ATLANTA (Nov. 1) - Houston-based AmREIT took the opportunity late last night to announce that the retail REIT has agreed to be aquired by EDENS in an all-cash transaction valued at $763 million (or $26.55 per share). The impact on Atlanta's retail market, which AmREIT entered in 2011, should be interesting.
In fact, the acquisition likely will position EDENS as the leading owner of upscale strip centers in Buckhead, where Simon Property Group dominates the mall scene. EDENS (not sure why they do name in all CAPS) owns Lenox Marketplace and Buckhead Market Place, anchored by the very busy Whole Foods on West Paces Ferry Road, and will add a couple more through the acquisition.
Just before the Halloween night announcement, AmREIT had been cranking up its Atlanta portfolio. Only two months ago, the REIT expanded its Atlanta presence with the acquisition of Tuxedo Festival Shopping Center in Buckhead. AmREIT execs evern hinted at the possibility of scraping Tuxedo Village and replacing it with a mixed-use development.
Closer to home, the transaction means EDENS would come to Brookwood Hills, where South Georgia native and former star college QB Nate Hybl just opened gusto! Wood Fire Grill at the "Irreplaceable Corner" of Peachtree and Brighton roads (see photo).