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ATLANTA-Making its fifth retail acquisition in metro Atlanta in the past 18 months, GDC Properties Inc. of Westchester County, NY has purchased the one-year-old, 44,000-sf Shops at Cascade from an affiliate of the Retail Planning Group for $14.1 million or $320.45 per sf.

Area retail brokers familiar with the 12-tenant property and the submarket at Fairburn and Cascade roads tell GlobeSt.com the $320.45-per-sf price is the highest this year among metro Atlanta retail investment sales. The acquisition is “consistent with our current strategy of buying quality locations in established markets,” says GDC chairman Samuel Ginsburg. He says the company is looking for other acquisitions in Atlanta, Florida and New York.

Ginsburg says the Atlanta acquisition is part of a new strategy for the growth of GDC Properties. That growth includes the ongoing purchase of $500 million in retail assets, primarily shopping centers, and the divestment of about $300 million in residential assets, mainly in the Southeast. Anchor tenants at the Shops at Cascade are Walgreens, Moe’s Grill and Up the Creek Restaurant.

Samuel Ginsburg and his brother Martin, both architects, are principals and founders of Hawthorne, NY-based Ginsburg Development Corp., a 40-year-old investment and development company with properties in New York, New Jersey, Connecticut, Florida, Tennessee and Georgia. GDC is Ginsburg Development’s investment arm.

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