The key to the project's success is the availability of two building sizes: 10,000 sf and 14,000 sf. "Several smaller office parks in the area are designed for smaller users but no one is selling 10,000-sf (increments) that we know of," Gates marketing director Mike McMahan tells GlobeSt.com.
He has only three buildings totaling 50,000 sf left to sell or lease since Minchew opened the venture in April 2000. Condos sell for $147 per sf. The leasing rate is $18.50 per sf.
The site is on McGinnis Ferry Road, just east of Windward Concourse in the affluent Windward community. Several Gates' owners and their staffs live in the general area.
"Business owners have really flocked here" because they can buy or lease the condos themselves and then sublet the space at about $20 per sf, realizing an instant gain, McMahan says.
The owners also anticipate strong annual appreciation of their asset. Being just inside the Forsyth County line also offers owners a lower property tax rate.
"The development is attracting businesses seeking a corporate or regional headquarters, professional firms and other business owners" seeking space to accommodate between eight to 20 offices for five to 40 employees, McMahan says.
The client roster includes First Production Partners Ltd., financial planners; CMI International, an outplacement transition center; SolvCorp, a software development company; PhaseNet; and the offices of Dr. John R. Langley.
Gates at McGinness Ferry has 12 individual buildings of 10,490 sf each with four separately metered suites or quads, and four buildings with 14,090 sf each and eight separately metered suites.
"Unlike traditional office condominium units that are historically smaller in size, each quad contains approximately eight offices in addition to a reception area, conference room and copy/break room," the Gates executive says. Purchasers can buy one or more quads, or an entire building.
"Our success is based on providing an alternative to traditional leasing by offering very upscale space for purchase in the booming North Fulton (County) corridor," McMahan tells GlobeSt.com. "The purchase option is attractive since it not only lowers overhead but also builds equity through reducing the balance of a mortgage."
Other completed Minchew ventures recently are Oakley Downs, a residential community in Vinings; Whitlock Park Professional Center and Oakley Pond subdivision in Marietta; and Main Street Commons office condo park in Downtown Alpharetta, GA, 30 miles north of Downtown Atlanta. T. Kenneth Minchew founded the firm in 1974.
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