A property selloff of epic proportions is about to happen in Midtown that could influence the booming submarket’s development future.
In an effort to focus on several large, ongoing projects in home-base Buckhead, The Loudermilk Companies is offering up for sale more than 85,000 square feet of leased Peachtree Street spaces and a few nearby parking lots, Bisnow Atlanta reports.
Company head Robin Loudermilk has owned these prime parcels for about 20 years.
The retail slots include the urbane new QuikTrip and Starbucks on Peachtree, plus Five Guys Burgers & Fries, Sprint, and Fresh2Order. Commercial spaces at the bottom of several key Midtown condo buildings—Viewpoint, Spire, the Seventh, and both 800 and 805 Peachtree St.—are in play.
The offerings also include a parking lot on Juniper Street that could host a major development, along with three parking decks and smaller surface lots, Bisnow reports. Exactly where those properties are wasn’t specified.
This stretch of the so-called Midtown Mile seems relatively healthy in comparison to the blocks just north of 10th Street, which have become pockmarked with vacancies both large and small in the last couple of years.
In an interview with Bisnow, Loudermilk said he’s using capital to focus on Buckhead endeavors and candidly added: "I'll probably kick myself once I sell [the Midtown properties], but you can't own everything."
In Buckhead Village, Loudermilk is moving forward with a redevelopment of the former Aaron Rents building, two East Paces Ferry office projects, and a swanky condo tower called The Charles (below), where prices are expected to start north of $1.5 million.
- LOUDERMILK SELLING 80K SF+ OF MIDTOWN MILE PROPERTIES [Bisnow]
- Does ‘Midtown Mile’ have a retail closure problem? [Curbed Atlanta]