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Argosy Real Estate Partners Acquires Atlantic Shopping Center
We are pleased to announce that Argosy Real Estate Income & Growth I, L.P., in partnership with Paces Properties, has acquired Atlantic Shopping Center, a recently-renovated 103,477-square foot shopping center located in Atlanta, Georgia. Atlantic Shopping Center is located on 10.5-acre commercial site at 1599 Memorial Drive. The Memorial Corridor has been one of the fastest growing submarkets in Atlanta due to its urban character, convenient highway access and proximity to the Beltline trail.
At acquisition, the Property was 81% leased to Floor & Decor, a leading specialty retailer of hard surface flooring (NYSE: FND) with 113 locations across the United States. Floor & Decor took occupancy in February 2019 under a 15-year lease. Vacancy consists of a 19,477 SF junior anchor space adjacent to Floor & Decor and a 0.5-acre commercial outparcel pad site for a future ground lease or build-to-suit.
Paces Properties is an experienced owner and developer of commercial real estate based in Atlanta. Paces was founded in 1972 and has been involved in the development, management, and construction of over 5,000 multifamily units and 1,000,000 square feet of retail, with a majority of their recent activity being concentrated within the Atlanta area and the Memorial Drive Corridor in particular.