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| Kelly Wilson |
Atlanta, GA, Sept. 19, 2019
– With plans to continue the development of one of metro Atlanta’s
most successful adaptive reuse projects, Ackerman & Co. and its partner MDH
Partners have acquired the 4-building, 433,204-square-foot Lee + White
project in Atlanta’s West End. The partners purchased the properties from Stream Realty Partners for $40.3 million.
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| Leo Wiener |
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| Sonia Winfield |
Initially constructed
as industrial buildings in the 1950s and 1960s and recently redeveloped by
Stream Realty Partners, the Lee + White buildings are currently home to popular
breweries, restaurants, retailers and food manufacturers.
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| Kris Miller |
The property features
more than a half mile of frontage along the Atlanta BeltLine with direct access
to the trail.
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| Mark Zebouni |
Miles Theodore,
Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented seller Stream
Realty Partners. The purchaser represented itself.
The partnership plans
to diversify the development by adding a 20,000-square-foot food hall, 30,000
square feet of additional retail and 170,000 square feet of creative loft
offices.
A masterplan for the redevelopment is under way and construction is
expected to begin in six to 12 months.
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| Drew Nations |
“Lee + White is an
exciting investment for us,” said
Kris Miller, president of Ackerman
& Co. “Stream showed vision in transforming these properties into a hip
entertainment and food and beverage destination.
"There’s an
excellent value-add opportunity for us to diversify with additional
development, including loft offices and a variety of food and retail options
that will further expand the appeal of this development.”
Evan Ziegler, senior vice president of Investments for
Ackerman & Co., added, “The scale of this project gives us a great
opportunity to create value. Adaptive re-use projects like this in urban
locations are a product type we hope to continue to be active in.”
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| Porter Henritze |
Ackerman Retail President
Leo Wiener and Retail Senior Vice President
Kelly
Wilson will lead the restaurant and retail leasing efforts at the property.
Porter Henritze
and Sonia Winfield, directors
at Cushman & Wakefield, will represent ownership in office leasing.
“With its 3,000 feet
of frontage along the Atlanta BeltLine, walkable MARTA access and proximity to
many vibrant intown Atlanta neighborhoods, this property’s strategic location
has helped establish Lee + White as a go-to entertainment destination in the
West End,” Leo Wiener said.
“Kelly and I look
forward to implementing our leasing initiatives to diversify the tenant base
and bring more unique retailers and food options to this exciting development.”
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| Jeff Small Jr. |
Added
Jeff Small,
CEO of MDH Partners, “This is a great opportunity for us to partner with
Ackerman & Co. on an innovative project that is contributing to the
transformation of the West End of Atlanta.
"Our investment
in the redevelopment of this property will build on its proven success while
helping to make Lee + White an even more integral part of the community.”
Ackerman & Co.
plans to schedule public meetings to obtain input from the community about the
redevelopment plans.
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| Evan Ziegler |
Offering outstanding
multimodal accessibility, Lee + White is located steps from the Atlanta
Westside BeltLine, 0.4 miles from the West End MARTA station and is convenient
to all of metro Atlanta’s major interstates, I-20, I-75, I-85 and I-285.
Tenants at Lee +
White include Monday Night Brewing, Wild Heaven Beer, Best End Brewing Co., ASW
Distillery, Hop City Craft Beer & Wine, Plywood People.
Also: Honeysuckle Gelato,
Cultured South Fermentation Co., Doux South Pickles, Boxcar restaurant,
Overlook Boulder + Fitness, MacStadium, and United Way of Greater Atlanta.
CONTACT:
Steve Webb
Marketing and Communications
