Coro Realty Announces the Acquisition of Rivoli Crossing
Coro Realty Advisors, LLC announces the acquisition of Rivoli Crossing in joint venture with Harbour Retail Partners. Rivoli Crossing is a 95,977 square foot neighborhood center located at the northeast intersection of Forsyth Road and Rivoli Road in Macon, Georgia. The property is anchored by The Fresh Market, Stein Mart and Dollar Tree. It also includes 28,804 square feet of regional and local shop tenants.
Coro Realty sees Rivoli Crossing as a value-add opportunity in which it expects to blend stable income from national credit anchors and shop tenants with opportunistic returns from strategically renovating and re-tenanting portions of the property. In addition, Coro Realty sees potential to lease vacant space, to expand existing tenants and to reposition and redevelop certain portions of the center. John Lundeen, Coro Realty’s President, noted, “We bought Rivoli Crossing below replacement cost, but still anticipate solid future income. National tenants make up 70% of the GLA and contribute 64% of the existing income. Plus, tenants with 10+ years of occupancy at the center make up 37% of the GLA and contribute one quarter of existing income.”
Coro Realty Advisors, LLC was founded in 1997 and is synonymous in Atlanta and the Southeast with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape, and innovation, incorporating distinctive architectural designs and the latest in building trends and technology, Coro continues to demonstrate its leadership in the market with the successful execution of quality developments. The firm provides Asset Management, Property Management and Real Estate Advisory Services for a myriad of residential and commercial properties throughout the Southeastern United States.
Harbour Retail Partners is a real estate fund managed by Randy Kelley and Jim Cheney with a focus on necessity-based retail.
For more information on this property contact:
Coro Realty Advisors, LLC
3715 Northside Parkway
400 Northcreek – Suite 100
Atlanta, Georgia 30327