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Atlanta-based real estate developer and investor CONNOLLY in a joint-venture with Coro Realty Advisors has acquired Sandy Springs Gateway, a 121,370 square-foot, grocery-anchored shopping center, the company recently announced.
CONNOLLY and Coro Realty purchased the center from Atlanta-based Core Property Capital for $40.5 million. The transaction closed on February 14, 2022. This is CONNOLLY’s second acquisition in eight months.
“Sandy Springs Gateway is a supremely located asset on the Roswell Road retail corridor at the junction of Atlanta’s most affluent communities,” Timothy “J.R.” Connolly, chief executive officer, CONNOLLY, said in a press release. “This is not just another vehicle-oriented strip center—this asset has a pedestrian-friendly site plan with street-front retail and a strong merchandising mix that appeals to the surrounding neighborhoods. Along with our partners at Coro Realty, we look forward to improving this unique property by transforming it into the gathering spot of choice for the Chastain Park, North Buckhead, and Sandy Springs communities.”
One of the few true live-work-play mixed-use developments situated on Roswell Road, Sandy Springs Gateway features a blend of retail, restaurants, and service providers, as well as 28,000 square feet of second-story boutique office space. Adjacent to the center, two apartment communities, The Collection and The Gateway Chastain, consist of 630 studio, one-and-two bedroom residences.
Anchored by Sprouts Farmers Market, a mix of local and national brands includes Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, BLAST fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS Pharmacy as well as other shops and services, the center is 82 percent leased.
“The property has huge potential to become the #1 high-energy, 18-hour destination in the neighborhood,” Robert Fransen, president and managing partner, Coro Realty, said. “Our goal is to elevate the overall visitor experience no matter the duration of their stay. We are currently evaluating capital improvement plans that will enhance the consumer experience.”
The deal was brokered by Conor Lalor and Eric Zimmerman of Eastdil Secured. Financing was provided by Credit Union Business Services and Georgia’s Own Credit Union and arranged by Walker & Dunlop. Coro Realty will manage the property and LaVista Associates, Inc. will lease the retail space.
CONNOLLY seeks value-add retail and land acquisition opportunities as well as retail and mixed-use development opportunities throughout the Southeast, particularly those located in dense, pedestrian-friendly locations. Coro seeks a diversified portfolio in urban and infill locations.