NEWS & NOTABLES

ATLANTA—Jamie Smithson has joined HFF as a senior director focused on land advisory services in its Atlanta office. Smithson has more than 10 years of experience in commercial real estate and joins HFF from CBRE, where he was a senior capital markets associate in their land services group. In this role, he was involved in the sale or acquisition of a variety of land sites, including retail, industrial, office, hotel, condominium, multi-housing, single-family and recreational as well as high-profile urban infill redevelopment site sales in Buckhead, Midtown and Perimeter Center, among others.

ATLANTA—Scott O'Halloran joined Scotland Wright Associates as a partner. In his new role, O'Halloran will help provide strategic direction for the company's business and work on behalf of tenants to negotiate lease and sale transactions. He comes to the firm after having spent 15 years negotiating transactions on behalf of owners and landlords. O'Halloran comes to Scotland Wright Associates from Colliers, where he served as a senior vice president and principal for the company's Landlord Advisory Group, which he helped found in 2008. He has negotiated office deals throughout metro Atlanta for clients that include Banyon Street Capital, Crow Holdings, MetLife and OliverMcMillan. O'Halloran earned a B.S.B.A. in Finance from the University in Florida. He was a member of NAIOP's 2011 Future Leaders Class, and he has earned annual recognition from CoStar, NAIOP and the Atlanta Commercial Board of Realtors as a top producer.

DEAL TRACKER

ATLANTA—As Atlanta's medical office market continues heating up, Brookhaven Medical Center is the latest facility to trade hands. The sale price: $27.6 million. Marcus & Millichap brokered the sale. Korey Prefontaine, senior director in the firm's Atlanta office, Sonny Molloy, senior vice president investments, Bob Johnson, senior director, and Jared Kaye, senior associate, represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. The group also procured the buyer, Caddis Partners LLC. “The center is fully occupied by Walgreens and Piedmont Healthcare,” says Prefontaine. Piedmont Healthcare, which has a proven track record in this market, recently relocated to the site. Both tenants benefit from excellent demographics, accessibility, and exposure along Peachtree Road.”

ATLANTA—Legacy Key, a 350-unit multifamily community in Sandy Springs, GA, has traded hands. Financial terms of the deal were not disclosed. Cushman & Wakefield brokered the deal. CushWake's Mike Kemether, Josh Goldfarb, and Travis Presnell represented the seller, Investors Management Group, in the transaction. Bridge Acquisitions & Dispositions acquired the multifamily asset. “Legacy Key will continue to perform well given the employment dynamics in the north Fulton corridor along with the lack of new multifamily development nearby,” Kemether tells Globest.com. “On top of that, roughly half of the units have original finishes so there is a large opportunity to increase rents through a continued interior renovation strategy.”

ATLANTA—Brand Properties announced a property management assignment of select assets within the Paces Properties portfolio that includes some of Atlanta's most iconic infill redevelopment projects. The nearly 275,000-square foot mixed-use portfolio consists of eight properties plus two slated for completion in 2018 for a total of over 500,000 square feet.

ATLANTA—Cushman & Wakefield has been selected to manage Armour Yards, a four-building office campus located between Buckhead and Midtown in Atlanta. Preferred Office Properties recently acquired the property. Armour Yards currently includes 180,000 square feet of office space and amenities include outdoor patio and terrace space, shower facilities, a coffeehouse and original restaurant concept, direct access to the Atlanta BeltLine and Path 400. The property is 96 percent leased.

ALPHARETTA, GA—Fogelman Properties acquired the 284-unit Nesbit Ferry Crossing Apartments, located in Alpharetta. Built in 1987, the community is currently 96% occupied and offers one, two, and three-bedroom apartment homes starting from $1,023. The newly-acquired property will be renamed Station Heights Apartments and is expected to receive enhancements to the common area amenities and upgrades to unit interiors in connection with the investment.

MEMPHIS—Carroll Organization completed the sale of ARIUM Shelby Farms in Memphis. This property was initially acquired in July 2014 as a part of Carroll Multifamily Real Estate Fund III, LP. ARIUM Shelby Farms is a 1,037-unit apartment community. The units have private patios, breakfast bars, open living space and full-size washer/dryers. The property's location provides easy access to Interstate 40 and Interstate 240.

BUILDING BLOCKS

LAKE CHARLES, LA—Entergy Louisiana broke ground on a 994-megawatt electricity generation plant in Westlake, near Lake Charles, where an industrial renaissance is increasing demand for electricity. Approximately $55 billion in new industrial construction projects has been launched in Southwest Louisiana since 2012, with billions more in capital investment planned over the next decade. For the new combined-cycle, natural gas-fired Lake Charles Power Plant, Entergy Louisiana will make an $872 million capital investment in a project that mirrors the Saint Charles Power Plant that began construction west of New Orleans a year ago. The Louisiana Public Service Commission approved the Lake Charles project in June 2017. Though the Saint Charles and Lake Charles power plants initially will result in slight increases to ratepayer bills, each is expected to produce consumer savings of $1.3 billion or more—versus older technology—over the 30-year life cycle of the plants.