MEPT Nabs Atlanta-Area Kedron Village II
- Mar 03, 2017
Atlanta—Bentall Kennedy LP has announced that it has secured the purchase of Kedron Village II, a shopping center located in Peachtree City, Ga., on behalf of the MEPT Fund and its affiliated funds.
The 157,185-square-foot retail center, built in 2006, is adjacent to an existing Fund-owned asset, Kedron Village I, a 97,000-square-foot grocery-anchored retail center acquired in 2011. The centers are located at the southeast corner of Highway 74 and North Peachtree Parkway interchange, 30 miles southeast of downtown Atlanta. At the time of the deal, Kedron Village II had a 90 percent occupancy with the tenant list including Ross Dress for Less, Bed Bath & Beyond, and Petco. Roughly 80 percent of the tenant base has been at the shopping center for more than seven years and the weighted average remaining lease term for all tenants is approximately five years.
“The acquisition of Kedron Village II creates significant synergies with the Fund’s existing center, Kedron Village I, and builds critical mass in a strong demographic trade area,” David Nielson, senior vice president of Transactions at Bentall Kennedy, said in a prepared statement.
As reported by David Antonelli, executive vice president & MEPT portfolio manager at Bentall Kenedy, the purchase falls in line with the company’s strategy to purchase core retail properties in primary, knowledge-based markets throughout the U.S.
MEPT and its affiliates are private equity real estate funds and constitute $9.5 billion in gross assets.
Images courtesy of The Shopping Center Group