"Perimeter Square's prime location at the heart of the vibrantCentral Perimeter submarket, combined with its being 100% leasedwith staggered rollover exposure, succeeded in generating a gooddeal of interest from investors who wanted to minimize their riskin these uncertain economic times through an investment that offerssecure cash flow and future upside potential," said Tritschler in aprepared statement. ING Clarion decided to put the asset up forsale "for portfolio reasons," Swann tells GlobeSt.com.

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The class A power center is 100% leased with rental rates from$14 to $27 per sf. Tenants include Bed Bath & Beyond, T.J.Maxx, Havertys and PetSmart. The center's newest store, Total Wine& More, is only the second of its kind in the Atlanta region.The 21,000-sf space is expected to open in November.

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Perimeter Square is located in Atlanta's Central Perimetercommunity, which contains more than 22 million sf of office spaceand is surrounded by some of the most affluent neighborhoods inAtlanta, says Tritschler. The property was built in 1994 and islocated north of the I-285 and GA 400 intersection, within half amile of the 1.6 million-sf Perimeter Mall.

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According to a Marcus & Millichap, the center falls into theSandy Springs/North Fulton submarket, which enjoys the secondhighest effective rents in the Atlanta region at $18.43. Thesubmarket reports a vacancy rate of 10.3%, a number that is higherthan any other rate in Atlanta for the second quarter because of anabundance of new inventory, according to the brokerage.

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Rreef Real Estate has more than $76.1 billion in assets undermanagement worldwide and is part of Rreef Alternative Investments,the global alternative investment management business of DeutscheBank's asset management division.

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