Business & Tech

Arbor Square Shopping Center Sold For $18.4M

ALTO Real Estate Funds bought the 127,195-square-foot strip mall last week, which was first built and developed in 1977.

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The shopping center is located off Interstate 20 at the intersection of Highway 5 and Douglas Boulevard, and was first developed by Connolly and Coro in 1977. It was completely renovated in 2018.
The shopping center is located off Interstate 20 at the intersection of Highway 5 and Douglas Boulevard, and was first developed by Connolly and Coro in 1977. It was completely renovated in 2018. (Google Maps)

DOUGLASVILLE, GA — One of Douglasville's earliest strip malls, Arbor Square, was sold last week, multiple news outlets reported.

ALTO Real Estate Funds bought the 127,915-square-foot shopping center from Connolly and Coro Realty for $18.4 million, Rebusiness Online first reported Dec. 1.

The shopping center is located off Interstate 20 at the intersection of Highway 5 and Douglas Boulevard, and was first developed by Connolly and Coro in 1977. In 2018, it was fully renovated and 97 percent occupied at the time of sale with tenants such as Burlington Coat Factory, HomeGoods, Sketchers, Starbucks, Five Guys and Del Taco, according to Rebusiness.

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Longtime Douglas County residents may remember the shopping center as the home of Kmart and the Big Star grocery store, the Douglas County Sentinel reported. Kmart closed in 2012 after 35 years, and Connolly put $25 million into the 2018 renovation.

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