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Buckhead Developer Ready to Rock #RECON15 for 30th Time

ATLANTA (April 8, 2015) - It's hard to believe Atlanta's rocking retail developer has been going at it for 30 years, but it's true. Buckhead's Charlie Hendon is prepping for his 30th Hendon Rocks party at ICSC's RECon show in Vegas.

The legendary Hendon Rocks party No. 30 is set for Tuesday, May 19th at (where else?) The Joint at the Hard Rock Cafe & Casino. This year's theme is "Rock Steady" to pay homage to Hendon Properties' steady performance in commercial real estate for three decades.

To put his steady staying power into perspective, realize that most commercial developers has a career that's only slightly longer than an NFL player. The cyclical nature of development means players come and go and switch careers and switch back (after realizing why they hated being attorneys).

Hendon Rocks marks the firm's main marketing push of the year.

This year's party will include performances from soap-star turned Jessie'sgirl lover Rick Springfield and Bad Company frontman Paul Rodgers, who undoubtedly will play the band's 1974 hit "Rock Steady."

 

With Whole Foods, Light Rail, Crescent's TOD Will Transform Uptown Charlotte

CHARLOTTE, N.C. (Feb. 11, 2015) - In its earnings announcement today, Whole Foods Market confirmed it has signed a lease for a new store in Charlotte. That location, Whole Foods' first in Uptown Charlotte, will be a key piece of a new transit-oriented development from Crescent Communities.

The development and new Whole Foods mark a milestone for Charlotte's city center.

“It is our vision that this Crescent community will redefine urban living in Charlotte,” said Ben Collins, regional vice president for Crescent. “Whole Foods Market will be Uptown’s first full-sized grocery store. Its size, combined with Whole Foods Market’s holistic approach to the shopping experience, will allow residents, commuters and visitors to enjoy Uptown in an entirely new way.”

Here's the full release from Crescent. The Wilbert Group has joined Crescent's team or PR agencies and looks forward to spreading the word about all the cool things it's doing.

  

Crescent Communities to Bring Whole Foods Market to Uptown Charlotte in Mixed-Use, Transit-Oriented Development

 

Five-acre Site Design Complements Company’s Plans for Tryon Place

to Redefine City’s Stonewall Corridor

 Crescent Communities has unveiled plans for a mixed-use, transit-oriented development (TOD) that will bring Uptown Charlotte its first Whole Foods Market. The company’s plans for the 5.4-acre site at the Lynx Light Rail’s Stonewall Station define a new model of urban living for the area and complement its Tryon Place mixed-use development to redefine the city’s Stonewall corridor.

The plans feature a 47,000 square-foot Whole Foods Market, 450-unit luxury apartment community and parking deck along with retail and up to two hotels.

“It is our vision that this Crescent community will redefine urban living in Charlotte,” said Ben Collins, regional vice president for Crescent. “Whole Foods Market will be Uptown’s first full-sized grocery store. Its size, combined with Whole Foods Market’s holistic approach to the shopping experience, will allow residents, commuters and visitors to enjoy Uptown in an entirely new way.”

Located at the southwest intersection of Stonewall and Caldwell streets, the community will be directly connected to the Stonewall Station, which serves popular Uptown destinations including the NFL Carolina Panthers’ Bank of America Stadium, Levine Center for the Arts, and the Charlotte Convention Center. With free-flowing access to Whole Foods Market, it represents one of the nation’s most accessible transit-oriented grocers and is perfectly situated for everyday Uptown living.

“We’ve enjoyed being part of the Charlotte community since 2012 and are excited about the city’s continued growth,” said Jeff Turner, executive coordinator of operations with Whole Foods Market. “We look forward to offering both convenience and a gathering place to our future neighbors and Uptown’s visitors.”

Whole Foods Market, residences and hotels also complement the plans for Crescent’s Tryon Place, just west of the site. Tryon Place, on more than three acres at the corner of Stonewall and Tryon streets, is a planned mixed-use community with Class A office, restaurants, retail and full-service hotel.

“We see a strategic opportunity for Crescent to create something transformational for Charlotte along South Tryon Street and the Stonewall corridor,” said Crescent CEO Todd Mansfield. “With a new mix of development for this part of Uptown, our plans will enhance the area’s walkability, encourage engagement, and further connect the city’s core with South End. It’s very reflective of the growth and sustainability that the community asked for in the Center City 2020 Vision Plan.”

 Crescent’s approach to development is centered on building a sense of community for residents, workers and visitors through thoughtful design and engaging social spaces. In addition to a raised, transit-level public plaza, the new project at Stonewall and Caldwell includes a resident-only outdoor amenities area. Designed atop the parking deck, the resort-style pool and outdoor living space offer uninhibited views of the skyline looking up Tryon Street. The two residential buildings include a mid-rise as well as a high-rise with fewer but larger and more luxurious units, providing a boutique feel.         

Crescent will break ground on the new community on Stonewall Street this year and is targeting 2017 for its opening date.

            Bill Moseley of Moseley Real Estate Advisors represented Whole Foods Market. Lord Aeck Sargent and Preston Partnership LLC provided site planning and design services for Crescent Communities, and Land Design is the civil engineer.

 

About Crescent Communities

Crescent Communities, LLC (www.crescentcommunities.com) is a leading real estate investment and operating firm driven to create long-term value by developing thoughtful, sustainable communities that improve people’s lives. Founded in 1963, Crescent’s original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The company finances, plans and develops properties in the Sunbelt and Mid-Atlantic markets that represent more than 50% of the U.S. population growth over the next decade. Its multi-product platform includes residential, multi-family, mixed-used, commercial and land assets, valued in total at $1.2 billion. Crescent’s robust capital deployment, seasoned leadership team, and model of sustainability enable the company to maximize opportunity in a recovering real estate market.

 

About Whole Foods Market®

Founded in 1980 in Austin, Texas, Whole Foods Market (wholefoodsmarket.com, NASDAQ: WFM), is the leading natural and organic food retailer. As America’s first national certified organic grocer, Whole Foods Market was named “America’s Healthiest Grocery Store” by Health magazine. The company's motto, “Whole Foods, Whole People, Whole Planet®” captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to the company’s more than 85,000 Team Members, Whole Foods Market has been ranked as one of the “100 Best Companies to Work For” in America by FORTUNE magazine for 17 consecutive years. In fiscal year 2013, the company had sales of $13 billion and currently has 399 stores in the U.S., Canada and the U.K.

 

 

# # #

Contacts:     

Laura King Edwards                                               Heather Tamol
704-926-1334                                                          704-926-1326
[email protected]                                     [email protected]     

It's Official: Permit Filed to Demolish Prominent Buckhead Retail Strip Center

ATLANTA (Sept. 9, 2014) - One of Buckhead's most-popular retail strip centers is about to be gone likely due to a devastating December fire that destroyed a well-known tenant.

Late last month, a permit was filed with the city of Atlanta to demolish "commercial buildings" at 2815 Peachtree Road, the center that comprises the old Garen Hills Theater, former Fantasyland Records store and the carcass of Peachtree Bikes, which a fire destroyed on Dec. 4, 2013.

Rex Bray, president of Planners & Engineers Collaborative of Norcross, filed the permit. Click on image at right to enlarge.

The center is owned by Brand Properties.

John Schaffner's BuckheadView, which broke the news of the pending demo of the cool center, posted the following comment from Michael Hoath, president Brand Properties. “No demolition permit has been issued and we have not applied for any building permits."

The confustion of whether a demolition permit had been filed was cleared up by a quick search of the City of Atlanta's Accela program.

Cool panoramic view of the Garden Hills center, courtesy of BuckheadView.

Former Jamestown Colleagues Form Third & Urban, an Atlanta-based Development Firm

SAVANNAH, Ga. (July 17, 2014) - Having helped Jamestown make Atlanta's Ponce City Market and Savannah's One West Victory mixed-use projects early successes, Pierce Lancaster and Hank Farmer have formed a new development firm of their own.

Third & Urban LLC already is busy working with Ben Carter, whose $75 million restoration of Savannah's historic Broughton Street is well under way. Lancaster and Farmer also are scouting other cities in the Southeast for additional projects.

Here's the press release The Wilbert Group just issued about Thid & Urban's formation and partnership with Ben Carter Enterprises.

Former Jamestown Colleagues Announce New Adaptive Reuse and Urban Infill Development Firm, Third & Urban

Atlanta Company’s First Project is Partnership with Ben Carter Enterprises in Savannah

 

ATLANTA (July 16, 2014) – Hank Farmer and Pierce Lancaster, former Jamestown colleagues who built their careers working on high-profile urban infill and adaptive-reuse projects, have formed Third & Urban. The new firm will focus on the development of similar projects in the Southeast, eyeing markets from Virginia to Louisiana that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban will also serve as a consultant to other developers.

Third & Urban already is consulting on a major urban redevelopment project: Ben Carter Enterprises’ $75 million redevelopment of Broughton Street, the once-thriving business hub of Savannah, Georgia’s downtown Historic District. A portion of Third & Urban’s scope is the programming of spaces above the street-level retail, which will bring additional energy to the new district Carter is looking to create. Likely uses include a mix of open and loft offices, micro offices, residential, hotel and more. Together, Carter and Third & Urban are working to return Broughton Street to its former glory.

“We see the trend of moving back to urban centers as one that is here to stay,” Farmer said. “Supporting local economies while restoring historic and underutilized buildings is a way to create vibrant places while contributing to the fabric of cities.”

The experience of Farmer and Lancaster lends itself nicely to assist Ben Carter in realizing his vision for Broughton Street.

“Ben and his team have an exciting project underway in Savannah that aligns well with our goals and vision for urban environments,” Lancaster added. “We are excited to work with them on what will be a game-changing project for the City of Savannah. It is a great opportunity.”

“As valued members of the Jamestown team, Pierce and Hank had the great opportunity to learn from a best-in-class real estate and investment company that has been a real leader in urban redevelopment,” Carter said. “As demographics and social trends continue to value and embrace urban spaces for living, working and playing, Third & Urban’s unique experience and expertise will stand out.”

Lancaster, who spent six years at Jamestown most recently as a Vice President, oversaw a range of mixed-use, retail and residential projects from New York to Miami. Farmer, who was a Development Manager at Jamestown, played a vital role in the firm’s landmark Ponce City Market redevelopment in Atlanta and also spearheaded its One West Victory mixed-use development in Savannah.

“Pierce and Hank were key team members on several high-profile deals while at Jamestown,” said Matt M. Bronfman, CEO at Jamestown. “We wish them the best of luck and are confident that they will be successful in their new endeavor.” 

About Third & Urban:

Atlanta-based Third & Urban is a new real estate development and advisory firm focused on urban infill and adaptive reuse projects in the Southeastern United States. The firm seeks development opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. Third & Urban also is advising Ben Carter Enterprises on the latter’s Broughton Street redevelopment in downtown Savannah, Georgia, a $75 million project that will create one of the Southeast’s premier urban retail destinations.

Hank Farmer and Pierce Lancaster, both previously with Jamestown, an Atlanta-based private equity firm focused on commercial real estate, are the co-founders of Third & Urban.

Lancaster served as a Vice President at Jamestown, where he managed a range of value-add and opportunistic projects across various product types. Farmer was a Development Manager at the firm and played a vital role in the creation of Ponce City Market, the largest adaptive reuse project in Atlanta history, and One West Victory, a mixed-use development in Savannah.

For more information, contact Farmer at [email protected] or Lancaster at [email protected].

Restoration Hardware to Open Flagship Buckhead Store Nov. 21

UPDATE (Nov. 13, 2014) - The store will open Nov. 21, according to Buckhead View.

UPDATE (Oct. 2, 2014): Restoration Hardware's Buckhead store, its Southern flagship, will open this fall (don't know more than that). The store is hiring leaders and sales associates now. Furthermore, the official store name is RH Atlanta, The Gallery at the Estate in Buckhead.

Here's a photo taken Oct. 1, from Shake Shack.

ATLANTA (July 9, 2014) - As the former Streets of Buckhead across the street draws closer to completion, one of the largest RH (Restoration Hardware) galleries is emerging as a vital addition to the Peachtree Road corridor in the heart of Buckhead.

The six-story structure rising from the ashes of the demolished ESPN SportsZone will come in at 56,460 square feet, according to the building permit reviewd by What Now Atlanta. That's a whopping 40 percent more space than at RH's flagship Gallery on Boston's Back Bay, which measure about 40,000 square feet. It opened last year.

Today, crews were busy working on the mammoth retail structure. The new Atlanta location will replace its former store at Lenox Square and be its first next generation Full Line Design Gallery, according to Zacks Equity Research. 

The store will open in October, same time as Buckhead Atlanta. Here's more on the new store from RH CEO and Chairman Gary Friedman:

Atlanta will present more than three times the product assortment of our Houston full-line design gallery and more than seven times the assortment of presented in our current Atlanta store. We believe this new format will generate revenues and earnings that will far surpass any of the previous design galleries we have opened and provide the proof-of-concept that supports our long-term growth objective. After visiting the site recently, I believe that the Atlanta gallery will prove to be our most revolutionary innovation to-date and will demonstrate the true power of the brand we have created.

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Top Atlanta Retail Developer Declares, "The Mall is Dead."

ATLANTA (June 30, 2014) - A high-profle death occurred recently, but not one that upset too many people. The inward-facing fortress mall we all we grew up has passed away, according to a new report from the Atlanta operation of North American Properties.

To help us understand why so many malls have closed up shop and left vast retail carcasses across the country, NAP crafted an insightful SlideShare that's been attracting a lot of attention. See it here for yourself.

Atlanta Developer Wins Key Vote in Restoration of Historic Savannah Retail District

SAVANNAH, Ga. (June 27, 2014) - Atlanta developer Ben Carter won a key vote yesterday that will enable him to continue his work restoring and returning Savannah's famous Broughton Street to its past retail glory. The city's Zoning Board of Appeals overturned an earlier vote by the Savannah Historic District Board of Review to demolish a building that has been covered in stucco to make room for a new building that will better fit with Broughton Street's architectural fabric.

Here's the full story of Ben Carter's vision for Broughton Street.

SAVANNAH, Ga., June 26, 2014 (GLOBE NEWSWIRE) -- Ben Carter Enterprises has acquired 27 properties on Broughton Street in Savannah's Historic District and has begun work on renovating and restoring all but one of them. The firm is planning varying levels of renovations and repairs including exterior repairs, façade restorations, new exterior storefronts, entry modifications, an awning replacement and roof deck improvements. Only one building will be demolished.

The team Carter has assembled is pursuing its overall vision of returning Broughton Street to a vibrant community with art, music, cultural events and enlightening experiences. Broughton Street's retail offerings will be divided into different districts: Fashion, Casual Fashion, Contemporary and Lifestyle. The retailers and restaurateurs will be clustered in areas of the street based on style, ranging from upscale to bohemian.

"Our goal is to attract the best retailers and chef-driven restaurants to downtown Savannah," said Ben Carter, founder of Ben Carter Enterprises. "The area has deep history and inherent charm already, and we look forward to bringing the street back to its former glory and vitality. We will give both residents and tourists a new reason to come downtown, by making Broughton Street a place with beautiful streetscapes where you can visit, stroll, shop, dine and just be."

Karen Guinn, a key member of the Carter team, said, "We are not building a project that will have one grand opening, but rather renovating a district, so the progress and the milestones will be rolling, with a steady stream of openings between now and March 2015."

Carter's investment to the restoration of Broughton Street is unprecedented. "What Ben Carter is doing in Savannah is a huge undertaking and shows he has made a commitment that previous Broughton Street landlords have been unwilling or unable to do," Guinn said. "Ben could have acquired the properties and filled them with tenants without upgrading the properties. But that's not the way he works. He cares about improving the communities where he does business. Also, he recently moved into an apartment right on Broughton."

Plans at the Broughton Street district continue to crystalize. Along the street, several dumpsters are located outside buildings that are being cleaned out, renovated and restored. As part of Carter's $75 million project, a substantial portion is dedicated to ensure buildings are returned to a structurally sound state and made up-to-date with life-and-fire-safety regulations. The team is cleaning out several buildings that have not been occupied in 50 years and has found artifacts that exhibit the important role the properties play in Savannah's history.

"In 25 E. Broughton St., we found a 1940s Certificate of Appreciation to the President of the Lion's Club," Guinn said.

As part of the jurisdiction review, Carter currently has buildings under review for internal renovations, façade renovation and façade replacement. Carter also has filed an appeal of the denial of his application to demolish the building at 240 W. Broughton so he can develop a four-story retail and residential building reminiscent of the old Chatham Furniture Building that stood on the site before a fire destroyed it. This building is the only one Carter would like to demolish. All others will be restored.

Carter's team has a signed letter of intent and is in lease negotiation with an international retailer that provides high-fashion apparel at affordable prices. The retailer requires 30,000 square feet and will occupy the basement and additional three floors. The demo request is being made to provide the retailer with a consistent, architecturally attractive store.

Carter said, "The retailer we are working with is at the top of the list for an anchor department store in urban areas around the world. They have prominent locations in D.C., New York, London and now they want to be here, in Savannah- that speaks volumes for this City and for Broughton Street.

"Historically Broughton Street has housed famous department stores such as Sears, J.C. Penny and Belk. It is my sincere hope that the people of Savannah will understand how important a retail anchor like this is to urban revitalization."

The team also announced J. Crew, L'Occitane and The Ancient Olive will open their first Savannah store in Carter properties on historic Broughton Street. The addition of the three new retailers is part of Carter's vision for his firm's Broughton Street project, a redevelopment of the historic, urban, walkable street in the heart of Savannah.

The Broughton portfolio consists of 200,000 square feet of retail and restaurant spaces along Broughton Street between Jefferson and Drayton streets. Ben Carter Enterprises also plans to turn the upper floors of the recently acquired street spaces into approximately 100 urban-style loft apartments, offices and creative spaces for students and young professionals.

About Ben Carter Enterprises, a client of The Wilbert Group

Ben Carter Enterprises is a full-service, commercial real estate firm that specializes in retail and mixed-use projects throughout the Southeast. The premier properties and outlets firm is currently underway on the development of the Outlet Mall of Savannah, a $200 million project; the "Broughton Street" Project portfolio, a $75 million project; and the Outlet Mall of Augusta. The firm has developed $3 billion in retail and mix-use properties in the Southeast comprising of over 4 million square feet. The company's most notable projects include the St. John's Town Center, an upscale retail and mixed-use community in Jacksonville, Fla., and the Mall of Georgia in Buford, Ga., one of the first mall properties to incorporate an outdoor village featuring retail and restaurants surrounding a green space and entertainment area. For more information about Ben Carter Enterprises, please contact (404) 869-7100 or visit www.bencarterenterprises.com.

CONTACT: For more information, contact:
         Tony Wilbert
         The Wilbert Group
         404-254-1487 (O) 404-405-3656 (C)
         [email protected]

Atlanta Developer's Sale of Jacksonville Mall Sets Mark For Retail Real Estate Sales

ATLANTA (June 11, 2014) - Atlanta developer and retail visionary Ben Carter just sold his stake in an upscale Jacksonville mall for a great price. Carter developed St. Johns Town Center and successfully persauded retailers including Apple, Louis Vuitton and soon Nordstrom to take space or build at the superregional mall.

Carter sold his 50 percent ownership stake in St. Johns Town Center to Deutsche Asset and Wealth Management, a unit of Deutsche Bank formerly known as RREEF. (Simon Property Group, the huge REIT, owns the other 50 percent and will continue to lease and manage St. Johns Town Center.)

The price for half of the 1.2 million-square-foot center was more than $375 million, according to The Wall Street Journal. 

That's a big number and is emblematic of investors' desire for malls with high occupancy rates and top-notch clients. The transaction highlights Carter's real estate savvy and vision. He built an upscale mall in a secondary market and filled it with primary-market tenants. Then, he sold at the right time. The Wilbert Group is thrilled to be working with him.

Here's more from Robbie Whelan's story in the Journal.

Mr. Carter, who also has property investments in Atlanta and Savannah, Ga., said in an interview he sold his stake in the Jacksonville mall because he wants to focus on different projects. He also said he thought he could get a good price because there are few high-quality, superregional malls on the market.

"My new business strategy is outlet malls and urban development. I don't see a great need in the Southeast for regional malls," Mr. Carter said. "They're not making these assets anymore. There are very few of them in private hands, and the premium assets don't really trade."

St. Johns Town Center had an occupancy rate of 99% and sales of between $650 and $700 a square foot last year, according to Mr. Carter and brokers who worked on the deal.

 

Deutsche Asset & Wealth Management, formerly known as RREEF, has $47 billion in assets under management in its real-estate investment business and invests in publicly traded real-estate investment trusts, private equity and debt, in addition to making direct property investments across the globe.

In a 2014 strategic outlook report produced by Deutsche in February, the company observed that "the split between the best- and worst-performing shopping centers grows ever wider and seems to be enduring," and said that it prefers to invest in "dominant regional malls and unique retail offerings" such as urban "high street" retail.

Green Street Advisors, a Newport Beach, Calif.-based real-estate research firm, estimates that last year, the highest-quality malls in the country, dubbed "A++" malls, produced $945 in sales a square foot of space. D-malls, the lowest-quality grade, produced $140 a square foot last year. Based on its sales per square foot last year, St. Johns Town Center would fall somewhere between an A and A+-rated mall.

The sale to Deutsche is "a good sign for owners who have this quality of properties in their portfolios," said Daniel Busch, an analyst who covers retail real estate for Green Street. "All the focus recently has been on selling low quality properties, the B malls. That's what's been on the market. These high-end transactions are few and far between. This transaction gives us a lot of confidence that values are holding up at the high end."

 

 

Atlanta Firm Presents Future of Retail at Huge Real Estate Convention

ATLANTA (May 20, 2014) - The Secret Sauce, the first SlideShare in a series exploring the future of retail from North American Properties (NAP), argues that chef-driven restaurants are increasingly essential to the success of retail and mixed-use projects. North American Properties - Atlanta launched The Future of Retail series yesterday at the International Council of Shopping Centers (ICSC) RECon show in Las Vegas. 

 NAP is not just offering up theories. It is betting on the power of chef-driven restaurants. It has secured six of the Southeast’s hottest chefs for Avalon, a $600 million mixed-use development that will open in late October in Alpharetta, Ga.

The Secret Sauce: Why Retail and Mixed-Use Projects Need Local Chefs from Suong Nguyen

Those restaurateurs include Ford Fry, Shaun Doty, Steve Palmer, Brian Lewis, Ciaran Duffy and Giovanni Di Palma. The Secret Sauce shares interesting statistics about the rise of the foodie and the decline of the chain restaurant, as well as insights about how industry leaders are adapting to the trends. The Secret Sauce can be downloaded here. 

Avalon is a new experience in the timeless art of living well. In the heart of Alpharetta, this sustainably-designed, 86-acre development with more than 500,000 square feet of retail, a 12-screen all premium theater, conference center and full-service hotels, Class A office, single-family residences and luxury rental homes infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living, and working. It's more than just another place to go, it's a place to be — a hub of local art and activity that delivers the luxury of the modern South. At 2.4 million square feet and more than $600 million, Avalon is one of the largest projects currently underway in the United States. You can find more updates on Avalon at its website, Facebook page, Instagram or Twitter profile. - See more here.

CrowdVested Kicks Off Equity Crowd Funding in Georgia with Real Estate Project in East Atlanta

ATLANTA ((May 16, 2014) - Commercial real estate is the ideal vertical for crowdfunding, according to a new white paper from CrowdVested. CrowdVested, a Georgia-based online crowdfunding platform for real estate, is currently hosting its first campaign, a retail project in East Atlanta with Paces Properties.  

In the white paper, CrowdVested explains why real estate works for crowdfunding, the history of real estate crowdfunding and what potential investors should know. 

CrowdVested and Paces Properties celebrated the start of equity real estate crowdfunding in Georgia Thursday night at The Glenwood in East Atlanta. The Glenwood Pub is part of the Glenwood Avenue Retail property Paces plans to acquire, and CrowdVested will enable Georgia residents to invest in the renovation of the building.

Dozens of neighbors and friends packed the pub to talk about how they could own a piece of their neighborhood. The local residents who attended included Sibley Fleming, national real estate editor of Bisnow, and former Atlanta Journal-Constitution reporter Kristi Swartz, now Southeast bureau chief of EnergyWire. 

In the photo above, Bisnow's Sibley Fleming interviews CrowdVested founder and CEO Grady Thrasher outside The Glenwood.