Marietta-based shopping center developer and owner, Columbia Properties Inc., has purchased two metro area shopping centers totaling almost $11 million.
The company acquired 114,000 square-foot Piedmont Village Shopping Center in Marietta for $4.1 million. The center is about 85 percent leased and anchored by Aaron’s and a Department of Motor Vehicles office. Columbia also purchased the 63,000 square-foot Trowbridge Crossing Shopping Center in Sandy Springs for $6.7 million. That center, anchored by a Publix Super Markets, is 100 percent leased.
The current market offers prime acquisition opportunities at a discount with many property owners having problems with their existing financing, said Andy Campbell, partner with Columbia Properties.
The company plans to upgrade the Marietta center, and manage both properties.
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