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CARTERSVILLE, GA-Farmington Hills, MI-based REIT Ramco Gershenson Properties Trust has acquired the 81,042-sf Collins Pointe Plaza shopping center at the southwest corner of US Highway 41 and Market Place Boulevard for $6.25 million.

Dennis Carson and Nikolas Kozy, of Miami-based Blackrock Retail Property Advisors, handled the sale. Built in 1987, the neighborhood shopping center was sold with a vacant 46,358-sf anchor space. The space had been occupied by Winn-Dixie/Save-Rite, but was vacated in connection with Winn Dixie’s Chapter 11 bankruptcy. The sale included an adjacent .65-acre undeveloped outparcel. Ramco intends to redevelop the property in the future. “My understanding is that Ramco has a 20-acre adjacent property under contract and intends to redevelop the two properties,” Carson tells GlobeSt.com

Carson adds that the property was sold because it had reached a point in its life cycle that required redevelopment. “The property was not owned in a way that would have been conducive to redevelopment so it was sold,” Carson says.

Ramco owns seven other shopping centers in suburban Atlanta. They include the 86,748-sf Centre at Woodstock in Woodstock, the 170,475-sf Conyers Crossing in Conyers, the 107,053-sf Holcomb Center in Alpharetta, the 97,001-sf Horizon Village in Suwanee, the 137,284-sf Mays Crossing in Stockbridge, the 20,287-sf Paulding Pavilion in Hiram and the 294,555-sf Promenade at Pleasant Hill in Duluth.

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