Roberts Realty is no longer pursuing a Sandy Springs multifamily development. That will be for whoever buys the prime parcel.
The company plans to sell its 10-acre site next to the North Springs MARTA station that is zoned for a mixed-use project, according to information filed with the SEC. The filings also stated that Roberts Realty tapped CBRE to market the site for $16.6M.We believe the current market and demand for a transit-oriented mixed-use site like North Springs provides us with an excellent opportunity to sell this asset, the company writes in the filing.Calls to Roberts Realtys CEO Charles Roberts were not returned as of press time.
We reported last yearthat Roberts sold land in Peachtree Corners (above) to pay off debt associated with this land, a move that Roberts officials say will help them out here. Owning the North Springs property debt free means "this sale would significantly increase our cash available for investment in the development and construction of our Bradley Park and Highway 20 multifamily apartment communities. Roberts had been attempting to raise $20.5M to develop the 154-unit Bradley Park complex. (Have they tried to use Kickstarter? It works for hipsters making music videos.) The North Springs site is zoned for 210k SF of office, 356 units of apartments and 56k SF of retail. CBREs agreement has Roberts paying a 4% commission (or 5% if the purchaser broker is also CBRE) of the sale price by the end of the year.
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