Crestlight Capital, J.P. Morgan Acquire Adaptive Reuse Projects in West Midtown Atlanta for $114M
ATLANTA — Crestlight Capital, a Detroit- and New York-based private equity real estate investment firm, and institutional investors advised by J.P. Morgan Global Alternatives have acquired two adaptive reuse projects, Inland Tract and COMPLEX, in an off-market transaction. The buyers also acquired two other properties, Puritan Mill and Ellsworth. The total sales price for all four properties was $114 million.
In 2018, Third & Urban and Granite Properties formed a joint venture to transform Inland Tract and COMPLEX from warehouses into creative office and flex/showroom space prior to this sale. Urban Realty Partners sold Puritan Mill. Origin Investments sold Ellsworth. The four projects are expected to retain their individual names, but will be rebranded as the Westside Collective portfolio.
Located at 1218 and 1236 Menlo Drive, Inland Tract included two warehouses totaling 79,000 square feet and features a natural light, high ceilings and outdoor workspaces. COMPLEX was redeveloped by Third & Urban and recapitalized into the partnership with Granite Properties. Located at 1175 Chattahoochee Ave., the property offers 110,000 square feet of space positioned for retail, showroom and creative office use.
Puritan Mill totals 83,000 square feet of creative office space with brick and timber interiors and is connected to a future section of the Beltline urban biking/running trail. Ellsworth was redeveloped in 2017 to provide 91,000 square feet of creative office, showroom and retail space.
Michael Howell, Hunter Henritze and Caroline Fisher of Lincoln Property Co. will lead leasing at the portfolio while Shane Froman, Stacy Abbate and Ingrid Barnes of Lincoln Property Co. will lead property management.