MidCity Real Estate Partners Celebrates 14-Year Anniversary
ATLANTA, GA (July 3, 2023) – MidCity Real Estate Partners celebrated its 14-year anniversary on July 1, 2023. “We started July 1, 2009, at the depth of the Great Recession, hard to believe 14 years has gone by. I want to thank my team and partners for our continued success to deliver high quality projects” said MidCity’s President and Founder Kirk Demetrops. About MidCity Real Estate Partners MidCity Real Estate Partners invests/develops/redevelops Commercial, Residential and Mixed-Use Properties. Projects range from Award Winning Public-Private Town Centers to Vacant Office Buildings. MidCity excels at Value Creation through each phase of the CRE Business Cycle MidCity was founded in 2009 by Kirk S Demetrops, as successor company to The Griffin Company, a 35-year-old full service commercial real estate development and construction company where Mr. Demetrops was President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Current projects include The Grove at Towne Center (Snellville, GA), 5616 Peachtree (Chamblee, GA) and NorthPlace (Sandy Springs, GA). Previous projects include Alpharetta City Center, Focus Brands Headquarters, JAS Worldwide Headquarters, & Hammond 400 Office Park. ### If you would like more information about this topic, please call MidCity at...
read moreAtlanta Office Leasing Picks Up Speed, But Sublease Availability Is Growing Faster
Companies offering their space for lease to other businesses are an increasingly large factor in the Atlanta office market. There was 7.7M SF of office space on the sublease market in Atlanta at the end of the first quarter, 34% more than a year ago and a new all-time high for the region, according to Avison Young’s quarterly report. Roughly 2.1M SF of that availability is currently vacant, while the majority of the sublease space is being occupied but marketed nonetheless, said Sara Barnes, the director of insight for Avison Young’s Southern region. But the 5.6M SF of office space on the sublease market is raising alarms for the health of the office market overall and exemplifies the continued uncertainty companies have with just how much office space will be enough at a time when hybrid work has become the norm, Barnes said. Four of the top 20 leases signed in the first quarter were sublease deals, including Procure Advisors’ 44K SF sublease at One Overton Park in the Cumberland/Galleria area, Colliers said in its quarterly report. Chronic uncertainty on office space needs can easily turn to actual vacancies once company leases run out. “Less space is the ultimate need of most companies,” said Kirk Demetrops, the founder of MidCity Real Estate Partners, a firm that has developed a number of corporate offices in Atlanta, including buildings for JAS Corp. in Central Perimeter and DataScan’s headquarters in Alpharetta City Center. “[Sublease space] is going to be a competitor in the marketplace.” As companies continue to gravitate toward newer offices in their efforts to recruit and retain workers, subleases are becoming a more viable option. With some subleases being offered with furnishings, taking over the space of another company is allowing corporate executives to tamp down on real estate expenses, Demetrops said. More offices were emptied than filled in the first quarter, with Metro Atlanta’s absorption turning a negative 42K SF, keeping the overall vacancy rate at 22.7%, according to Avison Young. While the 1.3M SF leasing activity was up by 1.7% over the fourth quarter, according to Cushman & Wakefield, much of that activity was dominated by companies renewing their leases. Some of the largest renewals this past quarter included Q2 Solutions’ 81K SF lease at 1600 Terrell Mill Road in Marietta and Paradies Lagardere’s 47K SF renewal at Overlook I in Cumberland/Galleria, according to Avison Young. “The day Covid hit in March ’20, the fate of our space has been debated in the newspapers,” Demetrops said. “Right now, it appears that it’s not coming back in the old form.” This article first appeared on the site Bisnow.com on April 24, 2023 by Jarred Schenke. To see the original article, click...
read moreVenice Crossing Annexation / Zoning Approval Granted
ATLANTA, GA (January 24, 2023) – The Venice, FL City Council has approved the annexation of 20+ acres into the City of Venice. Adjacent to the “Hurt Parcel”, the annexation of five (5) properties brings together 82 contiguous acres zoned CG (commercial, general district). The property has over 2,500 linear feet of frontage on Laurel Road East and is within ¼ mile of the new Sarasota Memorial Hospital adjacent to I-75. In addition to commercial uses, the project will have a multi-family component. Construction is projected to begin in 2024. About MidCity Real Estate Partners MidCity Real Estate Partners invests/develops/redevelops Commercial, Residential and Mixed-Use Properties. Projects range from Award Winning Public-Private Town Centers to Vacant Office Buildings. MidCity excels at Value Creation through each phase of the CRE Business Cycle MidCity was founded in 2009 by Kirk S Demetrops, as successor company to The Griffin Company, a 35-year-old full service commercial real estate development and construction company where Mr. Demetrops was President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Current projects include The Grove at Towne Center (Snellville, GA), 5616 Peachtree (Chamblee, GA) and NorthPlace (Sandy Springs, GA). Previous projects include Alpharetta City Center, Focus Brands Headquarters, JAS Worldwide Headquarters, & Hammond 400 Office Park. ### If you would like more information about this topic, please call MidCity at...
read moreAloft Atlanta Perimeter Opens in Central Perimeter Submarket
ATLANTA, GA (November 8, 2022) –Aloft Atlanta Perimeter, a Marriott Branded Hotel opened yesterday at the mixed-use NorthPlace Development in Sandy Springs, Georgia. The Aloft is a chic modern 141 room hotel that uses technology and design to enhance guest experiences with a vibrant social scene offering live entertainment Wednesday and Friday nights. On-site amenities include a restaurant, meeting spaces and an indoor pool to name just a few. The newly opened Aloft is conveniently located off GA 400 at the intersection of Barfield Road and Mount Vernon Highway near Mercedes-Benz USA headquarters, the Sandy Springs Marta Station and corporate offices of UPS, IBM, and Inspire Brands. About MidCity Real Estate Partners MidCity Real Estate Partners is an innovative commercial real estate company with an excellent reputation for delivering high-quality projects and services. MidCity was founded in 2009 by Kirk S Demetrops, as a continuation of The Griffin Company, where Mr. Demetrops had worked from 2001 to 2009 as President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Previous projects include Focus Brands Headquarters, JAS Worldwide Headquarters, IBM Internet Security Systems Headquarters, Hammond 400 Office Park, NorthPlace/Aloft Hotel Sandy Springs, Two Premier Plaza. Current projects include 5616 Chamblee/The Winter Construction Company Headquarters, Snellville’s The Grove at Towne Center. ### If you would like more information about this topic, please call Amy Buttersworth at 678-640-0002 or email at...
read moreMidCity Welcomes Audubon to 5616 Peachtree
ATLANTA, GA (October 17, 2022) – MidCity Real Estate Partners welcomes its newest Tenant, Audubon, a strategic real estate investment company specializing in the acquisition, development, management, and investment of multifamily properties throughout the Southeast. Completed in 2020, 5616 Peachtree is an adaptive reuse loft office in Downtown Chamblee, GA. About MidCity Real Estate Partners MidCity Real Estate Partners invests/develops/redevelops Commercial, Residential and Mixed-Use Properties. Projects range from Award Winning Public-Private Town Centers to Vacant Office Buildings. MidCity excels at Value Creation through each phase of the CRE Business Cycle MidCity was founded in 2009 by Kirk S Demetrops, as successor company to The Griffin Company, a 35-year-old full service commercial real estate development and construction company where Mr. Demetrops was President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Current projects include The Grove at Towne Center (Snellville, GA), 5616 Peachtree (Chamblee, GA) and NorthPlace (Sandy Springs, GA). Previous projects include Alpharetta City Center, Focus Brands Headquarters, JAS Worldwide Headquarters, & Hammond 400 Office Park. ### If you would like more information about this topic, please call MidCity at...
read moreOwners Of North Fulton’s Outdated Office Parks Look To Mixed-Use It Up But Risk ‘Oversaturation’
The suburban office parks that dot North Fulton County are growing more obsolete by the month, a trend that could lead to a wave of demolitions as developers strive to make their properties relevant in today’s corporate environment, one industry veteran said at a Bisnow event Tuesday. “I think for every four-building office project, one might get torn down … to pave the way for density of other types versus trying to redo those,” MidCity Real Estate Partners founder Kirk Demetrops said on a panel at Bisnow’s North Fulton County event, held at Sanctuary Park in Alpharetta. “What do they become? That question has not been answered. We’re spending hours really thinking about what we can make these boxes become,” he said. “There’s just so much demand in the market for real estate that these hold a lot of value.” Getting rid of the older office buildings could be a welcome relief to the North Fulton market, which has wallowed with more than 160K SF of negative net absorption since the start of the year, pushing the vacancy rate to 18.5%, the highest level since 2003, according to a recent Colliers report. Toro Development Co. is planning a major demolition with its redevelopment of the former State Farm campus in Johns Creek, slated to become a 43-acre mixed-use destination that eventually will tie into the city of Johns Creek’s larger Town Center project. “We have a campus that has 450K SF of vacant office space that is obsolete. It’s functionally obsolete. The good news for the brokerage community is early next year, 350K of that will get demolished, so that will take a good. chunk of vacancy out of that submarket,” Toro partner John Kelley said. Despite the rising vacancy, average rent in North Fulton is ticking up, driven by the newest buildings. The delta between Class-A and Class-B office in North Fulton is more than $8 per SF, with Class-A rents an average of $30 per SF, according to a recent Avison Young report. “That’s as wide as it’s ever been, and I’ve been in the office business for 40 years here,” Demetrops said. “There are buildings that are winning. Some are going to have to change.” Office space at Avalon is commanding $44 per SF, according to Avison Young, with office space at Halcyon close to that as well. The top offices in Metro Atlanta, often part of mixed-use campuses, today are seeking rents. as high as $ 60 per SF, Demetrops said. But panelists contend that vintage office buildings can still be competitive in North Fulton thanks to the proliferation of mixed-use projects in the area, especially if the older buildings are close to a strong amenity base. Rubenstein Partners Senior Vice President Mahesh Mani said for a property like Sanctuary Park, a nine-building office campus situated in a 150-acre nature preserve in Alpharetta, proximity to other mixed-use destinations is a key driver. Sanctuary Park is across Georgia 400 from North Point Mall, which is slated for a massive redevelopment, and 3 miles south of Avalon, the high-end mixed-use destination that set a new standard in Metro Atlanta. “We can’t be everything to everyone, and we can’t do all of it. So we are actually trying to embrace the ability of proximity, kind of getting some halo factor effects of developments of like the North Point conversion, so say we are in the greater footprint of that,” Mani said. “We’re going to be a partner and benefit from the mixed-use assets that are coming closer to sort...
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