ATLANTA-Eatontown, NJ-based Wharton Acquisition LLC has acquired the 99,372-sf Kroger Citi-Center at 590 Cascade Ave. for $9.2 million. The seller of the property was locally based Cascade Citi-Center LLC.

Built in 1973, the property was redeveloped 10 years ago. The property was 100% occupied at the time of the sale with Kroger as the anchor tenant. Other tenants include Hollywood Video, Tenet Healthcare and Cato. The property has a 98% credit tenancy and was delivered free of debt. Space rents for $15 to $23 per sf.

The seller was represented by Elliott Kyle of Alpharetta-based Shane Investment Property Group and the buyer, which acquired the property as a long-term investment, was represented by Parker Blanchard of Shane Investment Property Group.

Blanchard tells GlobeSt.com that the seller is a large merchant developer who specializes in mixed-use and multifamily projects along the eastern seaboard. After redeveloping and owning the property for more than 10 years, the company needed to redeploy capital for new projects.

The buyer is a private capital group that owns more than 20 large shopping centers. "They own three other centers in the Atlanta market and have been very pleased with their performance thus far," Blanchard says. "Also, the property's close proximity to downtown, high density neighborhood and the likelihood of the Beltline project adjacent to this site was very appealing to them."