Atlanta-based real estate firm Connolly has purchased the Towne Lake Plaza shopping center near downtown Woodstock, the company announced Wednesday.
Connolly purchased the 28,000-square-foot development from Texas-based Murchison Commercial Real Estate Inc. for $4.05 million.
Located between Main Street and Interstate 575 on Towne Lake Parkway, the plaza is fully leased and includes J.R Miller’s Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique and other tenants.
The center, built in 1990, will be managed by Retail Planning Corporation and leased by Connolly’s retail services division.
The purchase marks Connolly’s first acquisition of an existing development. The development and investment company has completed over 40 retail, commercial land, office and mixed-use projects in the southeast totaling more that 3,000,000 square feet.