Parkside Partners Doubles Down On Loft Office In Chamblee
Kyle Jenks' previous 100k SF loft office bet in Chamblee paid off. Now his company's more than doubling down with another two projects.
Parkside Partners is underway with two new loft office projects in Chamblee—Parkside Chamblee, a two-building, 54k SF adaptive reuse project similar to the firm's Parkside @ Armour development, and Trackside (here), a two-building, 80k SF ground-up project that will also be home to Pattillo Industrial Real Estate's HQ. Kyle invested in Chamblee seven years ago to great success—it's become a hot real estate submarket with a slew of new developments around it, including mixed-use projects The Olmstead and Parkview on Peachtree. And that's drawing small office tenants from places like Buckhead and Central Perimeter into what's becoming a northern gateway into Atlanta.
All of Parkside's previous Chamblee projects—5256 Peachtree, 3401 Malone and the Atlanta Gas Light office, which total 100k SF—are completely filled. Kyle says most of the tenants are small firms, ranging from 500 SF to 6k SF, but occasionally a big fish drops in, which happened with AGL and a division of URS Corp. "We're talking with tenants that would equal about 50%" of the new development, Kyle (on left with Eli Green) says.
Parkside isn't the only player in the Chamblee loft office game that's quickly gentrifying the area. Aside from the mixed-use developments underway (including Parkview on Peachtree, here), Perimeter Commercial Real Estate is retrofitting the former Whaley Machine Co facility at 5553 Peachtree Road into a 28k SF loft office project. And Stream Realty is redeveloping the former Bagcraft Papercorn facility on Apple Valley Road in neighboring Brookhaven into a loft office project as well.
Parkside recently sold a four-acre site from GE at 5134 Peachtree Road to St. Joseph's Mercy Care medical group. And now Parkside is co-developing the site for Mercy Care to an expanded MOB that will provide medical care to low-income families in the area totaling 60k SF and with 72 affordable apartments attached.