AmREIT Expands Its Portfolio of Irreplaceable Corners in Atlanta with the Acquisition of Tuxedo Festival Shopping Center
HOUSTON--(BUSINESS WIRE)--AmREIT, Inc., announced today that it has completed the acquisition of Tuxedo Festival Shopping Center, a 54,643 square foot shopping center located on 3.96 acres in the Buckhead submarket of Atlanta, Georgia.
Located on Roswell Road, just south of Chastain Park and just north of Piedmont Center in affluent Buckhead, at the lighted intersection of Roswell Road, Piedmont Road and Old Ivy Road, Tuxedo Festival benefits from over 48,800 households within a three-mile radius of the property, daytime employment within the same radius of over 109,000, and average household income of over $130,800 within a one-mile radius, according to Sites U.S.A. As of July 30, 2014, Tuxedo Festival is 87 percent occupied with tenants such as Regions Bank, Zoe’s Kitchen, and Flip Burger.
Kerr Taylor, AmREIT’s Chief Executive Officer, commented, “We are very pleased with the acquisition of Tuxedo Festival – a jewel in Buckhead that epitomizes our trademark of an Irreplaceable CornerTM. Its location serves the most affluent Buckhead neighborhoods and some of the densest concentrations of commercial real estate in the Southeast. This exciting new investment will immediately grow cash flow and net operating income, while creating longer term opportunities to potentially capitalize on the 440,000 SF of maximum development density, which could include high rise residential, office, additional retail and parking.”
Tuxedo Festival was acquired for approximately $28.0 million, is unencumbered, and was funded through cash on hand and the Company's credit facility.
About AmREIT, Inc.
AmREIT, The Irreplaceable Corner™ Company, is an equity real estate investment trust that specializes in the acquisition, operation, redevelopment, and vertical densification of retail and mixed-use properties located in highly affluent, urban submarkets. The company’s existing properties are strategically concentrated in five of the top metropolitan markets in the southern U.S.: Houston, Dallas, San Antonio, Austin and Atlanta. The company is internally-advised and fully integrated with significant local market experience and relationships. AmREIT's portfolio was 95.2% leased as of June 30, 2014, and its top five tenants include Kroger, Landry's, CVS/Pharmacy, H-E-B, and Safeway. AmREIT also has preferential access to a substantial acquisition pipeline through its value-add joint ventures, which often include major institutional investors who partner with the company as local experts. For more information, please visit www.amreit.com.