Connolly and Coro Realty Advisors have sold Chastain Market, a grocery-anchored retail center, to Kite Realty Group for $71 million. According to reporting cited from The Atlanta Business Chronicle, the selling partnership acquired the 121,000-square-foot property in 2022 for $40.5 million, realizing a substantial gain on their hold period.
During their ownership, the grocer lineup at Chastain Market shifted when Trader Joe’s took over space formerly occupied by Sprouts, which closed in 2023. The property continues to function as a neighborhood shopping destination, with Trader Joe’s now serving as a key draw for daily-needs traffic. In addition to retail space at street level, portions of the center provide second-floor office accommodations, particularly in the buildings that front Roswell Road.
The article notes that Core Properties originally developed Chastain Market in 2015. Since delivery, the center has evolved alongside its tenant mix and the surrounding residential growth. Two nearby luxury apartment communities, The Collection and The Gateway Chastain, are situated in close proximity, contributing additional resident demand for the center’s retail and service offerings.
Connolly and Coro Realty Advisors have previously collaborated on other retail projects in the region, including Parkview on Peachtree in Chamblee and the Arbor Square shopping center in Douglasville. These joint efforts indicate an ongoing investment focus on grocery-anchored and community retail centers in established suburban nodes.
For Kite Realty Group, the acquisition expands an existing portfolio of 11 shopping centers in the greater Atlanta area. Chastain Market is the company’s first holding located inside the Perimeter, adding an infill-oriented asset to its regional footprint. The combination of grocery-anchored retail, second-floor office space, and nearby high-end residential positions the property as a mixed commercial node within a dense, established trade area.
The transaction underscores continued investor interest in well-leased, grocery-anchored centers and highlights the pricing power such assets can command in a competitive investment sales environment. With a relatively recent development date, diversified tenant profile, and adjacency to luxury multifamily communities, Chastain Market fits within a broader pattern of capital targeting necessity-based retail assets in growing suburban markets.
