Category: Tenant Representation

Kris Miller, President of Ackerman & Co., spoke to a packed room of industry professionals last night at The Atlanta Commercial Board of Realtors’ 56th Million Dollar Club Banquet. “We are here to honor the best commercial board in the country,” he said. The Atlanta Commercial Board of REALTORS® is one of the largest commercial in the nation with more than 2,200 members. The 2013 Club produced some $17 Billion in commercial real estate transactions.

Ackerman applauds all Million Dollar Club award winners and proudly recognizes its own for their outstanding achievements. Each of the following Ackerman brokers have generated in excess of three million dollars or more in commercial real estate sales and leasing activity last year.

Kevin Ehringer $10-15 Million
Kevin Hermetz $5-10 Million		Sean Patrick $5-10 Million
Frank Farrell $3-5 Million

Most recently, we shared our expertise with you on how to start a new dental practice in Atlanta. We went over the pros and cons and armed you with valuable information to support your endeavors. This week, we’re discussing how to find the just-right location to start that practice.

While you’re probably thinking  “I just want to be in a thriving community,” we will challenge you think beyond that. Because whether or not you realize it, family and social obligations will become more and more important in your life. At 25, spending hours in a car to get to the perfect location might be fine, but at 35, you’re going to want to see a t-ball game more than the Braves.

Click here to read more.

The Atlanta office market has changed this year. So much so that it can now be considered a landlord’s market and as such, tenant expectations will need adjust accordingly. .

Here are some of the trends we can expect in 2015:

• Buckhead and Central Perimeter continue to be red-hot office markets, but improvement is seen overall.
• Recasting leases, even 6 to 9 months before expiration, can be a challenge.
• Concessions are tightening which translates to less free rent on new deals and potentially none on renewals.

As our economy continues to grow – jobs in Georgia are expected to rise by 2.3 percent during 2015 – office rents in most of Metro Atlanta will increase; they almost double doubled the rate of inflation in 2014. Class “A” properties will remain more attractive as Class “B” and “C” properties are still looking to recover. In fact, Three Alliance Center in Buckhead is likely to be the first $40.00+ per foot, Class “A” office building in Atlanta in 2015.

A few development highlights for 2014, which are sure to enhance the already vibrant array of recent attractions, include Buckhead Atlanta, Avalon and The College Football Hall of Fame.  Next year, I look forward to visiting in 2015 Ponce City Market and Krog Street Market.

Easy answer: Ask someone you trust.

Dentists begin the process any number of ways. Some start with equipment vendors. Others look for rental space or contact dental office brokers seeking to purchase a fully functioning dental office. But at some point, the question emerges:

Do I want to start from scratch or purchase an existing practice?

There are no wrong answers to this question. Practices, like real estate, are valued by the market. There are times (if prices and demand are low) when there’s no question that purchasing a practice is the right solution. In the last year, most of our clients sifted through every dental practice on the market and felt the existing inventory was picked over. If that’s the case, then you have two options: wait until the market changes or start your own practice. If you’re to the point that you’re ready to start your own practice from scratch.

Where do I begin?

If you’re early in the process, you may not yet realize that real estate is just the tip of the spear. Dentists need a solid team to aid in the daunting process of starting their own practice. The team should include:

• An equipment vendor; in the Atlanta Market we have partnered with Henry Schein, Benco, Patterson or Atlanta Dental
• An office designer; the equipment people can serve this need but we also recommend Peacock
• A lawyer; we suggest the use of an attorney who specializes in real estate to review all legal documents
• A dental consultant; McIntyre & Associates and Larry M. Guzzardo are two great local consultants
• A finance company or bank; Affinity Bank and Bank of America have excellent solutions tailored for dentists
• Contractors, technology firms, data providers, etc.

But none of these can get very far without the identification of real estate.

If you live in a market that supports dental-focused commercial real estate brokers (like us in Atlanta), an experienced real estate broker will have a network of providers to guide you through the process. Even if that option is not available to you, it still benefits you to find an experienced broker who will advocate on your behalf to ensure the best possible outcome. When seeking such a broker, look for a broker who:

• Focuses exclusively on commercial real estate
• Works exclusively with dentists
• Has represented other dentists you know

Some markets may have only two of the above, but I’ll bet you can find at least one of the above requirements in any market. The experience of a commercial, dental focused and trusted broker combined, offers a professional with whom you can go into battle.

From here, the paths toward practice ownership are legion. But with a good foundational team, in place from the beginning, you’ll have the guaranteed support you need to make the best decision should any trouble arise.

To read the entire post and learn how to start a dental practice in Atlanta, click here. 

You’ve been thinking about opening a new practice and have been eyeing a couple really nice areas. You’ve driven the major roadways, you’ve stopped for coffee, you know what schools are nearby, but you’re still not 100% sure how the different markets stack up against each other. All in all, each market seems like a winner. How does one possibly begin to get an accurate picture of the demographic breakdown, dentist saturation, and healthcare spending habits of an area without being there day in and day out?

Our clients are, through experience, very familiar with the demographic breakdown of their area. They’re
comfortable with their market share and would clone their office and plop it in East Cobb or maybe Snellville
if that were possible. To bring some perspective to various markets, we’ve developed an easy-to-understand
Dental Market Comparison Report.

To read the entire post and learn more about our Dental Market Comparison Report, click here.

Earlier this month, Apple delivered the new iPhone 6 and 6 Plus and finally introduced  the iWatch – which was exciting for Appleheads like myself. The company also introduced Apple Pay, enabling its customers to pay merchants via iPhone. Just how does this development benefit the GA 400 Corridor?

Atlanta is regarded as a global hub for the financial payments market. Nearly 70 percent of all U.S. payments processed annually run through companies based in Georgia. Many of these FinTech or Financial Technology companies that supply point-of-sale hardware and software, like Global Payments, First Data, and Ingenico, will benefit greatly from Apple Pay. And, since the firms noted are located in the GA 400 Corridor, they are sure to experience office expansion. This boost in services will also mean an increase in these firms’ warehousing and manufacturing capacity to meet the impending demand. Best of all, we can anticipate job growth and increased revenues.

Bottom line, Apple will sweeten the “bottom line” for the Atlanta credit payments industry in a major way and the Corridor should see expansions on the horizon.

Finding the right office space requires careful planning and organization. Ideally, a time frame spanning 12 months is needed to find the perfect space, however the search can be completed on a tighter schedule if necessary. The timeline below provides you with a month by month plan that allows you to make sure you hit your target.

• Month 12 / Step 1:
  Select a tenant representation commercial real estate broker. Make sure they have the relevant experience in the market and product type. The first step is always finding the right broker who is going to lead your organization through the process.

• Months 9-11 / Step 2:
  With your broker develop a facility/site selection criteria. This criteria should be specific and take into account all the current and future needs and requirements of your organization.

Click here to read the rest.

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.

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

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.