Atlanta based Connolly Investors and Developers have announced late last week that they have purchased Towne Lake Plaza, a retail strip mall in downtown Woodstock, Georgia, for $4.1 million. Located just a few blocks from the dynamic, mixed-use Woodstock town center development, the property is primed to be integrated into the growing downtown district of this growing Atlanta suburb.
Constructed in 1990, Towne Lake Plaza is a stabilized, fully-leased property with tenants including Alkaline Dry Bar, The Blue Ghost Arcade, Gyro Aegean Grill, J. Millers Smokehouse, Dive Georgia and Wags & Wiggle Pet Boutique. Located just 30 miles northwest of Atlanta, the Plaza is situated on Towne Lake Parkway, and is the first retail property off of I-575 that is walkable from the town center.
According to Connolly’s website, the firm believes that “the property has significant value-add potential to become better integrated in pedestrian-friendly downtown Woodstock and a key “front door” for the district’s visitors arriving from nearby I-575 via Towne Lake Parkway.” There is no indication yet what specific improvements or redevelopment plans the firm has for the property.
The property was acquired from Dallas-based Murchison Commercial Real Estate Incorporated. Credit Union Business Services provided financing for the transaction, while Connolly’s retail services division will oversee leasing at the property and The Retail Planning Corporation will manage the center’s day to day operations.