ATLANTA—Westbridge Partners and capital advisory firm Patterson Real Estate Advisory Group have acquired the retail component of the 691 14th St. mixed-use project from Greystar.
Completed during the spring of 2014, 691 14th consists of 197 multifamily units operated as Elan Westside by Greystar above the 10,980 square feet of prime retail space now owned by Westbridge in the West Midtown section of Atlanta. Patterson arranged the acquisition financing with Hamilton State Bank, who will also provide additional future funding as further leasing occurs. No financial terms of the sale of the retail component of the property were released.
“Our involvement in 691 14th St. has spanned the better part of five years,” says Chris Faussemagne, principal at Westbridge Partners. “We wanted to ensure that we were further enhancing the fabric of the neighborhood that has grown organically into one of most authentic shopping and residential nodes.”
691 14th St. was planned, re-zoned, and designed as part of the master plan for 14th Street and Howell Mill Road by Westbridge to provide urban housing adjacent to one of the city's most popular retail and restaurant districts. In August, 2012, Patterson introduced Greystar to the mix and the property was sold to a venture with Greystar and PREI to build. Westbridge continued to collaborate through the development.
“The collaboration with Greystar allowed us each to focus on what we do best, apartments for Greystar and retail for Westbridge,” says Mike Millett, principal Westbridge Partners. “We invested a great deal on the front end to pull 691 14th St. together, and then brought in Greystar to help ensure that our vision became a reality. As can be seen by the finished product, it was a very effective partnership.”
Westbridge already has executed leases with Cooks and Soldiers for a 4,625-square-foot restaurant and with women's fashion retailer Kane Boutique for 1,192 square feet. In addition, a letter of intent has been signed with a national coffee/tea company and negotiations are continuing on a lease for 1,700 square feet.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.