This Week's Atlanta Deal Sheet: Storage Startup Taking Space At Westside Provisions
Jamestown has signed a deal with a startup self-storage operator to take space at one of its adaptive reuse projects in Atlanta.
New York-based Stuf Storage has secured a 7K SF space at the Westside Provisions District at 1170 Howell Mill Road in West Atlanta, dividing the space into 100 units that vary in size from 24 SF to 108 SF, according to a press release.
This is Jamestown’s third lease with Stuf across its portfolio, with locations at Georgetown Park in Washington, D.C., and 18 Tremont St. in Boston. Stuf will move into the 262K SF project alongside a cadre of retailers, restaurants, office tenants and residents who rent space there from Jamestown.
Stuf targets residents and small to midsized businesses for self-service storage for items like seasonal gear, recreational equipment, store inventory and business equipment, according to the release.
Earlier this year, Stuf, which targets underutilized real estate within larger commercial properties to convert them into storage, raised $11M in Series A financing, led by Altos Ventures and Allegion Ventures. Stuf’s Westside Provisions location is its eighth nationally, including facilities in San Francisco, San Diego and Seattle.
LEASES
Electrical engineering firm EAE USA leased 102K SF of warehouse space with Blackstone subsidiary Link Logistics in Tucker. The firm signed a seven-year lease for the entire building at 2000 Mountain Industrial Blvd. Lee & Associates Executive Vice Presidents Craig Viergever and Tyler Flemming brokered the deal for the landlord, Link Logistics. Transwestern Real Estate Services Executive Managing Director Clark Dean, Vice President Thomas Savage and Senior Analyst Cody Lolakis represented EAE.
ACQUISITIONS
Ackerman & Co. purchased two buildings at the Henry Ford Distribution Center in the Atlanta Airport/South Atlanta industrial submarket for an undisclosed sum. The buildings, both located at 4099 Old Dixie Highway in Clayton County, are 165K SF and 230K SF, respectively.
The seller was listed as MDH Partners, according to Clayton County records, which said the property was appraised at $4.3M this year. Both facilities are fully leased to tenants like Delta Air Lines, Aviation Inflatables, Tara Plastics and Restoration Sleep.
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Conor Commercial Real Estate sold Southeast Gateway Buildings, two newly constructed warehouses totaling 1.2M SF in Savannah, to EQT Exeter for an undisclosed sum. The facilities, which delivered in 2022, are both fully leased. JLL Senior Managing Directors Britton Burdette and John Huguenard, Director Jim Freeman and analyst Max Coffin brokered the sale.
FINANCING
Lone Star Funds has secured a $60.25M bridge loan and an $8M mezzanine loan to refinance The Irby, a 12-story, Class-A apartment building in Buckhead. Greystone Monticello facilitated the loan, which was originated by Greystone Commercial Capital. The Irby includes 277 apartment units and 15K SF of retail.
DEVELOPMENT
Dr. Charles McMillan is developing a 2,500 SF veterinary clinic at 1042 Northside Drive in West Midtown called GoodVets. This is McMillan’s fourth clinic and animal hospital after opening GoodVets West Buckhead, GoodVets Dunwoody and GoodVets Toco Hills.
GoodVets, which partners in the ownership and development with veterinarians, has 23 locations in the U.S. The West Midtown location is slated to open in December.
