Dilweg Pays $75M For Value-Add Office Building In Midtown Atlanta, By Ethan Rothstein, Bisnow
“After three years of buying office properties in Atlanta’s suburbs and secondary markets, a North Carolina firm is making a $75M splash in Midtown. The Dilweg Cos. acquired Pershing Point, a 409K SF office building on Peachtree Road in Midtown, from the California State Teachers Retirement System. Dilweg, based in Durham, North Carolina, plans to spend more than $10M to upgrade the building and fill the 41% vacancy. ‘If you look at the momentum and the stats on Midtown in the last 24 months, it really is, without question, the hottest area of Atlanta right now,’ Dilweg Managing Director Jerry Banks said. ‘It is the ground zero for companies looking to come into Atlanta and grow and expand their business.'”
Woodmont Buys 519 KSF Atlanta-Area Asset, By Tudor Scolca, Commercial Property Executive
“Woodmont Industrial Partners has acquired a 519,521-square-foot storage and distribution facility in Morrow, Ga. Continental Property Group sold the asset for $9.2 million, with a NAI Brannen Goddard team representing the company in the transaction.”
Economy Watch: Investors to Buy More US CRE in 2018, By D.C. Stribling, Commercial Property Executive
“Commercial real estate investors are more positive about American CRE going into 2018 than they were at the start of last year, according to the recently released CBRE Americas Investor Intentions Survey 2018, which involved about 300 investors who are focused on the Americas. Some of the reasons include a prolonged period of U.S. economic growth, as well as federal tax cuts and favorable regulatory changes.”
More Apartment Landlords Offer Free Rent to Lure Tenants, Bendix Anderson, National Real Estate Investor
“At the end of 2017, nearly one-in-five (or 19.9 percent) of the existing apartments studied by RealPage offered concessions of free rent to potential tenants. That’s up from just 4.0. percent in 2015. As the percentage of vacant apartments creeps higher in cities and towns across the country, more property managers are offering months of free rent to potential residents to get them to sign leases.”
CBRE Predicts Record Investment in 2018, By Garry Marr, CoStar
“CBRE is still forecasting investment activity to climb a fraction in 2018 from the 2017 record. The company predicts the central office vacancy rate for the country as a whole will drop to 11 percent in 2018 from 11.1 percent in 2017. Class A net asking rates per square foot are forecast to fall from $21.91 in 2017 to $21.13 in 2018 in those markets.”