Category: Commercial Real Estate

By now we’ve all heard the buzz about MARTA’s expansion of services due North. What does this mean for the North Fulton corporate community? Will this attract millennials? And if yes, how long is this going to take?

As someone who listens to corporate commentary on the GA 400 real estate corridor, I can tell you that the already diverse North Fulton corporate community has experienced a number of changes in the last five to ten years, leaning heavily into technology thanks to the area’s fantastic fiber optic connectivity (and 900 technology companies in the corridor). This surge in all things technology also appeals to younger employees; we’ll refer to them as millennials. These 22-32-year-old professionals in general reside inside the I-285 perimeter, in areas like Buckhead, Brookhaven and Morningside. Adding an extension of MARTA up GA 400 would help retain (and in some cases, increase) North Fulton’s ability to attract millennial and non-millennial employees, and it would greatly expand the region’s economic base.

The expansion of MARTA rail services north of GA 400 would also benefit the North Fulton corporate community as a whole, preventing the migration of large corporate users such as State Farm. Moreover, the expansion would ease the traffic burden on GA 400 — an added bonus to all of us.

There are a few drawbacks to this proposed extension of services; the biggest being the time implementation. The MARTA discussion, which started before the Great Recession, was then set to be completed by 2025. That timeline has not changed. How many of us can wait another 10-plus years for this? It’s an interesting proposition that I support wholeheartedly, but the question is: how different will the region’s transportation needs be in 2025? I welcome your feedback on this important topic.

Ackerman & Co. prides itself on having some of the most reputable, hard-at-work brokers in the business. Today we’re checking in with Ben Campbell and Troy Morris. They are two of our newest (and youngest) brokers and they seem to have a lot more in common:

• both have successful uncles in the business
• both have dreams of developing and revitalizing the part of Atlanta in which they grew up
• both enjoy shooting hoops

For Ben, family was one of the biggest influences in his decision to go into commercial real estate.  His uncle, Tom Kirbo, is President of SK Commercial Real Estate and his cousin, Shea Campbell, is an Associate with CBRE’s Multi-Housing Private Client Group.  Seeing their success, the long-time Cabbagetown resident, struck out, determined to make a name for himself.

Ben joined Ackerman because of its stellar team of land brokers, namely John Speros and Larry Wood.  “I’ve only been here a couple of months and have learned so much already,” he says. When asked what he felt was most rewarding so far, Ben tells us “I’m loving meeting new people, learning about the art of the deal and pitching to potential clients.” The budding developer is looking forward to changing communities and improving the lives of the people in those communities, and making his mother proud in the process.

Equally committed to improving his community, Troy Morris dreams of redeveloping East Point, where he grew up. This self-motivator believes perseverance and consistency will be key to his success. Troy’s interest in commercial real estate started early; his family has owned and managed Glenn-Mor, the first African-American nursing home in Thomasville, Georgia since 1969. He spent many summers marketing the property to increase vacancy and of course, did his share of maintenance work.

At Ackerman, Troy focuses on tenant rep. “I’m currently working with an Atlanta non-profit group and helping a major fast food restaurant chain with their retail needs.” Since joining the company six months ago, Troy facilitated a deal to move a Nationwide Insurance branch to a new space in Peachtree Hills.

FUN FACTS:

• The basketball enthusiasts are planning a one-on-one challenge at Candler Park in July
•  Troy, a huge soccer fan, is gearing up for the 2014 FIFA World Cup (Go Team USA!)
• Ben, a.k.a. the outdoors guy, enjoys fishing

Ben and Troy are just two examples of young, ambitious brokers at Ackerman. We are proud to offer an environment where commercial real estate brokers can grow and prosper. If you’re interested in joining our team, check our Careers page periodically for openings.

In our continuing look into the viability of Metro Atlanta counties, we’re focusing this time on Gwinnett County and its ability to remain one of the strongest counties in the Atlanta region and the country.

Gwinnett County is the second largest county in Atlanta and  the most densely populated county per square mile in the Metro Area. The convergence of many diverse cultures make Gwinnett County a unique microcosm — a competitive advantage that would most likely ensure the success of  a multilingual practice.

Gwinnett also has a healthy diversity of industries supporting its economy. Some of the major industries include:

• Supply Chain Management
• Information Technology Solution
• Advanced Manufacturing
• Health Sciences and Services
• Headquarters and Professional Services

To read the entire post and learn why Gwinnett is ideal for business and dental practices, click here. 

Alpharetta based architectural firm Hug & Associates had been in the same 30,000-square-foot office building they designed since its delivery in 1999. Over time, the architects became interested in relocating to an exciting “new urban” mixed-use environment where they could walk out of their office and step into shops and restaurants – all the while remaining in the Alpharetta business district.

Ted Schwartz, who had negotiated Hug & Associates’ lease renewal a few years earlier, was up to the challenge. When he came across a rare lease opportunity in Avalon, Alpharetta’s newest landmark mixed-use development, he remembered his client’s strong desire to relocate to a mix-used project and contacted them immediately.

A little persistence, a trailer visit and six weeks later, Ted represented Hug & Associates in signing a long-term lease to relocate its office this coming December. And, as fate would have it, their lease will expire just as Avalon (and their swanky new office space, which they were able to custom design) will deliver.

Deal Highlights:

• Prime Alpharetta business district location
• 2689 square feet; 10-year term
• Elevator lobby space
• Generous build-out allowance
• Tenant retains design control

The Georgia Health Policy Center’s study of Georgia’s dental workforce defines a “dental professional shortage area” as a geographic area with less than one dentist for every 5,000 residents. While Forsyth County is not named as one of these areas, its population growth makes it a strong contender.

Forsyth County is the seventh fastest growing county in the nation, according to Forbes Magazine. In the past two years, the population grew 7.07%. What’s the allure? It could have something to do with Forsyth County’s award-winning schools, which boast the highest CRCT and ACT scores in the state. Perhaps it’s because Forsyth County was named one of the 100 Best Communities for Young People by America’s Promise Alliance in 2012. Whatever the reason, the demographics confirm that the population is growing. The population is educated (26% have attained at least a Bachelor’s degree), employed and the average household income is nearly $100,000. That’s pretty impressive.

To read the entire post, click here. 

This year, I plan on sharing my favorite office buildings / projects in Atlanta with you. I will, of course, focus on the 400 Corridor, but will also include a few buildings away from the corridor. Here’s one of my favorite building focus:

3344 Peachtree – Sovereign (Buckhead)

Developed just before the Great Recession, this building sits 50 stories high with nearly a half million square feet of office space covering the first 26 floors. 82 upscale residential units sit above the office component. The Sovereign Building is one of the most successful vertical, mixed use projects in Atlanta. In my opinion, this building is the most aesthetically pleasing building in Atlanta, as it simply stands out and shines on the GA-400 skyline going towards Buckhead.

Home to the Buckhead Club and Bistro Niko, the Sovereign Building has a great mix of amenities, with a parking garage that has a backdoor to GA-400. Sovereign has one of the highest quoted per square foot rental rates in Atlanta ($36.50 PSF). In 2011, it sold for $167 MM or $346 PSF to Parkway Properties. The current tenant mix consists of financial, law and real estate firms. Currently, the building is 93% occupied. Later this year, Spanx (who occupies 50,000 SF) will be moving out to be the anchor tenant of Buckhead Atlanta, the successor to the Streets of Buckhead project.

We’ve reached the last installment of our three-part series on the Factors That Affect Our Economy, Dentistry and Your Business.

We first looked at the State of the Market and identified the destabilizing factors of 2013. We then looked at four risks to consider in 2014 — growth, interest rate fluctuations, lease costs and demographics. This time, we are going to address the opportunities that exist for dentists in this market in the now familiar risk sections.

To read the entire post, click here. 

A couple of weeks ago, we went over some of the factors that contributed to the current situation. If you missed that, click here to read what happened. This time, we’re going to explore some of the risks/problems that have developed as a result of these factors. They can be broken down into three aspects:

1. Growth
2. Interest rate fluctuations
3. Lease costs
4. Retirement for all age groups

To read the entire post, click here. 

When you think of how vital infrastructure projects occur, sometimes without our knowledge, it is due in many cases to your local CID (Community Improvement Districts) organization.

In Atlanta,  there are some 14 such organizations making a bold impact in our city. In the GA 400 Corridor, the Perimeter Community Improvement District (home of the Half Diamond Interchange on Hammond Drive) and the North Fulton CID (Westside Parkway Extension) are making great strides at improving traffic patterns and adding landscaping, among others.

To read the entire post, click here.

If you’re running a dental practice in today’s market, you have most likely seen a lot of changes, from classmates selling their practices to competitors being acquired. Perhaps you’ve experienced some change yourself, worked through tough times or received offers to purchase your own practice.  Whatever the case, we’re all a little shell shocked by these occurrences, wondering what happened and what we should be doing in preparation for what’s to come. 

In our three-part series, we will look at the factors that are affecting our economy, dentistry and your business.  We will provide a snapshot of what happened in part I, then in part II, we will examine the associated risks and finally, when you’re in the middle of planning for next year, we’ll get to the really good stuff in part III —the opportunities.

To read the entire post, click here.