RREEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered, daily NAV REIT, has purchased Providence Square, a five-building urban shopping center in north Atlanta, including a free-standing restaurant subject to a ground lease. The purchase price was $54.9 million, excluding closing costs.
Providence Square, built in 1990 and renovated in 2015, totals 222,805 square feet and is anchored by three retailers – organic grocer Sprouts Farmers, TJ Maxx/HomeGoods and Home Depot – and has a mix of service, medical and dining tenants including Great Clips, GNC and Chili’s.
The property is located in the town of Marietta, approximately 15 miles north of the Atlanta metro area, and within the North Cobb County submarket
“Diversified and substantial investment from both corporate and government entities make the broader Atlanta area a desirable place to do business, while also fueling job and population growth. Necessity based brick-and-mortar centers like Providence Square are the beneficiaries of this continued growth, by meeting area residents’ daily service and dining needs,” said Todd Henderson, head of real estate for the Americas.
The acquisition increases RREEF Property Trust’s assets under management to more than $325 million.
RREEF Property Trust, sponsored by DWS, commenced its $2.5 billion initial public offering in January 2013 and a $2.3 billion follow-on offering in July 2016. In June 2019, the company filed a registration statement for a second follow-on offering of $2.3 billion shares of common stock.