Real Estate Notes
Church affiliate marketing Perimeter office complex
Atlanta Business Chronicle - by Matt Gove
Add Corporate Campus to the growing list of Atlanta projects testing the investment sales market.
No word on what the asking price is, but industry experts say the 14-building, 293,000-square-foot office complex could go for approximately $30 million, or around $104 per square foot. The property changed hands in 1988 for $25 million.
Lease records indicate the 80-percent-occupied project is owned by Utah-based Property Reserve Inc., which sources familiar with the property say is affiliated with The Church of Jesus Christ of Latter-day Saints.
Will Yowell of CB Richard Ellis is marketing the Central Perimeter project, located near Concourse on Hammond Drive. Yowell confirmed the property is being marketed and said interest was good but declined further comment.
Corporate Campus joins a number of suburban office projects chasing investor dollars right now, including Satellite Place and The Corners in Gwinnett County.
More sublease in midtown. From the "been there, done that" file: Another struggling technology firm is acquired and even more space is added to the glut of sublease space in Midtown.
This time it's Derivion Corp., an Atlanta-based online bill payment service company that blew through $50 million in venture capital since its founding in 1998. In May, Derivion was acquired by Milwaukee-based data processor Metavante Corp.
Now, Derivion's 40,000 square feet at Lincoln Property Co.'s 730 Midtown is on the market. Michael Lipton and Brian Eckel of Ackerman & Co. are marketing the space.
Lipton said the space's efficient open floor plan may have been best for a technology company but is still well-suited to traditional Midtown users, namely professional services firms.
Plus, pricing the space aggressively figures to garner some interest from newly cost-conscious companies, he said.
The asking rental rate should be in the $18- to $19-per-square-foot range, Lipton added, making it several dollars lower than direct space at 730 Midtown and as much as $10 lower than asking rates at the new towers in Midtown.
Northridge deals. Activity at The Pointe has picked up recently with the signing of two new tenants, including an out-of-state relocation. The deals bring the two-building, 411,000-square-foot project on Northridge Road to 92 percent occupied.
Wells Fargo Business Credit Inc. has signed a five-year, 12,649-square-foot lease at the project. The division of San Francisco-based Wells Fargo & Co. is relocating from Richmond, Va. Michael L. Milne with Real Trust Real Estate Services represented Well Fargo in the transaction.
Lexington, Mass.-based application service provider Surebridge Inc. has also signed at The Pointe, taking 10,577 square feet in a five-year deal. The move represents a four-fold expansion for Surebridge in Atlanta, said Pete Shelton, the Colliers Cauble & Co. broker that represented Surebridge in the deal.
Part of that expansion results from Surebridge's acquisition of Norcross-based APM Technologies, Shelton said. The company also recently closed on a $20 million round of funding.
Jeff Frantz of Jones Lang LaSalle represented the owner in both transactions.
Frantz said less congestion around Northridge has more companies interested in the area, rather than staying in Central Perimeter or heading up to North Fulton.
"It's a nice in-between market," he said.
Lane picks up assignment
Multifamily property manager Lane Co., a division of Atlanta-based The Lane Cos., has expanded into student housing and extended its relationship with the Atlanta Housing Authority.
Lane is partnering with Atlanta's Place Collegiate Properties to manage 16 student housing facilities around colleges and universities all over the South, including Georgia Southern University, the University of Florida and Clemson University. Included in the new partnership, called Place Management Group, will be the management of Kennesaw State University's first on-campus dorm development, which is scheduled to open in fall 2002.
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