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A historic Atlanta meatpacking plant turned creative loft office has attracted the money of one of the country's larger real estate firms.
Clarion Partners purchased Stockyards Atlanta for $69.7M from a joint venture between Westbridge Partners and FCP. The duo redeveloped the former brick warehouse, which began as a stockyard and meatpacking plant, in 2017, transforming the 142,500 SF property at the corner of 10th Street and Bradley Avenue in the Upper Westside of Midtown into creative office and entertainment space. Tenants including Red Bull and Fitzgerald & Co. leased space, and Westbridge and FCP filled the project within a year.
Cushman & Wakefield vice chairmen Stewart Calhoun and David Meline, Executive Director Samir Idris and analyst Michael Moore brokered the sale.
“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,” Third & Urban partner Chris Faussemagne said in a release.
Faussemagne was a co-founder of Westbridge Partners, which has since merged with Third & Urban.
This is not Third & Urban's first time selling off one of its revitalization projects. The firm sold its Armour Yards redevelopment just outside of Buckhead to two separate buyers for a total of $80M in 2018 and 2019.
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