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Magic Johnson investing $50M in '12th & Midtown'
Atlanta Business Chronicle
By Jill Lerner
Earvin "Magic" Johnson and partner Bobby Turner are investing more than $50 million in the planned "12th & Midtown" development, and plan to increase their investments in Atlanta, according to Turner.
The partners' Canyon-Johnson Urban Fund L.P., the largest private equity fund in the country focused on urban revitalization, has invested in Plaza Midtown, and now 12th & Midtown -- and that's just the beginning.
"We are not stopping here," said Turner, managing partner of the Los Angeles-based firm, which has about $1 billion in capital commitments in "high-density," "ethnically diverse" communities.
Turner said Atlanta fits that investment profile, as well as Canyon-Johnson's additional criteria -- that the communities in which the fund invests have strong leadership as well as local development partners interested in "enhancing the quality of life" along with investors' returns.
"Shirley Franklin epitomizes the great leadership," said Turner, who added members of his firm visit Atlanta about every other month, and each time Franklin makes her entire economic development Group available.
"Magic is very good friends with, and adores, Mayor Franklin," he added.
Daniel Corp. and Selig Enterprises Inc. also satisfy the fund's partnering criteria -- that local partners be interested in the "double bottom line" of community improvement as well as financial returns.
"They are our go-to guys in Atlanta," Turner said.
Of course, Atlanta's growing population also plays a role in Canyon-Johnson's interest.
"Investing in Atlanta is investing in the future of America," he added, "because that's where the growth is going to be."
Buckhead beautification.
Buckhead Coalition President Sam Massell is calling on the owners of empty Buckhead Village properties to "decorate or demolish," and plans to offer assistance should they choose the first option.
The former Atlanta mayor on Oct. 31 sent letters to owners of 15 units that are completely empty, offering to coordinate façade decoration efforts, with the help of students from the Savannah College of Art and Design.
Buckhead's six-block "Village" at one time counted almost 100 places with alcohol licenses and today that figure is less than 20, Massell said, citing the help of Robin Loudermilk and government officials.
With the "party" behind it, the area's current problem is the "seedy look" of numerous vacant properties, several of which have been assembled for future development, he added.
In his letter, Massell urged owners who plan to redevelop their properties to demolish now.
For those with no plans to demolish soon, Massell said SCAD has agreed to involve students in decoration efforts that could include painting building façades, creating window dressings and developing other cosmetic improvements.
$69M sale
A Pennsylvania real estate investment company has paid $69 million for several buildings at Northlake Office Park at 2300 Park Lake Drive.
Jenkintown, Pa.-based Pitcairn Properties Inc. purchased the buildings from Bruce S. Brickman & Associates Inc. on Oct. 10, according to Richard Poland, director of research for The Dorey Cos.
The 10 buildings range between one and six stories and comprise a total of nearly 707,000 square feet.
The buildings are class A and class B properties.
'Renaissance' Men
Investments by Cousins Properties Inc. and Barry Real Estate Companies Inc., among others, in downtown continue to have ripple effects.
Paul Raulet, Tyler Edgarton and other investors, under the auspices of 345 Courtland LLC, have purchased two office buildings between Peachtree Street and the Atlanta Civic Center for a total of $5 million.
The group bought the five-story, 108,000-square-foot 345 Courtland Ave. and the two-story, 20,000-square-foot 125 Ralph McGill Blvd., which are on the same city block and collectively known as "Renaissance Square."
Tim Holdroyd of City Realty Advisors LLC and Alan Joel of Alan Joel Partners brokered the deal.
The seller was Miami-based LNR Property Corp.
The larger building's main tenant is Level 3 Communications Inc. and Raulet cited the structure's "substantial telecommunications infrastructure" as a main attraction.
Raulet also said transportation access downtown and "the highly competent developers that are paying attention and focusing on downtown," were prime factors in the investment.
The smaller building is empty and the buyers plan to resell it, he said.
LaVista allure
An institutional investor based in Boston has purchased the LaVista Business Park for about $11 million from Nickol Commercial, according to The Dorey Cos.
TPA Realty Services LLC will manage and lease the park -- which includes 216,644 square feet in four office/distribution buildings.
Built in 1973, the park is 90 percent leased, said TPA's Bryan Heller.
Trader Joe terrain
Trader Joe's Company Inc. is planning another metro location -- The Forum at Peachtree Parkway in Norcross.
Trader Joe's, a specialty food retailer based in California, opened its first metro Atlanta store in Roswell Oct. 20. Its Sandy Springs location is slated to open Nov. 17, with locations also planned in East Cobb, Marietta, Midtown and Buckhead. The East Cobb and Midtown stores will open in early 2007, said Alison Mochizuki, Trader Joe's spokeswoman.
The Trader Joe's store at The Forum, which will open later this year, will be next to the second U.S. retail store being opened by Merrell, a footwear brand based in the United Kingdom. The Merrell store opens Nov. 24, but will likely be the only store in metro Atlanta for a while, said Keith Anderson, director of marketing. "We really need to address other areas in the geography before we repeat stores," he said.
Prado progress
The first of The Sembler Co.'s $1.5 billion in retail developments inside the Perimeter is set to begin construction Nov. 21.
The Prado in Sandy Springs will be a four-level shopping center, which will include a Target, Publix, Staples and Home Depot. The project will replace 30,000 square feet of office space and add 300,000 square feet of new retail space off Roswell Road near Interstate 285.
The $120 million project "will be a catalyst for redevelopment in that corridor," said Jeff Fuqua, president of development for Sembler.
Sembler is also working on the $500 million, 50-acre Brookhaven Place near Oglethorpe University, which will have 1,560 residential units, including condominiums, apartments and some senior housing, he said. Much of the residential will be over the 600,000 square feet of retail space. A six-story, 150,000-square-foot class A office building is included in the plans and Fuqua is "talking to office tenants in Central Buckhead -- smaller law firms and companies -- looking to relocate to Brookhaven."
Brookhaven Place is expected to start construction in April 2008. Retail tenants being courted include bookstores, a natural foods grocery store, 17 restaurants and other high-end retailers, Fuqua said.
Sembler also has an agreement to buy 75 acres from the DeKalb County Housing Authority for a development at Briarcliff and North Druid Hills roads and is hoping to purchase another 31 acres from the school board. That project, if it comes to fruition, would be double the size of Brookhaven Place.
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