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Bell Group Buys Edgewood Retail District For $82 Million

Steven D. Bell & Company of Greensboro, N.C. has led a group of investors acquiring the $82 million Edgewood Retail District, now being completed in the Edgewood area of East Atlanta.

The North Carolina company bought the 536,604 square foot shopping center from Atlanta's The Sembler Company, one of several deals made between the two companies in recent years. Sembler is retaining a small ownership position in the Edgewood property.

Sembler, the property developer, will continue to handle the property management and leasing at Edgewood and the Bell firm will serve as an asset manager for the property.

Bell Chief Executive Officer Steve Bell commented, "Edgewood's new owners will benefit from this combination, particularly because of The Sembler Company's strong relationship with retailers throughout the Southeast."

Bell's relationship with The Sembler Company in the recent past includes the purchase of retail centers Park Place and partial interest in the $165 million mixed-use Perimeter Place in the Metro Atlanta area.

Edgewood Retail District, when fully up and running, will be notable for its collection of large anchor-type retailers. These include Target, Lowe's, Barnes & Noble, Office Depot, Kroger and Best Buy.

Located on a 37-acre site, the property is surrounded by the gentrifying neighborhoods of Little Five Points, Inman Park, Candler Park and Kirkwood. The retail infrastructure will be complemented by the condominiums and apartments nearing completion under separate ownership.

The Edgewood Retail District is the centerpiece of a series of transactions executed by Steven D. Bell & Company in June projected to exceed $200 million in value.

In addition to the Edgewood purchase, Bell ownership groups have purchased apartment properties in Huntsville, Ala., Savannah, Ga. and Cary, N.C., and there are plans to buy three senior living facilities in the Carolinas. Two apartment community sales in Florida and Alabama are also in the mix.

The Sembler Company is in its 42nd year of developing, managing and leasing retail projects throughout the Southeast. Its corporate headquarters is in St. Petersburg, Fla. and it has major offices in Atlanta and in Puerto Rico. Since 1992, Sembler has developed more than 35 retail projects in the Atlanta area.

Bell is a diversified real estate firm that manages a property portfolio valued at nearly $2 billion. In addition to the approximately 18,750 apartment units under management, the portfolio is made up of 11 senior living facilities and about 3,540,000 square feet of retail space in 24 shopping centers and three office buildings.