A subsidiary of Phillips Edison-ARC Shopping Center REIT Inc. has purchased Macland Pointe, a 79,699 square foot shopping center on 12.6 acres in Marietta, GA for $9.15 million, exclusive of closing costs.
Phillips Edison-ARC Shopping Center REIT funded the purchase with proceeds from a syndicated revolving credit facility led by KeyBank National Association.
Macland Pointe was purchased from Equity One, Inc.
Macland Pointe, which is located at the southwest corner of Powder Springs Rd and State Rd 360/Macland Rd in Marietta, is 92.8% leased to 14 tenants, including a Publix grocery store that occupies approximately 70.3% of the rentable square feet at Macland Pointe.
Management does not plan to make significant renovations to the property.