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LILBURN, GA-The Bedrin Organization of Glen Rock, NJ has acquired its second neighborhood shopping center in the past six months in the recreation-oriented and population-surging Stone Mountain area of metro Atlanta.

Bedrin paid the joint venture of Jacksonville, FL-based Regency Centers Corp. and Macquarie Countrywide Trust of Sydney, Australia $18.2 million, or $160.75 per sf, for Killian Hill. The 21-year-old, 113,216-sf property is about 20 miles northeast of Downtown Atlanta. Principal Global Investors, the asset management division of Des Moines-based Principal Financial Group, financed the acquisition.

Garret Bedrin, acquisitions director for his company, tells GlobeSt.com Killian Hill was completely redeveloped in February 2003. The average asking base rent at the 98%-leased, 25-tenant property for non-anchors is $18.50 per sf. The tenant roll includes Citifinancial, Washington Mutual, Dots, Dollar General, Metro PCS, Subway and Sally Beauty.

Bedrin says the deal was done at this time because the Bedrin Organization is “an active investor in the Southeast,” always looking for prudent investment opportunities. Bedrin tells GlobeSt.com he and his partners, Paul and Jerry Bedrin, “invest in areas that show strong population and job growth over the long term.”

Additionally, the Bedrins “look for opportunities where, as entrepreneurial landlords, we can roll up our sleeves, increase the quality of our tenants and thereby enhancing the overall experience of the shopper.” Paul and Jerry Bedrin are brothers. Garret is Jerry’s son.

Garret Bedrin tells GlobeSt.com Killian Hill came on the market during the Oct. 27 regional meeting of the International Council of Shopping Centers in Atlanta. “We sent our letter of intent on Nov. 28; wrote the contract on Dec. 23; and closed on March 1,” Bedrin says.

The Bedrin Organization, with a retail investment portfolio of one million sf nationally, entered the Atlanta market in November 2005 with the $23.4-million purchase of Memorial Bend, a 38-year-old, redeveloped, 177,283-sf shopping center in Stone Mountain. Bedrin paid Regency Centers Corp. $131.99 per sf for the 95%-leased neighborhood center about two miles northeast of Interstate 285, as GlobeSt.com previously reported.

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