Site Centers sells Sandy Plains Village to Hendon Properties

Site Centers, the owner and manager of open-air shopping centres in key suburban, high-income communities, has announced the closing of the sale of Sandy Plains Village in Roswell, Georgia, for 25 million dollars prior to closing costs, prorations, and other closing adjustments, to Hendon Properties.

Located in the historic center of Roswell, Sandy Plains Village spans 174,175 square feet and includes key tenants such as Dollar Tree, Painted Tree Boutiques, and Movie Taverns. 

The acquisition, which includes three restaurant concepts, Dunkin Donuts, Lucia’s Italian, and The Flippin’ Chicken, as well as Sandy Plains Village II, a neighboring 18,625  square foot mixed-use strip complex, marks the fourth shopping center purchased by the opportunity fund.

“The timing of this acquisition is ideal as this node has been on the precipice of positive transition for some time,” said Lance Hagaman, Director of Acquisitions for Hendon Properties, in a statement. “The immediate lease-up potential, spin-off scenarios, and future redevelopment plays attracted us to the opportunity.  We are excited to deploy our improvement initiatives and look forward to connecting with the surrounding community.”

18.1 million dollars of net proceeds from the sale were reportedly used to repay mortgage debt.