News

Sandy Spring Sale Falls Through

Atlanta

July 11, 2013 Bisnow

The potential sale of a mixed-use site in Sandy Springs is no longer. Roberts Realty Investors reports to the SEC that a contract on its 11-acre site next to the North Springs MARTA station expired. (It's humbling to know sometimes real estate deals share a fate with the milk in our fridge.)

As a consolation prize, Roberts gets to keep $25k in earnest money put down by the potential buyer, CEO Charles Roberts, through a wholly-owned entity called Roberts Properties Inc. (Both the seller and potential buyer are owned by Charlie Roberts, but one's public and one's private.) Officials state that it will "continue to seek to sell the Northridge property." The company is "revising" the development plan with "numerous design changes and construction improvements." Roberts Properties intends to continue working on Northridge because it has expended in excess of $500k to date," company officials state in SEC docs. "Therefore, Roberts Properties may in the future offer to purchase the Northridge property if it has not been sold to another purchaser."

Related Topics: Roberts Realty Investors, North Springs MARTA, Roberts Properties, Charles Roberts, Charlie Roberts

Sandy Spring Sale Falls Through

Don't Forget!