Bell Invests $31M in Georgia Retail Centers

Steven D. Bell & Company has purchased three retail properties in Georgia in deals totaling $31 million.

The properties include: Crossroads Pointe in metro Atlanta, a 30,600-square-foot center anchored by a grocery building that is currently leased by Kroger but not occupied; the 38,171-square-foot Berwick Marketplace in Savannah; and, the 96,141-square-foot Rivoli Crossing in Macon, anchored by a Stein Mart.

The Bell firm said it has recently negotiated a lease with The Fresh Market, which will co-anchor the Macon property.

The purchases bring the number of retail properties owned or managed by the Bell firm in Georgia to seven. It also owns a number of apartment communities in the state.

"We have had good success with our Georgia retail investments in the past," said Jon Bell, the company's vice president and a principal. "The state continues to exhibit appealing growth characteristics. The three shopping centers we recently purchased offer good diversification (for the firm's investors) and provide a balance of redevelopment and stabilized retail properties."

The deals continue what has already been an active 2007 for the Bell company which, in the past two months, has sold apartment complexes in Durham and Greensboro and also moved into Arkansas with the purchase of 5 apartment communities in that state.