ATLANTA-Two local developers have closed separate transactions involving office and retail assets. Cousins Properties Inc. has purchased a seven-building, 103,000-sf office complex in the affluent Sandy Springs suburb for $12.5 million or $121.36 per sf. Hendon Properties LLC has formed a joint venture with Toronto-based Dundee REIT to acquire the 40-year-old, 770,000-sf Greenbriar Mall in Southwest Atlanta.
In adding the former headquarters building of RTM Restaurant Group to its portfolio, Cousins principal Larry Gellerstedt says "this acquisition gives us control of one of the best-located sites in the Central Perimeter area." Gellerstedt is president of Cousins' office/multifamily division.
Tied in with the acquisition was a 32,800-sf, long-term lease the Sandy Springs Police Department signed at the complex. The lease brings the project to 68% occupancy, Gellerstedt says. The 9.5-acre property sits at Hammond and Barfield roads, adjacent to GA 400.
In a prepared statement, longtime Atlanta developer Charlie Hendon, president of Hendon Properties, says the acquisition of Greenbriar Mall was done at this time to rejuvenate the property. "The major principals of Hendon Properties are Atlanta area natives, and we all have a personal stake in seeing Greenbriar Mall regain the strength and economic impact it had when the mall was first developed 40 years ago," Hendon says. Currently, the mall has 60 tenants and is 90% occupied.
Dundee REIT previously owned the mall. Each partner has a 50% equity ownership in the property. Hendon Properties will oversee the mall's redevelopment, construction and leasing activities. The existing management firm, locally based O'Leary Partners LLC, will continue to manage the mall's daily operations and assist in the leasing activities, Hendon says.
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