The purchase price equates to 119.06 per sf based on the 396,408-sf Equity purchased. A 116,222-sf Target, connected to the center, was not part of the deal. Cousins Properties Inc. and Presidential Marketcenter LLC, both locally based, were the sellers.
The property is considered a major retail destination in the Snellville/Stone Mountain residential corridor, according to Equity One chairman and CEO Chaim Katzman.
"As the dominant retail center in the eastern and southern section of Gwinnett County, Presidential Markets features a complementary mix of anchors, outstanding demographics and a central location at the intersection of Highway 124 and the Ronald Reagan Parkway," Katzman says.
His company paid for the property by assuming a $27.5 million, fixed-rate mortgage and funding the balance of the purchase price from funds on hand and its existing line of credit. The property was built in phases between 1994 and 2000.
The acquisition brings Equity One's year-to-date total to more than $140 million "and continues our recent efforts to acquire larger, more dominant supermarket-anchored power center is urban areas of the southern United States," Katzman says.
Presidential Markets has nine anchors. They are Publix Supermarket, 56,145 sf; Carmike Cinemas, 44,565 sf; Bed Bath & Beyond, 35,127 sf; TJ Maxx, 32,000 sf; Office Depot, 31,268 sf; Ross Dress for Less, 30,464 sf; Marshalls, 30,000 sf; Borders Books, 22,296 sf; and Gap, 12,000 sf.
The center also has more than 100,000 sf of other national and local tenants. They are Shoe Carnival, Zany Brainy, Hibbett Sporting Goods, Lane Bryant, Cato Fashions, Payless Shoe Source, Bath & Body Works and GNC.
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