Longtime Atlanta commercial real estate veteran Bo Jackson is joining Greenstone Properties, as the developer looks to bolster its acquisitions business.
Jackson is leaving real estate services company Transwestern after five years, where he was a senior managing director.
“For me, this was a question of vision,” Jackson said. “I wanted to go somewhere that I could expand my interest in acquisitions and development.”
He’ll have that opportunity with Greenstone, which has a development portfolio that includes the new $100 million Cumberland headquarters for HD Supply, a proposed 10-story building in MIdtown at 14th and Spring, and another project in Alpharetta at Georgia 400 and Old Milton Parkway.
“We have done a good job with development,” said partner De Little. “We can do more with acquisitions.”
Before his stint with Transwestern, Jackson oversaw a $3 billion portfolio for Colonial Properties Trust. He also held executive positions with Beacon Properties and global real estate company Hines. Those roles gave allowed him to build connections with multiple capital sources.
Greenstone will target mostly office property acquisitions ranging from $25 million to $200 million, primarily in Atlanta, but also in markets including Dallas, Charlotte and Nashville, among others. It will look for both suburban value-add opportunities and properties in dense mixed use environments. In recent months, it was a finalist for big acquisitions, but fell just short.
“We felt that if we had Bo we would have been first a lot more often,” said Greenstone partner Chris Schoen.
Greenstone’s plan to boost acquisitions appears to have good timing. Much of Atlanta’s office market shows strong fundamentals, but especially properties that are in walking or biking distance of amenities such as housing, restaurants and nightlife, transit or public spaces such as the Atlanta Beltline.
For example, in Midtown, which has access to many of those amenities in a dense urban environment, rates for premier office space jumped 12.5 percent year-over-year, according to data from Jones Lang LaSalle Inc.
In a recent conference call with Wall Street analysts, Cousins CEO Larry Gellerstedt said of markets such as Atlanta: “Business and consumer confidence remain positive. Office users are growing their footprints, more companies are migrating to the Sun Belt, and new supply remains in check."
Jackson said, "Foreign and domestic capital are looking for office properties, and Atlanta is high on the radar."