ALPHARETTTA, GA. — New York-based Marathon Asset Management, a corporate, structured and real estate credit investment manager, has closed on East Village Shopping Center, located on Holcomb Bridge Road in Alpharetta, through its real estate lending and distressed debt program. The acquisition involved the purchase of a distressed senior mortgage and simultaneous transfer of ownership through a pre-negotiated deed in lieu of foreclosure. The former borrower, Concordia Properties, will remain the property manager and developer of the shopping center, and Atlanta-based Synergy Resolution Services, a real estate asset manager and co-investor with Marathon, will oversee the on-site business plan implementation. Built in 2008, East Village Shopping Center includes 83,319 square feet of existing retail space with 112,296 square feet of planned development for which much of the infrastructure, planning and pre-development work has been completed. The retail property is shadow anchored by Super Target.
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