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A joint venture led by developer Selig Enterprises has acquired the 421,000-square-foot Lenox Marketplace retail center in Buckhead for an undisclosed price, the company said on Thursday. It is joined in the purchase by the State Teachers Retirement System of Ohio.
“We’re optimistic in the rising tides of the retail landscape shown through our acquisition of Lenox Marketplace,” Selig Enterprises President and Chairman of the Board Steve Selig said in a statement.
“This property sits in one the most highly-trafficked retail districts in Buckhead and is an ideal addition to our existing portfolio. We welcome the opportunity to enhance this asset in order to attract the right tenants that best serve this community.”
The owner of the center had been national retail real estate owner Edens, according to Fulton County property data, which don’t yet show record of the transaction.
The deal, which Selig says brings its retail portfolio to nearly 4 million square feet across the southeast, will potentially be followed by a capital improvement plan meant to reposition the property, the company said this week. The Atlanta-based developer will oversee leasing for Lenox Marketplace and act as its asset and property manager.
Selig negotiated on behalf of the buyers in the transaction, while the seller was represented by real estate company Eastdil.