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Last Updated ( Tuesday, 25 February 2014 19:44 )
DATE_FORMAT_LC2=Tuesday,February 25 2014 12:00:00 am EST   
Slate Acquires Atlanta-Area Center for $15.3 Million

merchants squareMerchants Square in Riverdale, Ga.Riverdale, Ga. — Marcus & Millichap Real Estate Investment Services has arranged the sale of Merchants Square, a 118,395-square-foot shopping center in Riverdale, Ga., a city within the Atlanta metropolitan statistical area. The sales price of approximately $15.3 million equates to $129 per square foot. Howard Bregman, an associate, and Brandon Rex, a vice president, investments, both in Marcus & Millichap's Fort Lauderdale office, represented the seller, a private ownership group. Bregman also represented the buyer, Slate U.S. Opportunity No. 3, an international real estate investment trust.

The center is anchored by Kroger, which has signed a 10-year-plus lease extenstion early, added a fuel station and renovated the store in 2011 and 2013, Bregman says. The store occupies 50 percent of the GLA and has been a tenant since 1986, when the center was built, Rex adds.

Merchants Walk sits on 13.5 acres in front of the city of Riverdale's new $32 million government complex and convention center. Other tenants at Merchants Square include Chase Bank, Pizza Hut, Payless ShoeSource, Cato Fashions, It's Fashion, Jackson Hewitt Tax Service and Blimpie Subs & Salads. Kroger's lease extension runs through the end of June 2024.

 

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