Tri-Land Properties Sells 8 acres of the project to Kroger Co.
SMYRNA, Ga., December 7, 2010 — Westchester, Ill.-based Tri-Land Properties, Inc. announced today that it has received zoning and financing approval for The Crossings at Four Corners in Smyrna, Ga. and they have sold 8 acres of the project to Cincinnati, Ohio-based Kroger Co. Cole Taylor, a Chicago based lender, is providing the construction financing for the project. Tri-Land Executive Vice President Hugh Robinson made the announcement.
The Kroger Co. will build a 96,000 square foot supermarket, the company’s largest grocery store in the Atlanta market. The Crossings at Four Corners Kroger location is replacing an outdated, 42,000 square foot, 40 year-old store located across the street. Kroger at The Crossings at Four Corners will offer a fuel station, bakery and deli products, a floral department, a wine shop and drive-thru pharmacy
In addition to the new Kroger, the redevelopment of will include the installation of a traffic light at the northwest corner of South Cobb Drive and Concord Road, the renovation of 60,000-square-feet of retail space and the development of eight outparcels available for development; as well as, a 25,000 square foot pad available for a new anchor tenant, located adjacent to Kroger. Currently 153,000-square-feet, the completed center will reach 230,000-square-feet. Tri-Land de-tenanted the project prior to the launch of redevelopment. Aggressive re-tenanting has already begun.
Construction is scheduled to begin in January 2011 and is slated for a Mid-November 2011 construction completion and Kroger opening. For more information, visit www.crossingsatfourcorners.com.
Tri-Land Properties, Inc. owns and manages more than 2.8 million square feet of commercial retail space, located in the Midwest, Mid-Atlantic and Southeastern regions of the country. The Westchester, Ill-based firm is a full-service, real estate development/redevelopment company focused on successful acquisition, development, renovation and management of community centers ranging in size from 100,000 square feet to 750,000 square feet. Tri-Land specializes in transforming distressed and undervalued properties into dynamic commercial centers with increased value that generate steady consumer traffic and provide substantial investor returns.