Atlanta — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.
Perimeter Place was 80 percent leased at the time of sale to 42 tenants, including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle Mexican Grill, Panera Bread, Outback Steakhouse and Carrabba’s Italian Grill.
Consolidated-Tomoka Purchases Perimeter Place Retail Center in Atlanta for $75.4 Million
262