Charleston-based Bond Street REIT Acquires Atlanta Retail Center
Expansion into Atlanta’s Marketplace Terrell Mill
On May 30, 2024, Bond Street REIT, headquartered at Morrison Yard on Charleston’s peninsula, announced the acquisition of Marketplace Terrell Mill in Atlanta. The acquisition of the four-tenant convenience retail center underlines Bond Street’s commitment to identifying properties with convenient access, high visibility, diverse tenant line-up, and dense population base.
Growth in Southeastern Markets
“We are thrilled to expand our portfolio and continue to enhance our presence in growth-centric southeastern markets,” said Luke Fox, head of portfolio strategy at Bond Street. Offering his gratitude to Bryan Belk of Franklin Street for brokering the deal, Fox emphasizes the importance of this strategic move towards expansion.
Location Advantages
Marketplace Terrell Mill is located along Powers Ferry Road. It borders a 90,000-square-foot Kroger shopping center and is near 298 Class-A apartments, bringing sustained traffic and strong customer demand. The location is less than three miles from Truist Park, the new home of the Atlanta Braves. The proximity to this growing suburban market ensures that the center and its tenants will be well served in the years to come.
About the Development Partners
The property was jointly developed by Connolly Investment and Development, along with Eden Rock Real Estate Partners. The financial terms of the acquisition were, however, not disclosed in the news release.
About Bond Street REIT
Bond Street REIT is a perpetual life, private NAV real estate investment trust. Its portfolio is exclusively invested in the convenience retail sector. It is considered the leading owner of Class A convenience retail shopping centers across the southeast. Bond Street’s portfolio strategy involves acquiring and managing a carefully curated list of open-air strip centers in southern markets. This recent acquisition is manifestly aligned with that strategy, enhancing its already significant portfolio.
Significance of the Acquisition
This acquisition represents a significant step for Bond Street, allowing them to expand their reach into a new market and strengthening their position in the retail sector. The strategic location of the retail center, coupled with the robust local customer base, will likely serve as a strong platform for future growth and success.
Implications for the Future
This pivotal acquisition adds to a growing trend of retail investments across the country and could potentially usher in a wave of further investment in the region. As Bond Street continues to nurture and expand their portfolio, we can expect further positive developments in the regional retail landscape in the future.
