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The nonprofit seller of recycled building materials will no longer have to recycle its HQ lease.
Lifecyle Building Center has purchased its 75k SF HQ that doubles as a showroom and distribution area at 1116 Murphy Ave SW in the burgeoning Westside area. The purchase came with help from the Kendeda Fund, which funneled $850k toward the organization to secure a loan from Atlantic Capital Bank, says Raulet Properties' Tyler Edgarton, who sits on the board of Lifecycle.
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Pollock Commercial's Philip Covin (here with Lifecycle's Adam Deck and Shannon Goodman), who brokered the sale for Lifecycle, says it ends the uncertainty for the organization as to whether it would have to find a new home, given the rising demand for property on the Westside.
It's been at this location since 2011, during the peak of the Great Recession, when rents were favorable toward the nonprofit, Philip says. There was always a purchase option, but “really up until this past year, there was no way [Lifecycle] could conceivably come up with a down payment to buy the building.”
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Lifecycle's aim is to help make builders more sustainable and green through material reuse. The four-acre site is very near the Beltline and close to Stream Realty's 993 Lee St project that will be home to Monday Night Brewery's new brewery.
And most recently, it was a featured set for an episode of the CBS show MacGyver (here with star Lucas Till and a big bomb?). And Tyler says the deal saved a "killer old industrial building" from being razed to make way for redevelopment.
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