GBT Realty acquires East Cobb County parcel

Atlanta -- GBT Realty Corporation acquired a 1.7-acre site in East Cobb County, Atlanta, at the intersection of Roswell Road and East Cobb Drive near Johnson Ferry Road. Currently the site of a 10,240-sq.-ft. building occupied by Chuck E. Cheese’s, the firm plans to redevelop the parcel with demolition slated this spring.



GBT acquired the site from Empress Theatres for $1.65 million. No additional terms were disclosed.



The Chuck E. Cheese’s site is one of the last remaining parcels in a retail hotbed that includes Target, a brand new Dick's Sporting Goods, Trader Joe’s, Whole Foods and more retail stalwarts. Acquired as an investment, GBT executives say this is an opportunity to have a stake in affluent East Cobb County at the corner of “Main & Main.”



“We couldn’t pass up one of the last parcels in this upscale, densely developed retail district and along two of the most sought-after commercial corridors in metro Atlanta – not to mention the signalized access and direct visibility to more than 44,000 cars daily,” said Jeff Pape, managing director, shopping center division, GBT. The site provides signalized access to both Roswell and Johnson Ferry Roads, East Cobb's primary commercial corridors, with rear access from East Cobb Drive.



Almost 7,500 consumers with average household incomes topping $141,000 reside within a one-mile radius of the site. In addition, the site is surrounded by several of the highest-ranked public schools in Georgia.



“Current zoning and site location allow for a vast array of retail uses including wireless, fast-casual restaurant and convenience retail uses,” added Pape. “We are reviewing proposals from interested retail users that include demolition and rebuild strategies and also re-tenant opportunities.”