Joint Venture Sells Arbor Square Shopping Center in Douglasville, Georgia for $18.4M
DOUGLASVILLE, GA. — A joint venture between Connolly and Coro Realty has sold Arbor Square, a 127,195-square-foot shopping center in Douglasville. ALTO Real Estate Funds, which has offices in Dallas and Denver, purchased the property for approximately $18.4 million. Mark Joines and Drew Fleming of Newmark arranged the sale.
Developed by Connolly in 1977, Arbor Square was fully renovated in 2018 and was 97 percent occupied at the time of sale to tenants such as Burlington, HomeGoods, Skechers, Starbucks, Five Guys and Del Taco.
The center is situated just off Interstate 20 at the intersection of Georgia State Route 5 and Douglas Boulevard. The property is within a half-mile from Arbor Place Mall, a shopping mall with tenants such as Hot Topic, Ulta Beauty, H&M and Verizon Wireless, as well as a food court and a movie theater. Additionally, Arbor Square is located 23.9 miles from downtown Atlanta and 28.1 miles from Hartsfield-Jackson Atlanta International Airport.
Connolly is an Atlanta-based real estate developer and investor. The firm has completed more than 40 retail, office and mixed-use projects in the Southeast with a value of nearly $500 million. Coro Realty, an Atlanta-based real estate development and investment firm, oversees approximately 50 properties valued at $1 billion.