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April 17, 2023

Carroll Organization, With Nearly $8B Under Management, Exploring Sale

Selig Enterprises SVP Malloy Peterson Discusses Ongoing Work At The Works. Join Her And Other Industry Experts For Atlanta Adaptive Reuse & Repositioning April 27.

The Carroll Organization, with a nearly 100-property portfolio worth roughly $7.4B, could be sold in its entirety this year, CEO Patrick Carroll told Bisnow in an interview Thursday. 

Multifamily Investor With Nearly $8B Under Management Exploring Sale Of The Company

Carroll, who founded the company in 2004 and has since grown it to employ 800 people and manage nearly 30,000 units, has tapped investment bank UBS Group AG to explore a partial or full sale of the company, with a hopeful closing date as soon as…

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Carvana Backing Out Of 570K SF Sublease With State Farm

Carvana Backing Out Of 570K SF Sublease With State Farm  

A mint of a sublease for State Farm has turned into a lemon. Tempe, Arizona-based Carvana has terminated its whopping 570K SF sublease with State Farm at the insurance giant's Park Center Building 1 in Central Perimeter, the Atlanta Business Chronicle reported, citing anonymous sources. State Farm confirmed that…

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This Week's Atlanta Deal Sheet: Tidal Seeks Green Light For Buckhead Apartment High-Rise

This Week's Atlanta Deal Sheet: Tidal Seeks Green Light For Buckhead Apartment High-Rise  

A New York apartment developer is taking a major step toward breaking ground on a luxury apartment tower in the heart of Buckhead.

Tidal Real Estate Partners has applied for a permit to begin construction on a 378-unit apartment building at 321 Pharr Road, slightly smaller than its initial vision proposed in December, which would have produced 414 units. Tidal also plans to include 18.5K SF of commercial space and offer public spaces…

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Weekend Interview: Lee Kestler On The Evolving Data Center Landscape

Weekend Interview: Lee Kestler On The Evolving Data Center Landscape  

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

EdgeCore Digital Infrastructure CEO Lee Kestler discovered the data center industry after his professional soccer ambitions fizzled.

Kestler played college soccer for the University of Maryland Baltimore County and then pursued a professional career in the 1980s and 1990s for a variety of U.S. teams, including the Kalamazoo Kangaroos, Hershey Impact and the Washington Diplomats — teams that dotted the American soccer landscape before Major League Soccer launched in 1996.

In the late 1990s, after failing to catch on with a professional club, Kestler landed in a sales role at Exodus Communications, an early colocation provider. Amid the dot-com boom, third-party data centers were just emerging as their own niche within commercial real estate as businesses scrambled to establish the infrastructure needed for an online presence. 

It was the start of a 25-year career that has largely paralleled the growth and evolution — and growing prominence — of data centers as an asset class. 

In 2007, Kestler became senior vice president for sales and leasing at data Center REIT DuPont Fabros, a role he held until 2015 prior to the firm’s acquisition by Digital Realty. He then served as chief commercial officer at DigitalBridge-backed Vantage Data Centers between 2018 and 2021.…

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