Category: Landlord Representation

Leasing holding up ‘remarkably well’ but market changes could curb unprecedented momentum.

Ackerman & Co.’s Braselton Crossroads project

An uncertain economy combined with an increase in project deliveries hasn’t done much to slow down the industrial sector. The Atlanta industrial market – the fifth largest market in the country with an inventory of 794 million SF – continues to chug along, with strong demand keeping vacancy levels at near-historic lows.

Despite a significant uptick in construction activity in metro Atlanta, the vacancy rate registered an impressively low 3.3% in November, according to CoStar, near the record low of 3.1% set in the Atlanta market in late 2021. The construction pipeline has been growing to meet rising demand, with 40,548,868 SF of industrial space under construction in the third quarter of 2022 compared to 30,487,470 SF at the same time last year.

E-commerce, 3PLs, cold storage, retail, biomedical, construction and automotive are among the industries boosting demand and contributing to low vacancy levels.

However, troubling economic signs – including two quarters of negative economic growth in 1Q and 2Q 2022 – and the increase in project deliveries are among the trends that could limit leasing velocity.

“U.S industrial leasing has held up remarkably well in recent months, even as rising inflation and interest rates have begun to wear on the broader economy,” CoStar reports in its 3Q 2022 National Industrial Report. However, the report added, “Risks that industrial leasing will moderate back down toward more normal levels in 2023 are accumulating. In addition, the report continues, “Leading indicators of economic growth… have been flashing warning signs since the Federal Reserve began raising interest rates in early 2022.”

Rising construction activity in the sector is likely to produce a slight increase in vacancies. “Barring a severe shock to the U.S. economy and industrial leasing, the volume of space under construction looks set to drive a modest increase in vacancy, but not to dramatically shift the market in tenants’ favor,” CoStar reports.

Ackerman & Co.’s current developments are leasing fast
Ackerman & Co. is among the developers of industrial space that heightened investment in new development in response to surging demand, and the firm anticipates continued steady demand for distribution space.

The firm’s current industrial projects include three distribution facilities at Braselton Crossroads in Atlanta’s I-85 North corridor totaling 460,000 SF, and a 168,000 SF distribution facility at Rockdale Technology Center in Atlanta’s I-20 East corridor.

Ackerman has also expanded into Texas, where it is developing Doerr Lane Logistics Center, a 307,000 SF Class A distribution center located in the fast-growing market between San Antonio and Austin.

“We have leased 260,000 SF before completion of the buildings at Braselton. Activity is very strong,” said Brett Buckner, Senior Vice President of Ackerman & Co.’s Industrial Services Group.

He and Chris Miller, Vice President of Industrial Leasing at Ackerman, have succeeded in pre-leasing all of 160,000 SF Building 200 at Braselton Crossroads and have pre-leased two spaces totaling 100,000 SF in 150,000 SF Building 300.

At Doerr Lane, Ackerman is in the process of negotiating leases that could soon fill up the 307,000 SF facility.

“We’re optimistic that demand will remain strong from a wide mix of users, particularly for Class A properties with high ceiling heights and strong Interstate access like the facilities Ackerman is currently developing,” Chris Miller said.

New additions at the Milton, Ga. mixed-use destination will range from barbecue and sushi restaurants to a gourmet market and brewery. 

This is shaping up to be a milestone year for Crabapple Market, the live-work-play destination in Milton Ga., in North Metro Atlanta.

Since its opening, the mixed-use development has been consistently growing its roster of office, retail and restaurant tenants. With construction now complete on a major expansion, Crabapple Market is getting ready for its busiest year of restaurant and retail openings.

More than a typical shopping destination, Crabapple Market is creating a new downtown “Main Street” environment, with a pedestrian-friendly streetscape lined with buildings featuring brick façade detailing and floor-to-ceiling arched windows. There is also The Green – a park-like gathering space for the community – as well as a stage for concerts, movies and theatrical performances.

As construction was buzzing throughout the past year, project leasing representatives Courtney Brumbelow and Haley Hartman of Ackerman Retail were busy completing numerous restaurant and retail leases that filled up all but one of the restaurant spaces in the expanded project.

So, what’s coming in 2022?

The restaurant openings will include:

DUA Vietnamese – An authentic Vietnamese restaurant specializing in Pho and noodle soups, as well as rice and egg-noodle dishes. Crabapple Market will be its fifth metro Atlanta location.

Roll On In Sushi Burritos & Bowls – Opening its second metro Atlanta location at Crabapple, the restaurant serves sushi burritos, tacos, bowls and donuts.

Spiced Right Ribhouse – An “old-school and authentic” Georgia barbecue restaurant offering ribs, pulled pork, chicken, brisket and smoked turkey BBQ meals, as well as BBQ tacos, sandwiches and salads. The restaurant also operates a Roswell location.

Six Bridges Brewing – A second location of the family-owned brewery, with a taproom, games and sports on multiple TVs.

Nest Café – Marking the second location of the eatery, Nest Café offers breakfast, brunch and lunch in a laidback coffeehouse setting.

Buzzed Bull Creamery – Handcrafted ice creams and milkshakes, including alcohol-infused options. Buzzed Bull Creamery is also planning to open several other metro Atlanta locations.

Alumni Cookie Dough – Serving cookie dough by the scoop, with special items including cookie dough sundaes, milkshakes, pretzel bites and snickerdoodle bites. There is also a Marietta location.

“With the new restaurants, along with the growing retail lineup and the community-focused amenities, Crabapple Market is a place where visitors can enjoy everything from breakfast at a café in the morning, to a great lunch or dinner with family or friends, craft beers after work and community events at The Green,” said Courtney.

New additions to the retail lineup include:

Savi Provisions – A market specializing in gourmet and organic foods, wines and spirits.

Evimero Marketplace – Featuring artisan-made gifts and home goods.

Kitchens By Design Firm – Offering a range of kitchen and other installations, including cabinets, bathroom vanities, bookcases, entertainment centers and more.

Loveday Place – Curated by artist Donna Loveday, the artisan market concept features locally crafted artwork.

Dinna Eckstein Designs – The Store (Now Open) – Provides innovative home furnishings and accessories.

Prescott Design – A full-service interior design studio offering services for home remodeling and ground-up construction.

The expansion of Crabapple Market added 11 new buildings ranging from one to three stories. In addition to the diverse mix of restaurants and retailers, Crabapple Market also features Class A offices and luxury residences.

After Initial Pandemic-Induced Challenges, Outlook Is Healthy for Medical Office Sector

During the initial months of the pandemic, the medical sector faced its fair share of challenges.

Job losses were on the rise, as some medical practices were forced to shut down temporarily. In all, there were 1.4 million healthcare services industry jobs cut in the first two months of the pandemic.

Vacancies also rose, peaking at nearly 9% nationwide.

But the sector recovered quickly – and at a much faster rate than traditional office – and long-term trends are on a healthy trajectory.

According to CoStar, nationwide vacancy rates in the medical sector are near decade-long lows, while the construction pipeline is extremely limited (less than 1% of total inventory). Healthcare trends are also favorable. Demand for services is picking up as patients schedule elective office visits and procedures that were postponed during the height of the pandemic. In the long-term, the aging of the U.S. population will drive demand for services that will, in turn, boost the need for medical space.

Kevin Ehringer, Vice President for Ackerman Medical in charge of leasing Ackerman & Co.’s portfolio of medical office properties in metro Atlanta, said he has been seeing robust demand for space, particularly in recent months.

“At the outset, healthcare practices were dealing with various issues caused by the pandemic or had to shut down temporarily – dermatology, ophthalmology, dentistry to name a few,” Kevin said. “Things are pretty much back to normal now. Primary care and specialty practices are going gangbusters.”

The heightened demand for space is reflected in recent statistics. According to CoStar, medical office space leased monthly has surpassed the five-year average for the past six months.

Ackerman is seeing solid demand for its medical office availabilities. The company, which has developed and acquired more 3.5 million square feet of medical office space since its inception, has been consistently completing leases with physicians and healthcare practices.

Recent leases Kevin has completed for Ackerman Medical include a 7,669-square-foot lease with Schilling Cosmetic Surgery & Aesthetics at 1050 Eagles Landing Parkway, a 3,320-square-foot lease with Avail Dermatology/Epiphany Dermatology at Prestige Park and 1,452-square-foot lease with Regenerative Spine & Pain Specialists at Prestige Park. Some of his major lease renewals include a 9,057-square-foot deal with Georgia Urology at Marietta Medical Center.

Although demand is strong, Kevin pointed out that snowball effects brought about by the lingering pandemic have led to one increasingly common criteria among tenants seeking space.

“Medical practices want built-out, turn-key space, rather than shell space that needs to be planned, engineered and constructed,” he said.

The increasing costs of construction materials, access to those materials and labor shortages, along with  delays in permitting, inspections and other municipal approvals are some of the issues tenants can avoid by moving into turn-key space.

The type of build-out space tenants are seeking are currently available at several Ackerman & Co. medical office properties, including the 58,317-square-foot 1050 Eagles Landing, 41,450-square-foot Prestige Park, 98,534-square foot Marietta Medical Center and at Perimeter Town Center, an Ackerman redevelopment.

While the ongoing pandemic and current economic uncertainty are creating challenges for all commercial real estate sectors, the medical sector is proving to be resilient and is expected to benefit from healthy long-term growth prospects.

There’s no doubt that the COVID-19 crisis created unexpected challenges for the commercial real estate industry in 2020.

Despite the uncertain environment, there were many bright spots at Ackerman & Co. throughout the year, thanks to the hard work of our experienced and diverse team of brokers and professional advisors.

From industrial and office leases to building and land sales to deals for restaurant and retail space, our brokers completed a steady flow of transactions.

Some of our major transactions during the year included a 710,962-square-foot lease of an e-commerce distribution facility in Florida; a 325,000-square-foot build-to-suit project at Ackerman’s Rockdale Technology Center for a regional distribution center; and a 75,205-square-foot lease with Goodwill of North Georgia for their new distribution and donation center.

Our Ackerman Retail brokers had a successful year completing a number of high-profile restaurant and retail leases. These included lease signings that will bring gourmet food market Savi Provisions and workout studio Twisted Cycle to Crabapple Market in Milton, Ga., this spring; a 17,850-square-foot lease for a new Shoe Gallery store in Cumming, Ga.; lease signings that added Henri’s Bakery & Café, Siete Tacos + Tequila, and The Original Hot Dog Factory to Marietta Square Market; and a lease for a new location of the upscale brunch spot Gocha’s Breakfast Bar in Fayetteville, Ga.

Also, our Investment Sales team was busy in 2020, with transactions that included a 30,000 square foot medical office building in Newnan, Ga., where Ackerman Medical also completed lease extensions to maintain 100 percent occupancy.

These represent just a sampling of our transactions.

And Ackerman & Co. and its partner MDH Partners are moving forward with the $85-million redevelopment and expansion of the Lee + White mixed-use project in Atlanta’s West End. The next phase of development at the popular entertainment destination will include loft offices, a food hall, public spaces, additional retail options and multifamily units.

Congratulations to our brokers of the year
Continuing an annual tradition, Ackerman & Co. also recognized the achievements of our brokers with our Broker of the Year and Young Broker of the Year awards.

The leader of our Land Group John Speros enjoyed another banner year, earning him the Broker of the Year honor – for the second year in a row. The dollar value of his deals exceeded $100 million. John works closely with his colleagues Kyle Gable and JT Speros in the Land Group.

“John really didn’t skip a beat this past year in his deal-making, which is a testament to his experience and the proven process he and his team have developed to complete land sales on behalf of their clients,” said Kris Miller.

In 2020, John’s biggest deal was the sale of 14.8 acres at Sandy Plains Marketplace for $42 million. Another major deal, completed with David Branch of SSG Realty partners, was the sale of a 4.6-acre parcel for $15.8 million that will become Porter on Peachtree, a mixed-use project featuring 291 multifamily units and 17,600 square feet of ground-level retail.

Other significant transactions for John included the sale of 67.9 acres for $5.8 million for a Meritage Homes development of 152 single-family homes and 20.37 acres for $5.6 million for the next phase of the Exchange at Gwinnett mixed-use project.

In addition to recognizing the top producer, Ackerman is also excited to announce that our Young Broker of the Year for 2020 is Will Goff.

Will’s main focus is brokering raw land and redevelopment sites, along with providing site selection services. Since joining Ackerman in 2017, Will has been involved in brokering land transactions for a wide range of uses, including residential, retail, mixed-use and industrial projects. His transactions during that time total nearly $40 million.

“Will is one of our hardest-working brokers. He can often be seen in his office at 7:30 in the morning to get started on his work, and he always has a positive attitude,” said F. Keene Miller. “In addition to his commitment to helping his clients achieve their business goals, Will is always trying to expand his knowledge. These qualities will serve him well as he grows his career in commercial real estate.”

A large portion of Will’s business is currently focused on representing developers to identify sites for multifamily and industrial projects. Will has carved out a niche in Low-Income Housing Tax Credit (LIHTC) and outside storage space, with current projects spanning across the Sunbelt from Atlanta to Houston and Charlotte to Tampa.

Will is pursuing a Master of Real Estate Development at Georgia Tech and is a CCIM candidate, having completed all course work and portfolio requirements for the designation. He plans to take the final qualifying exam at the next availability.

Read more about our brokerage group here: https://www.ackermanco.com/real-estate-services/overview/

Crabapple Market is a mixed-use development that connects seamlessly with the residential streets of downtown Milton, Ga. Bringing together a variety of restaurants, retailers, businesses and professional services firms, Crabapple Market is building a tenant lineup that increasingly makes it a bustling gathering place for Milton residents and other visitors from morning through night.

Located about 27 miles north of downtown Atlanta, Milton recently received recognition from 24/7 Wall Street Media Network as Georgia’s No. 1 city to live in.

Ackerman Retail’s Courtney Brumbelow and Haley Hartman recently completed leases that will bring gourmet market Savi Provisions and fitness studio Twisted Cycle to the development. The two new tenants expect to open their new locations in spring 2021.

The food market and a gym are important additions that fit in with the overall goal of creating a destination with diverse and well-rounded offerings.

“The walkable layout, strong tenant mix and the connectivity to the surrounding community make this a great location for Savi Provisions,” said Paul Nair, owner of Savi Provisions.

Added Courtney Brumbelow, “This project has broad appeal to retailers that want to be in a mixed-use development offering a dynamic tenant mix and a family-friendly environment. We expect to have new lease signings soon.”

Phase one of the 200,000-square-foot development is complete. The next phase – scheduled to be finished next year – will add retail and restaurant spaces as well as more public spaces for visitors, including a stage for concerts and movies, a recreational path and rooftop patios overlooking downtown.

Savi Provisions will bring additional foot traffic to the development beginning in the morning hours. In addition to gourmet grocery items and made-to-order meals, Savi’s Crabapple location will house a walk-up coffee bar and specialty juice bar. There will also be a revolving schedule of food and wine tastings. Twisted Cycle – an indoor cycling and HIIT workout studio – will provide a state-of-the-art exercise destination for the health-conscious Milton community.

Although a new development, Crabapple’s architectural design – created by Pieper O’Brien Herr – draws on historic Italian design elements, with striking brick detailing and floor-to-ceiling arched windows. The building placement creates plazas for outdoor retail and restaurant dining.

Keep up with new additions to the tenant lineup at Crabapple Market by following Ackerman Retail on Twitter and Instagram!

Facebook, Lidl and other leading companies commit to opening large distribution hubs in the submarket

When Ackerman & Co. moved forward with plans for Rockdale Technology Center, a 1-million-square-foot master-planned industrial park in Conyers, Ga., the site’s strategic location in the Rockdale/Newton County submarket of Atlanta was a big selling point.

Most importantly, the property offers convenient access to I-20, a major east-west highway that connects to Atlanta’s dense population centers to the west and to the ports of Savannah and Charleston to the east.

To date, Ackerman & Co. has developed two Class A distribution facilities on the 92-acre site of 135,000 square feet and 185,000 square feet. Later this quarter, Ackerman will begin development on its largest project so far on the site – a 325,000-square-foot facility that will serve a prominent manufacturing company.

“As land availability becomes more limited in industrial submarkets close-in to Atlanta, Rockdale County will continue attracting the interest of companies seeking modern, efficient distribution space,” said Brett Buckner, Senior Vice President of Ackerman & Co.’s Industrial Services group. “At Rockdale Technology Center, the ability for distributors to gain quick access to I-20 as well as connect to a CSX rail line are strategic advantages.”

Some big-name consumer companies are choosing to locate major distribution operations in the submarket for the same reasons.

Construction is expected to be completed this summer in Social Circle on a 970,000-square-foot flex data center for social media giant Facebook that will create an estimated 100 jobs, and Germany-based grocer Lidl recently announced plans for a 925,000-square-foot distribution center in Covington that will create 270 jobs and serve as its regional headquarters.

These major projects indicate that Rockdale/Newton County is becoming an increasingly prominent distribution hub for metro Atlanta. There is currently 1.7 million square feet under construction in the submarket, significantly higher than typical construction levels in a submarket that boasts one of the lowest vacancy rates in metro Atlanta at 3.7 percent. That compares to a market-wide vacancy rate of 7.2 percent as of 2Q 2020.

The Rockdale/Newton County submarket is part of Atlanta’s Snapfinger/I-20 East market, which totals 49,637,758-square-feet of industrial space. As of 2Q 2020, the market had the lowest vacancy rate in metro Atlanta at 3.2% and total year-to-date absorption of 473,594 square feet– one of the highest absorption rates in the market.

Although the COVID-19 pandemic initially resulted in a slowdown in leasing activity in the Atlanta industrial market at the start of the second quarter, leasing volumes have surged in recent weeks, and CoStar predicts vacancies are likely to remain below Atlanta’s historic average.

The transformation of Lee + White is entering an exciting new phase.

Renderings have just been unveiled showing what’s next for the adaptive reuse development just southwest of downtown Atlanta in the West End neighborhood. The next phase of development will add striking design features to existing buildings and produce a new two-story glace-façade building that will become a new centerpiece for the West End.

The renderings are a vivid representation of the diversification of the project Ackerman & Co. and MDH Partners envisioned when purchasing the popular entertainment and food & beverage destination last fall. The upcoming redevelopment will add creative loft offices, a food hall, public spaces, additional retail options and multifamily units, all featuring direct and enhanced Atlanta BeltLine access.

“This new phase of development will add a dynamic mix of uses that will heighten much needed daytime activity and strengthen the already popular night and weekend visits, while greatly improving the walkability and overall visitor experience through the 23-acre site,” said Leo Wiener, President of Ackerman Retail.

Amid the current coronavirus pandemic, businesses at Lee + White are re-opening with the health and safety of their customers and community in mind.

“We are in the unique position of being able to adapt the design of Lee + White’s further redevelopment to newly evolving social distancing and operational guidelines. We plan to take advantage of the existing warehouse volumes, high ceilings and wide-open floor spaces along with direct connectivity to many outdoor spaces, including patios, greenspaces and the Atlanta BeltLine,” said Jeff Small, CEO of MDH Partners.

Atlanta-based Smith Dalia Architects is the creator of the new master plans. Further capitalizing on the project’s half mile of frontage along the Westside BeltLine, the master plans propose new and enhanced access to the BeltLine, a variety of public spaces overlooking the trail and a path connecting the project’s numerous outdoor spaces.

Here’s what’s on tap for the next phase of development:

• The new centerpiece of the development – Building 1015, a two-story glass-façade structure opening directly to the Atlanta BeltLine with terraces overlooking the busy pedestrian trail. The building will house a 17,000-square-foot food and retail collective on the first floor and 18,000 square feet of loft offices on the second floor. The second-story loft offices will be notable for the distinctive entry, marquis signage, 12-foot ceilings and floor-to-ceiling glass curtain wall.
• Building 1050, an adaptive re-development of industrial warehouse space into 42,121 square feet of creative loft offices with 18-foot ceilings, abundant natural light and a large terrace overlooking the BeltLine.
• Building 929, an adaptive re-development of industrial warehouse space into 85,000 square feet of creative loft offices offering frontage on Lee Street, dramatic entry features and common areas, and views overlooking the BeltLine along with new access to the trail. Unique design elements will include exposed-beam roofing, floor-to-ceiling windows and skylight-lit double-height interiors.
• Approximately 30,000 square feet of ground-level retail space distributed throughout the property.
• Up to 250 multifamily units with walk-out access to Lawton Street and the BeltLine.
• A terraced outdoor multi-use area – similar to a mini-amphitheater – stepping down directly to the BeltLine.
• A vertical Lee + White sign at the property’s front corner providing distinctive branding that honors the property’s history.

Construction is expected to begin in the third quarter of 2020, with delivery of the first phase of office space in mid-2021. The opening of the new ground-up food and retail collective building is targeted for late 2021.

Ackerman & Co. and MDH Partners acquired the 11-building, 433,204-square-foot Lee + White property in September 2019 from Stream Realty Partners. The initial phase of the redevelopment of the mid-20th century industrial buildings included the addition of tenants such as Monday Night Brewing, Wild Heaven Beer, Best End Brewing, ASW Distillery and Hop City Craft Beer & Wine, each of which has developed a unique following and enjoyed tremendous success.

During Atlanta’s post-recession economic boom, its industrial market posted some of the strongest numbers in the nation, registering positive absorption for nearly nine years in a row.

Along with a thriving economy, Atlanta’s low business costs, extensive transportation infrastructure, and one-day access to the fast-growing Southeast ports seemed to have the industrial sector positioned to continue the positive momentum.

Of course, the ongoing coronavirus emergency has changed the landscape for the industrial sector, along with every other property type. But there are signs that the impact on the industrial real estate may be less severe.

A strong foundation
As one of the nation’s most important distribution hubs, Atlanta has continued to attract major e-commerce operations along with a full range of consumer goods companies and logistics providers.

The Atlanta market’s major lease deals in the past six months include Amazon’s 2.8 million-square-foot distribution center in Stone Mountain and its 1 million-square-foot lease in Newnan, Ga.

Other big deals and projects include Goodyear Tires’ 1.5-million-square-foot build-to-suit project in Newnan, Ga. Online personal styling service Stitch Fix leased 925,800 square feet in the I-20 West/Douglasville submarket, while XPO Logistics leased 673,818 square feet in the Airport/South Atlanta submarket and SBS Transportation leased 517,500 square feet in Palmetto, Ga.

The surging demand for industrial space in Atlanta led investors to ramp up new construction, which currently totals approximately 19 million square feet, according to CoStar. Vacancy levels as of mid-April remained low at 6.4% and the overall rental rate was $6.16, a 6.4% increase from the previous year.

What’s next?
Those numbers don’t yet reflect the changes taking place throughout the economy. The big question now is: How much will industrial demand be impacted by the COVID-19 crisis?

“You’ve got your recession-proof types of businesses – companies needing refrigeration for food products and manufacturers of essential goods. And, of course, there continues to be strong demand from e-commerce companies like Amazon,” said Chris Miller, Senior Vice President in Ackerman & Co.’s Industrial Services group.

In addition to Amazon, other e-commerce retailers are experiencing skyrocketing sales due to the millions of Americans who have turned to online shopping to purchase everything from health products and clothing to toilet paper and canned foods. There could also be a long-range movement toward the on-shoring of manufacturing due to disruptions in the supply chain for products such as pharmaceuticals.

However, there are definitely issues of concern. Cargo volumes at the Port of Savannah, now the nation’s third-busiest container port, declined by nearly 20 percent in March following a lengthy period of record increases. In addition, the retail shutdown that has spurred widespread layoffs will also impact demand levels, although the extent is not yet known.

Even so, CoStar expects fundamentals to stay afloat. Based on Oxford Economics forecasts, CoStar currently anticipates that – even in a severe downside scenario – Atlanta industrial vacancies will likely remain below the market’s long-term historical average.

“Deal volume through the first quarter was roughly equal to the metro’s quarterly average. We expect deal volume to slow, but CoStar clients remain active in sourcing and performing due diligence on deals during the crisis,” said David Kahn, Managing Analyst at CoStar, in a recent video report. “If the situation improves in the coming months, it wouldn’t be surprising to see an uptick in transaction activity in the second half of 2020.”

Chris Miller echoed that cautiously optimistic outlook.

“The industrial sector is historically the last to see a downturn and the first to recover,” he said. “When we get the all-clear, there will be a lot of activity because people are buckled in and ready to see this situation improve so they can get deals done. I think there is optimism that we’ll come out of this strong.”

As Ackerman & Co. steadily strengthens its services platform and adds talent to its brokerage group, the firm continues to solidify its position as a leading commercial real estate firm in the Southeast.

One way to measure a firm’s success is by the number of its brokers who are named to the Atlanta Commercial Board of Realtors (ACBR) Million Dollar Club. A total of 11 Ackerman brokers were named to the Million Dollar Club at the recent 2020 ACBR awards.

“This is the most brokers we’ve ever had named to the Million Dollar Club,” said Kris Miller. “Our brokerage team is producing great results for our clients and we’ll continue building our team and the quality of our services to keep those results coming.”

The Ackerman brokers added to the 2020 Million Dollar Club include Courtney Brumbelow, Brett Buckner, Bryan Davis, Brian Lefkoff, Chris Miller, Kris Redding, Sean Patrick, John Speros, Jimmy Stevens, Kelly Wilson and Larry Wood.

Three of Ackerman’s 2020 Million Dollar Club members took home Top 10 Broker honors – Brian Lefkoff (the No. 5 Retail Broker), Courtney Brumbelow (the No. 8 Retail Broker) and John Speros (the No. 5 Land Broker).

As leader of Ackerman Retail’s Tenant Representation Group, Brian’s major deals included a 30,000-square-foot lease on behalf of Painted Tree Marketplace in Buford, Ga., which marked the retailer’s first store in Georgia, while Courtney completed nearly 100 real estate transactions as the head of the Landlord Representation Group.

A long-time high producer for Ackerman as Senior Vice President of the Land Group, John’s biggest transaction was the $18 million, 65-acre land sale for the Exchange at Gwinnett mixed-use project, which he brokered with Senior Vice President Larry Wood. The project, also named one of the three finalists for ACBR’s 2020 Alvin B. Cates Award, will feature Top Golf, Andretti Indoor Karting & Games, Rooms To Go and more.

The Million Dollar Club recognizes brokers with production of $5 million or more in annual commercial transactions.

Brokers are vital to the success of every full-service real estate company, and Ackerman & Co. is fortunate to have a talented, diverse team ranging from young associate brokers to veterans with 40-plus years of experience.

At the close of every year, Ackerman & Co. recognizes brokers on both ends of that spectrum with its Broker Awards.

We’re excited to announce that John Speros is the recipient of our Broker of the Year Award and Kris Redding is our Young Broker of the Year.

Another Stand-Out Year for Veteran Broker

One of Ackerman’s most experienced and high-producing brokers, John Speros has been with the firm since 2009. He has expertise in virtually every type of commercial real estate transaction, from the sale of land parcels for single-family, multifamily and mixed-use developments to the disposition of portfolios and the acquisition of sites for commercial and residential development. His current focus is the representation of owners in land sales as leader of the Ackerman/Pioneer Land Group with Kyle Gable.

This past year has been one of John’s most productive, which is saying a lot for someone who has received multiple high-profile Atlanta market awards throughout his career – including recognition as the second-highest producing commercial land broker in 2010 and receiving the Alvin B. Cates Award for the most significant commercial real estate transaction in 2003 and 2007.

In 2019, John completed land transactions totaling nearly $75 million. Some of his biggest transactions include the $7.3-million sale of 35 acres in Gwinnett County that will become the site of the 330-unit Alta Sugarloaf multifamily complex and the $8.9-million sale of 152 acres in New Smyrna Beach, Fla., that will be used to expand a public park.

“We’re very fortunate to have someone with John’s experience and ability. He has been a key member of our team for years, and it’s great to see him have another hugely successful year,” said Kris Miller.

What stands out most about John to Kyle Gable is his combination of commercial real estate expertise and his willingness to serve as a mentor to younger brokers.

“I think there are two main qualities that make John so good in the land business. The first is his overall knowledge of all the different types of land transactions – he brings an array of knowledge to the table that most brokers just don’t have,” Gable said. “Second is his ability to get a deal closed. John understands the complexity of real estate and how to get the deal across the goal line.”

Kyle himself has benefited from John’s generosity in sharing his expertise. “When I was a 26-year-old with limited land experience, John took me under his wing and showed me how to work on land transactions and ultimately get them closed. In working with him over the past 10 years, I have seen him spend time with many young brokers teaching them about real estate,” he said.

Young Broker Hitting His Stride

A former NFL and Canadian Football League player, Kris Redding began his real estate career during the 2015 off season and now represents clients in both lease and sales transactions. Since joining Ackerman in 2017, he has demonstrated an ability to grow client relationships and become a valued partner in helping them achieve their business goals.

“It’s an honor to receive this award.” said Redding. “Ackerman’s prestige, tenured relationships within the industry, prolific resources and internal support system have provided me with a platform that has galvanized my ability to be productive in our business.” This productivity earned him a place in the NAIOP Million Dollar Club for completing more than $4 million in office leases in 2018.

Kris’s major deals in 2019 include representing Academy Orthopedics in the $5.26 million sale of its North Atlanta medical office portfolio. He also completed three lease transactions concurrently at Phoenix Business Campus with Worker’s United Southern Region, Primerica and Good Ground Development Center in five-year leases totaling 18,314 square feet.

“Kris brings the same hard-working and tenacious work ethic to real estate brokerage as he did to football. We look forward to seeing him continue his growth in commercial real estate as an important part of our brokerage team,” said Miller.

Read more about our brokerage group here: https://www.ackermanco.com/real-estate-services/overview/