This Week's Atlanta Deal Sheet
The last building of what was once part of a horse, mule and livestock trading hub is finally being adapted.
Clarion Partners and Westbridge have launched the redevelopment 926 Brady, a 36K SF 1930s-era warehouse that is part of the larger Miller Union Stockyards property, into a creative office building in the hot West Midtown submarket. The building, at the corner of 10th Street and Brady Avenue, served various purposes since the early 1900s, including as a stockyard and a meatpacking plant. Miller Union Stockyards began life as a cattle- and horse-trading hub in the late 1800s, eventually becoming a collection of warehouses in the early 20th century.
Since acquiring Miller Union Stockyards in 2017, Atlanta-based Westbridge has redeveloped all of the other buildings on the campus. Westbridge also helmed part of the Westside Provisions District redevelopment nearby.
The Stockyards are home to Red Bull's regional headquarters, marketing firm Fitzco, manufacturer Mannington Commercial, high-end bowling alley The Painted Duck and restaurants Baffi Atlanta and Nick's Westside. The project is scheduled to deliver in the fall of 2023 with Transwestern senior managing directors Zach Wooten and Stephen Clifton tapped to lease the project.
LEASES
Residential construction firm DRB Group inked a lease for 17K SF at 55 Allen Plaza, the 14-story, 349K SF office tower lording over the Interstate 75/85 interchange in Downtown Atlanta. KW Commercial's Ming Zhu represented DRB while Lincoln Property Co. Southeast senior vice presidents Hunter Henritze and Michael Howell and Vice President Caroline Fisher brokered the deal for the landlord, Lone Star Funds.
DEVELOPMENT
Atlanta-based Carter is launching the first of its The Story apartment communities in the Southeast. The developer is underway with Story Mundy Mill, a 300-unit apartment community in Gainesville that offers rents attainable to the local workforce, according to a press release. Aside from Mundy Mill, Carter obtained construction financing for four other Story projects, including another in Metro Atlanta, and one each in Orlando, Tampa and Lakeland, Florida.
Financing was arranged by Patterson Real Estate Advisory Group. Artemis Real Estate Partners, GID and Kayne Anderson are developing future Story apartment complexes, ranging from 300 to 330 units, in partnership with Carter. Story Mundy Mill is slated to deliver in 2023, according to the release.
***
An upstart minority-owned multifamily developer, with the backing of a Grammy award-winning musician, is launching its first project in South Fulton County.
Bolster Real Estate Partners is breaking ground on The Kourtney at Yates Road, a 122-unit townhome community aimed at active adults 55 years of age and older, according to a press release. The $35M project, which also includes street-level retail, is located off Yates Road near the interchange of interstates 85 and 285.
Christian rapper, singer and songwriter Lecrae Moore is co-developing the project with Bolster, which is slated to break ground this August.
CONSTRUCTION AND DEVELOPMENT
The Aubrey Corp. tapped Lee & Associates partner Jim Ramseur to market a massive collection of land parcels totaling around 19,500 acres in Cartersville for sale. The company, formed by a family that has owned the sites for nearly 100 years, according to the Atlanta Business Chronicle, amassed land that is slated for a variety of uses, including timber and green space, industrial, single-family and multifamily residential, retail, commercial and mineral mining. The acreage stretches between Bartow and Cherokee counties along Interstate 75.
CBRE senior vice presidents Peter McGuone and Bryan Heller and Senior Associate Parker Welton have been tapped by Asana Partners to lease the planned 1050 Brickworks development at Brickworks. Asana, along with Chicago-based Sterling Bay, is developing a 14-story, 225SF office tower on a vacant lot in the adaptive reuse project in West Midtown.
PEOPLE
CBRE named Mike Ryan and Brian Linnihan as vice chairs of the firm's debt and structured finance division in its Atlanta office, hiring the duo from Cushman & Wakefield. CBRE also hired former C&W brokers Richard Henry and Blake Cohen as senior vice presidents.
