Developers Sell Sandy Springs Retail Center For 75% More Than They Paid
A pair of local developers paid $40.5M for a prominent Sandy Springs retail center in 2022. Four years and a rebranding later, they sold it for $71M.
Connolly and Coro Realty Advisors sold Chastain Market, the 121K SF shopping center at the corner of West Wieuca and Roswell Road, to Indianapolis-based Kite Realty Group, according to tax records filed Friday in the Georgia Superior Court Clerks' Cooperative Authority database.
Kite paid more than $580 per SF for the center, one of the highest prices spent for retail on a square-foot basis this year so far, according to a first-quarter Matthews retail report.
Spokespeople for Connolly, Coro and Kite didn’t immediately respond to requests for comment.
Since their 2022 acquisition, Connolly and Coro had changed the name from Sandy Springs Gateway and brought in a number of new tenants to reach full retail occupancy.
According to property records, Coro and Connolly obtained a $28.7M loan from Georgia’s Own Credit Union in 2022 on the center. Core Property developed it in 2015.
At the time of the joint venture’s acquisition, Chastain Park was a little more than 80% leased and anchored by a Sprouts Farmers Market. But in 2023, Sprouts shuttered its location in the shopping center.
Since then, the landlords have backfilled much of the grocer’s former space with Trader Joe’s in 2024 and Books-A-Million in 2025, according to Atlanta Tomorrow’s News Today. Three Dollar Cafe also moved its Chastain Park location into the shopping center, Appen Media Group reported.
In a LinkedIn post last month, the brokerage firm Lavista Associates said it had fully leased the retail portion of Chastain Market. The property also has 28K SF of boutique office and is adjacent to two luxury apartment communities with a combined 630 units: The Collection and The Gateway Chastain.
