NEWS & NOTABLES

BATON ROUGE—CBRE opened a Baton Rouge office to provide Valuation & Advisory Services. The office is being launched with the addition of four professionals. The new members will report to Keith J. Richard, vice president, VAS, CBRE. Laura Lampin joins CBRE as a senior appraiser. She was previously a right-of-way appraiser for the Louisiana Department of Transportation and Development, where she worked for more than 10 years. Eddie Saa will serve as a valuation associate and appraiser trainee. He will primarily assist in preparing appraisal reports. Jada Roper joins CBRE as a valuation associate, specializing in preparing appraisal reports and serving as an appraiser trainee working under the direction of Ryan Gay. She previously worked as a senior products market financial analyst for Humana. Elizabeth Novit rejoins CBRE as a valuation associate with a primary focus on market research. Novit was previously a client services coordinator in CBRE's Chicago office.

DEAL TRACKER

KNOXVILLE, TN—Berkadia secured over $50 million in financing for the off-market acquisition of two multifamily assets located in Knoxville by Goldelm Capital LLC. Michaelson Group, a commercial real estate management and operation firm, will manage the properties. Senior managing director Mitch Sinberg and associate director Matt Robbins of Berkadia's Boca Raton office, along with senior managing director Bob Falese and associate director Jeremy Lynch of Berkadia's Philadelphia office, arranged the loans on behalf of Goldelm Capital. Goldelm Capital acquired The Metropolitan, a 520-unit property located in the Cedar Bluff submarket of West Knoxville, for $48.1 million, with a $38.78 million loan. A few weeks later, on October 5th, Goldelm Capital closed on Viera Cedar Bluff, a 184-unit community located in the same submarket, for $17.75 million, with a $14.29 million loan. Both properties were financed through Fannie Mae's Green Rewards program with 12-year, interest only period loan.

ATLANTA—Atlanta's white hot industrial market just proved its speculative development strength once again. Trammell Crow Company with its partners Huntington Industrial Partners and Ascentris, sold Fairburn 85 Distribution Center, a class A, speculative industrial building totaling 317,520 square feet to GLP US Management. Trammell and its partners had strong foresight in the deal that is paying off. The ownership team acquired the 29.73-acre land site, which is located in the Interstate 85 South Atlanta submarket, in 2014.

ATLANTA—Kramer Real Estate Investments and its co-general partner H2 Capital acquired the W.D. Grant Building in downtown Atlanta. JLL will lease, manage and restore the building, which is listed on the National Register of Historic Places. JLL's Project and Development Services group is overseeing a multi-million-dollar renovation. The Grant Building is located at in Downtown Atlanta's Fairlie-Poplar Historic District. Built in 1898, the building is the second oldest steel construction structure in the southeast. The building is 10 stories, totaling 135,000 square feet with approximately 10,000 square feet of retail and restaurant space. The new ownership is planning a significant building modernization, including restoring the elevators, roof, fire protection and building safety systems, installing new lighting, paint and other cosmetic improvements.

TUSCALOOSA, AL—GBT Realty Corporation's Capital Holdings recently made its first acquisition, snapping up McFarland Plaza, a 234,000-square foot power center in Tuscaloosa, AL on McFarland Boulevard, Tuscaloosa's dominant retail corridor. No additional details are available. “McFarland Plaza is an ideal first acquisition for our pursuit of value-add investment opportunities given its locational drivers, lease‐up opportunities, mark‐to‐market rent on its best space and existing tenancy,” says Scott Porter, managing director, Capital Holdings, GBT Realty. “Germane to GBT's existing business, opportunities such as this one are what led us to create the Capital Holdings platform as we continue to diversify our corporate platform.”

BUILDING BLOCKS

ATLANTA—North American Properties broke ground on the reimagined Colony Square, a redevelopment project that aims to transform Midtown's iconic office towers and dated retail center into an urban entertainment and dining destination infused with art, cultural experiences and events. Colony Square's renovation process will be executed in multiple phases, with the third phase expected to deliver in November 2019.

This week in the Southeast saw CBRE open a Baton Rouge office with a strong staff line up. Berkadia did some big financing deals and much more.

BY THE NUMBERS

What markets are renter-friendly? With approval rates above the national level (83%), Miami along with Seattle, Austin and San Francisco are among the most attractive cities for prospective renters in the US. Notice Atlanta didn't make the short list. (Source: Rentcafe)

May and June are auspicious months for getting multifamily rental approvals, while February is notorious for its low acceptance rates. (Source: Rentcafe)

NEWS & NOTABLES

BATON ROUGE—CBRE opened a Baton Rouge office to provide Valuation & Advisory Services. The office is being launched with the addition of four professionals. The new members will report to Keith J. Richard, vice president, VAS, CBRE. Laura Lampin joins CBRE as a senior appraiser. She was previously a right-of-way appraiser for the Louisiana Department of Transportation and Development, where she worked for more than 10 years. Eddie Saa will serve as a valuation associate and appraiser trainee. He will primarily assist in preparing appraisal reports. Jada Roper joins CBRE as a valuation associate, specializing in preparing appraisal reports and serving as an appraiser trainee working under the direction of Ryan Gay. She previously worked as a senior products market financial analyst for Humana. Elizabeth Novit rejoins CBRE as a valuation associate with a primary focus on market research. Novit was previously a client services coordinator in CBRE's Chicago office.

DEAL TRACKER

KNOXVILLE, TN—Berkadia secured over $50 million in financing for the off-market acquisition of two multifamily assets located in Knoxville by Goldelm Capital LLC. Michaelson Group, a commercial real estate management and operation firm, will manage the properties. Senior managing director Mitch Sinberg and associate director Matt Robbins of Berkadia's Boca Raton office, along with senior managing director Bob Falese and associate director Jeremy Lynch of Berkadia's Philadelphia office, arranged the loans on behalf of Goldelm Capital. Goldelm Capital acquired The Metropolitan, a 520-unit property located in the Cedar Bluff submarket of West Knoxville, for $48.1 million, with a $38.78 million loan. A few weeks later, on October 5th, Goldelm Capital closed on Viera Cedar Bluff, a 184-unit community located in the same submarket, for $17.75 million, with a $14.29 million loan. Both properties were financed through Fannie Mae's Green Rewards program with 12-year, interest only period loan.

ATLANTA—Atlanta's white hot industrial market just proved its speculative development strength once again. Trammell Crow Company with its partners Huntington Industrial Partners and Ascentris, sold Fairburn 85 Distribution Center, a class A, speculative industrial building totaling 317,520 square feet to GLP US Management. Trammell and its partners had strong foresight in the deal that is paying off. The ownership team acquired the 29.73-acre land site, which is located in the Interstate 85 South Atlanta submarket, in 2014.

ATLANTA—Kramer Real Estate Investments and its co-general partner H2 Capital acquired the W.D. Grant Building in downtown Atlanta. JLL will lease, manage and restore the building, which is listed on the National Register of Historic Places. JLL's Project and Development Services group is overseeing a multi-million-dollar renovation. The Grant Building is located at in Downtown Atlanta's Fairlie-Poplar Historic District. Built in 1898, the building is the second oldest steel construction structure in the southeast. The building is 10 stories, totaling 135,000 square feet with approximately 10,000 square feet of retail and restaurant space. The new ownership is planning a significant building modernization, including restoring the elevators, roof, fire protection and building safety systems, installing new lighting, paint and other cosmetic improvements.

TUSCALOOSA, AL—GBT Realty Corporation's Capital Holdings recently made its first acquisition, snapping up McFarland Plaza, a 234,000-square foot power center in Tuscaloosa, AL on McFarland Boulevard, Tuscaloosa's dominant retail corridor. No additional details are available. “McFarland Plaza is an ideal first acquisition for our pursuit of value-add investment opportunities given its locational drivers, lease‐up opportunities, mark‐to‐market rent on its best space and existing tenancy,” says Scott Porter, managing director, Capital Holdings, GBT Realty. “Germane to GBT's existing business, opportunities such as this one are what led us to create the Capital Holdings platform as we continue to diversify our corporate platform.”

BUILDING BLOCKS

ATLANTA—North American Properties broke ground on the reimagined Colony Square, a redevelopment project that aims to transform Midtown's iconic office towers and dated retail center into an urban entertainment and dining destination infused with art, cultural experiences and events. Colony Square's renovation process will be executed in multiple phases, with the third phase expected to deliver in November 2019.