AmREIT, Inc., announced today that it has entered into a binding contract to purchase Fountain Oaks Shopping Center, a 160,600 square foot Kroger-anchored shopping center in the affluent submarket of north Buckhead in Atlanta, Georgia. The company plans to fund the acquisition through its existing revolving credit facility and expects to close by the end of the second quarter 2013, subject to customary closing conditions.
Chad Braun, AmREIT’s Chief Operating Officer and Chief Financial Officer, commented: “We are excited to further expand our presence in Atlanta with the purchase of this Kroger-anchored property whose central location between the Perimeter and south Buckhead submarkets provides an attractive and convenient shopping destination for the affluent neighborhoods surrounding the center. The strength of the 59,130 square foot Kroger drives significant traffic to the small shop tenant spaces, which comprise 53% of the center. With household incomes in excess of $100,000 within a one-, three- and five-mile radius of the property and a daytime population of over 110,000 within a 3-mile radius, we believe this is a solid property to add to our Irreplaceable Corner TM portfolio.”
Fountain Oaks is a 160,600 square foot grocery-anchored, multi-tenant shopping center that is currently 89% leased and occupied. The center is anchored by Kroger, which occupies 59,130 square feet, and it is home to tenants such as Pizza Hut, TCBY, GNC, Sally Beauty and Sue Mills as well as other local and regional retailers. The property is located at a signalized intersection in an infill location with high barriers to entry at the corner of Roswell Road and West Belle Isle with over 44,000 cars per day passing through the intersection. Fountain Oaks has significant frontage on Roswell Road, the major north/south corridor linking Buckhead to I-285 and the Perimeter. The center benefits from over 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000, and average household income of over $104,000 within a one-mile radius, according to Sites U.S.A.