ATLANTA—Houston-based AmREIT, Inc. reports it has completed the $28-million acquisition of the Tuxedo Festival Shopping Center in the Buckhead section of the city.
The 54,643-square-foot shopping center is located on 3.96 acres at 3655 Roswell Road. As of July 30, Tuxedo Festival was 87% occupied with tenants such as Regions Bank, Zoe’s Kitchen, and Flip Burger. AmREIT reports that Tuxedo Festival was acquired for approximately $28 million, is unencumbered, and was funded through cash on hand and the company’s credit facility.
In the state of Georgia, AmREIT’s portfolio also includes: Alpharetta Commons, Brookwood Village, Fountain Oaks and Smokey Bones shopping centers.
AmREIT CEO Kerr Taylor says of the deal, “We are very pleased with the acquisition of Tuxedo Festival—a jewel in Buckhead that epitomizes our trademark of an ‘Irreplaceable Corner.’ Its location serves the most affluent Buckhead neighborhoods and some of the densest concentrations of commercial real estate in the Southeast. This exciting new investment will immediately grow cash flow and net operating income, while creating longer term opportunities to potentially capitalize on the 440,000 square feet of maximum development density, which could include high rise residential, office, additional retail and parking.”
In late July AmREIT announced that its Board of Directors determined to explore strategic alternatives to enhance stockholder value. During the process, the company will continue to pursue its existing business plan. AmREIT also announced at that time that after a comprehensive review and consultation with its advisors, its Board rejected the previously announced unsolicited and conditional proposal by Regency Centers Corp. to acquire AmREIT for $22 per share.