Edens continues to add to Atlanta portfolio, buys shopping center near Perimeter Mall
Original story featured on Atlanta Business Chronicle - December 10, 2021
The Park Place Shopping Center was owned by Coro Realty for 12 years prior to it being sold to Edens.
An Atlanta-based retail real estate company added to their metro Atlanta portfolio with the purchase of a Central Perimeter shopping center near public transportation and a popular shopping mall.
Edens purchased the Park Place Shopping Center, a 13.5-acre property in Dunwoody, for an undisclosed sum. The seller is Coro Realty, which owned the property since 2009. The deal closed Dec. 9. CBRE (NYSE: CBRE) brokered the deal on behalf of the seller.
Why it matters: This deal is part of nearly $175 million of sales Coro Realty made during the fourth quarter of 2021. The sale fits the company's "long-term investment strategy," according to Coro Realty Managing Partner John Lundeen. "Coro will use its proceeds to continue the diversification of our portfolio," he said.
Among the tenants at Park Place, which is 92% occupied and consists of six buildings, is Cafe Intermezzo, Prime Health MD, Jared Galleria Jewelers, online travel agency Expedia, financial services company Fidelity Investments and Alon's Bakery & Market -- which occupies the largest suite on the property at 11,120 square feet.
They said it: "The Central Perimeter is one of the most dynamic submarkets in the southeast and Park Place is a strong asset," said Edens Senior Vice President and Regional Leader Herbert Ames.
What's next: Edens now owns nearly 2 million square feet of retail space in metro Atlanta. In October the company purchased North Dekalb Mall for $43 million with plans to revitalize it. The company also owns retail properties in Andrews Square, Toco Hills, Buckhead Market Place, Merchants Walk and Moores Mill.
Coro Realty plans to sell between $125-$150 million during the first quarter of 2022, according to a source close to the deal.
The basics: The 82,097 square foot shopping center was built in 1978 and is located at 4505 Ashford Dunwoody Road. The property is near the Perimeter Center and Sandy Springs MARTA stations.
SOURCE: ATLANTA BUSINESS CHRONICILE by Donnell Suggs, Development Reporter
