Coro Realty Advisors, Connolly Sell Chastain Market in Sandy Springs for $71 Million in Deal with Kite Realty

Indianapolis-based Kite Realty Group has acquired Chastain Market, a grocery-anchored neighborhood strip center at 4600 Roswell Road in Sandy Springs, Georgia, for approximately $71 million, according to Georgia tax records cited by Bisnow. The transaction handed local sellers Connolly and Coro Realty Advisors a gain of roughly 75% on a deal they inked in 2022, when the partnership purchased the property for about $40.5 million.

At roughly $580 per square foot, the sale ranks among the highest retail dollar-per-square-foot transactions recorded in the Atlanta area so far this year, according to the same reporting. The deal underscores continued institutional appetite for stabilized, grocery-anchored open-air centers in infill submarkets.

Deal and Financing Details

Connolly and Coro Realty Advisors financed their 2022 acquisition with a roughly $28.7 million loan from Georgia's Own Credit Union, according to Bisnow. Selling at approximately $71 million four years later translates into a sizable return and reflects the value created through active leasing and asset management during the holding period.

Property Background and Repositioning

Chastain Market totals approximately 120,000 to 121,000 square feet, comprising roughly 92,000 square feet of street-front retail and about 28,000 square feet of boutique office space, according to the center's website. Core Property originally developed the site in 2015. Connolly and Coro acquired it in 2022 and rebranded it Chastain Market, subsequently completing façade, patio, and place-making upgrades highlighted in the center's leasing materials.

Two adjacent multifamily communities with roughly 630 apartments sit adjacent to the center, providing a built-in base of nearby residents and supporting consistent foot traffic for tenants.

Tenant Shuffle Drives Full Occupancy

The leasing story at Chastain Market centers on the swift backfilling of a vacated anchor box. Sprouts Farmers Market closed its store at the center in 2023, temporarily leaving a dark anchor space. Ownership moved quickly to re-tenant the vacancy: Trader Joe's opened in 2024, and Books-A-Million opened in late 2025, according to reporting by Tomorrow's News Today. Local restaurant Three Dollar Café also relocated into the project, per a Coro Realty Advisors announcement.

A LinkedIn post from listing brokerage Lavista Associates indicated the retail portion of the center is now 100% leased.

Market Context

Retail research from Matthews Real Estate Investment Services points to tight vacancy and resilient pricing across the Atlanta retail submarket, particularly for well-located, grocery-anchored centers. That dynamic helps explain why Kite Realty was willing to pay north of $580 per square foot for a nearly fully leased asset, according to the source reporting.

For shoppers and nearby residents, the ownership change to Kite Realty may bring continued investment in the physical environment. Connolly's leasing materials highlight the place-making upgrades rolled out after 2022.

Sources

• Coro Realty Advisors — Sandy Springs Strip Center Scores $71 Million Payday in Kite Realty Buy