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Atlanta & Southeast  + Retail  |  February 23, 2020
David Cohen
By: David Cohen

Consolidated-Tomoka Acquires Atlanta Retail Center for $75M

Consolidated-Tomoka Land Co. has acquired Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Perimeter submarket. The sales price was $75.4 million.

Located on more than 24 acres, the center is currently 80% leased to a tenant roster that includes SuperTarget, Ross Dress for Less and Michaels, as well as Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera and Carrabba’s.

This acquisition was funded using the remaining approximately $65 million of 1031 exchange proceeds from the firm’s sale of 20 assets to Alpine Income Property Trust in November 2019. The balance of the purchase price was funded using the Company’s line of credit, and structured as a reverse 1031 exchange. The seller was not disclosed.

Perimeter Place will be managed by CBRE and leased by JLL on behalf of the Company.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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