ATLANTA—AmREIT is pushing deeper into its so-called “irreplaceable corners” strategy in Atlanta. The retail REIT just snapped up Fountain Oaks Shopping Center, a 160,600-square foot Kroger-anchored shopping center in the north Buckhead submarket of Atlanta.
AmREIT paid $27.7 million for the shopping center. Kerr Taylor, CEO of AmREIT, says, “We believe that Fountain Oaks ranks in the top 10% of grocery-anchored shopping centers in Atlanta because of the affluence and density of the communities surrounding the property, as well as Kroger's strong historical performance at the center.”
The shopping center is located in north Buckhead, directly on Roswell Road at the lighted intersection of Roswell and Weset Belle Isle Road. There are more than 72,000 people living within a three-mile radius of the property. Daytime employment within the same radius totals more than 110,000, and average household income of over $104,000 within a one-mile radius, according to Sites U.S.A. Kroger.
Kroger occupies 59,134 square feet of the shopping center and has served the north Buckhead community from its location in Fountain Oaks since 1988.
“I am particularly pleased that our AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase,” Taylor says. “This is a testament to the strong tenant relationships that we have built over almost three decades.”
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