Business

Gwinnett commissioners approve bonds for purchase of Gwinnett Place Mall property

Published

4 years ago

March 5, 2021

After Gwinnett County Government’s rare Triple AAA/Aaa bond rating was reaffirmed, the Board of Commissioners on Tuesday gave final approval for the issuance of $23.5 million in bonds to buy 39 acres of Gwinnett Place Mall as part of a major initiative to redevelop one of the key economic engines of the county.

The solid bond rating, reaffirmed in February by the three major rating firms, assures investors the 20-year revenue bonds are sound, and enables the county to issue debt at a favorable interest rate.

The purchase is part of an effort by the County government, the Gwinnett Place Community Improvement District and local property owners to create new opportunities to serve as a catalyst for redevelopment in the area.

Board of Commissioners Chairwoman Nicole Hendrickson said the County has the resources, the motivation and the vision to push redevelopment of the mall forward.

“Redevelopment of the Gwinnett Place Mall area has the potential to reap tremendous benefits for the entire county by generating new businesses and jobs and increasing the county tax base,” said Hendrickson. “I want to thank the previous Board of Commissioners for leaving us in such a great financial position that we can take on this project.”

District 1 Commissioner Kirkland Carden, whose district includes Gwinnett Place Mall, said the project could be a destination again.

“The potential is unlimited,” said Carden. “We’re starting with a blank slate. We can remake this area that is so central to our county into just about whatever we want, and we will involve residents and businesses in the process.”

Joe Allen, executive director of the Gwinnett Place Community Improvement District, said his CID members are very excited about the prospects for the area.

“The CID members are very excited,” said Allen. “We think now we’ll see real progress in redeveloping the mall. We’re grateful to the Board of Commissioners for their leadership.”

In December, the County Commission voted to purchase the 36-year-old mall minus four anchor stores, which own their property. The County now will launch an intensive planning effort to craft a strategy for revitalizing the area, which has struggled in recent years. The proximity to Interstate 85 and the destination’s central location within Gwinnett County have made the property a key focus for leadership within the county. Closing on the property is anticipated to take place by the end of March.

The Board of Commissioners, acting as the Urban Redevelopment Agency of Gwinnett County, also gave its final approval for the bonds on Tuesday. The purchase of the property and the actual issuance of the bonds is technically being handled through the agency, which was established in 2009 to exercise redevelopment powers. The annual debt service for the bonds is expected to be around $1.45 million a year.

The County’s Triple AAA/Aaa bond rating, the highest available, means the County can borrow money at most-favorable interest rates at the time the bonds are issued and also refinance bonds at better rates than most other counties.

Fewer than 2% of counties nationwide hold the highest bond ratings from all three major rating agencies.

According to S&P Global Ratings, Gwinnett merited the high bond rating largely because of its “very strong management, with strong financial policies and practices…,” its operating General Fund surplus, very strong budgetary flexibility and liquidity, and overall low debt.

Moody’s Investors Service wrote in its report, “The stable outlook reflects our expectation that the county’s base will continue to expand given strong permitting activity, recent development announcements and proximity to Atlanta. This growth will support strong revenue performance, which, along with good management and low fixed costs, will lead to continued stability in the county’s financial position.”

Fitch Rating’s report endorsed the high rating, saying, “The county has continually demonstrated prudent fiscal management through conservative budgeting. Actual results typically outperform the budget, allowing the county to increase reserves annually.”

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Kelsey Asher

Kelsey Asher is a proud graduate of the University of West Georgia with a Bachelor’s in Communications. She has held a variety of marketing leadership roles for several small, startup companies in a variety of industries including publishing, construction and technology.

Business

TransPak Acquires Reid Packaging to Expand East Coast Presence

Published

2 weeks ago

October 16, 2024

Peachtree Corners Magazine staff

group of people in a warehouse with two men in front shaking hands

The strategic acquisition strengthens TransPak’s Southeast presence and expands their capabilities in custom packaging for military, aerospace and high-value equipment.

TransPak, a global leader in logistics, packaging and crating services, recently announced the acquisition of Reid Packaging, a long-standing provider of custom packaging solutions based in Peachtree Corners. Both family-owned and operated companies share a deep-rooted commitment to quality craftsmanship, reliability and customer service, making the acquisition a natural fit.

Reid Packaging, founded in 1982, has distinguished itself as the go-to customer industrial packager in the metro Atlanta region, providing corrugated, foam and custom-engineered crating solutions, particularly in the military and aerospace industries.

two people from Reid Packaging standing in front of crates and boxes in a warehouse — Ward and Anne Phillips of Reid Packaging

Under the ownership of Ward Phillips since 2008, the company has grown to become one of the largest packaging facilities in the region, with a 60,000-square-foot site.

The acquisition will allow TransPak to expand its local manufacturing capabilities in the Southeast, while leveraging Reid Packaging’s expertise in specialized and heavy-duty custom crates.

Strategic Atlanta location and enhanced capabilities

The acquisition is part of TransPak’s strategic expansion into the Atlanta market, a critical logistics hub for both the renewable energy and semiconductor industries.

“We’re thrilled to welcome Reid Packaging into the TransPak family,” said Tomas Molet, executive vice president of East and Midwest Operations, TransPak. “With Reid Packaging’s prime location in Peachtree Corners, we are now able to serve customers throughout the Southeast, including direct routes to the Carolinas and beyond. This acquisition strengthens our ability to meet the needs of existing clients, especially those in the semiconductor and renewable energy sectors.”

four people at a ribbon cutting as TransPak acquires Reid Packaging — Tomas Molet and Amanda Gautney with Anne and Ward Phillips

In addition to the strategic location, the acquisition brings new manufacturing capabilities to TransPak’s East Coast operations. Reid Packaging’s facility is now the largest of TransPak’s locations in the region. Its offerings include enhanced services, such as heavy-duty and triple-wall corrugated packaging, which will enable TransPak to meet the growing demand for custom-designed packaging solutions for fragile, high-value equipment.

Commitment to employees and leadership appointments

A key focus of the acquisition was ensuring a smooth transition for Reid Packaging’s employees.

“We made a commitment to Ward Phillips to take care of the staff, and we’ve delivered on that promise,” said Molet. “All employees were retained, and we’ve introduced benefits they previously didn’t have as part of our commitment to making this a positive transition for everyone involved.”

Amanda Gautney, a longtime member of TransPak’s leadership team, has been appointed as the operations manager for the Peachtree Corners facility. “I’m excited to work with the team at Reid and continue the legacy of this respected company,” said Gautney.

two people from TransPak standing in front of crates and boxes in a warehouse — Amanda Gautney and Tomas Molet

Looking forward in Atlanta

TransPak plans to continue operating under the Reid Packaging name for the immediate future. However, the facility will gradually transition to full integration under the TransPak brand, reflecting the shared values and commitment to quality of both companies.

About TransPak

Headquartered in Silicon Valley, TransPak has been providing innovative and cost-effective design, crating, packaging and global logistics for over 70 years.

As a customer-focused, women- and family-owned company, TransPak combines the agility of a small business with the reliability of a global powerhouse. TransPak lives by the slogan, “We make it happen,” ensuring that high-value, fragile, and oversized goods reach their destinations safely and efficiently.

For more information about TransPak, visit transpak.com.

Business

Lisa Anders Promoted to Chief Operating Officer of Explore Gwinnett

Published

1 month ago

September 17, 2024

Peachtree Corners Magazine staff

Explore Gwinnett, the destination marketing organization for Gwinnett County, has announced the promotion of Lisa Anders from executive director to chief operating officer (COO). Since joining the organization in 1996, Anders has demonstrated outstanding leadership and has established a track record of developing partnerships essential to leading and expanding the evolving destination marketing organization. The creation and oversight of both the Gwinnett Film Commission and Gwinnett Creativity Fund are just two of her achievements.

“I am honored to step into the role of chief operating officer at Explore Gwinnett,” said Anders. “Over the past 13 years as executive director, I have had the privilege of witnessing remarkable growth for our destination. I am eager to enter this new chapter, and I’m looking forward to continuing to see how we expand.”

As COO, Anders will take on the additional responsibility of overseeing the Gwinnett Sports Commission. This division is dedicated to driving economic development through sports, managing a variety of events for youth, collegiate, amateur and professional athletic organizations. Ander’s innovative approach and extensive network of local and national connections will further support the commission’s overall mission to establish Gwinnett County as a premier sports destination.

“The Gwinnett Sports Commission team has excelled in attracting and managing a diverse array of sporting events over the past several years,” Anders added. “I look forward to working closely with this talented team to support their ongoing efforts and foster economic development for our community.”

For more information, visit exploregwinnett.org.

Business

Peachtree Corners Resident Receives Entrepreneurial Spirit Award

Published

2 months ago

September 2, 2024

Peachtree Corners Magazine staff

man in black shirt, arms crossed in front of him, looking at camera

Leroy Hite, founder of Cutting Edge Firewood, was honored with the Distinguished Alumni Award from Berry College in August

Berry College recently awarded its annual Distinguished Alumni Award for Entrepreneurial Spirit to Leroy Hite, founder of Cutting Edge Firewood (and Berry College graduate, class of 2008). The annual award recognizes and honors alumni who have demonstrated a range of positive entrepreneurial skills — including a commitment to turning a dream into a reality, the vision to create an enterprise, the courage to assume risks and the ability to make changes and take advantage of new opportunities.

“This award holds a special place in my heart, maybe more than any other I’ve ever received,” said Hite. “Being recognized by my alma mater is incredibly meaningful to me.
My entrepreneurial journey began at Berry College. It’s where that initial spark was ignited, and honestly, I’m not sure I’d be where I am today without it. Berry nurtured my curiosity, drive and resilience — the key ingredients to entrepreneurship.”

Innovative entrepreneurship

Berry College professor and leader of the school’s Entrepreneurship Program, Dr. Paula Englis, said that Hite took every class she offered. And when those ran out, he did directed studies with her.

man in cap sitting in front of a fireplace — photo courtesy of The PR Studio and Cooper & Co. Photography

“He always knew he wanted to run his own business, and the growth and success of his firewood enterprise has been a wonder to watch,” she said.

Hite was nominated by Berry alumni Alison Ritter, class of 1994. Georgia Governor Brian Kemp also supported Hite’s nomination.

“As a small business owner myself, I have strong appreciation for and recognize the perseverance it takes to build a business from the ground up,” said Kemp. “Leroy’s innovative approach to the firewood industry, focusing on product quality and customer service, mirrors the entrepreneurial spirit that has long driven Georgia’s economic success.”

man standing next to firewood delivery truck — Photo courtesy of The PR Studio and Cooper & Co. Photography

The company

When Hite founded Cutting Edge Firewood in 2013, he created the world’s first luxury firewood and cooking wood company. He reinvented everything about the firewood industry, from how firewood is dried and stored to how it’s packaged, shipped and delivered. When the company began, it was just Leroy with a one truck and a trailer. Now Cutting Edge Firewood employs 40, stocks enough inventory to fill its 40,000-square-foot Peachtree Corners warehouse and ships wood to all 50 states.

The wide variety of wood from Cutting Edge undergoes a special drying process to ensure that it’s free from unwanted pests, mold or fungus and provides an unmatched clean and bright burn with pleasant aroma. Their focus on process and the use of hardwoods such as oak, hickory, cherry, apple, pecan and maple ensures their customers receive the highest quality firewood, cooking wood and pizza wood possible.

For more information about Cutting Edge Firewood, visit cuttingedgefirewood.com.

To learn more about the Entrepreneurship Program at Berry College, visit berry.edu/academics/majors/entrepreneurship.