Atlanta Chapter June Meeting Key Take Aways!
- Not seeing the usual summer slowdown; been very busy on the mergers & acquisitions side and have had several real estate closings (Menden Freiman)
- Very busy this summer; last two months have been some of the busiest I’ve seen in about 20 years; money that’s been on the sidelines is starting to reconfigure and projects are moving forward; seeing creative deals. If your property valuation has gone up by more than 25% you should look at appealing: deadline to appeal for many metro-Atlanta counties is June 30. (JLL)
- Currently negotiating a build to suit in TX -distribution center; also have land in Barrow County under contract to large developer – that was supposed to close in April, but pushed to July. Also have two sites available in Bartow County; and negotiating with a cell tower owner. (Knight Commercial Real Estate)
- Self storage is coming back and stabilizing. The cap rates are staying in the 6s and moving pretty fast (Sauls Commercial Real Estate)
- Just awarded a project in Cary, NC to convert a nursing home into a mental health center; also working on a high-end gym and a two story shopping/retail center on Moreland Avenue. Construction costs on materials have increased by 10% which increases the cost of projects by at least 2-2.5%. We are also seeing a skilled labor shortage; these factors make it very difficult for businesses to find numbers that work. Very costly. (BA Barrett Construction)
- Very busy; doing lots of HOA work, cars that catch on fire; warehouse deep clean. We are an elite SERVPRO, not just fire/water mitigation – so we can rebuild anything that’s damaged/destroyed (SERVPRO).
- Have a child care center under construction in Panama City; working on a purchase of a child care center; a refinance of assisted living/memory care – splitting the loan up; also refinancing a child care center in Oklahoma (Harvest Small Business Finance)
- Currently raising money to raise a 150 foot American Flag @ the Corner in the Florida Panhandle where there are many branches of the Armed Forces. Will also build a monument around it, have an entertainment venue, food and retail. Distillery work is currently on hold (Deway Capital)
- Rick Ferguson – lot of good deals going – building under contract which will close next month and a medical building in Stockbridge under contract; Have noticed that leasing in Class B and C category is slow( ATL Commercial Real Estate)
- Very busy with several condo deals – Roswell Road deal is in negotiations with buyer; also have a complex on 26th Street/Brookwood Condos which will be converted back to apartments; hard to get all the owners on board and in many cases the zoning is old and hasn’t been updated in years and variances are in place; so can be very challenging. Also have a doggie daycare business for sale in Woodstock, along with land and building. (Massell Commercial Real Estate)
- Hal Grayson – finally got the bank loan refinanced for Bremen farms and also doing friends and family $$. (Grayson Properties)
- Industrial market is picking back up on leasing side; have property under contract for a smaller bldg. in Gwinnett County outside of Duluth; almost to closing – find out about a gas main ran under footprint of building, so had to negotiate an extension (A D Commercial Real Estate)
- Cost of roofing materials has gone up so much – you have to be creative; we have roofing manufacturers who will sell directly to us to help save on costs (FGA Roofing Inc.)
- Have had a couple of closings in Downtown ATL this year; been a very active month; also have a new development in Marietta – restaurants – high traffic area near Kennesaw (Atlanta Leasing & Investment)
- Our portfolio currently consists of 300 properties/$800 million – no debt – single tentant retail. We are in the process of selling two legacy assets that we’ve had for 10 years: a Wendy’s in Tucker and an Arby’s in Woodstock. They are under contract at double what we paid for them. (Newburger Andes Real Estate Investments)
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