Coro Realty, Pope & Land Acquire Three Well-Located Metro Atlanta Shopping Centers
Atlanta (March 17, 2020) - Coro Realty and Pope & Land announced the joint venture acquisition of three well-located neighborhood shopping centers in the northern suburbs of Atlanta from the Muntzing-Sattele Company.
Together, the centers represent almost 120,000-square feet of prime retail space in rapidly growing and upper-income communities in metro Atlanta. The partnership will improve the properties through capital investments, renovations and active leasing and management. Terms of the deal are not disclosed. Pope & Land, Coro Realty and M&P Shopping Centers (the joint venture’s largest investor) purchased the properties as medium-term value-added investments.
“We are excited to partner again with Pope & Land and M&P, with whom we have enjoyed many successful ventures over the past 20 years,” said Robert Fransen, President of Coro Realty. “We identified this portfolio because the properties are in our wheelhouse, are in great locations and have tremendous upside. We are going to continue to be opportunistic and active in this market.”
The assets are Brookside Station, a 23,500-square foot shopping center in Alpharetta; Mansell Oaks, a 43,000-square foot neighborhood shopping center in the heart of Roswell’s busiest retail area; and Town Center Oaks, a 52,000-square foot retail center in one of Cobb County’s fastest-growing retail and residential areas.
Located in North Fulton County near the growing North Point commerce district, Mansell Oaks is anchored by Longhorn Steakhouse. It is conveniently located near the intersection of Alpharetta Highway and Mansell Road and showcases a mix of restaurants and specialty stores aimed at North Fulton’s affluent residents.
Brookside Station is in prime location on Old Milton Parkway, approximately 1.5 miles east of GA-400. The area has an average annual income of approximately $120,000 within a three-mile radius of the center. The daytime population grows to more than 50,000 with employees and students from Northside Hospital, Siemens and Georgia State University-Alpharetta Center.
Town Center Oaks is located at the main entrance to Kennesaw’s Town Center at Cobb regional mall and has excellent street visibility. Boasting a mix of specialty shops, restaurants and service businesses. Town Center Oaks experiences high customer traffic due to its proximity to the Mall and Kennesaw State University.
“Pope & Land has enjoyed a long-standing relationship with the seller, Muntzing-Sattele, and we are pleased to have the opportunity to purchase these strategic shopping centers,” said Frank Kelly, managing director of Pope & Land. “In these centers we found the type of stability and sound fundamentals that we seek in an investment opportunity, and particularly in retail, which is certainly an evolving segment of the market. Our analysis led us to believe in the strength of both the tenant base and long-term outlook of these neighborhoods. Add to this the guidance of a trusted partner in Coro, and the result is an attractive real estate opportunity.”
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of a billion dollars. For more information, visit cororealty.com.
About Pope & Land
Headquartered in Atlanta, Georgia since 1979, Pope & Land has developed many remarkable landmarks throughout the Southeast. Yet the hallmark of the firm’s 40+ year history has been its foresight and stability through the ebb and flow of the real estate cycle. At the core, Pope & Land is an opportunistic, creative and savvy company with a long history of innovation in project design and development.
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Media contact
Thornton Kennedy
(404) 210-0363
thornton@prsouth.net
