09/07/11
Atlanta — Marietta-based Columbia Properties, Inc has acquired the 114,000 square foot Piedmont Village shopping center in Marietta, Georgia. The center is 88% occupied and is anchored by Aarons and the Georgia Department of Motor Vehicle Services. Columbia purchased the center from First Southern National Bank based in Stanford, Kentucky for $4.1 million.
First Southern National Bank foreclosed on the shopping center at the beginning of 2011 and worked to stabilize the property and locate a buyer. “Piedmont Village is a great example of a well located, well performing shopping center priced at a discount as a result of the current market dynamics,” says Andy Campbell, Partner at Columbia Properties, “It’s difficult to find quality real estate at a busy intersection priced below $200,000 per acre, $40 per square foot and generating a double digit return out of the gate. We hope to acquire other similarly positioned assets over the next 18 months”.
Columbia Properties Inc. is an Atlanta based fully-integrated owner and operator of retail real estate. Columbia is focused on neighborhood shopping centers throughout the Southeast and has developed more grocery anchored shopping centers in Metro Atlanta than any other firm. Its infrastructure and access to capital allow the firm to close transactions of all sizes quickly and with a great level of certainty. Columbia has acquired or developed more than 75 projects in its 30 year history and currently has more than 1,000,000 square feet of retail under management.