The Lumberyard Lofts
1425 Ellsworth Industrial Blvd NW, Atlanta, GA 30318
The Challenge
In January 2008, an EpiCity-sponsored partnership purchased The Lumberyard Lofts, a 68,000 RSF modern, attractive loft office complex made up of 17 units and suites. Originally a single building developed for milling lumber, this property was creatively divided into three separate buildings, which incorporated an open-air interior courtyard in 2000. At the time of acquisition, 15% of the property had been vacant since the renovation. With its extensive knowledge of the area, EpiCity knew the potential was great and welcomed the challenge of filling the office space vacancies.
The Solution
Centered around an open courtyard that featured an industrial loft atmosphere, this facility was a unique find in an area of booming development. Situated beside the Atlanta BeltLine® and within a mile of the Bellwood Quarry, the area didn’t offer much office space. After the acquisition, EpiCity drew upon its expertise in commercial property management to begin filling the office space vacancies.
To enhance the property’s appeal and functionality, EpiCity identified opportunities to expand parking and improve tenant amenities. Additional adjacent land was purchased to support parking needs and to explore future redevelopment opportunities, such as live-work condominium units overlooking the creek with views of the BeltLine®.
Through the property improvements, and by utilizing an approach that involved expanding existing tenants while also attracting new ones, the building quickly reached full occupancy. The property boomed as the Westside blossomed, attracting a wide variety of technical and creative businesses. It is one of Atlanta’s finest examples of industrial-to-loft office adaptive reuse.
The Results
The Lumberyard Lofts, an award-winning project, fueled an appreciation beyond reasonable expectations. The property offered a number of strategic redevelopment opportunities for the future, including the eventual sale of individual units as office condominiums. The loft office complex in Atlanta became a highly desirable location. Even when the anchor tenant relocated to a suburban setting after 10 years, the space did not remain vacant for long. In May 2018, EpiCity received a favorable offer and exited the property with a 22% IRR.