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"Stream showed vision in transforming these properties. There's an excellent value-add opportunity for us to diversify with additional development." Kris Miller - President, Ackerman & Co.
ATLANTA, GA, September 20, 2019 /24-7PressRelease/ -- 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.
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. The property features more than a half mile of frontage along the Atlanta BeltLine with direct access to the trail. 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.
"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."
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."
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.
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, Honeysuckle Gelato, Cultured South Fermentation Co., Doux South Pickles, Boxcar restaurant, Overlook Boulder + Fitness, MacStadium, and United Way of Greater Atlanta.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has 4 million square feet under management and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com
About MDH Partners
MDH Partners, LLC is an Atlanta-based real estate investment company operating a new $350 million discretionary fund. Founded in 2005 as the successor to a fifty-year-old real estate development company, MDH Partners has participated in over $3 billion (61 million square feet) of acquisitions, developments, and asset management as an advisor and investor, with capital partners such as the Blackstone Group, Bain Capital Real Estate, and Wells Fargo. In its recently concluded relationship with Bain Capital, from 2014 to 2018, MDH Partners amassed a portfolio of 14 million square feet of industrial properties across fifteen cities in eight states. For more information, visit www.mdhpartners.com
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