Ackerman, Highwoods brew up Starbucks deal - Business First of Louisville:

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The coffeehouse recently signed an early renewakl witha six-year leasee extension with a two-phase expansion up to 19,48t6 square feet in Century Centefr at 2987 Clairmont Road in northeast Atlanta. "Iyt was a complicated deal," said Michael Lipton, senior vice president of 's brokerage "It was not a difficulf deal working with thetwo parties. The landlord was greart and Starbuckswas great, but the documeng itself was complicated." Lipton reppedf Starbucks. The owner, (NYSE: put Mike Wells on the deal. Ackerman & Co.'e Michael Lipton also has been busy representingt tenantslike WebMD, Lodgian and Chico's. WebMD Corp.
recentlg signed on for three extra yearsin 28,00p0 square feet in Colony Square's 100 The Midtown lease now ends in 2010. represented the is keeping its headquartersin Buckhead's Two Live Oak. The hotelo ownership and management compant reneweda 21,817-square-foot lease for five years. "After a long searcbh in Buckhead and theCentral Perimeter, Lodgian wanterd to stay," Lipton said. "It was an excellent economic deal and they were very comfortablwe withthe location. It's right at main and main: Peachtree and Lenox.
" Penny with , repped the building's New York-based Teachers Insurance and AnnuityAssociation -- College Retirementt Equities Fund (also knowjn as TIAA-CREF). , the women's clothier, openeds an Atlanta office with 2,700 squarr feet at Two Ravinia in the CentraloPerimeter area. Chip Roach with PM Realtg Group handled the lease forthe owner, US Propertg Investment Fund L.P. A Dunwoody apartmenty complex has changed hands in what is turningt out to be a hotinvestmentg market. Atlanta-based bought Lake Ridge at Dunwoody July 12for $23.q million from Denver-based Archstone-Smituh Trust, according to , a commerciap real estate firm.
The 268-unit apartmen t on 27 acres is at 4601 NorthjShallowford Road. Lake Ridge at built in 1979 and renovate din 1996, consists of 38 two-story buildings. The propertty was 95 percent occupiedat closing. "Thiz acquisition is an excellentt addition to our existing saidSeth Greenberg, president of ECI "The Dunwoody market continues to experience strong and the quality of the rental housing in the area will enablde us to consistently achieve solid performance." Multifamily investorsz expressed strong interest in Lake Ridge at Dunwoody, said Kevin Geiger, seniof vice president at , who along with Paul Berryg and Malcolm McComb, represented the sellef in the deal.
"We had 12 offeres and culled those down to three before we picked a he said. "Anything in northernj Atlanta is hotright now. Investors are certainly focusint there, both in urban and suburban markets." Geigerr said he sees class A and class B apartmenyt complexes as the most activewith "Typically metro Atlanta will see $1 billion to $1.5 billion in multifamily transactiones a year," he said. "Last year there was more than $2 billion in multifamilh transactions. Through the firsft six months ofthis we've already had $1.1 billion. We thinlk this will be a record-breaking year again.
" And investorsa seem to be more positive abougt theapartment market, Geiger said.