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ATLANTA-On the lookout for revenue-generating neighborhood shopping centers, Miami-based Equity One Inc. found an ideal candidate in Butler Creek, a 95,597-sf, 98%-leased shopping center in suburban Acworth, GA, 25 miles northwest of Downtown Atlanta.

Equity One paid Georgia investor David C. Rowe $12.1 million, or $126.57 per sf, for the 13-year-old property anchored by a 59,997-sf Kroger supermarket. The acquisition was financed from the REIT’s existing line of credit.

Equity One chairman and CEO Chaim Katzman says the company is scouting for other similar properties to add to its Georgia retail portfolio.

“Butler Creek is an example of the type of neighborhood center we prefer, with a dominant grocer and a complementary mix of local tenants providing a range of daily goods and necessities,” Katzman says. He calls Atlanta “a fast-growing market in which we have considerable operating advantages and economies of scale.”

Constructed in 1990, Butler Creek is situated on an 11-acre site at the intersection of Cobb Parkway and Acworth Due West Road, about five miles southwest of Interstate 75 in the Marietta-Acworth residential corridor.

Katzman says the three-mile trade area has 37,000 permanent residents with an average household income over $70,000. New housing communities are either under construction or are planning near the shopping center, he says.

Equity One’s 19.1 million-sf portfolio consists of 180 properties located primarily in Southern metropolitan areas. The property mix includes 124 supermarket-anchored shopping centers, 40 other retail-anchored centers, two commercial properties, five retail developments and non-controlling interests in three unconsolidated joint ventures.

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