Rothenberg-Rosenfield, Inc. has acquired Phase II of Centennial Village, a neighborhood center located on State Rte. 140 for $14.6 million. The 117,392 s/f shopping center includes Kohl's, PETCO, Rite Aid and additional small shop tenants and eateries. This acquisition makes Rothenberg-Rosenfield the sole owner of Centennial Village, a 213,268 s/f retail destination. In 2009, the company purchased Phase I, the 95,876 s/f Kroger-anchored section adjacent to Phase II.
M&J Wilkow LTD in Atlanta represented Rothenberg-Rosenfield in the transaction. Colliers is leasing and managing the project with negotiations underway with several prospective tenants.
Rothenberg-Rosenfield seeks to acquire similar properties within the Atlanta market. Since its 2009 debut acquisition in Atlanta, the investment market has been highly competitive with eager buyers. The firm's aggressive investment criteria include well-positioned, grocery-anchored shopping centers in strong primary markets. "We look forward to implementing our investment strategy in select cities throughout the country and expanding our presence in the Southeast by acquiring an additional 1.5 million square feet of retail properties that align with our criteria in 2012-13," states Josh Rosenfield, Director of Property Acquisitions, Rothenberg-Rosenfield.
Centennial Village is situated in the heart of the Holcomb Bridge commercial corridor for one of the Atlanta's premier suburban communities as well as serving the adjacent Centennial High School, home to over 2,100 students. The densely populated consumer base is marked with an average annual household income of more than $130,000 within one mile of Centennial Village. Trade area statistics Rothenberg-Rosenfield Acquires Centennial Village / Page 2
within a three-mile radius further strengthen the appeal of the retail center with more than 28,000 households representing a population of 81,000 residents with an average annual household income surpassing $134,000.
"Phase I of Centennial Village was a great investment, and we jumped at the opportunity to purchase Phase II," says Rosenfield. "We know this market-leading retail destination will excel even more with one sole owner who is focused on providing a first-class amenity to the Roswell community. The community views this center as one destination and we want to market and operate it as such. This is a solid property in a stable market with strong demographics — exactly the type of property we are seeking. "
For more leasing information, contact Chris Routledge at 404.574.1003 or www.colliers.com. Tags: