Friday, September 25, 2009

Marcus & Millichap Capital Corp. Arranges $6M Loan for Auburn, WA Retail Center

AUBURN, Wash., Sept. 24, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million, 10-year fixed-rate loan to refinance the Auburn Center, (top right photo)  a 45,402-square foot neighborhood retail center located in Auburn.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the center.

“Refinancing to long-term 10-year money is currently a trend we are seeing,” remarks Gioseffi. “For this loan, we were able to source a local lender. The borrower placed a deposit with the lender and received a below market-value interest rate.”

The refinancing package for Auburn Center was provided by a local bank. The loan-to-value is 50 percent and the term is 30 years. The Auburn Center was built in 1991.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Gables Residential Moving HQ to The Lenox Building in Buckhead, Atlanta

ATLANTA, GA (Sept. 25, 2009)—Gables Residential has signed a full-floor lease at The Lenox Building (top right photo)  in Buckhead and will move its headquarters to the tower this fall, according to PM Realty Group, which markets and leases space in The Lenox Building.

Gables Residential signed a 10-year lease for about 21,000 square feet in the building at 3399 Peachtree Road, said Dean Giordano, senior vice president for PM Realty Group. Billy Hobbs and Jason Jones with CRESA Partners represented Gables Residential.

Gables will relocate from its current headquarters in Overlook III, an office tower atop Mt. Wilkinson in Vinings. Gables, which owns, develops and manages luxury apartment communities, chose The Lenox Building because of its convenient amenity base and convenient access to MARTA and Ga. 400.

David Fitch, (middle left photo) CEO of Gables Residential, said the convenience of doing business at The Lenox Building and The Lenox Building’s well-capitalized ownership made it an attractive option for Gables.

“As a company that prides itself on offering inviting places to live with extraordinary services, we look for similar attributes in a new headquarters,” said Fitch. “We found these in The Lenox Building.”

The Lenox Building is a 20-story, 350,000-square-foot Class A office tower in Atlanta’s Buckhead submarket. The tower, owned by one of ING Clarion’s separate account pension fund clients, is connected to the Lenox Square Mall (bottom right photo)  and the JW Marriott hotel.

The addition of a tenant of Gables Residential stature fortifies The Lenox Building’s reputation as an ideal location for corporate headquarters, said Giordano, who represents ING Clarion.

“The Lenox Building has a history of being home to headquarters of Atlanta companies,” Giordano said. “The owner is pleased to have a company such as Gables Residential added to the tenant roster at The Lenox Building.”

Gables Residential is a private REIT that owns 72 apartment communities with 18,000 units, and manages more than 20,000 apartment homes for third party owners.

Media Contact: Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell

Carter Hired to Market Atlanta Center

Downtown Office Tower Offers Largest Space in Submarket

ATLANTA, GA  (Sept. 25, 2009)—Carter, one of the country’s leading full-service commercial real estate firm since 1958, has been hired to market Atlanta Center for lease or sale.

Westmont Hospitality Group, owner of Atlanta Center, a 20-story, 362,340-square-foot office tower at 250 Piedmont Ave., selected the Carter’s Project Leasing Team of Senior Vice President Mike Shelly and Senior Associate Sonia Winfield to lease the building. Carter Senior Vice President Gary Lee and Vice President Andrew Murphy simultaneously will market the building for sale.

Atlanta Center is net-leased to SunTrust Banks Inc. through year end 2010. Carter will begin searching in earnest for replacement tenants at the beginning of next year. Carter currently is developing a strategy to attract tenants to the tower in Atlanta’s Downtown submarket.

“Atlanta Center offers the largest block of contiguous space in the Downtown submarket,” Shelly said. “Because it is a lower-cost alternative to other Downtown office buildings, Atlanta Center is ideal for a state or local government agency and other cost-conscious tenants.”

Atlanta Center, adjacent to the Downtown Connector, is surrounded by amenities. The office tower is connected to the Atlanta Hilton (top right photo)  by a covered walkway. The hotel is home to two award-winning restaurants, a swimming pool, fitness center and drug store. Several of Atlanta’s largest attractions, including the Georgia Aquarium, World of Coca-Cola, CNN Center (middle left photo)  and Philips Arena, are within walking distance of Atlanta Center.

In addition, Atlanta Center is connected by covered walkways to the Peachtree Center MARTA Station and Peachtree Center mall and food court. “It is hard to match the amenity base and accessibility of Atlanta Center,” Winfield said.

The office tower has high visibility along Atlanta’s Downtown Connection and offers a great signage opportunity for a large tenant.

For interested buyers, Atlanta Center offers adaptive reuse opportunities such as student housing, especially as Georgia State University continues to expand its presence Downtown, Lee said.

“We will work hard to identify and sign new tenants at Atlanta Center,” Shelly said. “We also will actively market the building for sale.”

Media Contact: Tony Wilbert, Wilbert News Strategies LLC, 404-888-3091 office/404-405-3656 cell