AmREIT Acquires Fountain Oaks for $27.7 Million

by Nate Hunter

Atlanta — Kroger has anchored the center since 1988.

Atlanta — AmREIT Inc. has purchased the Fountain Oaks Shopping Center, a 160,600-square-foot, Kroger-anchored property in the north Buckhead submarket of Atlanta, for $27.7 million. Kroger, which occupies 59,134 square feet, has served the north Buckhead community from its location in Fountain Oaks since 1988.The AmREIT team was able to extend the Kroger anchor lease to a 10-year term while the property was under contract to purchase. The acquisition was financed through AmREIT’s credit facility. The property benefits from more than 72,000 people living within a three-mile radius of the property, daytime employment within the same radius of over 110,000 and average household income of $104,000 within a one-mile radius.

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