Toronto firm buys Edgewood Shopping center for nearly $82M

Intown Atlanta shopping center Edgewood Retail District has been sold by Greensboro, N.C.-based Bell Partners to Toronto-based North American Development Group for $81.65 million. Bell bought the center for about $82 million in 2005 from The Sembler Co.

Sembler developed the 531,300 square feet center in the rapidly changing area of intown Atlanta between Little Five Points and East Atlanta.

Anchor tenants include Kroger, Target, Lowe’s and Bed Bath & Beyond. Bell said the center’s occupancy is 99 percent.

Bell is selling its retail portfolio, including a center Palms Plaza Shopping Center in Boca Raton, Fla., for $18.4 million, as the firm shifts its focus to multi-family properties. Bell’s apartment portfolio includes 217 properties in the Mid-Atlantic, Southeast and Texas.

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Rachel Tobin

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