Posted inColumns, Main Slider

A conversation with Carter’s Adam Parker about Summerhill and ‘The MET’

Back in October of 2018, my second post for Saporta Report was published. In “Let’s build Atlanta as a city, not a suburb” I mentioned a few places I saw around the city and had concerns about.  

That article mentioned the Turner Hill-Summerhill development, spearheaded by the developer Carter. After a conversation with Carter, I was invited to tour one of their current projects – The MET.

Posted inColumns

Construction costs skyrocket, niches remain – such as Houston’s site near Lenox Mall

The site of a former Houston’s restaurant, across Lenox Road from the mall, is just the type of property that could accommodate a trophy asset the current and near-future economy could support. This comes at a time a new report from CBRE suggests some potential commercial developments may not make much economic sense because of skyrocketing construction costs in metro Atlanta.

Posted inDavid Pendered

Cousins sells $224 million in stock to buy towers in Sandy Springs, Charlotte as expansion continues

Cousins Properties, Inc. is selling $224 million in common stock to raise cash mainly to close a $215 million deal on the 30-story Fifth Third Center in Charlotte’s central business district.

Also Tuesday, Cousins announced it has placed Northpark Town Center under contract for $348 million. The development, in the Sandy Springs portion of the Perimeter area, offers a total of 1.5 million square feet in three buildings.

These acquisitions represent a shift in Cousins’ investment strategy. In recent years, Cousins has favored Texas as its growth market and, locally, sold its signature Wildwood development in Cobb County in advance of its move into Buckhead and downtown Atlanta.

Posted inDavid Pendered

Leasing at Cousins’ Terminus points to rebound in region’s office market

Cousins Properties reports that it’s leased 95 percent of the Terminus project in Buckhead, underscoring the reported rebound in metro Atlanta’s office sector.

Rebound is a relative term. Rajeev Dhawan, of Georgia State University, and other economists point to the dearth of commercial construction and bank financing to contend the market has not recovered its pre-recession level.

But there’s no denying that Atlanta was mentioned twice in a generally positive report on commercial real estate issued Tuesday by CBRE Group, Inc.

Posted inDavid Pendered

Cousins Properties acquisitions in Texas, stock buy-back at $25 a share, show how one company fights back

Cousins Properties, Inc. raised $165.1 million in a stock sale April 12 that shows how one Atlanta-based real estate firm is waging its fight back from the recession.

Cousins intends to use the money from the stock sale to further its expansion into urban markets in Texas. Cousins also plans to redeem $74.8 million of preferred stock, according to Cousins filings with the Securities and Exchange Commission.

Cousins, a real estate investment trust, was formed in Atlanta in 1958 and more than two-thirds of its office holdings remain in Atlanta – 5.3 million square feet of the 7.6 million square feet of office space cited in its 2012 annual SEC filing. The remainder of the office space is located in Charlotte, Dallas, and Birmingham.