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AmREIT, Inc., announced today that it has completed the acquisition of Fountain Oaks Shopping Center, a 160,600 square foot Kroger-anchored shopping center in the north Buckhead submarket of Atlanta, Georgia.
Located in affluent north Buckhead, directly on Roswell Road at the lighted intersection of Roswell and W. Belle Isle Road, Fountain Oaks 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. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.
Kerr Taylor, AmREIT’s Chief Executive Officer, commented: “We believe that Fountain Oaks ranks in the top ten percent of grocery-anchored shopping centers in Atlanta because of the affluence and density of the communities surrounding the property, as well as Kroger's strong historical performance at the center. I am particularly pleased that our AmREIT team was able to extend the Kroger anchor lease to a ten-year term while the property was under contract to purchase. This is a testament to the strong tenant relationships that we have built over almost three decades.”
Fountain Oaks was acquired for approximately $27.7 million, is unencumbered, and was funded through the Company's credit facility.
About AmREIT, Inc.AmREIT believes it has one of the highest quality grocery and drugstore anchored retail portfolios in the REIT sector.AmREIT's 29-year-old established platform has localized acquisition, operation and redevelopment expertise in the most densely populated and affluent submarkets of five of the top markets in the U.S.:Houston, Dallas, San Antonio, Austin and Atlanta.AmREIT’s management team has in-depth knowledge and extensive relationship advantages within its markets.AmREIT's portfolio was 96.5% occupied as of March 31, 2013, and its top five tenants include Kroger, Landry's, CVS/Pharmacy, H-E-B, and Publix.AmREIT also has access to an acquisition pipeline through its value add joint ventures, including three leading institutional investors who partner with the company as local experts.AmREIT's common stock is traded on the New York Stock Exchange under the symbol “AMRE.”For more information, please visit www.amreit.com.
For more information, call Chad C. Braun, AmREIT, at (713) 850-1400.