City Walk has a new owner and it could be the first step in a turnaround for the struggling Sandy Springs retail development.
Branch Properties purchased the City Walk property on Nov. 7, President Nicholas Telesca said.
No other details about the purchase were immediately available. The asking price was $27.8 million, a figure that reflects the lackluster performance of the property since it opened. The property sold for $47.8 million in 2007 to CK City Walk Owner LLC.
City Walk went into foreclosure last November, came out of foreclosure during the summer according to Charles Swain, president of Colliers International Management – Atlanta, the company managing the property.
Branch Properties has a portfolio with other notable retail developments, including three Buckhead shopping centers: Peachtree Battle, Peachtree Battle Promenade and 1860 Peachtree.
The purchase puts Branch Properties in the midst of the city of Sandy Springs’ downtown redevelopment efforts. The property has featured prominently in draft concepts presented by city consultant Goody Clancy.
Fain Hicks, with NAI Brannen Goddard, represented the property and in September said the buyers were interested in being a part of the city’s plans.