JV with Westbridge Partners Sets the Stage for Redevelopment of Stockyards Project
Federal Capital Partners® (FCP) is making its first commercial investment in Atlanta, GA, shortly after its first multifamily investment that closed in early May. FCP is partnering with Westbridge Partners to redevelop the remaining buildings in the historic Miller Union Stockyards district into cutting-edge office and retail space.
The move into Atlanta comes within a year of FCP’s expansion into multiple southeastern markets, including Orlando, Tampa and Nashville, and in conjunction with an increasing presence in Raleigh-Durham, Charlotte and Charleston.
Stockyards will occupy three acres on the corner of 10th Street and Brady Avenue in West Midtown, Atlanta. The tract is one of the last remaining pieces of Atlanta’s historic industrial core. Located on the rail lines, the area served as the central clearinghouse for livestock through the 1800s and into the 1900s and includes two historic meat-packing buildings constructed in the early 1900s. The joint venture is purchasing the property from the Martin family, which used the buildings for a family furniture business for more than five decades.
Designed by architectural firm ai3, Stockyards will total 85,000 square feet of creative class A office space. The Painted Duck, a sister concept to the Painted Pin in Buckhead, was recently signed to nearly 25,000 square feet and will offer a restaurant and entertainment concept from Justin Amick and William Stallworth. The street level will include an additional 14,500 square feet of restaurant and retail space. The project will include 400 parking spaces within a three-level parking structure to support easy access from multiple entry points.
“FCP is excited to join Westbridge in their continued pursuit of adaptive re-use projects in West Midtown,” said FCP Sr. Vice President, Bryan Kane. “Stockyards’ addition of office and entertainment space will add to the existing multifamily, dining and retail momentum in one of the most unique and dynamic neighborhoods in Atlanta.” FCP has extensive experience with adaptive re-use projects, including the award-winning redevelopment of The Cigar Factory in Charleston, SC, along with the ICON 1616 Walnut and The Arch apartments in Philadelphia, PA.
“Stockyards will continue the redevelopment of the core of the West Midtown submarket by adding large floor plates of loft office space as well as a unique entertainment component with the Painted Duck,” said Westbridge Partners Principal Chris Faussemagne.
Cushman and Wakefield is handling the office leasing. Construction will begin immediately with a targeted opening by the end of 2016.
About Westbridge Partners
Westbridge Partners is an Atlanta, Ga.-based commercial real estate firm with extensive experience rehabilitating and restoring historic structures and developing unique product types. Westbridge helmed the development of the southern side of the Westside Provisions District including the bridge and is responsible for much of the redevelopment around 14th Street and Howell Mill Road in Midtown, Atlanta. Westbridge Partners has extensive experience in historic preservation, renovation and re-use. The commercial real estate development firm acquired the White Provision building in 2005 and served as the development partner for the project. The firm has played a critical role in transforming West Midtown into a retail and restaurant destination ushering in the surge of activity that has made the area one of the most sought-after markets in the region. For more information, visit www.westbridgepartners.net
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com