Cousins, Prudential Partner On Buckhead Office Tower

In a long expected move, Cousins Properties Inc. (NYSE:CUZ) brought in Prudential Real Estate Investors (PREI) on its Terminus 200 development, the 565,000-square-foot Buckhead office tower currently under construction. Cousins said the capitalization of the venture, including debt, will be $172.5 million, which is expected to cover the construction cost of the building.

The Cousins-Prudential joint venture secured a $138 million construction loan placed with a syndicate of lenders. Wells Fargo served as administrative agent, Regions Bank served as syndication agent, and PNC Bank, Bank of North Georgia and Atlantic Capital Bank joined as additional participants. PREI is acting on behalf of institutional investors.

Terminus 200 is the second office building at Terminus and follows the April delivery of Terminus 100. Signed tenants at Terminus 100 include Bain & Co., Citigroup, CB Richard Ellis, Wachovia, Cumulus Media, Synovus, Atlantic Capital Bancshares, Wilmington Trust Corp., UBS and Premiere Global Services. The building is now more than 95% leased.

Plans for the 10-acre mixed-use project ultimately include more than 1 million square feet of office space, 125,000 square feet of restaurant and retail space, and more than 800 units of for-sale residential. The first residential building at the project - the 137-unit 10 Terminus Place - is also under construction and scheduled for delivery in summer 2008. Terminus 200 is slated to deliver in August 2009.

PREI is a real estate investment management and advisory firm managing $39.6 billion in gross assets (28.8 billion net) on behalf of more than 400 clients, ranking it among the largest real estate investment managers.

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source: costar.com

JLL Lands 620,000-SF Listing of 100 Peachtree

Equastone retained Jones Lang LaSalle to lease and manage one of its latest commercial acquisitions, the Equitable Building, a 620,000-square-foot, 33-story, Class A office building in downtown Atlanta. The property is at 100 Peachtree St. in the heart of Atlanta's central business district.

Equastone purchased the property in May of this year from Lincoln Property Group for nearly $57 million. Built in 1969, the Skidmore, Owings & Merrill LLP designed building was one of Atlanta's first true skyscrapers.

Audrey Windsor, senior leasing director, and Brooke Dewey, leasing associate, of Jones Lang LaSalle will direct leasing efforts. Stacia Wilkaitis of Jones Lang LaSalle is leading management efforts.

Windsor said in a statement that it is offering the opportunity to rename the building and gain prominent signage visibility along Atlanta's skyline to potential new anchor tenants. Currently about 55% leased, major tenants include Accenture, Federal Defender Program and Stevens & Wilkinson. Jones Lang LaSalle is currently marketing available office space in the building at $17.50 to $19.50 per square foot.

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source: costar.com

Century Pacific Sells 5655 Peachtree in 1031 Exchange

Century Pacific Mortgage Corp. of Norcross, GA, sold a 50,901-square-foot building at 5655 Peachtree Parkway in Atlanta to Scott and Julia Rodriguez for $5.2 million, or about $102 per square foot. The property has at an estimated 7.8% capitalization rate. This transaction was part of a 1031 exchange for the buyers.

The office building, in Century Lakeview Park, has three stories and was built in 1989. It is on a little more than 5 acres. The property has a fitness center as well as on-site management.

Daniel Decraene with Advance Realty Service represented the seller. David Bailey with David Bailey Real Estate represented the buyers.

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source: costar.com

Centennial Invests $205M in SE Multifamily Portfolio

Centennial Holdings, an Atlanta-headquartered owner and manager of multifamily properties, acquired a portfolio of six apartment complexes from U.S. Advisors/Creekstone for $205 million, or approximately $105,344 per unit.

The 1,946-unit portfolio includes six communities in Atlanta, GA, and Charlotte and Durham, NC. Centennial said it plans to hold the properties for four to seven years. The Charlotte and Durham assets will close as part of the portfolio sale later this month.

The average age of the properties is six years.

The breakdown of the portfolio is as follows:

* Preston Pointe at Windermere, 346 units at 3100 Preston Pointe Way in Cumming, GA;


* Preston Park at Satellite, 440 units at 2110 Preston Park Drive in Duluth, GA;


* The Heights at Peachtree Creek, 340 units at 3001 Northeast Expressway in Atlanta, GA;


* Preston Landing at Sweetwater Creek, 240 units at 1100 Preston Landing Circle in Lithia Springs, GA;


* Parkside, 300 units at 605 Candler Lane in Charlotte, NC; and,


* Courtney Creek, 280 units at 2850 Courtney Creek Blvd. in Durham, NC.

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source: costar.com

CA Firm Invests $5M in Stockbridge Medical Space

Montrose, CA-based chartered corporation Eagle Atlanta Med LLC completed its purchase of the 17,900-square-foot medical space at 919 Eagles Landing Parkway in Stockbridge, GA. G&C Realty LLC sold the eight-year-old building and its .91-acre land parcel for $5.1 million, or about $285 per square foot.

Consisting of four units of fully leased medical space, the property offered the purchaser a cap rate of nearly 8% in an area of Henry County that has undergone a 40.6% growth rate in the past half decade.

Marcus and Millichap handled both sides of the deal, with Michael Sunshine and Adam Kepler of the national office and industrial properties group - Atlanta representing the seller, and Joshua Levy of Marcus and Millichap’s Los Angeles office representing the buyer.

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source: costar.com