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Consummate Realtor John Hunsinger Passes Away

ATLANTA (Oct. 28, 2010) - Well-known Atlanta real estate dealmaker John Hunsinger has passed away. The former Georgia Tech running back died Sunday of undetermined causes, according to an obituary in The Atlanta Journal-Constitution. He was 79.

Mr. Hunsinger, whose name graced his building at 1627 Peachtree St. overlooking the Downtown Connector, was on the local commercial real estate scene for decades. He will be missed.

Here's the obituary by Rick Badie, whose story does Mr. Hunsinger the justice he deserves.

John Stewart Hunsinger, 79: Was gridiron great at Georgia Tech

 By Rick Badie 

The Atlanta Journal-Constitution

4:32 p.m. Thursday, October 28, 2010

John Hunsinger often wore yellow scarves with matching patent leather shoes.

His attire erased any doubts about his allegiance to the school where, as a running back and linebacker, he wore No. 42.

"He adored Tech," said Janet Boden, a first cousin from Atlanta. "Those yellow patent leather shoes really stood out. He was happy, fun and like an older brother to me."

At Atlanta's Brown High School, Mr. Hunsinger was named an all-American, all-Southern, all-state fullback. He was the Atlanta Touchdown Club's pick as the state's most valuable back in 1949.

In 1950, the teen who delivered newspapers and played the trumpet and horn enrolled at  Georgia Tech. He was part of the undefeated squad that won the 1952 Sugar Bowl. He also played on the 1953 Sugar Bowl and 1954 Cotton Bowl teams.

"He was unbelievable," said D.L. Claborn, a friend since the late 1950s. "An exceptional person, a great athlete and he was really smart to form his own business."

That would be John Hunsinger and Co., the real estate brokerage and development firm he started in 1969. A decade later, Mr. Hunsinger was elected as a charter member of the Atlanta Board of  Realtors' Phoenix Million Dollar Club, which denotes 10 years as a million-dollar producer.

"Johnny knew how to carry the ball on the football field and at the real estate conference table," said Sam Massell, president of the Buckhead Coalition.  "He was always ready to make friends for his alma mater and city."

On Sunday, John Stewart Hunsinger of Atlanta died of undetermined causes at Wesley Woods Hospital. He was 79. A memorial service will be held at 2 p.m. Monday at St. Luke's Episcopal Church. H.M. Patterson & Son, Spring Hill chapel, is in charge of arrangements.

Mr. Hunsinger grew up in the West End where he shared a one-bedroom house with his mother and other relatives. The honors student earned a bachelor's degree in industrial engineering at Tech and was named most outstanding senior.

In 1961, after a two-year stint in the Army and a few years working as an engineer, he became a salesman for Pope and Carter Co. of Atlanta.  He held various  positions with the company before starting his full-service firm.

Mr. Hunsinger held memberships or offices with organizations that included the Metro Atlanta Chamber of Commerce, the Boys and Girls Clubs of Metropolitan Atlanta, the Atlanta Touchdown Club, and the Georgia Tech Athletic Association. He was a 1996 Georgia Tech Sports Hall of Fame inductee.

In a 2006 article for Engineer Enterprise, a Tech alumni publication, he compared today's football with his gridiron days.

"I like it today," he said, "but I would rather play the way we did than [they] play today. It's a specialty thing. You've got your left-footed kicker. You've got somebody who can only throw long distances . . . I can remember the games where I played 60 minutes."

Survivors include his wife, Kathy Blalock Hunsinger; four sons, Jonathan Christopher Hunsinger, Matthew Stewart Hunsinger and John Hunsinger Jr., all of Atlanta, and Hall Hunsinger of  New York City; a daughter, Robbie Lynn Hunsinger of Nashville, Tenn.

 

 

Atlanta Firm in $2 Billion Google Deal in NYC

By Tony Wilbert, Wilbert News Strategies

ATLANTA (Oct. 28, 2010) - Forget about Jamestown's hometown $26 million acquisition of City Hall East. The firm is part of a deal that would dwarf its purchase of the former Sears warehouse on Ponce.

Jamestown, Taconic Investment Partners and the New York State Common Retirement Fund are negotiating to sell 111 Eighth Ave. near New York City's Chelsea Market to Google for a stunning $2 billion. Yes, billion with a B. This, according to a story by the always reliable Lois Weiss, who writes the Between the Bricks column for The New York Post. (Thanks to NY Post for the photo, too.)

The Wall Street Journal and numerous other outlets picked up Lois' story.

Atlantans might recall the name Taconic. The firm bought the former Macy's building downtown and tried to convert it to a huge telecom building.

In New York, The 2.9 million-square-foot complex Google plans to buy at 111 Eighth Ave. also has a huge telecom component and is home to Nike, Google itself and glam-ad guy Donny Deutsch.

If Jamestown and Taconic closed the deal with Google, Jamestown's German investors likely will be screaming "Unglaublich!" in the streets as they celebrate the ROI.

 

Buckhead Office Tower Could Fetch $150 Million

ATLANTA (Oct. 22, 2010) - Finally, it's Atlanta's turn to get into the rarified air of potential record pricing for a local trophy office tower.

Regent Partners has brought 3344 Peachtree to the market. The developer/owner hired Chris Marshall of Jones Lang LaSalle to market the 469,921-square-foot office component of the mixed-use tower that also contain Sovereign, the luxury condo. Fewer than 25,000 square feet remain for lease in the building's office portion.

Jarred Schenke of Bisnow Atlanta broke the news of the building coming to market. The tower is shown at left, rising high above Atlanta Financial Center.

Given investors' appetite for well-stabilized core assets, 3344 Peachtree should attract interest from several well-capitalized bidders. This could apply upward pressure on pricing and lead to an incredible price and price-per-square-foot not seen around here in several years. 

This phenomenon has occurred in 24-hour cities across the country this year. In Chicago, 300 North LaSalle sold for a record price of $655 million, or $500 a square foot this summer. The buyer was KBS of Newport Beach, Calif.

No one in Atlanta expects any tower, even a new trophy asset, to attract $500 a square foot. But 3344 Peachtree's price could top $300 a square foot and even flirt with the $343 a foot Cousins got when it sold Pinnacle in Buckhead six years ago.

If Regent can get $320 a foot, 3344 Peachtree would sell for more than $150 million. 

With the Campanile deal done, 3344 Peachtree now is the office sale to watch.

 

Tug-of-War Likely as Atlanta Public Schools Eyes Apartment Complex for new Buckhead High

ATLANTA (Oct. 18, 2010) - Atlanta Public Schools' search for a site for a new "Buckhead High School" has sparked controversy and a potential tug-of-war with a well-known developer.

According to reports in The Atlanta Journal-Constitution and Creative Loafing, APS has its sights set on The Paces Apartments (left) for the new high school. This garden-style apartment complex has been talked about as a potential site for months, and APS confirmed its interest in a letter threatening its owner with condemnation through eminent domain, according to the AJC and CL.

The Paces Apartments was officially identified as a coveted site by NPU-B member Sally Silver, who told AJC reporter Kristina Torres that Paces Apartments owner John W. Grant asked her for help after he received a letter "suggesting the system may try to seize the property through eminent domain."

That's where the controversy comes in. The idea of eminent domain has been a hot topic since the U.S. Supreme Court's ruling in Kelo v. City of New London (Conn.). Some residents doesn't like the idea of the government telling them whom they can sell their property to, or being forced to sell it against their will - even if it's for the public good or to further economic development.

And here's the rub from the commercial real estate aspect. The Grant family has hired CB Richard Ellis multifamily power brokers Malcolm McComb, Paul Berry and Kevin Geiger to sell the apartment complex, and they have a very interested buyer.

While the potential buyer has not been identified, we hear it's former Post Properties CIO Tom Senkbeil. He's a major player in commercial real estate, and a sale to a Senkbeil-led team probably would bring a higher price than a sale to the public school system.

The Paces Apartments site seems like a good one for Buckhead High, but it might not be worth the fight.

Stars of Atlanta Commercial Real Estate Fill Downtown Development Day Panels

ATLANTA (Oct. 13, 2010) - Central Atlanta Progress, in partnership with Commercial Real Estate Women (CREW) of Atlanta, has set the line ups for the breakout panels at CAP’s Eighth Annual 2010 Downtown Development Day, which will take place Nov. 4 at AmericasMart Building 2 WestWing. Experts from Cousins Properties, Forest City Enterprises, Bank of America Merrill Lynch, Atlanta Development Authority and other esteemed companies will offer their knowledge and insight into what’s happening in Downtown. The panels will run concurrently from 10:45 a.m.-12 noon.

Panel 1 will discuss how to attract retail and residential development to Downtown. Panelists include Jim Borders, CEO, Novare Group; Michael I. Cohn, executive vice president retail investments, leasing and asset management, Cousins Properties; Sarah Kirsch, senior principal, RCLCO; and Harvey Rudy, senior director of development, Barry Real Estate Cos. The panel will be moderated by Herman H. Howard, vice president - Atlanta regional practice leader, HOK.

Panel 2, “Land of Opportunity: Underutilized Parcels in Downtown,” will look into the available land downtown and what might be developed there. Panelists are Jennifer Ball, vice president of planning, Central Atlanta Progress; Emerick J. Corsi, executive vice president of development, Forest City Enterprises; Tyrone Rachal, senior development manager of tax allocation districts (TADs) and NMTC programs, Atlanta Development Authority; and Jeffrey L. Warwick, market executive, Bank Of America Merrill Lynch. Tony Wilbert, president, Wilbert News Strategies, will moderate the panel.

Panel 3 will discuss how to boost Downtown’s economy in 2011 through hospitality, tourism and nightlife. The panelists will be William Pate, president and CEO, ACVB; Erica Qualls, general manager, Atlanta Marriott Marquis and chair of Atlanta Hotel Council; Matt Ruppert, proprietor, Noni’s Italian Bar & Deli; and R. Mark Woodworth, executive vice president, Colliers PKF Consulting USA. Tony Conway, president and owner, A Legendary Event, will moderate this panel.

 

Preceding the panels, Bernie Marcus, chairman of The Marcus Foundation, will give the keynote address where he will discuss the economic impact of the Georgia Aquarium on the city and state and how the attraction has created a destination to inspire visitors to visit and stay Downtown. Marcus is well known for funding the Georgia Aquarium in downtown Atlanta. Early next year, the aquarium open its new $110 million dolphin exhibit expansion that he also funded.

Central Atlanta Progress President A.J. Robinson will provide updates on Downtown’s newest developments and those in the planning stages. He’ll also discuss how Downtown is on the cutting edge of new technology, upgrading its infrastructure and becoming a preferred destination for Atlanta’s young and hip residents.

“Downtown is emerging as the place to live, go to college and do business in Atlanta,” Robinson said. “Downtown Development Day gives us the opportunity to spotlight what’s occurring and share our success stories.”

At the event, Robinson will present the Downtown Atlanta Economic Impact Award, and Atlanta magazine Publisher Sean McGinnis will present the Atlanta Downtown Design Excellence Award.

Following the program, attendees will have the opportunity to take an optional bus and walking tour of Downtown Atlanta. The tour will allow Atlanta’s real estate community and Downtown stakeholders interested in the area’s future the opportunity to discover the city’s new and exciting changes.

The event will also feature an expo to showcase new and planned real estate projects as well as Downtown-focused initiatives. The expo provides a great opportunity to network within the industry and business community.

Event sponsors include: Gold: Lanier Parking and AmericasMart; Silver: Barry Real Estate Companies, Georgia Power, Reznick Group, Richard Bowers & Co. and Cousins Properties; Bronze: Atlanta Development Authority, Walter P. Moore and Associates, EpsteinBeckerGreen, Stites and Harbision, PLLC, and Wilbert News Strategies.

To purchase tickets or a sponsorship, go online or contact Tahmida Shamsuddin at 404-658-5982 or tahmida@atlantadowntown.com with any questions.

About Central Atlanta Progress:

Founded in 1941, Central Atlanta Progress is a private nonprofit community development organization providing leadership, programs and services to preserve and strengthen the economic vitality of Downtown Atlanta. With a board of directors of Downtown’s top business leaders, CAP is funded through the investment of businesses and institutions.

 

 

Time is Right to Plan Next Wave of Office Towers

ATLANTA (Oct. 7, 2010) - Even as the country's office vacancy rate flirts with record levels, now is the time to start planning for the next wave of office construction. That's the point of view from tenant rep Ken Ashley, who hangs his shingle in Cushman & Wakefield's Atlanta office.

For the record, I agree with Ken, as you'll see when you read his post. 

He lays out a pretty solid argument for starting the process now using five points. The first point is that it takes awhile to entitle and build office towers. Even the cookie-cutter four-story, 100,000 square feet office building in Suburb X can take 18 months. Towers take even longer, and two years out, the office market better be better (or we're all in trouble).

His second reason to start the process now is that while demand is a critical component, so too is money. Capital is out there chasing deals, and some of it will be dedicated to building - not just buying - product.

For Ashley's other three reasons, check out his post on The Commercial Tenant Resource.