ATLANTA (March 13, 2018) –Inland Tract, a redevelopment of two mid-century warehouses into creative flex space, has broken ground and released three renderings. Built in 1964 and located at 1218 and 1236 Menlo Drive in West Midtown, the property is being leased by Wilson, Hull & Neal and developed by partners Third & Urban and Granite Properties. Slated to open in fall 2018, the $16M project will deliver 77,487 square feet of office and warehouse environments to a wide range of businesses.
“People are drawn to the experiences created by the eclectic mix of showrooms, art galleries, green space, shops and restaurants in the Upper Westside,” said John Robbins, Senior Managing Director of Granite Atlanta. “In 2007, creative office space absorption in Atlanta was 456,000 square foot with West Midtown accounting for over 45% of the net absorption. With West Midtown’s proximity to the Beltline and Georgia Tech, we’re confident this positive trend will continue,” he added.
The construction of Inland Tract will finish just ahead of the opening of the $26.5 million first phase of Westside Park at Bellwood Quarry, set to become the largest park in Atlanta. Inland Tract is less than half a mile from Bellwood Quarry and the Beltline, with easy access to Midtown and Buckhead. Restaurants and shops are within close proximity, including the Star Provisions District. Entertainment destinations like The Goat Farm Arts Center, Top Golf and the Painted Duck gaming parlour are minutes away. As part of a national trend, the craft brewery boom is creating another connection to the neighborhood, transforming West Midtown into Atlanta’s Brewery District with Monday Night Brewing, Second Self Beer Company, Scofflaw Brewing Co. and the future Bold Monk Brewing.
“Inland Tract allows all kinds of businesses, including professional services, creative, restaurant, retail and entertainment users to customize a workspace in a popular neighborhood ideal for ‘live, work and play.’ The modern loft style space features open floor plans for collaborative work areas, warehouse, showroom and studio needs,” said Joseph Rogers, Partner at Wilson, Hull & Neal.
Building on the success of COMPLEX, a similar redevelopment owned by Third & Urban and Granite, the same team will revitalize Inland Tract with Atlanta-based Kronberg Wall as the architect and Derucki Construction as the builder. Contrasting mid-century industrial features with modern updates, the building will have an airy look and feel with high ceilings and an abundance of natural light from skylights and storefronts. An open-air courtyard with outdoor landscaping will provide outside seating for work meetings and socializing. Amenities include drive up access, ample parking and multiple restaurants and entertainment within walking distance.
Patterson Real Estate Advisory Group helped form the strategic partnership between Granite and Third & Urban and arranged the acquisition and construction financing for Inland Tract and the recapitalization financing for COMPLEX. They procured loans from Brand Bank for COMPLEX and State Bank for Inland Tract to provide construction financing. COMPLEX is currently at 80 percent leased to customers including Proof of the Pudding, Bold Monk Brewing, The Sliding Door Company, Look Listen and LTX Solutions.
About Third & Urban:
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, creating unique spaces for office, retail and residential. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. For more information, please visit www.thirdandurban.com.
About Granite Properties:
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991, with offices in Dallas, Houston, Atlanta, Denver and Southern California. It has completed more than $6.1 billion in real estate transactions and more than 26 million square feet of real estate development and acquisitions. Granite focuses its expertise, business approach and financial resources to help their customers, communities and their people to flourish through the places they create.
About Wilson, Hull & Real
Since opening the doors in 1972, Wilson, Hull & Neal Real Estate has been a local leader in commercial real estate services in the Atlanta market. With over 315 years of combined local experience between our real estate professionals, Wilson, Hull & Neal Real Estate has one of the most experienced and respected teams in Atlanta commercial real estate. Whether you are a tenant looking for space, a landlord looking to market properties, an investor looking to expand your portfolio, or a developer looking for land, we have the right people and unparalleled experience to achieve the highest quality results. Please visit www.whnre.com for more information.