One of the first malls built in Douglasville a few years after the county crossed Interstate 20 has been sold.
ALTO Real Estate Funds bought Arbor Square for $ 18.4 million from Connolly and Coro Realty, Rebusiness Online reported earlier this week.
The 127,195 square foot shopping center at the corner of Highway 5 and Douglas Boulevard was developed by Connolly in 1977. It was completely renovated in 2018 and was 97% occupied at the time of sale with tenants including Burlington , HomeGoods, Sketchers, Starbucks, Five Guys, and Del Taco, reported Rebusiness.
Connolly is an Atlanta-based real estate developer and investor with more than 40 retail, office and mixed-use projects in the Southeast valued at nearly $ 500 million, according to Rebusiness. ALTO has offices in Dallas and Denver.
Longtime Douglas County residents will remember the mall as the home of Kmart and the Big Star grocery store.
Kmart closed in 2012 after 35 years in Douglasville. Connolly invested $ 25 million in renovating the mall three years ago. The renovation included new exteriors and interiors, repaving of the parking lot and development of islands. The old Chevron gas station on the site has been demolished and a new outparcel with Starbucks and Five Guys has been developed over the past year.
“You can see this is definitely a brand new mall in almost every way,” JR Connolly, managing director of Connolly Investment and Development, told Sentinel in 2018. “New parking lot, new lighting, new landscaping, new stores, new facade. There isn’t much left of the old one.