FCP, Westbridge Partners Sell Atlanta Project for $70M
- Jan 20, 2020
FCP and Westbridge Partners have sold a former Midtown Atlanta stockyard and meat-packing plant from the 1990s that was converted into a creative office development. Clarion Partners purchased the property known as Stockyards Atlanta for $69.7 million.
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Located at the corner of 10th Street and Brady Avenue in the city’s Upper Westside neighborhood, the 3-acre adaptive reuse project includes three historic warehouses that were converted into 142,478 square feet of creative office and entertainment space. A year after opening, Stockyards Atlanta achieved full occupancy with tenants like Red Bull, advertising firm Fitzco and Italian restaurant Donetto.
The property dates all the way back to 1881, when it was first used as an auction house for horses and mules, later being destroyed by a fire in the 1940s, according to the Stockyards Atlanta website. While most of the buildings were ruined, the remaining historic structures were redeveloped. As for Stockyards Atlanta, the property was built in the early 1990s as a stockyard and meat-packing plant. Later in 2017, the joint venture of FCP and Westbridge came in with plans to transform the historical industrial space into one of Atlanta’s premier creative office spaces.
Westbridge Co-Founder Chris Faussemagne said Clarion Partners would be an ideal owner as the company has experience with adaptive reuse projects, as well as a presence in the surrounding neighborhood. In 2016, Clarion and Jamestown paid $130 million for Westside Provisions District, a shopping and dining mall in Midtown Atlanta.
Cushman & Wakefield’s Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore brokered the transaction on behalf of the sellers.
Adaptive reuse in Atlanta
Even though Stockyards Atlanta marks FCP’s first commercial project in Atlanta, the company was pleased with the property’s success, according to FCP Senior Vice President Erik Weinberg. Besides the adaptive reuse project, FCP’s portfolio also includes eight multifamily properties totaling 1,924 units.
FCP intends to continue delving into commercial ventures in Atlanta, according to Weinberg. The company has recently joined Third & Urban, which Westbridge merged into, to purchase a 15.2-acre site at 950 W. Marietta St. The joint venture is planning to develop a 275,000-square-foot mixed-use as part of the adaptive reuse of the 1940s packaging warehouse.