Coro Realty, Pope & Land Acquire Three Metro Atlanta Shopping Centers

Staff Report From Metro Atlanta CEO

Monday, March 16th, 2020

Coro Realty and Pope & Land announce the joint venture acquisition of three well-located neighborhood shopping centers in the northern suburbs of Atlanta from the Muntzing-Sattele Company.  

Together, the centers represent almost 120,000-square feet of prime retail space in rapidly growing and upper-income communities in metro Atlanta. The partnership will improve the properties through capital investments, renovations and active leasing and management. Terms of the deal are not disclosed.  Pope & Land, Coro Realty and M&P Shopping Centers (the joint venture’s largest investor) purchased the properties as medium-term value-add investments.

“We are excited to partner again with Pope & Land and M&P, with whom we have enjoyed many successful ventures over the past 20 years,” said Robert Fransen, President of Coro Realty. “We identified this portfolio because the properties are in our wheelhouse, are in great locations and have tremendous upside. We are going to continue to be opportunistic and active in this market.”

The assets are Brookside Station, a 23,500-square foot shopping center in Alpharetta; Mansell Oaks, a 43,000-square foot neighborhood shopping center in the heart of Roswell’s busiest retail area; and Town Center Oaks, a 52,000-square foot retail center in one of Cobb County’s fastest-growing retail and residential areas.

Located in North Fulton County near the growing North Point commerce district, Mansell Oaks is anchored by Longhorn Steakhouse. It is conveniently located near the intersection of Alpharetta Highway and Mansell Road and showcases a mix of restaurants and specialty stores aimed at North Fulton’s affluent residents.

Brookside Station is in a prime location on Old Milton Parkway, approximately 1.5 miles east of GA-400. The area has an average annual income of approximately $120,000 within a three-mile radius of the center. The daytime population grows to more 50,000 with employees and students from Northside Hospital, Siemens and Georgia State University-Alpharetta Center.

Town Center Oaks is located at the main entrance to Kennesaw’s Town Center at Cobb regional mall and has excellent street visibility. Boasting a mix of specialty shops, restaurants and service businesses, Town Center Oaks experiences high customer traffic due to its proximity to the Mall and Kennesaw State University.

“Pope & Land has enjoyed a long-standing relationship with the seller, Muntzing-Sattelle, and we are pleased to have the opportunity to purchase these strategic shopping centers”, said Frank Kelly, managing director of Pope & Land.  “In these centers we found the type of stability and sound fundamentals that we seek in an investment opportunity, and particularly in retail, which is certainly an evolving segment of the market.  Our analysis led us to believe in the strength of both the tenant base and long-term outlook of these neighborhoods.  Add to this the guidance of a trusted partner in Coro, and the result is an attractive real estate opportunity.”