X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Striving to improve its negative operating cash flow, locally based Roberts Realty Investors Inc. has purchased two area shopping centers totaling 82,272 sf for $15.7 million. Roberts paid $10.9 million, or $174.89 per sf, for the 62,323-sf, 88%-leased Grand Pavilion in suburban Alpharetta. It also paid $4.8 million, $240.61 per sf, for a 19,949-sf, 100%-leased center in Buford, GA.

Despite paying premium prices for the two assets, Charles S. Roberts, the company’s found and CEO, says “these two properties fit our strategy of investing in assets located in high-growth markets and will immediately improve our operating cash flow.” Roberts didn’t disclose the sellers’ identities in his prepared statement.

In the Alpharetta transaction, the new owner is assuming a $7-million loan as part of the acquisition. Roberts is financing the balance with proceeds from the May 2005 sale of its Ballantyne Place residential community in Charlotte, NC. The shopping center is at the intersection of State Bridge and Kimball Bridge Roads, one mile south of the newly constructed Addison Place Shops, another Roberts property.

In Buford, Roberts assumed $2.7 million in debt and financed the balance with proceeds form the Ballantyne Place sale. The six-year-old center is directly across from the 1.9-million-sf Mall of Georgia. Bassett Furniture Direct anchors the center.

The two acquisitions are Roberts Realty’s third and fourth purchases, as part of a Section 1031 tax-deferred exchange, using proceeds from the $37.9 million sale of Ballantyne Place.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.