Coro Pays Premium for Buckhead Pavilion

The transaction marked one of the highest per-sf-prices paid for a retail asset in the metro area this year, area brokers who track shopping center sales, tell GlobeSt.com. Average asking base rents at the center are $20 per sf.

Jamestown, which represents a consortium of Germany-based investors, had owned Buckhead Pavilion for 10 years. The deal with Coro was "a very fast transaction," Joe Montgomery, director of investment sales at locally based Spectrum Realty Advisors, tells GlobeSt.com.

Montgomery negotiated the deal for Coro. Jamestown represented itself. "The competition for this type of property is fierce," Montgomery says. "With its combination of unparalleled location and tenant mix, Buckhead Pavilion offered an outstanding investment opportunity for Coro." The Sports Authority, Ethan Allen and Eatzi's, a high-end carry-out food establishment, anchor Buckhead Pavilion.

Montgomery has also handled more than $50 million in acquisitions and dispositions as either the buyer's or seller's agent for Jamestown in the past 18 months. He also represented Coro in July 1993 in its $13.7-million acquisition of Brookwood Square shopping center in Buckhead from a private investor. Jamestown made headlines in 2003 when it bought the two-building, fully-occupied, 864,700-sf IBM office campus in northwest Atlanta for $131 million or $151.49 per sf.