ATLANTA — AmREIT Inc. has announced the acquisition of Fountain Oaks Shopping Center, a 160,600-square-foot, Kroger-anchored shopping center in the north Buckhead submarket of Atlanta, for $27.7 million. The property benefits from more than 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000 and average household income of $104,000 within a one-mile radius. The AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase. The acquisition was financed through AmREIT’s credit facility. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.
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