Sandy Springs Plaza, which is home to Trader Joe’s, Pier 1 Imports and Act3 playhouse tucked in the back, has been sold for $35.3 million.
Jan Saperstein bought Sandy Springs Plaza in 1998 and sold the shopping center to Regency Centers Corp. on Dec. 21, 2011.
Saperstein told Patch that he first considered a sale during last summer. “The sale was the right time fiscally as an investment,” he said. “Capital gains rates were changing – long term rates were going to go up.”
In addition, the Plaza was at nearly full occupancy and there was buyer interest in the property.
Saperstein owns several other developments outside of Sandy Springs.
Regency Centers Corp is probably the ideal owner for Sandy Springs Plaza, which hasn’t had a makeover since the early 2000s, Saperstein said.
“I think they will upgrade. I don’t specifically know, but it needs some love,” he added.
The Atlanta Business Chronicle reported that Regency plans to spend at least $1.5 million to upgrade the shopping center.
Sandy Springs Plaza is in the heart of the downtown area, which is poised for redevelopment.
Saperstein has been a member of the Main Street Alliance, which gave city officials their vision for the old Target property. The Main Street Alliance is a group of property owners along Roswell Road.
Leaving Sandy Springs is part and parcel in the real estate business, he said.
One Sandy Springs Plaza tenant said the sale came as a surprise. “We understand, it’s business,” the tenant said.