By John Schaffner
Barry Real Estate Cos. has teamed up with an affiliate of Rubenstein Properties Fund LP to acquire some 3 million square feet of class-A office space in the central Perimeter market from Equity Office Properties Trust, marking Rubenstein’s first investment in the Atlanta market.
Atlanta-based Barry will manage and lease the properties.
The deal includes office assets, several redevelopment properties and two parcels that are ground leased. The office assets include The Terraces across from Perimeter Mall, 7000 Central Park, Sterling Pointe I & II and 64 and 66 Perimeter Center East.
The deal between Philadelphia-based Rubenstein and Chicago-based Equity actually included about 3.5 million square feet, but Rubenstein Partners turned around and sold about 500,000 square feet to two buyers—245 Perimeter Center to Novare Development Group and 9000 Central Park to a joint venture of Ackerman & Co. and AEW Capital Management LP.
Rubenstein noted that half of the portfolio offers “significant redevelopment options for new commercial, residential, retail and hospitality properties.
Mixed-use developmentmay replace Coronet Club
An Atlanta developer’s plans to tear down the Coronet Club and build a mixed-use development on that property and four acres behind it should have put smiles on the faces of the Sandy Springs mayor and members of
Kirbo Property Services is teaming up with Childress Klein Properties to build the complex, which is planned to have a five-story luxury residential building and a four-story office building.
City council must approve a request to rezone the area from commercial to mixed-use before the purchase of the property becomes final. But, that decision could come in April and there could be a groundbreaking in the summer.
Mayor Eva Galambos and city council have been openly eager to eliminate the combination of drinking and adult entertainment in establishments along Roswell Road since the city was formed in December of 2005. Less than a month after the city’s incorporation council members voted to create an adult entertainment ordinance that banned the sale of alcohol at clubs featuring nude dancing.
The Coronet Club, which originally opened as Maxim Cabaret, has been located at the 5275 Roswell Road location for 15 years and has been one of very few clubs in the Metro Atlanta area that offers nude entertainment to entertain both men and women under the same roof.
Business at the club had reportedly dropped off significantly since Sandy Springs passed its new ordinance placing the restrictions on such establishments.
Jenny Pruitt founder,
president get awards
The Atlanta Board of Realtors presented its highest two awards to the duo of residential leaders who head Sandy Springs-based Jenny Pruitt & Associates, founder Jenny Pruitt and company President David Boehmig, in an unprecedented move.
The prestigious E.A. Isakson Award, recognizing her “vision, progressive leadership and contributions which have brought lasting benefit to individuals, the community and the real estate profession,” was bestowed on Pruitt. Boehmig was honored as “Realtor of the Year” for his accomplishments “in civic activity, business and Board of Realtors service.” Melba Franklin, Atlanta Board of Realtors president, announced the awards at the Board’s recent annual meeting.
Pruitt and Boehmig, who both have served as presidents of the Atlanta Board of Realtors, have guided Jenny Pruitt & Associates, founded in 1988, to annual sales in excess of $1.5 billion. In addition to six Metro Atlanta sales offices, with a professional contingent of more than 450 full-time associates, the Jenny Pruitt Family of Services offers a full range of programs including mortgage financing, homeowners’ insurance and title services at significantly reduced costs.
As community advocates, both Pruitt and Boehmig have energetically supported building of Habitat for Humanity homes, have benefited the Truancy Intervention Project through sponsorship of the Cathedral Antiques Show Tour of Homes and supported historic preservation through support of the Vinings Historical Society and the Atlanta History Center.
Pruitt recently announced her retirement from active involvement in the business.
Bank hires vice presidents
RockBridge Commercial Bank (www.rockbridgebank.com) announced the recent hires of Steven Lehwald as a vice president – commercial lending and Patti Batyske as senior vice president – operations and branch manager.
Lehwald spent the last three years with Bank of North Georgia as a vice president in the corporate division. Earlier in his career he worked with Washington Mutual Bank and SouthTrust Bank.
“Steven has eight years of lending experience, and has developed a portfolio of clients that are right on-target with the mission of RockBridge Commercial Bank,” said Lauch McKinnon, president and CEO. “His consultative approach with clients makes him an excellent fit with our bank.”
Batyske came to the bank from Nantahala Bank & Trust Company in Franklin, North Carolina, where she was previously a senior vice president of operations. She also worked at the Bank of Hiawassee and United Community Banks in Hiawassee and Blairsville, GA, respectively.
“Patti is a seasoned banker with more than two decades of experience in the Southeast, and we warmly welcome the contributions she is bringing to the RockBridge team,” added McKinnon.
Atlanta-based RockBridge Commercial Bank closed on the largest banking capitalization in Georgia state history last year at $36.6 million. The bank opened its doors in November at 5607 Glenridge Drive, Suite 100, Two Premier Plaza. The bank targets commercial clients seeking $1 million to $5 million for working capital, expansion and real estate needs.