Wednesday, November 17, 2010

Inland Atlantic Georgia Old National Venture LLC to Break Ground on Old National Marketplace Shopping Center in College Park, Georgia

(BUSINESS WIRE)--Inland Atlantic Georgia Old National Venture LLC, a joint venture between Inland Atlantic Development Corporation, Pointe Development Company and Heritage Creek Development I, LLC, announced November 16 that it has broken ground on Phase I of Old National Marketplace, a premiere shopping center development located in College Park, Georgia. Part of a planned 297,000 project, Phase I will encompass approximately 99,000 square feet and has tenant commitments that currently place occupancy at nearly 90 percent. Major tenants include LA Fitness, Family Dollar and fashion retailers Citi-Trends and It’s Fashion.

“As the climate for commercial real estate in Atlanta continues to improve, retailers have started looking for the next step to develop their pipelines for future growth, and we’ve found they really like what Old National Marketplace has to offer,” said John DiGiovanni, president of Inland Atlantic Development Corporation. “This is a great location in a market with a lot of untapped potential, and we’ve seen a very strong response from retailers that are excited to be a part of this project.”

Site clearing began on November 8 and construction will be complete by October 2011, DiGiovanni said. Additional tenants include Shoe Land and VIP Nails salon, and potential leases with T-Mobile and Anna’s Linens. Leasing is already underway for Phase II, with interest from several major national and local tenants.

“We’ve already seen good response to Phase I of the project,” DiGiovanni said. “Once construction begins, we expect the excitement among retailers to grow and leasing activity to snowball. In terms of new development in the Atlanta area, this is one of the few that’s coming out of the ground.”

Florida-based Pointe Development Company principles, Alan Sakowitz and Maurice Egozi and Atlanta-based Heritage Creek Development I, LLC principle Wayne Kendall are Inland Atlantic Development Corporation’s partners in the joint venture. Construction management of the project will be overseen by Randy Josepher, executive vice president of Inland Atlantic Development.

The principle partners in Inland Atlantic Development Corporation previously created a development pipeline of more than a million square feet for Inland Retail Real Estate Trust, Inc., a real estate investment trust that was sold in 2007 for $6.2 billion.

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