213,054-SF Center Carries Nearly $47M Price Tag

ATLANTA-With the recent closing of a $46.6-million deal, Embry Village has moved into the portfolio of New Hyde Park, NY-based Kimco Realty. Maxwell Properties sold the 213,054-sf retail asset.

The East Coast Retail Investment Team at Staubach Capital Markets repped Maxwell Properties and declined to release the cap rate. The center is anchored by a Kroger supermarket and is 97% occupied, according to a Staubach spokesman. He tells GlobeSt.com that the tenant roster includes Blockbuster, Moe’s, Ace Hardware, Eckerd, and the US Postal Service. The lease rates range from $12 to $28 per sf, he adds.

“Embry has a long and interesting history and over the years has evolved into quite an attractive asset to investors,” says Kevin Hurley, with Staubach Capital Markets, in a statement. He also cites the center’s location off I-285 at Chamblee Tucker Road as a factor in the deal. Hurley assisted in the deal with Whitney Knoll, executive vice president at Staubach.

“Since Kroger was built in 2001, its sales have skyrocketed,” Knoll adds. “It’s a great location.”

Kimco also owns the Riverwalk Marketplace in Duluth. The retail property contains 78,025 sf and is anchored by Whole Foods. The property’s tenant roster also includes Young Chef Academy and Advanced Lipo Dissolve. Kimco bought the property in October.

This is the fourth retail deal that Knoll and the East Coast Retail Investment Team closed in the metropolitan area in the past two weeks. The other centers were City Walk in Sandy Springs, Peachtree Hills in Duluth and Merchants Crossing in Marietta.

City Walk is a 170,723-sf center anchored by Kroger. CK City Walk Owner, LLC purchased the property from WB Hammond, LLC for $47.75 million. The deal closed Feb. 1. Peachtree Hills is a 149,233-sf center, also anchored by Kroger. Ramco-Gershenson purchased the property from GE Asset Management for $24.1 million; the deal closed Feb. 12. Merchants Exchange is a 130,054-sf property anchored by LA Fitness. New Plan Excel Realty Trust and Galileo purchased the property from GOA Realty Management for $22.5 million; the deal closed Feb. 22.