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BRASELTON, GA-Although the property wasn’t listed with a broker, DIM Vastgoed NV closed a privately negotiated $13.3-million deal with the Vineyards Shopping Village LLC for the acquisition of the 79,046-sf, 92%-leased Vineyards Shopping Center at Chateau Elan in this suburb about 30 miles northeast of Downtown Atlanta.

The fund paid the seller $167 per sf for the 21-tenant property. DBR Asset Management LLC of Fort Lauderdale, FL represented DIM, finding the seller and completing the due diligence phase of the deal. Brian Mark, DBR’s chief financial officer, doesn’t think DIM overpaid for the asset. “Based upon location, financial performance and long-term growth, we felt the price was in line with this type of product,” Mark tells GlobeSt.com.

DBR also represented DIM in the $9.5-million June acquisition of the 68,738-sf Golden Park Village in Buford, GA, an Atlanta suburb in Forsyth County. DIM paid Golden Park LLC $138 per sf for the shopping center.

The Braselton deal took only 26 days to complete, from contract signing to closing. “The property was not technically on the market, but we were able to successfully negotiate the sale due to our prior dealings with the seller,” Mark says. DBR will manage the Braselton center, along with the fund’s other three Atlanta properties.

“When we consider investments for DIM Vastgoed, we look for properties in high growth residential corridors in the Atlanta metropolitan area,” says AJ Belt, chief operating officer of DBR. “The Vineyards Shopping Center at Chateau Elan is in a location poised for extreme growth and expansion over the next few years and was, therefore, the perfect fit for DIM Vastgoed’s investment portfolio.”

Cummings, Horsely & Maddox Inc. and Wilson & Nolan Co. represented the Vineyards Shopping Village LLC in the Braselton transaction.

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