Sandy Springs Strip Center Scores $71 Million Payday in Kite Realty Buy

4600 Roswell Road, Atlanta, GA 30342

Chastain Market, the Roswell Road shopping center on the Buckhead-Sandy Springs border, has traded hands for roughly $71 million, handing local developers Connolly and Coro an eye-catching gain of about 75 percent on a deal they inked in 2022. Indianapolis-based Kite Realty stepped up as the buyer, paying a top-of-market price per square foot for the grocery-anchored center after a run of new leases and modest upgrades turned a partially vacant strip into a busy neighborhood hub.

Deal details

As reported by Bisnow, Georgia tax records peg the sale at about $71 million, which works out to better than $580 per square foot. Retail trackers flagged that pricing tier this quarter, and the outlet notes that state filings confirm the buyer and seller lineup and place the transaction among the highest retail dollar-per-foot deals recorded in the Atlanta area so far this year.

Property background

Connolly and Coro bought the property in 2022 and rebranded it Chastain Market after Core Property originally developed the site in 2015, according to Connolly and the center's leasing materials. The project totals about 120,000 to 121,000 square feet, with roughly 92,000 square feet of street-front retail and about 28,000 square feet of boutique office space, per the center’s website. Two adjacent multifamily communities with roughly 630 apartments feed a steady stream of nearby residents to the tenant mix.

Tenant shuffle and leasing

Sprouts closed its store at the center in 2023, and the landlords did not waste the empty anchor box for long. Much of that space was backfilled with Trader Joe’s in 2024 and a Books-A-Million that opened late in 2025, according to Tomorrow's News Today. Local favorite Three Dollar Cafe also relocated into the project, per a Coro Realty announcement. A LinkedIn post from listing brokerage Lavista Associates indicated the retail portion is now fully leased.

Records show Connolly and Coro paid about $40.5 million for the center in 2022 and used a roughly $28.7 million loan from Georgia's Own Credit Union to finance the purchase, according to Bisnow. Selling at around $71 million translates into a sizable return over four years and underscores how the repositioning helped stabilize both rents and occupancy.

‍Why investors paid up

‍Institutional buyers have been zeroing in on stabilized, grocery-anchored, street-front centers in strong locations, which has cranked up competition and per-square-foot pricing across the region. Matthews retail research points to tight vacancy and resilient pricing in the Atlanta submarket, which helps explain why Kite was willing to pay north of $580 per square foot for a nearly fully leased asset.

For shoppers and nearby residents, the ownership change likely means continued investment in patios, facades and programming that Connolly started rolling out after 2022. Connolly and the center's leasing materials highlight those place-making upgrades, which new ownership may build on to keep foot traffic, and neighborhood interest, running high.

By Marc Washington - Hoodline.com

Published on May 30, 2026