Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

Issue link: http://southeastrealestatebusiness.epubxp.com/i/735102

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S andy Springs is Atlanta's sec- ond-largest suburb with rough- ly 105,000 residents and a day- time population of 200,000. The city is home to several top-flight businesses, including Mercedes-Benz USA, which has broken ground on its 12-acre cor- porate headquarters along Abernathy Road. Since its incorporation in 2005, San- dy Springs has hoped to leverage its location between Atlanta's largest cor- porate nodes — Buckhead and Cen- tral Perimeter — into a destination unto itself. In 2012, the Sandy Springs City Council adopted a master plan to develop the city's downtown area and create a true city center, which Sandy Springs has never had. Sandy Springs Mayor Rusty Paul recently told Southeast Real Estate Business that the evolution of Sandy Springs was inevitable due to its loca- tion and corporate culture. "As the geographic and economic center of the metro area shifted north- ward, Sandy Springs became a prime spot within this new core," said Paul. "And as major corporations locate here, both residential and retail devel- opment is a natural outcome." In 2014, Sandy Springs formed a public-private partnership with mas- ter developers Carter and Selig En- terprises to develop City Springs, a 14-acre master planned development along Roswell Road. Set to open in December 2017, City Springs will feature a 100,000-square- foot civic building housing several branches of Sandy Springs' govern- ment offices. The project will also www.REBusinessOnline.com October 2016 • Volume 17, Issue 7 The Atlanta suburb is being transformed with $1 billion of commercial and residential projects underway within a 1.5-mile radius. Roundtable moderated by Randall Shearin, Introduction by John Nelson 1.6 Million SF Sanctuary Park in Alpharetta Sells for $265 Million page 18 page 40 page 38 Q&A on Comporium's Zipstream Service Florida Could Benefit From Early Brexit Shakeup page 42 INSIDE THIS ISSUE INWARD FOCUS FOR ATLANTA Atlanta's latest retail developments and activity are following consumers back to the city, and to affluent infill markets. By Randall Shearin and John Nelson see SANDY SPRINGS, page 46 Participants at the Sandy Springs roundtable included, from left, Nathan Kaplan of Kaplan Residential, Steven Cadranel of Arris Realty Partners and Jack Misiura of ECI Capital Inc. The discussion focused on the wave of developments underway in the area. Purchase Price Isn't Property Tax Value THERE'S A SEA CHANGE IN SANDY SPRINGS R etail and mixed-use develop- ers are seeking to leverage their new retail offerings in lo- cations that are convenient for Atlan- ta's affluent consumer base, many of which are living in the metro's north- ern hemisphere, encompassing both in-town and suburban residential nodes. But development continues in Atlanta's southern suburbs, and increasingly in its infill older neigh- borhoods as well. According to CoStar's mid-year 2016 retail report, metro Atlanta has roughly 2.8 million square feet of retail space under construction, or about 0.9 percent of its existing in- ventory. Most of the large-scale retail see ATLANTA, page 44 I n the midst of the Great Reces- sion and in the early days of the recovery, tenants enjoyed the up- per hand in regards to negotiation leverage with landlords that were try- ing to keep their assets tenanted long enough to weather the storm. Tenants were able to shop around and take their time to listen to offers from own- ers, most of whom were willing to ac- quiesce to tenant improvements and periods of free rent. Now landlords are the ones with the negotiating leverage, and tenants that are dealing with the landlord-favored landscape for the first time are going through growing pains. "Tenants are going through an edu- cation process because five years ago Brokers in the Southeast are navigating the marketplace by relying on their relationships, acting quickly and managing client expectations. By John Nelson BROKERING DEALS IN A LANDLORD'S MARKET see BROKERS, page 42

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