New York developer buys north Fulton shopping centers for $43 million

Kroger, El Porton Mexican Restaurant and Mavis Tires are among the businesses at the nearly fully-leased Coleman Village. The Roswell  shopping center and Village Walk in Alpharetta were purchased by The Georgetown Company, a New York-based developer. AJC File Photo
Caption
Kroger, El Porton Mexican Restaurant and Mavis Tires are among the businesses at the nearly fully-leased Coleman Village. The Roswell shopping center and Village Walk in Alpharetta were purchased by The Georgetown Company, a New York-based developer. AJC File Photo

Credit: AJC file

Credit: AJC file

A New York-based developer has acquired two north Fulton shopping centers for $43.2 million.

The Georgetown Company purchased Coleman Village in Roswell for $20.8 million from Principal Global Investors of Des Moines, Iowa, and Village Walk in Alpharetta from PGIM Real Estate for $22.4 million, a Tuesday statement said. PGIM is an investment division of Prudential Financial.

The supermarket-anchored shopping centers are both located on about 12 acres. Kroger, El Porton Mexican Restaurant and Mavis Tires are among the businesses at the nearly fully-leased Coleman Village.

In Alpharetta, Publix, Papa John’s and Wellstar Health System are some of the tenants at Village Walk, which is fully leased, the statement said.

“These sorts of grocery-anchored retail centers have proven to be incredibly resilient to the impacts of both COVID-19 as well as the rise of e-commerce,” said Jonathan Schmerin, Georgetown’s managing principal, in the statement. “Despite the challenges of the last year, we know that grocery stores, restaurants and in-person services like hair or nail salons will continue to do well. ... We’re actively looking for comparable opportunities in line with these purchases.”

In recent years, the company has also shown interest in mixed-use development in metro Atlanta.

Last year, the company partnered with Buckhead-based RocaPoint Partners to purchase the former Gold Kist headquarters in Dunwoody. The 13-acre Perimeter-area site has one 265,000-square-foot office building, but the developers plan to construct a second building and hotel on the property, according to Georgetown.

Georgetown and RocaPoint also partnered to buy and develop Halcyon, the $370 million community of shops, restaurants and residential living space near Alpharetta that opened in 2019.

The second phase of development is underway at that property. RocaPoint announced in June that construction on a 60,000-square-foot office building is scheduled for completion by the end of the year.

Additional development at Halcyon includes an Embassy Suites by Hilton Halcyon hotel and The Forum Athletic Club. The opening of the hotel and the two-story, 23,000-square-foot fitness center is scheduled for 2022.