Coro Realty Announces the Sale of ABRA Auto Body & Glass

Coro Realty Advisors, LLC announces the sale of ABRA Auto Body & Glass, located at 3730 Lawrenceville-Suwanee Road, Suwanee, GA 30024 to Spirit Master Funding III, LLC.  Coro acquired the property, then owned by Taylor Collision and Suwanee Tool Rental, in July 2011.  Coro Realty simultaneously entered into a development agreement and long-term lease with ABRA.  Coro Realty converted the former properties into a 5,000 square foot free-standing office for ABRA and an adjacent 6,480 square foot auto repair facility.

The property was originally redeveloped as a long term investment.  Investor appetite for the property and cap rate compression, however, caused Coro Realty to re-evaluate its strategy.  Robert Fransen, partner in Coro Realty, stated “We enjoyed working with ABRA, having found it to be a first-class company and tenant.  We are very pleased with the result of this transaction and look forward to doing more business with ABRA.”

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and throughout the Southeast with intelligent real estate development and investment.  With a commitment smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For More Information Please Contact:

Teresa Pastore
Coro Realty Advisors, LLC.
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
tpastore@cororealty.com
www.cororealty.com

Coro Realty Announces the Purchase of Rivoli Crossing Outparcel

Coro Realty Advisors, LLC announces the purchase of a 7,124 square foot former Flag Bank off the corner of Forsyth Road and Rivoli Drive in Macon Georgia.  The property is an outparcel in front of Rivoli Crossing, a 95,977 square foot neighborhood center purchased by Coro Realty and Harbour Retail Partners in July 2013. 

Coro Realty believes that the addition of the outparcel will enable operational efficiencies in combined management of the outparcel and Rivoli Crossing.  It also presents the opportunity for further value creation by improving the outparcel and leasing it to a retail or professional user.  Robert Fransen, a partner at Coro Realty, noted, “We bought the outparcel well below replacement cost, and believe that this property, while small, offers the opportunity for material upside.  We are excited to add it to our overall investment.”

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment.  With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For more information on this property contact:

Teresa Pastore
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Value-Add Properties, Secondary Markets are Becoming a Magnet for Investors

Robert Niedzwiecki, an acquisition officer at JP Morgan Chase in New York City, offers a tip for investing in real estate in 2014. “Go where the puck is going, not where it’s been.” According to a panel of real estate experts that convened during a commercial real estate finance and investment conference on Tuesday, Oct. 8, the metaphorical puck is heading into value-add properties and/or in secondary markets. Robert Fransen, executive vice president and chief investment officer at Coro Realty Advisers, an Atlanta-based retail and apartment developer, noted that investors are seeing upside in value-add properties. "Value-add has become much more attractive to capital than just two years ago," says Fransen. “It's shifting away from the distressed and core ends of the spectrum.” Fransen and Niedzwiecki’s commentary came during the conference held at the Westin Buckhead Hotel in Atlanta. The law firm of Morris, Manning & Martin LLP and France Media’s InterFace Conference Group jointly produced the daylong event, titled “How Can You Take Advantage of the Recovering Market?” The event attracted hundreds of investors, developers, lenders and financial intermediaries from across the Southeast. Fransen and Niedzwiecki participated in a panel discussion titled, “The Outlook for Investment in 2014.” Michael Bull, founder of Bull Realty Inc. in Atlanta, moderated the panel discussion.

Other panelists included Eric Zimmerman, managing director of Eastdil Secured in Atlanta; Colin Connolly, senior vice president and chief investment officer for Cousins Properties in Atlanta; and Mark Decker, managing director at BMO Capital Markets in Washington, D.C. Decker referred to some investors as “asset snobs,” meaning the investors are only interested in high-profile assets in gateway submarkets such as Washington, D.C., New York City and San Francisco. According to Fransen, this creates an opportunity in secondary markets across the Southeast, such as Greenville, S.C., Macon, Augusta and Columbus, Ga. “These are secondary/tertiary markets that we like because there’s less competition. The asset snobs don’t want to go those markets,” said Fransen. Interest from investors looking to the secondary, non-gateway markets in the Southeast is also a result of the area’s promising fundamentals.

Connolly says that’s why Cousins is still interested in pursuing Atlanta-area projects. “It's really a function of the investors looking at what job growth looks like in the next four or five years and overlaying that with pricing quality assets. When you do that, Atlanta looks incredibly attractive," said Connolly. Niedzwiecki is bullish on investing in select suburban office assets — even if institutions aren’t — because of the potential returns on investment. He also believes that investors will eventually come back around to investing in suburban offices. “You know in five or six years the investors that fled the suburban office market four of five years ago will come back,” said Niedzwiecki. Investing in suburban properties is logical for a lot of investors. While many young professionals embrace urban living today, many will gradually move to the suburbs as they start families because of the better school systems, cheaper cost of living and benefits of having a yard and more living space, according to Fransen. “Sure, new graduates and empty-nesters want to live in the city, but the people in between still like the suburbs,” said Fransen. “Just because it's out of favor with the capital markets, I think that's precisely why there's an opportunity to buy some of that stuff." — John Nelson.

Published in REBusiness On-Line October 15, 2013

Coro Realty announces the execution of Egg Harbor Café Lease at The Brookwood Marketplace

Atlanta - Coro Realty Advisors, LLC announces the execution of a lease with Egg Harbor Café at The Brookwood Marketplace located at 1820 Peachtree Road, Atlanta, GA 30309.   Egg Harbor Café is a family owned, restaurant specializing in gourmet breakfast and lunch creations served daily.  Egg Harbor will take over the 4,470 square feet on Peachtree Street, adjacent to the very successful Watershed and Saltyard restaurants.  Positioned in the high profile South Buckhead market, The Brookwood is a mixed-use development containing the 18,537 square feet of retail space and 219 Residential units, located approximately one block south of Piedmont Hospital; adjacent to the Brookwood Hills and Ardmore neighborhoods.

According to Patti L. Pearlberg, Coro Realty’s Vice President, Brookwood Marketplace was purchased as a long term investment because of its excellent location on Peachtree Street and our ability to attract high quality tenants such as Egg Harbor, an excellent addition to the quality restaurants already making their mark at The Brookwood Marketplace.

“With over 28 years of being a family operated business and 17 locations currently operating in various states, Egg Harbor is a perfect fit to serve the surrounding neighborhoods and office community” stated Stuart Miller, Leasing Agent for Coro Realty.

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment.  With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For more information on this property please visit
http://www.cororealty.com/properties/brookwood-marketplace or contact:

Teresa Pastore
Coro Realty Advisors, LLC.
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Coro Realty Announces the Acquisition of a Stake in Madison Street Commons

Coro Realty Advisors, LLC announces the acquisition of a majority interest in Madison Street Commons.  The property is located at the intersection of Madison Street and Memorial Drive in Clarksville, Tennessee.  Madison Street Commons consists of three retail buildings totaling 72,940 square feet.  Madison Street Commons was developed by PGM Properties, LLC, which retained its ownership in the property.

Madison Street Commons blends stable cash flows from its anchor, Publix, and gradual rent growth from strong shop tenants like Five Guys, H&R Block, Massage Envy and Which Wich.  Robert Fransen, Partner of Coro, noted, “Madison Street Commons’ tenancy is hard to beat.  We expect it to be a solid ‘coupon clipper’ for years to come.  Plus, we are very excited by what we hope will be the first of many joint ventures with PGM.”  J. Dudley Parker, Principal of PGM Properties, added, “we are proud that we were able to convert an abandoned hospital site into a first class retail property, and were gratified that Coro wanted to see through that development with us.”

Madison Street Commons is one of only two Publix-anchored centers in Clarksville, TN, a city with approximately 140,000 residents near to Fort Campbell (home of the 101st Airborne Division) and home to Austin Peay State University.

Coro Realty Advisors was founded in 1997 and is synonymous in the Southeast with intelligent real estate development and investment.  The firm provides Asset Management, Investment, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

PGM Properties is a full-service commercial development, leasing and management company focusing on quality retail shopping centers.  With over 75 years of direct commercial real estate experience among the three principals, PGM Properties possesses the dedication and wisdom necessary to carry projects from inception to completion.

For more information on this property contact:

Teresa Pastore
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Coro Realty Announces the Acquisition of Rivoli Crossing

Coro Realty Advisors, LLC announces the acquisition of Rivoli Crossing in joint venture with Harbour Retail Partners.  Rivoli Crossing is a 95,977 square foot neighborhood center located at the northeast intersection of Forsyth Road and Rivoli Road in Macon, Georgia.  The property is anchored by The Fresh Market, Stein Mart and Dollar Tree.  It also includes 28,804 square feet of regional and local shop tenants.

Coro Realty sees Rivoli Crossing as a value-add opportunity in which it expects to blend stable income from national credit anchors and shop tenants with opportunistic returns from strategically renovating and re-tenanting portions of the property.  In addition, Coro Realty sees potential to lease vacant space, to expand existing tenants and to reposition and redevelop certain portions of the center.  John Lundeen, Coro Realty’s President, noted, “We bought Rivoli Crossing below replacement cost, but still anticipate solid future income.  National tenants make up 70% of the GLA and contribute 64% of the existing income.  Plus, tenants with 10+ years of occupancy at the center make up 37% of the GLA and contribute one quarter of existing income.”

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment.  With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

Harbour Retail Partners is a real estate fund managed by Randy Kelley and Jim Cheney with a focus on necessity-based retail.

For more information on this property contact:

Teresa Pastore
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Coro Realty Advisors Acquires Cross Country Plaza in Columbus Georgia

Coro Realty Advisors, LLC announces the acquisition of Cross Country Plaza, in joint venture with G.H. Anderson & Co., LLC and Bavin Southeast Investments, LLC.  The property is located at the intersection of Macon Road and Auburn Avenue, just off I-185, in Columbus, Georgia.  Cross Country Plaza consists of five retail buildings and four outparcels totaling 368,360 SF.  The acquisition was financed by a loan from Northwestern Mutual.  Rob Francour, Director, Northwestern Mutual Real Estate Investments, LLC, represented Northwestern Mutual in the transaction.  The seller was Glenwood Development Company, which did a creditable job of renovating the property and securing new anchor tenants following its purchase in 2004.  Berkeley Capital Advisors represented the seller.

Coro Realty sees Cross Country Plaza as an opportunity to blend stable income from national credit anchors like Publix, TJ Maxx and Office Max, with opportunistic returns from strategically renovating and re-tenanting portions of the property.  John Lundeen, Coro Realty’s President noted, “We bought Cross Country Plaza below replacement cost, and as a Core+ property with upside.  National credit tenants make up 58% of the GLA and contribute 70% of the existing income.  Plus, tenants with 10+ years of occupancy at the center make up 48% of the GLA and contribute 56% of existing gross income.”  In addition, Coro Realty sees potential to lease vacant space, expand existing tenants, reposition and redevelop certain portions of the center, and spin off outparcels.

Cross Country Plaza is the dominant community shopping center serving the Midtown, Downtown, and Macon Rd. areas of Columbus.  The property is less than one mile from the Columbus Country Club, two miles from AFLAC Insurance’s headquarters and three miles from Columbus State University, St. Francis Hospital and the Columbus Airport.  It is also near Fort Benning, which serves 40,000 active-duty military personnel and supports over 120,000 military, family members and civilians.

Robert Fransen, a partner in Coro Realty, stated, “In addition to the center’s operations and tenancy, we are also excited about the area’s improvements.”  The City of Columbus is in the middle of developing a $100 million municipal campus across the street from Cross Country Plaza.  Once completed, this campus will house a new public library, civic and educational offices, the county public education complex and governmental administrative offices.

Coro Realty Advisors, LLC was founded in 1997 and is synonymous with Atlanta and Southeastern real estate with intelligent real estate development and investment.  The firm provides Asset Management, Property Management and Real Estate Advisory Services based on a customer-centric management and leasing philosophy, for a myriad of residential and commercial properties throughout the Southeastern United States.

For more information on this property contact:

Teresa Pastore
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Coro Realty Advisors and Easlan Capital to Develop 48,000 Square Feet of Retail at Johnsons Ferry and Ashford Dunwoody Roads

ATLANTA - May 7, 2013 - Coro Realty Advisors (www.cororealty.com) and Easlan Capital (www.easlancapital.com) announced today that they will develop the retail component of the Heights at Brookleigh, a mixed-use development including a retirement community and over 400 apartments, townhomes and single family homes.  The property, known as Brookleigh Marketplace, will contain approximately 48,000 square feet of retail.  The property's location at Johnsons Ferry Road near Ashford Dunwoody Road has remained undeveloped for some time and has been widely pursued.  Coro will lease and manage the property.  Easlan will supervise the development and construction.

"We are enthusiastic about bringing this product to our site," said Kent Levenson, President of Easlan. Easlan assisted the Worthing Company and Norsouth in the design and rezoning of the property.  "Brookleigh Marketplace's design, new construction and strategic location enable us to fill a niche not currently served by the older retail properties in the area.  The talented, seasoned individuals working at Coro and Easlan are in tune with this market and are the best suited to maximize the potential of this unique location." Easlan Capital specializes in the design, zoning, and development of mixed use properties, most notably the St. Regis Plaza, Terminus, and Glenridge Springs Projects in Atlanta.

Brookleigh Marketplace is planned to include 2 outparcels and approximately 27,000 square feet of in-line space in two to three buildings.  Coro and Easlan are targeting restaurants and a variety of neighborhood retail uses for the property.

Robert Fransen, Partner of Coro, commented, "Coro is committed to enhancing the retail experience in Atlanta, and is excited about adding to the value created in this area by the recent construction of several residential developments.  We believe that Brookleigh Marketplace will be a vibrant addition to the Brookhaven community."

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment.  With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

Easlan Capital was organized in 1982 for the purpose of developing, managing, leasing, and acquiring commercial and multi-family projects in South Carolina, North Carolina, Tennessee and Georgia.  Easlan Capital of Atlanta, Inc. opened its offices in Atlanta in 1986 and to date the three offices in Greenville, Charlotte, and Atlanta have developed over 7,000 apartment units and over 3 million square feet of office, retail, and industrial throughout the Southeast.  Ten years ago, Easlan Capital created an investment services division to facilitate brokerage and equity placement services on behalf of our clients.  Over the last eight years, Easlan Capital has closed in excess of $600 million in investment real estate transactions.

For more information on this property please contact:

Teresa Pastore
Coro Realty Advisors, LLC.
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Coro Realty Announces the Acquisition of The Brookwood Retail

Coro Realty Advisors, LLC announces the acquisition of street-level retail in The Brookwood, a Class A condominium building located at 1820 Peachtree Road, Atlanta, Georgia 30309.  Positioned in the high profile South Buckhead market, The Brookwood is a mixed-use development containing the 18,537 square feet of retail space purchased by Coro and 219 residential condominiums (not part of the purchase).  The retail includes two restaurants, Saltyard, owned by principals of the highly-successful La Grotta Ristorante Italiano, and Watershed, which relocated to The Brookwood from its long-time Decatur location.  The Brookwood is located approximately one block south of Piedmont Hospital; adjacent to the Brookwood Hills and Ardmore neighborhoods.

Robert Fransen, Partner of Coro Realty, believes that The Brookwood fits well with Coro’s strategy of acquiring strategic infill properties.  “We purchased this property due to its South Buckhead location, excellent visibility, ample parking, and proximity to affluent residential communities.”  Added Patti Pearlberg, Partner of Coro Realty, “The combinations of Class-A retail, Class-A residential and a Peachtree Road address make this a marquee retail property.”   Coro intends to stabilize the property through additional leasing and to hold the property for long term cash flow and value appreciation.

Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment.  With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments.  The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.

For more information on this property please contact:

Teresa Pastore
Coro Realty Advisors, LLC.
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia  30327
(404) 846-4000
www.cororealty.com

Luxury Rental Units Planned to Replace Frazier Street Apartments

by Joan Durbin
jdurbin@neighbornewspapers.com

What may be the very first redevelopment project built in Roswell in the newly formed Groveway Community will be up for consideration by city boards and city council beginning next week.

Lennar Multi-Family Investors, a subsidiary of Lennar Homes specializing in leased housing, has plans to replace Frazier Street apartments with a 318-unit, five-building apartment complex tentatively named Canton Street City Walk.  “We’ve been interested in this property for five to eight months, maybe as long as 12 months. We think today is the right time,” said Christopher Cassidy, president of Lennar Southeast Division.

“Our hope is the climate of the city has changed for the product we have to offer. It will fill a hole with something that’s not been available before.”  Lennar would demolish the existing low income apartments on Frazier and replace them with one and two bedroom units ranging in size from 650 to 1,200 square feet.  Rents at the new complex at 188 Norcross Street would start at $1,100 to $1,200 and go up to $2,500, Cassidy said.  The apartments would be high end, with granite countertops, stainless steel appliances, hardwood floors and hard tile in the bathrooms, he said.

“We focus on top 40 markets in the U.S. where there are high demographics and more infill is needed,” Cassidy said. “When you think of Roswell, it’s one of the top five markets in Georgia. It has a well defined city center that is walkable with restaurants and shopping.”  Steve Stroud, executive director of the Roswell Business Alliance, said this project was so new that he had just learned of it two weeks ago.  “It’s a good project. Lennar is a good builder that’s got a great reputation,” Stroud said. “It’s a real shot in the arm for that area. It’s exactly what people were thinking of when Groveway was created. But it has to be vetted and go through the system.”

A few years ago, plans like this would never have passed muster with elected officials or others in the Roswell community.  With the establishment of the Groveway Community district, which puts more emphasis on development aesthetics than land use, there is an opportunity for quality rental housing that wasn’t there previously, Stroud said.

“We’re in a different age and this is a different scenario. These are high end units, not your typical garden apartments,” Stroud said. “In this new generation, not everyone wants to own. And there is so little rental housing inventory in Roswell right now. There’s a 92 to 95 percent occupancy rate in existing apartment complexes.”  Cassidy said his company will offer relocation services to Frazier Street’s current tenants.  The historic preservation commission will review Lennar’s conceptual site plan March 13. There will be a neighborhood meeting for the plan on March 21, and the planning commission will hear the application on April 16.

The application is scheduled to go before the mayor and city council on May 13.