Reethof will work with Atlanta office investment experts Will Yowell, Justin Parsonnet and Jay O'Meara. The team, based in Atlanta, serves clients throughout the Southeast. Reethof joined CBRE in 2012 as an analyst with CBRE's Office Capital Markets team and was quickly promoted to senior analyst. During his tenure with the team, Reethof valued over $8 billion of institutional office real estate.

ATLANTA—Cintas Corporation has announced plans to gradually close its distribution center and centralized stockroom in Atlanta over the course of the next 12 months. Cintas acquired these facilities as part of its merger with G&K Services earlier this year. The facilities closure will impact about 200 employee-partners. Cintas has 10 other facilities in the Atlanta market and affected employee-partners are encouraged to apply for open positions at those facilities.

DEAL TRACKER

ALPHARETTA, GA—Lincoln Property Company Southeast secured a new lease in the Lakeview 400 office park, bringing the single-story development in Alpharetta to 100% leased. Jeff Henson and Matt Davis of Lincoln lead leasing at the property. New tenant Dr. Dale Duncan, an oral surgeon, was represented by Steve Farrar of Newburger-Andes & Company. Lakeview 400 is constructed of architectural brick and full-height storefront glass and is located at 2555 Westside Parkway. The office park has a total of 135,000 square feet with ample onsite parking and north-south access via the newly constructed extension of Westside Parkway. Lakeview 400 also has convenient access to Ga. Highway 400 via either Windward Parkway or Old Milton Parkway.

NASHVILLE—Built announced Matt Pritzel has joined the company as vice president of Sales for Western and Midwestern states. Built's collaboration software brings the draw management process online and helps reduce construction loan risk, increases loan profitability, transforms the borrower experience, and simplifies compliance. Pritzel comes to Built from DataServ Inc., where he spent five years growing their Enterprise SaaS solution offering. He also brings almost 10 years of Enterprise level software sales experience in in credit risk management, financial accounting, and document process automation. At Built, Pritzel will assist construction lenders in making their loans easier for everyone involved in the building process.

MEMPHIS—First Alliance Bank intends 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.

CARROLLTON, GA—KeyBank Real Estate Capital secured a $20.6 million Freddie Mac, first mortgage loan for Haven West, a student housing community. The 568-bed property was built in 2014 and consists of eight, four-story apartment buildings totaling 160 units. Trevor Ritter of Key's Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to acquire the property.

AUGUSTA, GA—Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, announced two of its funds have acquired three properties in Augusta. The properties include Parker Place Apartments, Alexander Place Apartments, and Arborside Apartments (“Arborside”), all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.” Terms of the transaction were not disclosed.

BIRMINGHAM, AL—Forge, a locally-owned and operated co-working concept by Kim Lee, opened at The Pizitz in downtown Birmingham. Forge includes 18 private offices, three conference rooms, and fully-furnished shared workspaces for up to 130 members. The opening of the new co-working spaces signifies the importance of this new office trend in Birmingham. Members of Forge will be working in a 1920s-era landmark former department store, the revival of which has drawn national attention. The upper floors of The Pizitz offer 143 residences, providing a walkable urban lifestyle to its residents.

BUILDING BLOCKS

NASHVILLE—Aertson Midtown, located next to Vanderbilt University, recently opened its residences to the public. The mixed-use community further transforms Nashville's bustling Midtown neighborhood with offerings unseen at other local developments, while also enhancing the walkability of the area. The Residences at Aertson Midtown, named after Jan Aertson, the great-great-grandfather of Cornelius Vanderbilt of neighboring Vanderbilt University, include 350 living spaces—24 studios, 215 one bedrooms, 99 two bedrooms and 12 three bedrooms. The leased residences are available ranging from approximately $1,800 – $5,500 per month.

This week in the Southeast saw a strong representation of commercial real estate deals throughout the region. Tennessee, in particular, had a notable week in commercial real estate news.

BY THE NUMBERS

Nationwide, 60% of renters are Millennials. With the highest acceptance rates (91.8%), the Centennial prospective renters have increased seven times since 2014 clocking in at 9.2% of the renting population. (Source: Rentcafe)

Generation X, the Baby Boomers, and the Silent Generation are slowly exiting the market. Among them, Gen-X-ers have the hardest time getting approvals with a 77.5% acceptance rate. (Source: Rentcafe)

NEWS & NOTABLES

ATLANTA—CBRE promoted Ryan Reethof to senior associate with the Office Institutional Properties Group in Atlanta. Reethof will work with Atlanta office investment experts Will Yowell, Justin Parsonnet and Jay O'Meara. The team, based in Atlanta, serves clients throughout the Southeast. Reethof joined CBRE in 2012 as an analyst with CBRE's Office Capital Markets team and was quickly promoted to senior analyst. During his tenure with the team, Reethof valued over $8 billion of institutional office real estate.

ATLANTA—Cintas Corporation has announced plans to gradually close its distribution center and centralized stockroom in Atlanta over the course of the next 12 months. Cintas acquired these facilities as part of its merger with G&K Services earlier this year. The facilities closure will impact about 200 employee-partners. Cintas has 10 other facilities in the Atlanta market and affected employee-partners are encouraged to apply for open positions at those facilities.

DEAL TRACKER

ALPHARETTA, GA—Lincoln Property Company Southeast secured a new lease in the Lakeview 400 office park, bringing the single-story development in Alpharetta to 100% leased. Jeff Henson and Matt Davis of Lincoln lead leasing at the property. New tenant Dr. Dale Duncan, an oral surgeon, was represented by Steve Farrar of Newburger-Andes & Company. Lakeview 400 is constructed of architectural brick and full-height storefront glass and is located at 2555 Westside Parkway. The office park has a total of 135,000 square feet with ample onsite parking and north-south access via the newly constructed extension of Westside Parkway. Lakeview 400 also has convenient access to Ga. Highway 400 via either Windward Parkway or Old Milton Parkway.

NASHVILLE—Built announced Matt Pritzel has joined the company as vice president of Sales for Western and Midwestern states. Built's collaboration software brings the draw management process online and helps reduce construction loan risk, increases loan profitability, transforms the borrower experience, and simplifies compliance. Pritzel comes to Built from DataServ Inc., where he spent five years growing their Enterprise SaaS solution offering. He also brings almost 10 years of Enterprise level software sales experience in in credit risk management, financial accounting, and document process automation. At Built, Pritzel will assist construction lenders in making their loans easier for everyone involved in the building process.

MEMPHIS—First Alliance Bank intends 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.

CARROLLTON, GA—KeyBank Real Estate Capital secured a $20.6 million Freddie Mac, first mortgage loan for Haven West, a student housing community. The 568-bed property was built in 2014 and consists of eight, four-story apartment buildings totaling 160 units. Trevor Ritter of Key's Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest only period and 30-year amortization schedule. Proceeds of the loan were used to acquire the property.

AUGUSTA, GA—Lexerd Capital Management LLC, a New Jersey-based sponsor of private equity funds, announced two of its funds have acquired three properties in Augusta. The properties include Parker Place Apartments, Alexander Place Apartments, and Arborside Apartments (“Arborside”), all garden style multifamily communities with 139, 127 and 180 units respectively. Lexerd renamed the properties “The Lory of Augusta.” Terms of the transaction were not disclosed.

BIRMINGHAM, AL—Forge, a locally-owned and operated co-working concept by Kim Lee, opened at The Pizitz in downtown Birmingham. Forge includes 18 private offices, three conference rooms, and fully-furnished shared workspaces for up to 130 members. The opening of the new co-working spaces signifies the importance of this new office trend in Birmingham. Members of Forge will be working in a 1920s-era landmark former department store, the revival of which has drawn national attention. The upper floors of The Pizitz offer 143 residences, providing a walkable urban lifestyle to its residents.

BUILDING BLOCKS

NASHVILLE—Aertson Midtown, located next to Vanderbilt University, recently opened its residences to the public. The mixed-use community further transforms Nashville's bustling Midtown neighborhood with offerings unseen at other local developments, while also enhancing the walkability of the area. The Residences at Aertson Midtown, named after Jan Aertson, the great-great-grandfather of Cornelius Vanderbilt of neighboring Vanderbilt University, include 350 living spaces—24 studios, 215 one bedrooms, 99 two bedrooms and 12 three bedrooms. The leased residences are available ranging from approximately $1,800 – $5,500 per month.