Stockyards Atlanta Transformed Last Buildings of Historic Industrial Core Into Award-Winning Creative Office and Entertainment Space
FCP℠ and developer Westbridge Partners have sold Stockyards Atlanta, the joint-venture adaptive renovation of three historic warehouses in West Midtown, to Clarion Partners, LLC for $69.7 million.
Stockyards Atlanta is on three acres on the corner of 10th Street and Brady Avenue in the Upper Westside of Midtown Atlanta. Initially built in the early 1900s as a stockyard and meatpacking plant to serve Atlanta’s growing population, the project is steeped in more than 120 years of history. In 2017, the joint-venture partnership of Westbridge Partners and FCP transformed it into one of Atlanta’s premier creative communities.
“We are incredibly proud of Stockyards Atlanta, a project that preserved the last of the historic buildings that made up the Miller Union Stockyards,” said Chris Faussemagne, who co-founded Westbridge Partners, which has since merged with Third & Urban. “Clarion Partners is the ideal owner, as they have experience with adaptive re-use projects and the West Midtown submarket as owners of the Westside Provisions District.”
“We are pleased with the strong success of our business plan at Stockyards. This project is truly unique and has been a lot of fun to execute,” said Erik Weinberg, Senior Vice President, FCP. “FCP remains committed to the West Midtown neighborhood and the Atlanta market, as evidenced by the recent adaptive re-use acquisition at 950 W. Marietta, a portion of the former WestRock facility.”
The Urban Land Institute (ULI) honored Stockyards Atlanta in 2018 for Excellence in Office/Commercial Mixed-Use Development. Designed by architectural firm ai3 and built by Gay Construction Company, the 142,478 square foot creative office and entertainment space landed tenants from Red Bull and Fitzgerald and Co. to the Painted Duck and Italian restaurant Donetto. It achieved full occupancy within a year of delivery.
Faussemagne, now a partner with Third & Urban, has extensive experience in historic preservation, renovation and re-use. His team acquired the White Provision building in 2005 and served as the development partner for the project, which transformed the Howell Mill Road corridor.
Third & Urban and FCP recently announced the acquisition of a 275,000-square-foot warehouse on West Marietta Street, which will become large-format creative office space on the Atlanta Beltline.
Stockyards Atlanta was FCP’s first commercial project in Atlanta. The company’s Atlanta area portfolio also includes eight multifamily properties with 1,924 units.
Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of Stockyards Atlanta.
About Third & Urban
Third & Urban are Developers Building Community—modern, culture-rich adaptive re-use and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, engaging in a deliberate value creation process to produce truly unique destinations and best-in-class results for office, retail and residential spaces. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. With more than 1,200,000 square feet across the Southeast, Third & Urban has developed more than $300,000,000 in institutional-grade urban projects. For more information, please visit www.thirdandurban.com
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.