Ramco-Gershenson Pays Watkins $116 per SF for Horizon Village

ATLANTA-Quality, grocery-anchored shopping centers continue to command top dollar as Ramco-Gershenson Properties Trust of Southfield, MI learned in the $11.3 million purchase of the six-year-old, 97,000-sf, 100%-leased Horizon Village in suburban Suwanee, GA.

Ramco-Gershenson paid Atlanta-based Watkins Associated Developers Inc. $116.49 per sf for the Publix Supermarkets-anchored property southeast of Interstate 85 at its interchange with Lawrenceville-Suwanee Road in north-central Gwinnett County.

“The sale of Horizon Village is a prime example of the strength in the retail investment market for a quality, grocery anchored center,” C. Whitney Knoll, senior vice president/retail, Trammell Crow Co., Atlanta, says in a prepared statement.

Of the 22 tenants, 17 or 77% are the original merchants at the 1966-built center. The tenant roll includes Kauffman Tire, GNC, Cingular Wireless, Philly Connection and Dunkin Donuts.

“When you combine a newer, quality Publix-anchored center, developed by Watkins Associated Developers with a large group of motivated and qualified national investors, the result is a transaction that exceeds expectations,” Knoll says.