STONE MOUNTAIN, GA-The Bedrin Organization of Franklin Lakes, NJ has entered the metro Atlanta retail investment market with the $23.4-million acquisition of Memorial Bend. The 177,283-sf neighborhood shopping center is located about two miles northeast of Interstate 285 and 10 miles northeast of Downtown Atlanta.
Regency Centers Corp. of Jacksonville, FL sold the 95%-leased property for $131.99 per sf. Tom Statham of Staubach Investment Sales Southeast, based in Atlanta, negotiated for Regency. Bedrin represented itself. The center houses such stores as a Publix supermarket, TJ Maxx, Foot Locker, IHOP and Pizza Hut.
Memorial Bend was completed in 1968 and expanded and redeveloped in 1994.Statham says the Stone Mountain area has "a strong, established middle- to upper-middle-income residential base." Bedrin owns and manages one million sf of shopping center space valued at $100 million, according to Statham.
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