Bedrin Buys Second Shopping Center in Stone Mountain Area

LILBURN, GA-The Bedrin Organization of Glen Rock, NJ has acquired its second neighborhood shopping center in the past six months in the recreation-oriented and population-surging Stone Mountain area of metro Atlanta.

Bedrin paid the joint venture of Jacksonville, FL-based Regency Centers Corp. and Macquarie Countrywide Trust of Sydney, Australia $18.2 million, or $160.75 per sf, for Killian Hill. The 21-year-old, 113,216-sf property is about 20 miles northeast of Downtown Atlanta. Principal Global Investors, the asset management division of Des Moines-based Principal Financial Group, financed the acquisition.

Garret Bedrin, acquisitions director for his company, tells GlobeSt.com Killian Hill was completely redeveloped in February 2003. The average asking base rent at the 98%-leased, 25-tenant property for non-anchors is $18.50 per sf. The tenant roll includes Citifinancial, Washington Mutual, Dots, Dollar General, Metro PCS, Subway and Sally Beauty.