ATLANTA—HFF arranged $16.2 million in financing for Ellsworth Lofts, a three-building, adaptive-reuse creative office and retail complex. The complex totals 90,817 square feet in Atlanta's West Midtown submarket.
The HFF team worked on behalf of the borrower, Origin Investments, to secure the five-year, floating-rate loan through Wells Fargo Bank. Loan proceeds were used to acquire the property. HFF managing director Gregg Shapiro arranged the loan.
“Ellsworth Lofts is ideally located in West Midtown, along the Beltline, which has seen tremendous growth in demand for creative office spaces that boast open floorplans that foster a collaborative environment,” Shapiro tells GlobeSt.com. “Ellsworth also benefits significantly due to its proximity to Georgia Tech, which is a premier recruitment center for start-ups and tech companies.”
The office and retail properties are located at 1460 and 1510 Ellsworth Industrial Boulevard Northwest within the West Midtown submarket. The submarket is home to urban lofts, art galleries, music venues, retail shops and restaurants, as well as numerous redevelopment projects, including The Works at Chattahoochee.
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“The West Midtown submarket has experienced notable growth in recent years and we expect that to continue as major capital investment continues to flow into the area with the expansion of the Beltline as well as the announcement of several significant development projects,” says Shapiro. The 6.7-acre site also includes a 1.2-acre potential development site.
This location is close to Interstate 75, Midtown, Downtown and Buckhead and is just two doors down from TopGolf, one of Atlanta's popular entertainment destinations. Completed in 2015, the two office buildings comprise 80,977 square feet and the retail outparcel comprises 9,840 square feet. Ellsworth is 70% leased and the retail outparcel is home to two of Atlanta's top restaurants—Bacchanalia and Star Provisions Market & Café.
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