Atlanta, GA – September 1, 2011 – (RealEstateRama) — CB Richard Ellis (CBRE), the world’s leading commercial real estate services provider, is pleased to have arranged the sale of Edgewood Retail District, a regional shopping center located at the intersection of Moreland Avenue and Caroline Street, in Atlanta, Georgia. The property was acquired by an affiliate of Toronto/Florida based North American Development Group (NADG) for $81,650,000.
Casey Rosen and Chris Decoufle of CBRE’s National Retail Investment Group Florida and Atlanta Teams exclusively represented the seller which was an affiliate of the Greensboro, North Carolina-based Bell Partners, Inc.
Edgewood Retail District, a 531,287-square-foot, in-fill trophy shopping center, located 2 miles east of downtown Atlanta, is the primary shopping destination for residents of East Atlanta’s highly desirable historic in-town neighborhoods. The property is 99% occupied and is anchored by such dominant retailers as Target (separately owned), Lowes Home Improvement, Kroger Supermarket, Best Buy, Bed Bath & Beyond and Ross Dress for Less, in addition to a wide array of other national and regional complementary merchants and restaurants.
“Edgewood Retail District is among the larger recent transactions involving an open air shopping center in the Southeast and represents the best in its class. The buyer was interested in a core, high-quality investment involving excellent real estate and tenants. Edgewood met this criteria and was pursued by a variety of capital sources,” commented Mr. Decoufle’.
About Bell Partners
Founded in 1976, Bell Partners Inc. (“Bell Partners” or “Bell”) is a private real estate company focused primarily on the acquisition and management of high quality apartment communities located in the Mid-Atlantic, Southeast and Southwest United States. Per the National Multi-Housing Council, Bell Partners is the 10th largest apartment operator in the United States, with a management portfolio of approximately 60,000 homes. Since 2000, the company has completed over $7 billion of transaction volume. Bell Partners is headquartered in Greensboro, NC, and has 11 other regional offices. The company is a fully-integrated real estate enterprise with expertise in acquisitions and dispositions, financing, property operations and all related support functions.
About North American Development Group
North American Development Group is one of North America’s leading vertically integrated enterprises focusing exclusively in the shopping center segment of the real estate industry. In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 175 shopping centers comprising well in excess of 20 million square feet of GLA with an enterprise value of over $2.5 billion. NADG has 11 offices across North America, consisting of 7 in the United States and 4 in Canada, and a team of over 120 seasoned real estate professionals. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal and Halifax.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.