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A Miami real estate investor has made its Atlanta debut buying up a foreclosure in Stone Mountain.
Highline Real Estate Capital purchased Citadel Square Shopping Center, a 51k SF shopping center anchored by Office Depot, for $1.75M from a CMBS trust that obtained title to the property after foreclosing on a $4.5M loan placed on the property in 2005.
“While smaller than our typical acquisition target, we were presented the opportunity to acquire this lender-owned asset at less than 40% of the prior loan balance and saw it as a great opportunity,” said Highline's founder, David Moret, who organized the company last February. Transwestern's Fred Victor brokered the sale and Skyline Seven Real Estate will lease and manage, according to company information.
While there are no immediate plans to do much with the property located along Memorial Drive in the near term, David said the firm could look to redevelop the center “if the opportunity presents itself,” which could include non-retail uses as well.
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