|Kroger, and the spaces it would replace to the right|
Grocer plans to grow existing store
Cincinnati-based Kroger plans to expand its current 59,130 square foot 24-hour store at Fountain Oaks shopping center in Sandy Springs. The expansion follows similar moves made by the grocer in Decatur and Brookhaven, among other markets. The new, larger Kroger is slated for completion "in 2016."
Existing tenants Bailey's Bottle Shop, Pizza Hut, Coins& Currency and Moohan Martial Arts will likely leave or relocate to other available space in the center.
I have thus far been unable to confirm how large the Kroger will be post renovation, but I'd guess it will be close to 80,000 square feet.
The expansion is likely to allow for an increased selection of natural and organic goods.
Fountain Oaks reportedly ranks in Atlanta’s top 10 percent of grocery-anchored shopping centers because of the proximity to affluent households in the surrounding communities.
Kroger has reportedly been "eyeing" this expansion for quite some time and with the many new grocers coming to the market, has finally pulled the trigger.
A nearly 26,000 square foot store from Phoenix, Arizona-based Sprouts Farmers Market is slated to open at the Sandy Springs Gateway project this upcoming spring. The Sandy Springs Gateway project is less than a mile from the Fountain Oaks Kroger. There is also talk of Earth Fare coming to the area soon as well.
Houston, Texas-based AmREIT Inc. purchased Fountain Oaks shopping center for $27.7 million last summer. Kroger has anchored the 160,600 square foot center since 1988. Ahead of the purchase, Kroger agreed extend their lease for another 10 years.
Last month, AmREIT agreed to be purchased by Columbia, South Carolina-based EDENS. The deal, valued at $522.5 million, is slated to close in the first quarter of 2015. In addition to adding to EDENS Atlanta portfolio, the acquisition gives the company an immediate presence in Texas with a host of open and upcoming projects. AmREIT premier Atlanta holdings include Fountain Oaks as well as Tuxedo Festival in north Buckhead and Brookwood Village in south Buckhead.
EDENS already owns and operates a number of metro Atlanta centers including Merchants Walk in East Cobb, Toco Hills Promenade near Emory and Lenox Marketplace in Buckhead.