ATLANTA-Indicating that returns were not up to snuff, the locally-based multifamily development/management company has sold a majority interest in its apartment properties for $60 million to Philadelphia-based CMS Cos. Gables and CMS are now joint-venturing those assets.
ATLANTA-Speculator Lawrenceville-Suwanee Associates bought 116 acres in three parcels for $13.3 million or $114,655 per acre ($2.63 per sf), which it plans to sell to the Schaumburg, IL-based high-tech manufacturer at an undisclosed price.
ATLANTA-The Atlanta-based architectural firm was the only Southern group to win one of the annual national honor awards from the American Institute of Architects.
ATLANTA-The locally-based REIT makes another move to get its financial house back in order with the hiring of David P. Stockert to replace Jeffrey A. Harris as president and COO.
ATLANTA-An entire retail investment team moved from Ben Carter Associates to Trammell Crow Co. Access to Trammell's national and regional network was the motivating factor in the relocation, the four agents say.
ATLANTA-In keeping with its move to pare down and focus on urban development, the locally-based REIT has sold two Atlanta apartment communities totaling 421 units for an aggregate $47.25 million or an average $112,333 per unit.
ATLANTA-The 128,500-sf, 100%-leased office building is 54% owned by Wells LP Fund XII and 46% owned by Wells Real Estate Investment Trust. Wells refuses to disclose the seller's name.
ATLANTA-The 10-year contract brings the 245,940-sf, 10-story, 245 Perimeter Center office building to 100% occupancy. The property is 15 miles from Downtown. Negotiating for the tenant were Insignia/ESG's Sam Holmes, Anne Lofye and John Shlesinger.
ATLANTA-JDI Realty of Chicago got a real bargain when it paid Tyco Electronics $5.2 million or $55.91 per sf for a 93,000-sf office/manufacturing building in Peachtree City, 32 miles south of Downtown.
ATLANTA-The auto company's distribution and training center now leases an entire 451,000-sf building in Newpoint Distribution Center in the northeast metro area. The estimated 10-year lease includes 322,000 sf leased last summer.