Category: Tenant Representation

There’s no doubt that the COVID-19 crisis created unexpected challenges for the commercial real estate industry in 2020.

Despite the uncertain environment, there were many bright spots at Ackerman & Co. throughout the year, thanks to the hard work of our experienced and diverse team of brokers and professional advisors.

From industrial and office leases to building and land sales to deals for restaurant and retail space, our brokers completed a steady flow of transactions.

Some of our major transactions during the year included a 710,962-square-foot lease of an e-commerce distribution facility in Florida; a 325,000-square-foot build-to-suit project at Ackerman’s Rockdale Technology Center for a regional distribution center; and a 75,205-square-foot lease with Goodwill of North Georgia for their new distribution and donation center.

Our Ackerman Retail brokers had a successful year completing a number of high-profile restaurant and retail leases. These included lease signings that will bring gourmet food market Savi Provisions and workout studio Twisted Cycle to Crabapple Market in Milton, Ga., this spring; a 17,850-square-foot lease for a new Shoe Gallery store in Cumming, Ga.; lease signings that added Henri’s Bakery & Café, Siete Tacos + Tequila, and The Original Hot Dog Factory to Marietta Square Market; and a lease for a new location of the upscale brunch spot Gocha’s Breakfast Bar in Fayetteville, Ga.

Also, our Investment Sales team was busy in 2020, with transactions that included a 30,000 square foot medical office building in Newnan, Ga., where Ackerman Medical also completed lease extensions to maintain 100 percent occupancy.

These represent just a sampling of our transactions.

And Ackerman & Co. and its partner MDH Partners are moving forward with the $85-million redevelopment and expansion of the Lee + White mixed-use project in Atlanta’s West End. The next phase of development at the popular entertainment destination will include loft offices, a food hall, public spaces, additional retail options and multifamily units.

Congratulations to our brokers of the year
Continuing an annual tradition, Ackerman & Co. also recognized the achievements of our brokers with our Broker of the Year and Young Broker of the Year awards.

The leader of our Land Group John Speros enjoyed another banner year, earning him the Broker of the Year honor – for the second year in a row. The dollar value of his deals exceeded $100 million. John works closely with his colleagues Kyle Gable and JT Speros in the Land Group.

“John really didn’t skip a beat this past year in his deal-making, which is a testament to his experience and the proven process he and his team have developed to complete land sales on behalf of their clients,” said Kris Miller.

In 2020, John’s biggest deal was the sale of 14.8 acres at Sandy Plains Marketplace for $42 million. Another major deal, completed with David Branch of SSG Realty partners, was the sale of a 4.6-acre parcel for $15.8 million that will become Porter on Peachtree, a mixed-use project featuring 291 multifamily units and 17,600 square feet of ground-level retail.

Other significant transactions for John included the sale of 67.9 acres for $5.8 million for a Meritage Homes development of 152 single-family homes and 20.37 acres for $5.6 million for the next phase of the Exchange at Gwinnett mixed-use project.

In addition to recognizing the top producer, Ackerman is also excited to announce that our Young Broker of the Year for 2020 is Will Goff.

Will’s main focus is brokering raw land and redevelopment sites, along with providing site selection services. Since joining Ackerman in 2017, Will has been involved in brokering land transactions for a wide range of uses, including residential, retail, mixed-use and industrial projects. His transactions during that time total nearly $40 million.

“Will is one of our hardest-working brokers. He can often be seen in his office at 7:30 in the morning to get started on his work, and he always has a positive attitude,” said F. Keene Miller. “In addition to his commitment to helping his clients achieve their business goals, Will is always trying to expand his knowledge. These qualities will serve him well as he grows his career in commercial real estate.”

A large portion of Will’s business is currently focused on representing developers to identify sites for multifamily and industrial projects. Will has carved out a niche in Low-Income Housing Tax Credit (LIHTC) and outside storage space, with current projects spanning across the Sunbelt from Atlanta to Houston and Charlotte to Tampa.

Will is pursuing a Master of Real Estate Development at Georgia Tech and is a CCIM candidate, having completed all course work and portfolio requirements for the designation. He plans to take the final qualifying exam at the next availability.

Read more about our brokerage group here: https://www.ackermanco.com/real-estate-services/overview/

As Ackerman & Co. steadily strengthens its services platform and adds talent to its brokerage group, the firm continues to solidify its position as a leading commercial real estate firm in the Southeast.

One way to measure a firm’s success is by the number of its brokers who are named to the Atlanta Commercial Board of Realtors (ACBR) Million Dollar Club. A total of 11 Ackerman brokers were named to the Million Dollar Club at the recent 2020 ACBR awards.

“This is the most brokers we’ve ever had named to the Million Dollar Club,” said Kris Miller. “Our brokerage team is producing great results for our clients and we’ll continue building our team and the quality of our services to keep those results coming.”

The Ackerman brokers added to the 2020 Million Dollar Club include Courtney Brumbelow, Brett Buckner, Bryan Davis, Brian Lefkoff, Chris Miller, Kris Redding, Sean Patrick, John Speros, Jimmy Stevens, Kelly Wilson and Larry Wood.

Three of Ackerman’s 2020 Million Dollar Club members took home Top 10 Broker honors – Brian Lefkoff (the No. 5 Retail Broker), Courtney Brumbelow (the No. 8 Retail Broker) and John Speros (the No. 5 Land Broker).

As leader of Ackerman Retail’s Tenant Representation Group, Brian’s major deals included a 30,000-square-foot lease on behalf of Painted Tree Marketplace in Buford, Ga., which marked the retailer’s first store in Georgia, while Courtney completed nearly 100 real estate transactions as the head of the Landlord Representation Group.

A long-time high producer for Ackerman as Senior Vice President of the Land Group, John’s biggest transaction was the $18 million, 65-acre land sale for the Exchange at Gwinnett mixed-use project, which he brokered with Senior Vice President Larry Wood. The project, also named one of the three finalists for ACBR’s 2020 Alvin B. Cates Award, will feature Top Golf, Andretti Indoor Karting & Games, Rooms To Go and more.

The Million Dollar Club recognizes brokers with production of $5 million or more in annual commercial transactions.

Since joining the Ackerman Retail team in 2017, one of the primary goals of executive vice president Brian Lefkoff has been to create a first-class tenant representation platform and growing portfolio of national, regional and local tenants. As the leader of Ackerman Retail’s Tenant Representation group, he has exceeded the company’s goals, adding many prominent clients to the portfolio and building a well-recognized platform.

This expansion of Ackerman Retail’s tenant representation roster has yielded several major lease signings for Brian in the past year. It also led to Brian’s recent selection as Ackerman’s Broker of the Month for December.

Brian’s major lease signings include a 30,000-square-foot transaction on behalf of Goodwill of North Georgia at Northridge shopping center in Sandy Springs, Ga. The new retail location for Goodwill is expected to open soon.

Ackerman Retail is Goodwill’s exclusive representative in North Georgia for the retailer’s store and career center expansion across a region that includes more than 60 stores in 45 counties.

Brian also recently represented Painted Tree Marketplace in a 30,000-square-foot lease in Buford, Ga. This marks Painted Tree’s first store in Georgia, which is now open at Marketplace at Millcreek, where it joins national retailers such as Burlington, Costco, DSW, Marshalls and Ross.

Painted Tree selected Ackerman Retail as its exclusive representative for its expansion in Atlanta and across the Southeast U.S.

To learn more about Brian and the Retail team, visit Ackerman Retail.

Brokers are vital to the success of every full-service real estate company, and Ackerman & Co. is fortunate to have a talented, diverse team ranging from young associate brokers to veterans with 40-plus years of experience.

At the close of every year, Ackerman & Co. recognizes brokers on both ends of that spectrum with its Broker Awards.

We’re excited to announce that John Speros is the recipient of our Broker of the Year Award and Kris Redding is our Young Broker of the Year.

Another Stand-Out Year for Veteran Broker

One of Ackerman’s most experienced and high-producing brokers, John Speros has been with the firm since 2009. He has expertise in virtually every type of commercial real estate transaction, from the sale of land parcels for single-family, multifamily and mixed-use developments to the disposition of portfolios and the acquisition of sites for commercial and residential development. His current focus is the representation of owners in land sales as leader of the Ackerman/Pioneer Land Group with Kyle Gable.

This past year has been one of John’s most productive, which is saying a lot for someone who has received multiple high-profile Atlanta market awards throughout his career – including recognition as the second-highest producing commercial land broker in 2010 and receiving the Alvin B. Cates Award for the most significant commercial real estate transaction in 2003 and 2007.

In 2019, John completed land transactions totaling nearly $75 million. Some of his biggest transactions include the $7.3-million sale of 35 acres in Gwinnett County that will become the site of the 330-unit Alta Sugarloaf multifamily complex and the $8.9-million sale of 152 acres in New Smyrna Beach, Fla., that will be used to expand a public park.

“We’re very fortunate to have someone with John’s experience and ability. He has been a key member of our team for years, and it’s great to see him have another hugely successful year,” said Kris Miller.

What stands out most about John to Kyle Gable is his combination of commercial real estate expertise and his willingness to serve as a mentor to younger brokers.

“I think there are two main qualities that make John so good in the land business. The first is his overall knowledge of all the different types of land transactions – he brings an array of knowledge to the table that most brokers just don’t have,” Gable said. “Second is his ability to get a deal closed. John understands the complexity of real estate and how to get the deal across the goal line.”

Kyle himself has benefited from John’s generosity in sharing his expertise. “When I was a 26-year-old with limited land experience, John took me under his wing and showed me how to work on land transactions and ultimately get them closed. In working with him over the past 10 years, I have seen him spend time with many young brokers teaching them about real estate,” he said.

Young Broker Hitting His Stride

A former NFL and Canadian Football League player, Kris Redding began his real estate career during the 2015 off season and now represents clients in both lease and sales transactions. Since joining Ackerman in 2017, he has demonstrated an ability to grow client relationships and become a valued partner in helping them achieve their business goals.

“It’s an honor to receive this award.” said Redding. “Ackerman’s prestige, tenured relationships within the industry, prolific resources and internal support system have provided me with a platform that has galvanized my ability to be productive in our business.” This productivity earned him a place in the NAIOP Million Dollar Club for completing more than $4 million in office leases in 2018.

Kris’s major deals in 2019 include representing Academy Orthopedics in the $5.26 million sale of its North Atlanta medical office portfolio. He also completed three lease transactions concurrently at Phoenix Business Campus with Worker’s United Southern Region, Primerica and Good Ground Development Center in five-year leases totaling 18,314 square feet.

“Kris brings the same hard-working and tenacious work ethic to real estate brokerage as he did to football. We look forward to seeing him continue his growth in commercial real estate as an important part of our brokerage team,” said Miller.

Read more about our brokerage group here: https://www.ackermanco.com/real-estate-services/overview/

Slutty Vegan has come a long way in a short time.

Owner Pinky Cole started selling her plant-based burgers from a food truck in August 2018.

Since then, she has opened her first brick & mortar location in the West End neighborhood of Atlanta and signed leases for her second and third Atlanta restaurants.

Bryan Davis, senior vice president of retail services for Ackerman Retail, represented Pinky Cole in the long-term lease for the third Slutty Vegan restaurant, which will be located at 482 Edgewood Avenue just east of downtown Atlanta in the rapidly developing Edgewood Avenue retail district. Bryan will continue representing Pinky Cole in her restaurant expansion.

Her business has been a huge success, as demonstrated by the long lines of customers that regularly form outside the restaurant and food truck. The City of Atlanta even recently issued a proclamation commemorating Slutty Vegan’s success.

Generating buzz on social media has been key to the growth of the Slutty Vegan brand. Cole’s Instagram page, which now boasts more than 250,000 followers, showcases videos of celebrities such as Tyler Perry, Snoop Dog, Usher and Jermaine Dupri enjoying burgers with names like One Night Stand, Fussy Hussy (shown above) and Dancehall Queen.

Slutty Vegan also actively promotes the vegan lifestyle. The food truck is covered with a variety of pro-vegan slogans: “Vegan and Proud,” Save the World, Save the Animals,” “Vegan for the Culture” and more.

Want to read more about the Slutty Vegan success story? Check out these articles in national news outlets The New York Times, Forbes and CNN and local coverage in Atlanta Magazine.

This year’s Deloitte’s Commercial Real Estate Outlook Report focuses on how technology and changing tenant and investor expectations are ramping up competition and creating shifts in how products are sold or leased.

With these shifts, what can CRE Companies do to stay competitive and ensure they capture the rapidly growing demand?

Out-of-the-Box Properties and Business Plans – The report states that this year investors plan to increase their focus on mixed-use properties, nontraditional products and retail developments. Flexible leases and business spaces are also going to be an attractive investment.

Adaptability – Investors will be looking for the companies that can quickly respond to the rapidly changing waters of the CRE business world, whether it be with new business models or by adopting “a variety of technologies to make buildings future-ready.”

Tech-savvy presence – To attract potential investors, companies need to be able to stay shoulder to shoulder with technology and present technological agility in the way they market their properties and in their business plans.

Catering to investor and tenant needs should move CRE companies to have a different perspective on the way they do business. By increasing mixed-use, nontraditional and retail products in their portfolios, becoming more adaptable to the changes in the industry and using technological advancements in their favor, CRE companies can change with the industry and be ready for the future to come.

Primo Hoagies, a restaurant set to open in Sandy Springs on Thursday May 16, specializes in a sandwich that originated in South Philadelphia.

Can you guess the name of this famous sandwich?

Of course, it’s the Philly cheesesteak! Primo Hoagies, a New Jersey-based franchise, will offer that popular sandwich along with six varieties of its signature Italian hoagie at its first metro Atlanta location at Perimeter Town Center, a mixed-use center redeveloped and managed by Ackerman & Co.

Courtney Brumbelow, executive vice president for Ackerman Retail, completed a 1,750 SF long-term lease with franchisee Brian Ottaviano at the center earlier this year.

Brian has been busy attending to the many construction details at the space for the past several months. A Philadelphia native, Brian is excited to bring the restaurant’s gourmet hoagies so popular in Philly and South Jersey to the Southeast U.S.

“What differentiates Primo Hoagies is the quality of the ingredients and the master bakers who make our rolls on-site throughout the day,” Brian said. “We’re very proud of our hoagies and how they’re made, and now we get to share these sandwiches with the people of Atlanta.”

Although the cheesesteak sandwich is synonymous with the city that created it, don’t expect the walls of the Sandy Springs establishment to be covered with pictures the Philadelphia skyline or the city’s sports teams.

“I plan to embed myself in the community of Sandy Springs,” said Brian, who moved to Atlanta after attending Georgia Tech. “This is Atlanta’s restaurant.”

Founded in 1992, Primo Hoagies now operates nearly 100 locations across the East Coast, including as far south as South Carolina, Florida – and now Georgia.

Primo Hoagies is celebrating its first day at the restaurant chain’s first Atlanta-area location by giving free hoagies to the first 100 guests Thursday. Check out the Ackerman Retail Twitter and Instagram channels for additional details.

Our Retail division is excited to introduce Kelly Wilson to the team.

Kelly, one of the top retail brokers in metro Atlanta, recently joined Ackerman Retail as a senior vice president. She will focus on third-party leasing as part of a Landlord Representation team that includes Executive Vice President Courtney Brumbelow.

“Kelly brings a unique mix of expertise, including landlord and tenant representation in combination with her experience in restaurant ownership and franchise development,” said Leo Wiener, president of Ackerman Retail. “We’re thrilled to add Kelly to our team.”

She started her commercial real estate career in the restaurant sector, owning and operating several businesses before becoming a franchise director for Blimpie Subs and Sandwiches and later Raving Brands (Moe’s Southwest Grill, Doc Green’s, Shane’s Rib Shack, Flying Biscuit Café and more).

This experience expanded Kelly’s involvement in commercial real estate and site selection, ultimately leading to her current focus – retail leasing.

Most recently, she launched the third-party landlord representation platform at The Windsor Realty Group.

Among her current exclusive leasing assignments is Marietta Square Market Food Hall – which she has 100% pre-leased. The highly anticipated food hall is scheduled to open in early 2019.

Kelly’s talents extend beyond commercial real estate.

Her extensive musical theatre resume includes performances in touring Broadway plays such as South Pacific (with Robert Goulet), Theater of the Stars at The Fox Theatre and 1940’s Radio Hour at Theatre in the Square in Marietta, Ga.

Kelly has also been the lead singer in a variety of country and rock ‘n roll cover bands, singing songs by the likes of Journey and Melissa Etheridge.

“Supply and demand has never been in better balance,” Kris Miller told the more than 100 guests at Ackerman & Co. 11th Investor Conference, recently held in Atlanta.

He added that the ongoing strong demand for product – and lack of overbuilding in sectors such as office during this cycle – puts Atlanta in position to be a leading market for investors in 2018 and beyond.

The company’s annual Investor Conference is an opportunity for Ackerman & Co. to provide perspective on trends in commercial real estate and for guests to network with leading owners, operators, investors and capital sources.

Conference themes are sometimes broad in scope but this year the focus was squarely on the Atlanta market as Kris Miller addressed the question:  Atlanta – the Next Gateway Market?

Atlanta lacks the land constraints, barriers to entry or “24/7” attributes of established gateway cities such as New York, Chicago, San Francisco and Boston. Yet, Miller added, Atlanta’s diversified economy, success at attracting corporate relocations and growth as an entertainment hub are bringing it closer to the status of a gateway market.

Together with his partner F. Keene Miller (President, Brokerage) and Leo Wiener (President, Retail), Brett Buckner (SVP, Industrial), John Willig (Principal) and Evan Ziegler (SVP, Investment), the speakers offered insights into the investment climate in the office, industrial, retail and medical office sectors.

Some highlights from this year’s conference:

• Economic drivers including the 2017 tax plan and the easing of numerous regulations are likely to free up money for capital investment and boost demand for CRE space.
• The continued strong performance of the Atlanta industrial sector – which posted 19.9 million square feet of absorption in 2017 and is experiencing historically low vacancy levels – puts Atlanta’s growth potential ahead of the top 4 industrial markets (New York/New Jersey, Los Angeles, Chicago, Dallas).
• Fundamentals weakened slightly in the office sector in 2017, but there are still excellent investment opportunities for the right property in the right location across Atlanta’s office submarkets.
• Although the retail sector is out of favor amid store closings, “brick and mortar is not dead” and good retail product is available but at high cap rates.
• Strong demographics continue to fuel investment in medical office space, as does the heightened demand for “convenience” medical space located near retail.

Kris and the team enjoyed hosting the conference and look forward to seeing everyone again next year!

Charles S. Ackerman, our founder and friend, passed away on Friday, September 22, at the age of 84. Charlie – as he was called by so many of his friends and colleagues – was a visionary who changed the skyline of Buckhead Atlanta and established the commercial real estate company that bears his name as one of the largest in the Southeast.

Beyond his business accomplishments, he was a philanthropist, and a friend and mentor to many.

On his passing, we share the thoughts of just a few of Charlie’s friends and colleagues.

“Charlie was a real estate legend. He was a great mentor, my partner, and my friend. He crammed 20 times more ‘life’ into his life than most of us will.” Kris Miller, President, Ackerman & Co.

“Charlie was a bold and future-focused real estate innovator. He was a wise and courageous entrepreneur, broker, investor and owner. His vision and leadership guided Ackerman & Co. to its highly respected position over many years.” Bob Mathews, President and CEO, Colliers International Atlanta

“A wonderful friend and inspirational mentor. I feel truly blessed to have worked with Charlie for the last 21 years.” Vivian Barnes, CFO and EVP, Ackerman & Co.

“Charlie was a broker’s broker: aggressive, creative and very smart,” Andy Ghertner, Co-Founder of Cushman & Wakefield Atlanta.

“Charlie was a truly inspiring leader. He not only grew Ackerman & Co. into a highly successful commercial real estate firm but later went on to found Ackerman Security Systems, which set the standard in home security. What an extraordinary life he led, and what a great experience it was to be his friend and learn from him over the years.” Keene Miller, President, Ackerman & Co. Brokerage Division

“He was the most competitive person I ever encountered. Whatever it took, he had to be No. 1. He had to win. He had to be out front. And he achieved it in every category.” Sam Massell, Buckhead Coalition President and former Atlanta Mayor

“While I recognized Charlie Ackerman was a fiercely competitive individual, I also thought of him as a gentle, passionate person – exuding a passion for the cultures and arts and history of mankind in all corners of the world. Charlie Ackerman was demanding, competitive, a perfectionist. But he also always was a true gentleman.” John Schaffner, founder of Buckhead View