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Acadia Buys Atlanta Retail Center at Discount
Acadia Realty paid $62.5 million for The Avenue West Cobb, a 260,000 square foot retail center.
The seller was PGIM Real Estate, an arm of Prudential Financial Inc. The Atlanta Business Chronicle reports the company paid $81.3 million for the shopping center in 2006.
Tenants at The Avenue West Cobb include Barnes & Noble, Warby Parker, J. Crew Factory and Walk-On’s Sports Bistreaux.
CBRE listed the property for sale earlier this year, marketing the property as a value-add opportunity. It was 77% leased as of May.
That deal coincided with PGIM’s separate $94.3 million purchase of The Avenue East Cobb, a similarly designed center about 15 miles apart. Cousins Properties developed the shopping centers in the early 2000s.
- ◦Sale/Acquisition
