CONNOLLY, a premier real estate developer and investor based in Atlanta, announces the acquisition of Towne Lake Plaza, a 28,000-square-foot shopping center in the downtown business district of Woodstock, Ga. Known for developing retail and mixed-use projects from the ground up for nearly 50 years, this is CONNOLLY’s first acquisition of an existing stabilized retail asset. The developer purchased the center from Dallas, Tx.-based Murchison Commercial Real Estate Inc. for $4.05 million.
“The acquisition of Towne Lake Plaza marks our entrance into acquisitions as a complement to our development business,” says Timothy “J.R.” Connolly, chief executive officer of CONNOLLY. “Our founding principles of quality assets, hands-on customer service, diplomacy and intelligent investment of capital have garnered success into the third generation of our family, and Towne Lake Plaza represents a solid opportunity to continue our tradition of delivering long-term favorable results.”
Built in 1990, Towne Lake Plaza is situated on Towne Lake Parkway, in Woodstock’s Downtown District between Interstate 575 and Main Street. The project is 100% percent leased with a mix of strong dining, entertainment and retail businesses. The tenant line-up includes J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique among others.
Just a four-minute walk to thriving Main Street, Towne Lake Plaza represents a prime opportunity to connect with — and be an extension of — downtown Woodstock. Located 30 miles northwest of Atlanta, Woodstock has transformed in recent years into a highly walkable, vibrant town with a dynamic business and shopping district featuring over 20 chef-driven restaurants and 35 independent retailers. According to the U.S. Census Bureau, in the past 10 years, Woodstock’s population has increased 38.8 percent and within a 5-mile radius the average household income exceeds $106,200.
With this acquisition, CONNOLLY is parlaying its expertise as a ground-up developer and owner to acquire and manage a successful existing center. “Our decades of experience as developers uniquely positions us to invest in existing shopping centers and take them to the next level, whether it be through extensive renovation or expansion, remerchandising or streamlining operations,” says Connolly. We’ve always held long-term visions and operated with a very entrepreneurial spirit—we find great opportunities, move nimbly and remain flexible so we can quickly adapt; and we have the freedom to capitalize our own equity or engage with a partner.” In additional to development opportunities, the firm is actively seeking value-add retail opportunities throughout the Southeast, particularly those which, like Towne Lake Plaza, have premium locations near suburban and urban town centers.
The acquisition of Towne Lake Plaza was financed by Credit Union Business Services. The center will be managed by Retail Planning Corporation and leased by CONNOLLY’s retail services division.