AmREIT, a fully-fledged self-managed and vertically integrated real estate investment trust, declared that it has bought a 94,544 FT2 Publix-anchored shopping center known as Alpharetta Commons, located at Alpharetta submarket in Atlanta, Georgia.
The multi-tenant, grocery anchored shopping center is fully rented and occupied. Publix which anchors the shopping center occupies around 65,146 FT2 area and an in-store cooking school occupies a part of the area in addition to other regional and local convenience retail merchants.
Alpharetta Commons shopping center, is sited between two signal intersections on Kimball Bridge Road and State Bridge Road with a passing vehicle population of around 66,000 cars every day. The business area hosts around 3,600 trade houses which include Siemens, HP, Verizon, GE and IBM. There are more than 81,000 people inside three mile radius from the shopping center in households that earn an income of more than $146,000 to patronize the shopping center.
According to Tenel Tayar, Chief Investment Officer of AmREIT, the company with its unique Corner plan set through the 5D framework concentrating on quality shopping centers, found Alpharetta Commons appealing. He explained that the strategic placement of the store along with its combination of grocery-anchored tenants will surely improve cash flow and total income from the property in a period of time.