Suburban Atlanta Retail Center Trades for $75M

Perimeter Place. Image via Google Street View

Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail property in Atlanta for $75.4 million. GLL Real Estate Partners sold the asset, according to public records. The new owner financed the acquisition with the remaining $65 million of 1031 like-kind proceeds from the company’s 20-property portfolio sale to Alpine Income Property Trust, which closed in November. Last month, Consolidated-Tomoka also purchased Crossroads Towne Center in Chandler, Ariz., for $61.8 million. 

Located at 4500 Olde Perimeter Way on 24 acres, Perimeter Place opened its doors in 2006. The property is nearly 1 mile from Interstate 285 and roughly 16 miles from downtown Atlanta. Several office campuses and apartment communities are within a 2-mile radius of the retail destination.

At the time of transaction, the center was 80 percent occupied, anchored by Target. The tenant roster also includes Ross Dress for Less, Michaels, Chipotle and Panera. The weighted average lease terms for all tenants is roughly 3.6 years. The company has hired CBRE to take over management responsibilities, while JLL will be in charge of leasing the shopping center.