Shopping Center Business

JUN 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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8 • SHOPPING CENTER BUSINESS • June 2018 NEWSLINE ASANA ACQUIRES KROG STREET MARKET, ATLANTA STOVE WORKS IN ATLANTA'S INMAN PARK NEIGHBORHOOD FROM PACES PROPERTIES Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta's Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine's Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni's Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burritos and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties. H&R REIT TO SELL 63-PROPERTY RETAIL PORTFOLIO FOR $633 MILLION H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for $633 million. The sale includes 63 assets and is expected to close in June. The Toronto- based REIT's portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl's, Rite Aid, Sam's Club, Lowe's Home Improvement and The Home Depot. H&R REIT still owns 16 gas and convenience stores in the United States. The buyer was not disclosed. The company plans to use a large portion of the sale proceeds to grow Lantower Residential, the REIT's multifamily investment arm that comprises nearly 15 percent of the company's real estate portfolio. The REIT will also use the proceeds to repay $205.9 million of mortgage debt on the portfolio and buy back stock. Following the sale, H&R REIT expects for office investments and developments to make up approximately 47 percent of its real estate portfolio, with the company's Primaris retail division making up more than 20 percent. H&R REIT has ownership interests in a North American portfolio of office, retail, industrial and residential properties totaling more than 45 million square feet. The REIT also has a 33.6 percent interest in ECHO Realty LP, which owns 228 properties spanning 9.4 million square feet. Krog Street Market is home to tenants such as Bar Mercado, Jeni's Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. RealINSIGHT Marketplace is pleased to offer the opportunity to acquire commercial real estate through our online sales platform. Northside Square Shopping Center • Laurinburg, NC • 43k SF grocery-anchored shopping center • Substantial cash flow from stable anchor and junior anchor tenancy Bringing Buyers, Sellers and Brokers together. ri-marketplace.com | 1-800-915-7015 FEATURED PROPERTIES Meadowview Shopping Center • Kankakee, IL • 215k SF Multi-tenant retail center • Diverse national tenant base • Value-Add lease up opportunity Sale Event June 18-20 Sale Event June 19-21

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