CONCROD, MA–The Aubuchon Realty Company, Inc., (ARC, Inc.), a diversified commercial real estate firm that has operated for more than 90 years, expanded into the Atlanta market with two retail acquisitions totaling $15 million.
The Concord, Massachusetts-based firm purchased a retail strip center – Town Center Esplanade – in Kennesaw, Georgia, and a freestanding CVS building in Cumming, Georgia.
ARC paid $9.5 million for Town Center Esplanade, a fully occupied, 39,108-square-foot shopping center on 6.74 acres at 2700 Town Center Dr. Built in 1988 and renovated in 2018, the center includes a dynamic mix of service-oriented retailers and restaurants, including Revolving Sushi Factory, J. Christopher’s Café, Three Dollar Café, The Juicy Crab and Ten Seconds Rice Noodle. Truist Bank utilizes 6,220 square feet at the center as office space for its employees.
Town Center Esplanade benefits from many major Fortune 500 companies that call Kennesaw home, along with proximity to the state’s second-largest university – Kennesaw State. Additionally, Town Center Esplanade is located between I-75 and I-575 making it a well-traveled destination for locals and commuters alike.
ARC also has a value-add opportunity to sell excess land at the Town Center Esplanade site. The additional land is well-suited for the construction of a hotel.
The firm paid $5.6 million for the CVS building, with attractive assumable debt. CVS has more than a decade remaining on its triple-net (NNN) lease at the 3095 Old Atlanta Road property. The store is located directly across from a Publix Super Market within the fast-growing Cumming/Suwanee market, with an established residential critical mass that continues to expand.
“We are thrilled to plant our flag in the Atlanta metro and eager to execute on additional opportunities there,” ARC President Eamon Moran said. “These two properties are strong examples of the well-located retail acquisitions that meet our blend of our retail strategies, Kennesaw being stabilized with a value-add component, and CVS Cumming fitting nicely into our core/NNN holdings. Our firm has the capital and flexibility to move quickly on similar transactions as we build out our presence in the greater Atlanta MSA.”
A vertically integrated firm with in-house acquisition and development capabilities, ARC is currently targeting commercial real estate investments in the middle-market space between $5 million and $20 million. ARC’s existing portfolio exceeds 55 assets totaling more than 1 million square feet throughout Massachusetts, New York, Connecticut, Rhode Island, New Hampshire, Vermont, Maine and now Georgia. ARC’s investment strategy utilizes its local expertise and institutional knowledge to generate attractive returns for its shareholders, while positively impacting the communities where it invests.