ATLANTA—Early this week in the Southeast a strategic alliance in the commercial real estate field, as well as smaller submarkets make headlines. And Portman has big news.
BY THE NUMBERS
Atlanta's industrial market set a new record for annual absorption, posting 21.2 million square feet in the fourth quarter of 2017 (Source: CBRE)
NEWS & NOTABLES
ATLANTA—Granite Properties formed a strategic, long-term partnership with Third & Urban, a real estate development firm. The partnership will create a portfolio to include the recapitalization of COMPLEX, an adaptive reuse, creative flex project on the Upper Westside, and the acquisition and development of Inland Tract, a group of warehouses that will also offer creative flex space, located at 1218 and 1236 Menlo Drive.
DEAL TRACKER
LEBANON, TN—HSA Commercial Real Estate executed a 279,199-square-foot lease with XPO Logistics Supply Chain at the newly-developed Commerce Farms V industrial building in Lebanon, a suburb of Nashville. The 651,380-square-foot distribution center was built on a speculative basis by HSA and is now fully leased just four months after completion. XPO Logistics is scheduled to take occupancy in May 2018 after a limited interior build-out is finished. Located on 41 acres at the junction of State Route 840 and Highway 109, Commerce Farms V was constructed on the last available development site at the successful Commerce Farms Business Center. Randy Wolcott, Chad Tuck and Joe DeLemos of NorthStar Real Estate Advisors represented ownership in the lease with XPO Logistics. Sue Earnest from Avison Young and Dave Saltzman of Lee & Associates represented the tenant.
PRATTVILLE, AL—Passco Companies acquired a 240-unit luxury multifamily asset in the high-growth Prattville, a submarket of Montgomery. “With this acquisition, we closed out 2017 with $2.5 billion in assets under management, growing our portfolio to 40 properties totaling over 12,000 multifamily units across the country,” says Larry Sullivan, president at Passco. “Markets remain competitive and we are extremely pleased with the tremendous success we've achieved this year. Heading into 2018, we will remain focused on expanding our multifamily portfolio including value add and development opportunities, as well as acquiring and developing retail, self-storage, senior housing, and other property types in strong growth markets throughout the U.S.”
ATLANTA—Dilweg Companies announced several new tenant signings and lease expansions and extensions at 101 Marietta Street, a recently renovated 36-story class A office tower in Downtown Atlanta. The building recently underwent a $5 million repositioning project and offers brand new amenities, breathtaking skyline views, connectivity and access to vibrant in-town destinations that attract top talent across Atlanta. The new signings represent over 49,000 square feet of new occupancy during Q4 2017, and cover a broad range of sectors that include media, entertainment, logistics, education, architecture and professional services.
KILLONA, LA—On behalf of Southern Recycling EMR and 3C Riverside Properties, JLL recently brought to market a green-field tract of land called Saint Charles Intermodal Terminal. Located approximately 30 miles west of New Orleans and 60 miles southeast of Baton Rouge in Killona, the offering represents an opportunity to control one of the last large contiguous tracts of land available on the Mississippi River and near the Gulf of Mexico.
BUILDING BLOCKS
ATLANTA—Portman Holdings secured financing for its $150 million, 21-story office development for leading healthcare provider Anthem in Atlanta's Technology Square. PCCP contributed equity financing and SunTrust was the lead lender. Regions also served as a lender for the project. Anthem Technology Center is a 352,000-square-foot build-to-suit building near Georgia Tech in Midtown Atlanta. It will be a hub for about 3,000 multi-disciplinary IT professionals dedicated to creating new capabilities that will enhance the consumer health care experience, improve the quality of care, and lower health care costs. Located near Anthem's Innovation Studio and Portman's under-construction Coda tower, the Anthem Technology Center will be situated in a highly concentrated area that has become known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus.
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