Equity One Picks Up Prime Power Center for $47.2M

ATLANTA-Equity One Inc. of North Miami Beach, FL has acquired its 24th retail property in Georgia with the $47.2 million purchase of Presidential Markets, a nine-year-old, 512,630-sf, open-air shopping center in Snellville 20 miles east of Downtown Atlanta.

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.