X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAVANNAH, GA-Holland-based DIM Vastgoed NV has added its eighth Georgia shopping center to a portfolio that includes 17 centers totaling 2.5 million sf in the Southeast. The publicly traded Dutch real estate fund paid Atlanta-based Melaver Family Properties Inc. $13.5 million or $154.16 per sf for the 87,818-sf Wilmington Island Shopping Center at 461-499 Johnny Mercer Blvd.

The acquisition is “the first of several acquisitions we have planned in the Savannah area,” says AJ Belt, chief operating officer of DBR Asset Management LLC, the Fort Lauderdale, FL-based company that directs and manages the fund’s US operations. “Real estate opportunities continue to abound in Georgia, and DBR will continue to acquire well-positioned commercial real estate in the prime growth areas of the state as well as in other comparable markets throughout the southeastern US.”

A 42,156-sf Kroger Supermarket anchors the 19-tenant Wilmington Island Shopping Center, which was developed and redeveloped in three phases in 1978, 1998 and 2004. The property was not officially on the market, Belt says. The deal took 45 days to complete, from contract signing to closing. Melaver was the original developer.

DBR located the Savannah center, negotiated the purchase contract and handled all due diligence. The firm has procured $96 million of commercial real estate for DIM in Georgia over the past two-plus years, Belt says. His company will manage the new acquisition along with the seven other Georgia-based retail centers. The eight Georgia centers total 633,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.