![]() ![]() We also received the following statement from Herbert Ames, Senior Vice President, Development, EDENS, with regard to our inquiry into what their plans are for the property: ![]() ToNeTo Atlanta reached out to Richard Galanti, Costco's longtime CFO, who in an email response Tuesday indicated "We remain interested but currently do not have any deal." with regard to them being part of the redevelopment at North DeKalb Mall. Kathryn Zickert, a partner at Smith Gambrell Russell who previously represented Sterling in their rezoning efforts at the mall, confirmed to Decaturish that she now represents EDENS in an upcoming rezoning application for the mall.Ĭostco, who according to real estate experts prefers to purchase rather than lease its properties, could still be in the mix but our experts were split on the likelihood that they will be part of whatever EDENS is planning, with one noting the fact that EDENS prefers to lease its assets rather than sell portions. Moores Mill, a Publix-anchored center that EDENS developed at Moores Mill Road on Atlanta's "Upper Westside," opened in May 2017 after more than ten years of assorted setbacks. Patience, something it seems Sterling, and Hendon before it ran out of, is something EDENS has been shown to have. ![]() Since its acquisition, Toco Hills has added several new local and national businesses including Westside Market, Spiller Park Coffee, Chopt, Club Pilates, Flying Biscuit Café, Yumbii, and soon, Ulta Beauty. In late 2018 the firm also sold the Kroger-anchored Sandy Plains Centre in East Cobb for $44.2 million.ĮDENS currently owns nine shopping centers in metro Atlanta including both Toco Hills Promenade and Toco Hills Shopping Center at Toco Hills, the latter of which it acquired in late 2015. EDENS sold, for an undisclosed sum, the Target/Publix/Dick's-anchored Lenox Marketplace in Buckhead in April, followed by the Publix-anchored Alpharetta Commons in Alpharetta for $24.6 million in May. It's not yet clear what EDENS paid for the property but they definitely have the funding to pull off a deal like this, having sold three Atlanta area assets in just the past three years. The property was put back on the sales block earlier this year. Sterling, too, tried unsuccessfully to redevelop the mall with its most recent effort falling apart in late 2018. The mall, first built in 1965, has changed hands several times over the past twenty or so years with Atlanta-based Hendon Properties acquiring it in October 2003 for $25 million, trying unsuccessfully to add a Costco and other elements before offloading it for $15.4 million in May 2014 to Lennar Commercial Investors LLC, together with Sterling Organization. ![]()
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