A Florida-based company recently spent $35.3 million on the purchase of one of the city’s premiere shopping centers.
Regency Centers Corp. announced this month that it recently completed its purchase of the Sandy Springs Plaza shopping center located at 6277 Roswell Road. Regency in December closed the deal with longtime owner Jan Saperstein.
Saperstein said the deal also marks the end of his affiliation with the city’s Main Street Alliance, an influential group of downtown property owners. Saperstein said he doesn’t own any other commercial property in Sandy Springs. He said there were several reasons for the timing of the sale, including an increase in capital gains taxes this year.
Regency completed the purchase in 2012, according to the company’s official statement.
“The center was full, the capital gains rates are changing,” Saperstein said. “You know, it was the right buyer. Regency, they own premiere properties. They’re going to put a lot of money into the center.”
According to a statement released by the company, the center contains approximately 116,000 square feet. It is home to Trader Joe’s and Pier 1 imports, and more than two dozen other tenants.
The center has approximately 5,500 square feet of available space, according to a company brochure.