ATLANTA—GBT Realty just grabbed a 1.7-acre site in East Cobb County for $1.6 million. Empress Theatres sold the site at the intersection of Roswell Road (State Route 120) and East Cobb Drive near Johnson Ferry Road.

Chuck E. Cheese currently occupies a 10,240-square-foot building. GBT plans to demolish the building and redevelop the parcel, which is one of the last remaining parcels in a retail hotbed that's home to brands like Target, Dick's Sporting Goods, Trader Joe's, and Whole Foods this Spring.

“We couldn't pass up one of the last parcels in this upscale, densely developed retail district and along two of the most sought-after commercial corridors in metro Atlanta—not to mention the signalized access and direct visibility to more than 44,000 cars daily,” explains Jeff Pape, managing director of GBT's shopping center division. The firm looks at the acquisition as an opportunity to have a stake in affluent East Cobb County at the corner of “Main & Main.”